Insurance

Discussion in 'UK and Europe' started by Graham John Wak, Apr 2, 2003.

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  1. Rather than having it covered by the house contents (My parents want me to insure it seperately) I
    was wondering if anyone could recomend any companies to insure my bike ?

    It's a 3 year old BobCat Trail which I have spent a lot of money putting decent wheels and Deore
    kit on. Aparently E&L will only replace it with a similar bike, so all the extra bits I put on
    would be lost.

    Any suggestions ?
     
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  2. Smudger

    Smudger Guest

    "Graham John Wakley" <**ihatespam**[email protected]> wrote in message
    news:[email protected]...
    > Rather than having it covered by the house contents (My parents want me to insure it seperately) I
    > was wondering if anyone could recomend any companies to insure my bike ?
    >
    > It's a 3 year old BobCat Trail which I have spent a lot of money putting decent wheels and Deore
    > kit on. Aparently E&L will only replace it with a similar bike, so all the extra bits I put on
    > would be lost.
    >
    > Any suggestions ?
    >
    >

    I suspect your parents want it insured on its own because of the very very high cost of bunging it
    on the insurance. Even then there's usually a limit on value and you may even have to keep the bike
    in the house to qualify.

    I think the CTC have insurance options so try them.
     
  3. Peter B

    Peter B Guest

    "Graham John Wakley" <**ihatespam**[email protected]> wrote in message
    news:[email protected]...
    > Rather than having it covered by the house contents (My parents want me to insure it seperately) I
    > was wondering if anyone could recomend any companies to insure my bike ?

    Have another word ith them, it's generally far cheaper to include bikes on contents insurance. For
    instance my policy covers bikes up to £500 as standard, IIRC it costs another £26ish each to cover
    my other bikes at £1300.

    Pete
     
  4. Sabineuk

    Sabineuk Guest

    "Graham John Wakley" **ihatespam**[email protected] said:

    >Rather than having it covered by the house contents (My parents want me to insure it seperately) I
    >was wondering if anyone could recomend any companies to insure my bike ?

    Every time this comes up, the recommendation is to put it on the house insurance, either as a named
    item under an all-risks extension or under a pedal cycle extension. Some of these can be poor value
    (though I've had good experiences with Royal Sun Alliance, now MoreThan), but almost all are a lot
    cheaper than standalone cycle policies, especially if you are insuring multiple bikes.

    Why don't your parents want it on the house insurance? Afraid of jeopardising a no-claims bonus?
    I've got no arguments to convince them really, but have always found standalone policies deeply
    uncompetitive on price and cover.

    >It's a 3 year old BobCat Trail which I have spent a lot of money putting decent wheels and Deore
    >kit on. Aparently E&L will only replace it with a similar bike, so all the extra bits I put on
    >would be lost.

    Dunno who E&L are. However, any decent insurer will take note of what you already have, and be able
    to replace like for like - in our case, this meant RSA giving me a cheque so I could build a new
    bike from a bare frame. Similar, in other words, should mean 'equivalent frame, equivalent wheels,
    equivalent bits' not simply 'new Bobcat Trail.'

    Shop around, and work on your folks - if it help to convince them, RSA didn't hike our premiums even
    after two claims in two years, one bike, one not.

    John
     
  5. "Peter B" <[email protected]> wrote in message news:[email protected]...

    > ....... For instance my policy covers bikes up to £500 as standard, IIRC it costs another £26ish
    > each to cover my other bikes at £1300.

    If the annual premium is 1/50th the replacement value would this mean that an actuary would have
    calculated that the risk of having a bike stolen or completely written off in any one year must be
    just 2%? If you were to do a survey of 100 cyclists and find out how often they have had a bike lost
    or destroyed I'm sure it would be more often than every 50 years!
     
  6. "Peter B" <[email protected]> wrote in message news:[email protected]...
    >
    > "Graham John Wakley" <**ihatespam**[email protected]> wrote in
    message
    > news:[email protected]...
    > > Rather than having it covered by the house contents (My parents want me
    to
    > > insure it seperately) I was wondering if anyone could recomend any companies to insure my bike
    ?
    >
    > Have another word ith them, it's generally far cheaper to include bikes on contents insurance.

    They may not want to lose their "no claims bonus".

    F A
     
  7. "Graham John Wakley" <**ihatespam**[email protected]> wrote in message
    news:[email protected]...
    > Rather than having it covered by the house contents (My parents want me to insure it seperately) I
    > was wondering if anyone could recomend any companies to insure my bike ?
    >
    > It's a 3 year old BobCat Trail which I have spent a lot of money putting decent wheels and Deore
    > kit on. Aparently E&L will only replace it with a similar bike, so all the extra bits I put on
    > would be lost.
    >
    > Any suggestions ?
    >

    Get a complete home and contents quote from Marks and Spencers and compare that to your parents
    current deal. M&S cover all items (including bikes) up to £4K per item without having to name them.
    Bikes are covered in the house/garage/shed, don't have to be locked and also covered away from home.

    I changed to M&S the other month and now sleep safely :)
     
  8. Peter B

    Peter B Guest

    "Adrian Boliston" <[email protected]> wrote in message
    news:[email protected]...
    > "Peter B" <[email protected]> wrote in message news:[email protected]...
    >
    > > ....... For instance my policy covers bikes up to £500 as standard, IIRC it
    costs
    > > another £26ish each to cover my other bikes at £1300.
    >
    > If the annual premium is 1/50th the replacement value would this mean that an actuary would have
    > calculated that the risk of having a bike stolen or completely written off in any one year must be
    > just 2%? If you were to
    do
    > a survey of 100 cyclists and find out how often they have had a bike lost
    or
    > destroyed I'm sure it would be more often than every 50 years!

    Ssh, don't let the insurance company hear :)

    Pete
     
  9. Graeme

    Graeme Guest

    "Adrian Boliston" <[email protected]> wrote in news:[email protected]:

    <snip>
    > If the annual premium is 1/50th the replacement value would this mean that an actuary would have
    > calculated that the risk of having a bike stolen or completely written off in any one year must be
    > just 2%? If you were to do a survey of 100 cyclists and find out how often they have had a bike
    > lost or destroyed I'm sure it would be more often than every 50 years!

    Maybe the insurance companies factor in all those bikes buried at the back of sheds. Chances of them
    being nicked are pretty low. Mind you, who'd bother to insure something the never used?

    Graeme
     
  10. Graham John Wakley says:

    > It's a 3 year old BobCat Trail which I have spent a lot of money putting decent wheels and Deore
    > kit on. Aparently E&L will only replace it with a similar bike, so all the extra bits I put on
    > would be lost.
    >
    > Any suggestions ?
    >
    When you do finally insure it, take a photograph of the bike, preferably with a date on the photo,
    in order to be able to show what "similar" means. Don't give your only copy of that photo to the
    insurance company.

    Jeremy Parker
     
  11. Peter B

    Peter B Guest

    "Jeremy Parker" <[email protected]> wrote in message news:[email protected]...
    > > Any suggestions ?
    > >
    > When you do finally insure it, take a photograph of the bike, preferably with a date on the photo,
    > in order to be able to show what "similar" means. Don't give your only copy of that photo to the
    > insurance company.

    I do that. Also with a bike that's been upgraded or for which you don't have a receipt it's worth
    asking your LBS for a valuation. I did this for a bike that subsequently got written off in an RTA
    and it was extra ammunition when making a claim.

    Pete
     
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