Author Topic: House Insurance  (Read 2630 times)

House Insurance
« on: 07 March, 2021, 01:46:20 pm »
We'e had Pedal Cover for the last 2 years which is now coming up for renewal. What does everyone use now? Our bikes are stored in the garage if that makes a difference.
Quote from: Kim
^ This woman knows what she's talking about.

Re: House Insurance
« Reply #1 on: 07 March, 2021, 02:21:14 pm »

Re: House Insurance
« Reply #2 on: 07 March, 2021, 04:03:16 pm »
We are making a New World (Paul Nash, 1918)

Re: House Insurance
« Reply #3 on: 07 March, 2021, 05:46:29 pm »
My bikes are with TSB, on a stand alone Pick and Protect policy, separate from the household policy, though I also have that with them. My policy costs less than half the next best quote when I first insured some years ago. Premium is based on the most valuable bike and all others in the household are included.  New for old.  I chose a medium excess, £250, which looked the best value.
I had cause to claim for the first time last year, accident rather than theft, everything was satisfactory, no disputes about value, or being asked to accept any alternatives, all settled in a couple of weeks. My premium hasn't increased. 
I don't know about bikes in a garage. 
Electric bikes are specifically excluded.
Have a look
https://www.tsb.co.uk/insurance/sports-equipment-insurance/bicycle-insurance/

Re: House Insurance
« Reply #4 on: 07 March, 2021, 06:00:34 pm »
The problem I’d have with any claim with Pedalcover is that you can’t actually buy any of the bikes I have as they are now. Two were built up from frames and and parts, and the most “standard” has been converted from cable disc to hydraulic disc, has aftermarket (second hand) seat post, aftermarket saddle, aftermarket wheels, additional rack, etc. etc.. And no, I haven’t religiously kept all the individual receipts. So when the first thing you’re asked is value, and proof of purchase, I’m stuffed.
We are making a New World (Paul Nash, 1918)

FifeingEejit

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Re: House Insurance
« Reply #5 on: 07 March, 2021, 06:25:23 pm »
The problem I’d have with any claim with Pedalcover is that you can’t actually buy any of the bikes I have as they are now. Two were built up from frames and and parts, and the most “standard” has been converted from cable disc to hydraulic disc, has aftermarket (second hand) seat post, aftermarket saddle, aftermarket wheels, additional rack, etc. etc.. And no, I haven’t religiously kept all the individual receipts. So when the first thing you’re asked is value, and proof of purchase, I’m stuffed.

Most insurance companies would take a valuation from a VAT-registered LBS though?

Re: House Insurance
« Reply #6 on: 07 March, 2021, 08:43:06 pm »
Maybe so, I really need to sort out a decent set of photos of all of them!
We are making a New World (Paul Nash, 1918)

Kim

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Re: House Insurance
« Reply #7 on: 07 March, 2021, 09:08:09 pm »
The only reasonable approach for nonstandard expensive cycles is to self-insure (ie. put the cost of the premiums in the n+1 fund).  But if you're luck enough to own a house, you need house insurance anyway, so it makes sense to try to find something that's at least vaguely sensible about bikes...

Re: House Insurance
« Reply #8 on: 08 March, 2021, 08:20:35 am »
The only reasonable approach for nonstandard expensive cycles is to self-insure (ie. put the cost of the premiums in the n+1 fund).  But if you're luck enough to own a house, you need house insurance anyway, so it makes sense to try to find something that's at least vaguely sensible about bikes...

Yup.  That's what I'll do as far as theft is concerned. We're very fortunate to live in a low crime area (we did have a local break-in recently, but that was targeted on a rare motorcycle, and was perhaps the 4th we've had in 20 years) so locking them in the shed is pretty secure.  I don't geenerally leave them out of my sight away from home.  So the only other benefit I'd lose is crash damage.
We are making a New World (Paul Nash, 1918)

tiermat

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Re: House Insurance
« Reply #9 on: 08 March, 2021, 09:49:29 am »
A couple of years ago I went through a process of reviewing our insurance as we had DirectLine insurance for the house, then another policy just for the bikes (well two of the seven).

The best policy I found was to lump them all together in a John Lewis policy, saved me a load of money and is still doing so as I do the yearly review and still can't beat it.

FWIW you only need to declare any bikes over £X,000, hence the 2 of seven comment
I feel like Captain Kirk, on a brand new planet every day, a little like King Kong on top of the Empire State

Re: House Insurance
« Reply #10 on: 26 June, 2023, 03:00:00 pm »
It's that time of year... Who are people currently using for building and contents insurance, including bikes?

We're currently with LV (?), was Legal and General. I filled in the form for a quote from Pedalcover - bit pricey, needs checking against existing cover later - this morning, and by lunchtime I'd had a nagging email followed up ten minutes later by a phone call. Email is fine as I can deal with it when I'm ready but I'm not a fan of being phoned up like that, and it put me off them a bit! Any recommendations?

Re: House Insurance
« Reply #11 on: 26 June, 2023, 09:42:42 pm »
Used to be with Pedalcover a few years ago, but they suddenly became very expensive. Now with M&S as they cover bikes, even my expensive ones for a little extra.

Re: House Insurance
« Reply #12 on: 26 June, 2023, 10:37:11 pm »
I do the bikes separately now with Laka. LV for contents. Feels less potentially problematic to have specialist bike insurance.

Re: House Insurance
« Reply #13 on: 26 June, 2023, 10:56:16 pm »
Just taken out a house policy via M and S which includes £3.5K bike cover for a proposed elecric bike purchase.
Get a bicycle. You will never regret it, if you live- Mark Twain

Re: House Insurance
« Reply #14 on: 27 June, 2023, 09:00:10 am »
Just taken out a house policy via M and S which includes £3.5K bike cover for a proposed elecric bike purchase.
This is what we have for similar reasons.

Re: House Insurance
« Reply #15 on: 27 June, 2023, 03:55:15 pm »
I would never have thought of M&S! Bikes at £3.5k looks like they've done their research. Good point about insuring bikes separately. Thanks team, shall have a go at those suggestions.  :thumbsup:

Re: House Insurance
« Reply #16 on: 27 June, 2023, 04:00:11 pm »
Separate bike insurance is expensive, around 10% of the value per year in premiums. You'd be better off putting that aside towards an eventual replacement.

Mrs Pingu

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Re: House Insurance
« Reply #17 on: 17 July, 2023, 10:13:22 pm »
I just compared my Pedal Cover quote (£277 incl contents accidental) with M&S with an added per bike limit of £3.5k + accidental contents (£220).
Interestingly garage contents cover is 5k Vs 100k (that's some pretty fancy garage cover there).
Got me thinking, is accidental damage contents cover really worth it? (Having said that, it's only £38 but I struggle to imagine a scenario where I would bother claiming vs future increased premiums)
This is dull....
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