Bike insurance

[Gazbomb]

Just spent 3k on a cube reaction e bike is insurance worth havin for theft or accidental damage.if so can anyone recomend a company.

 

[Doomanic]

Mine is insured on my home contents policy with Lloyds as named item. All risks, old for new and accident damage. No requirement to lock the bike while it’s within the buildings inc garage but must be locked if left unattended elsewhere. Not insured if it’s stolen from the car while the car is at home which is the only stupid part as my car is much more secure than the average garage.

 

[MrSimmo]

I’d supplement it with decent protection as well to deter thieves both at the home and while out.

My mates bike just got nicked and his insurance are refusing to payout more than £2k for a £5k Levo and are refusing to replace with a similar bike without giving justification; despite his policy listing it as an agreed item.

I used to work for an Insurer who took pride in declining >80% of claims on technicalities. Theyre global so its likely a lot of people here have them as underwriters.

I’m not saying dont get insurance, just suggesting its part of overall protection for you from the thieving scum that dwell on this planet…

 

[peterwalk]

It's good that you plan to buy insurance for your bikes. I advise you to take out more expensive insurance to cover as much of the cost of maintaining your bikes as possible. I ride my bike quite often, and there are often some accidents. In addition to bike repairs, insurance covers theft or other accidents. Why do people take car insurance responsibly but forget about bicycles? Bicycles are the only transportation we have in the house, so we take great care with them. We use the senior bike insurance company Bicycle insurance designed for cyclists | Sundays Insurance and are glad about their terms of service.

 

[Doomanic]

Why do people take car insurance responsibly

Because it's a legal requirement.

but forget about bicycles?

Because it's not. Often, they don't forget, it's just prohibitively expensive if you get specific cycle insurance. Both of my eebs are more expensive to insure individually on a cycle specific policy than my car.

 

[Lee c]

Mine is insured on my home contents policy with Lloyds as named item. All risks, old for new and accident damage. No requirement to lock the bike while it’s within the buildings inc garage but must be locked if left unattended elsewhere. Not insured if it’s stolen from the car while the car is at home which is the only stupid part as my car is much more secure than the average garage.

I do the same as this mate insure it on my home insurance as a named item they pay out the cost to replace it new, has to be secured to a ground anchor though with a lock which I had done already in the shed tbh, but gives piece of mind if stolen or damaged … this through Sheila’s wheels home insurance

 

[mtb-steve]

Yellow Jersey, my home insurance may have covered it but yellow jersey also give you third party insurance depending on which level you buy . I have 3 ebikes insured with them.

 

[Edward]

I just got a quote from velo insurance.
They want more to insure one of my MTBs than it costs for me to insure my $25,000 BMW motorcycle.
$783/year.

 

[Edward]

It's good that you plan to buy insurance for your bikes. I advise you to take out more expensive insurance to cover as much of the cost of maintaining your bikes as possible. I ride my bike quite often, and there are often some accidents. In addition to bike repairs, insurance covers theft or other accidents. Why do people take car insurance responsibly but forget about bicycles? Bicycles are the only transportation we have in the house, so we take great care with them. We use the senior bike insurance company Bicycle insurance designed for cyclists | Sundays Insurance and are glad about their terms of service.

Possibly due to cost?
This is what they're quoting me for only for 3 of my bikes:

 

[whitymon]

Depends on policy price. Usually totally unworthy.

You cannot repair by yourself you need to prove everything and it can take so long.

If you have more issue than what you pay you will be pushed out. Just know that there is a central file in most country listing all insurance claim you had.

Lastly -20% first year, 10-15% per year, meaning your bike residual value will be pretty low. Not nothing but you have to place it against what you pay each year for insurance.

Last thing, any upgrade, fork, shock, handlebar, wheel, etc are not covered as there is no proof it was on the bike and no expertise have confirmed it - especially as it is removable.

In the end … a total scam most of the time from my perspective.

