Author Topic: Family Cycle Insurance  (Read 263 times)

PaulF

  • "World's Scariest Barman"
  • It's only impossible if you stop to think about it
Family Cycle Insurance
« on: July 21, 2020, 11:28:29 am »
Who are the go to people at the moment? Need a policy that will cover all of the family's bikes. Don't want to use the household as we've chosen an excess that's higher than some of our bikes.

Re: Family Cycle Insurance
« Reply #1 on: July 21, 2020, 12:08:27 pm »
Pedalcover will insure your bikes against theft.
They'll also cover your contents.
They're a broker, but will deal with the underwriter in the event of a claim.
Oh, and they claim to be cyclists.

Re: Family Cycle Insurance
« Reply #2 on: July 21, 2020, 12:15:19 pm »
I think we have quite a high excess but we're still able to list bikes separately. The higher value ones result in an increase but as far as I can make out it's nothing compared to separate cycle cover.
Rust never sleeps

PaulF

  • "World's Scariest Barman"
  • It's only impossible if you stop to think about it
Re: Family Cycle Insurance
« Reply #3 on: July 22, 2020, 08:43:40 am »
Pedalcover will insure your bikes against theft.
They'll also cover your contents.
They're a broker, but will deal with the underwriter in the event of a claim.
Oh, and they claim to be cyclists.

Thanks, but we just renewed the household insurance so need a bike only policy.

I think we have quite a high excess but we're still able to list bikes separately. The higher value ones result in an increase but as far as I can make out it's nothing compared to separate cycle cover.

Doesn't the high excess mean it's not worth claiming on a cheaper bike?

Re: Family Cycle Insurance
« Reply #4 on: July 22, 2020, 08:47:59 am »
Thanks, but we just renewed the household insurance so need a bike only policy.
You don't have to take their contents cover.
You can do bikes only with them

Re: Family Cycle Insurance
« Reply #5 on: July 22, 2020, 08:52:14 am »
Pedalcover will insure your bikes against theft.
They'll also cover your contents.
They're a broker, but will deal with the underwriter in the event of a claim.
Oh, and they claim to be cyclists.

Thanks, but we just renewed the household insurance so need a bike only policy.

I think we have quite a high excess but we're still able to list bikes separately. The higher value ones result in an increase but as far as I can make out it's nothing compared to separate cycle cover.

Doesn't the high excess mean it's not worth claiming on a cheaper bike?
Cheaper bike ?

Wassat ?   :-)

Thinking seriously for a moment, it's possible that what you and I consider as a high excess is wildly different.

But yes, if the excess is £2k, then that would mean for us there would be little point in claiming for any of our bikes.
Rust never sleeps

Re: Family Cycle Insurance
« Reply #6 on: July 22, 2020, 10:00:50 am »
Cycles only insurance is usually at least 10% of the bike's value per year in premiums. Better off putting that money aside for eventual replacement in my view.

Re: Family Cycle Insurance
« Reply #7 on: July 22, 2020, 03:59:29 pm »
TSB stand alone cover, part of the pick and protect range of products.  The premium is based on the most expensive bike and all the others in the same household are covered.
I recently had cause to claim, I wrote about it elsewhere, excuse the cut and paste to save doing so again:

... it isn't till you make a claim that you can get any idea of how good or bad it is.
In the interests of research I crashed my bike so I could answer that question for you  ::)

Like many, I chose on price, my premium is based on the value of my most expensive bike (Thorn Mercury) and all other bikes kept at my address are automatically included, I live in whats rated as a mid risk urban area, my bikes are kept indoors. I chose the £200 excess and it currently costs £78 a year, paid DD monthly at no extra charge.
So, Accident on Monday.
Inform the insurers on Wednesday, only way to do so is by phone, I'd have preferred email. The call was straightforward, short wait, then some simple questions, they accepted the claim there and then. Told the valuation and settlement would be handled by a third party, BeValued, and that they would be in touch within two working days.
A few hours later got a call from BeValued, a short but clear explanation of the process, and my consent to open an online portal. I was told I'd need to upload any relevant documents, plus get a professional damage report and an estimate of the cost of repair or replacement. The person I was speaking to wasn't a cycle expert, though it didn't sound like that would be an issue.
Over the next few days I collected the required documents together and uploaded them, the website was simple to use. I had a damage report done by a local shop who are repair specialists, which I paid for, in the report they also quoted for the labour to swap parts. I had a quote from SJS for the parts. I also included some info on the bike and before and after photos.
I'd completed that by the weekend and sent them an email on Sunday saying I'd done so and asking if there was anything else required.
Received an email on Wednesday, offering to settle my claim in full, including the cost of the damage report and the labour (Minus the excess) £1,590. I had to send my bank details and the money was paid in same day.

I'm very satisfied, it couldn't have been more straightforward, OK it wasn't a complex claim, but there was no question of alternatives or reduced value. The only thing that remains to be seen is what it'll do to the premium, I'll update this when I find out.