Hello, and apologies for boring first post! (Insurance)

[kingston12]

Hi all. After a long break from cycling, I have just ordered two EMTBs for my wife and I.

I'm hoping I'll finally have them this weekend (big problems with both online purchases have taught me to stick to local retailers next time!)

What does everyone do for insurance?

I have contents insurance with John Lewis and I phoned them to confirm their policy - it is a maximum of £1,000 each for pedal cycles, but for £60 extra each year they will cover both of the EMTBs (£2k each) against theft and accidental damage as well as offering some type of third party liability insurance if we were to cause an accident whilst out riding them.

That seems a great deal to me, but are there any advantages to getting a dedicated policy?

 

[Rich-Baillon]

Hi all. After a long break from cycling, I have just ordered two EMTBs for my wife and I.

I'm hoping I'll finally have them this weekend (big problems with both online purchases have taught me to stick to local retailers next time!)

What does everyone do for insurance?

I have contents insurance with John Lewis and I phoned them to confirm their policy - it is a maximum of £1,000 each for pedal cycles, but for £60 extra each year they will cover both of the EMTBs (£2k each) against theft and accidental damage as well as offering some type of third party liability insurance if we were to cause an accident whilst out riding them.

That seems a great deal to me, but are there any advantages to getting a dedicated policy?

I recently switched to Aviva Plus they cover bikes up to the value of your house contents, no limit on bike price, and will add away from home possessions up to £20k for a few pounds a month extra. I am now paying £23 a month for house insurance and contents cover with £15k away from home. Was paying Aviva (not plus) £26 a month + £35 a month specialist bike insurance for up to £7.5 with Bikmo. So a huge saving.

 

[StealthChesnut]

You need to work out what you want from your insurance, then if you can talk to the providers ask them what happens in those circumstances.

Third party - do you need it? Are you already covered for that on house/card/car insurance? Might want to check with them.

Loss or theft - if you have your bike stolen (while you're on it? while it's locked up? If locked, what locks count as locked?) and you paid £2k then what will they pay out?

Accidental damage - are there exclusions? If you go full send into a tree then is that covered, and again what would they pay out?

For me, I wanted to make sure my (non-e) bike was covered. I asked my home insurance provider if it was covered, they said upto 1K if in a garage, but value of the bike if it's in the house.

By knowing what you want to cover, the conditions on that cover and what you will get paid out you can make a much better choice.

 

[kingston12]

Thanks both, that's good advice.

I think I'll stick where I am for now, as I've just renewed the John Lewis policy and no one else is so reasonable at providing cover on the rest of my contents (high value due to other hobbies!)

The only disadvantage is that the whole policy is subject to a £500 excess. I set that myself, thinking that I'd only ever make a claim in the event of complete disaster by fire or massive burglary.

They will pay out the full replacement value of the bikes. If thieves do get into the garage and manage to break the locks then they are more likely to steal both than one, so I'd recoup £4,000 (full price of both less the £500 excess.

I'll ask that further question about accidental damage. When I spoke to them, they said that the bike would be replaced (again at full price) if I rode it into a wall. That would be slightly less advantageous as I'd have to pay the full excess for one bike, but I'm happy with that. I'm not sure what happens if I do it again, though, so I'll ask!

 

[Wadders]

I'm a bit confused how to insure my bike. House insurance won't insure it as they limit to 5k.....and specific bike insurance are over 350per annum....

 

[Rich-Baillon]

I'm a bit confused how to insure my bike. House insurance won't insure it as they limit to 5k.....and specific bike insurance are over 350per annum....

You could try Aviva Plus house insurance no limit on price of bike. Garage is covered as contents also as in the boundaries of the property. Use a ground anchor and sold secure gold just to make sure though. Very cheap in comparison to bike specific insurance.

 

[Wadders]

You could try Aviva Plus house insurance no limit on price of bike. Garage is covered as contents also as in the boundaries of the property. Use a ground anchor and sold secure gold just to make sure though. Very cheap in comparison to bike specific insurance.

Thanks...... Just got it specified with aviva plus. Only £37 per annum extra to insure a 7k bike. ?

 

[Rich-Baillon]

Thanks...... Just got it specified with aviva plus. Only £37 per annum extra to insure a 7k bike. ?

Make sure you have enough cover so it’s covered away from home as well.

 

[Wadders]

Make sure you have enough cover so it’s covered away from home as well.

Yeah, it's world wide ?‍
Only thing they didn't really answer my question..... If its locked in my car will it be covered if someone broke in and stole it....?

 

[Rich-Baillon]

Yeah, it's world wide ?‍
Only thing they didn't really answer my question..... If its locked in my car will it be covered if someone broke in and stole it....?

Yes as long as you have a car alarm and immobiliser at least that’s what the policy I read said.

 

[Rusty]

I have contents insurance with John Lewis and I phoned them to confirm their policy - it is a maximum of £1,000 each for pedal cycles, but for £60 extra each year they will cover both of the EMTBs (£2k each) against theft and accidental damage as well as offering some type of third party liability insurance if we were to cause an accident whilst out riding them.

That seems a great deal to me, but are there any advantages to getting a dedicated policy?

That looks an awesome deal to me.

 

[Pukmeister]

The missus just phoned our home contents insurers (Sheilas Wheels) and got my Bike insured for £4k, it cost us a £22 policy increase plus a one-off £20 admin fee. Cover includes use away from home. £22 a year sounds okay to me.