Update your home policy to cover a bit the theft of precious item same as if you would own expensive guitar. Home policy is very very low and options are too.

NB: in Europe where I live, don’t know elsewhere but should be similar.

 

[Marvey Door]

It's good that you plan to buy insurance for your bikes. I advise you to take out more expensive insurance to cover as much of the cost of maintaining your bikes as possible. I ride my bike quite often, and there are often some accidents. In addition to bike repairs, insurance covers theft or other accidents. Why do people take car insurance responsibly but forget about bicycles? Bicycles are the only transportation we have in the house, so we take great care with them. We use the senior bike insurance company Bicycle insurance designed for cyclists | Sundays Insurance and are glad about their terms of service.

Insuring your e-bike is smart for theft and damage protection. Many riders add their e-bikes to home contents insurance, often at a lower cost than standalone bike insurance. However, it's crucial to review policy terms carefully. Some policies may limit payouts or have exclusions, like theft from vehicles parked at home. Specialized cycle insurance can be pricey, so integrating your bike into existing home insurance might be a better option. Always ensure the coverage matches your bike’s value and usage. This way, you’ll ride with confidence and peace of mind!

 

[slickrock]

Whatever you do, do not rely on your existing homeowners policy to protect your ebike, without going over the full policy, which is effectively a legal document. My State Farm policy has a exclusion carve out specifically for ebikes - those with 250W or less of power - with only a maximum of $1000 per incident. If more power exceeds 250W, you get nothing! (in Gene Wilder Willy Wonka voice). Learned the hard way when my Voima was stolen.

 

[HandsomeDanNZ]

I specifically added my ebike to my contents policy, but asked a whole lot of questions first. It’s added as an additional high value item and will not be covered for things like being left unattended and unlocked, or crash damage while using offroad. I’m OK with that. I’m more worried about theft, damage from nefarious twats and fire.

 

[Weeksy]

Possibly due to cost?
This is what they're quoting me for only for 3 of my bikes:

View attachment 82748

To be honest mate, that's more than most people have in 3 cars or 3 motorbikes in terms of value. I don't think that's unreasonable considering you're nearly $30,000 in !

 

[lar1337]

Cycleplan have just insured our 5 bikes valued at £18k for £270.50 for the year.
Must use sold secure gold locks is only stipulation.
Recommended by a LBS mechanic that made a claim with them, like for like with no hassle

 

[lar1337]

Ohh and need original purchase receipt

 

[Pyr0]

Been paying Cycleplan to insure my Levo+upgrades

 

[whitymon]

It is still pretty expensive, I joined recently the national federation to try to have better prices. But if your bike is expensive it is insane would be 800 euro to cover me when I am riding alone.

So 800 euros grant me this:
- 30% paid in case of crash of residual value, but max 1500 ... what a joke
- 10% paid for renting a bike if needed, max 1000 euros
- theft: 10% of residual value plus 1000k per insured bike.

Seems crazy to me.

 

[slickrock]

I specifically added my ebike to my contents policy, but asked a whole lot of questions first. It’s added as an additional high value item and will not be covered for things like being left unattended and unlocked, or crash damage while using offroad. I’m OK with that. I’m more worried about theft, damage from nefarious twats and fire.

Quite a bit harder to pull that off over here in California. No carriers are insurning out here - you look at them the wrong way a they non-renew. It's strangely cheaper to get bike insurance and more affordable even I could add to a contents policy.

There is also another issue with contents policy - any claim for you bike will directly affect you homeowners policy premium, which either either spike your premiums (many thousands out here) or cause non-renewal. But making bike insurance claim won't affect homeowners policy (at least out her in CA).

 

[steve_sordy]

I included my emtb to my house insurance from the start, so I don't know how much it cost to "add" it, I just had to specify how much to replace and I used the £7400 rrp. To save over £470/year, I have just changed my buildings and contents insurance company and they stipulated a max of £5k, (vs rrp). Given that my bike is approaching three years old, I would welcome £5k for it!