Insurance

Discussion in 'Cycling Archive' started by Nick Maclaren, Jul 28, 2015.

  1. What do people do for insurance of expensive bicycles? Obviously,
    the standard household etc. companies are a waste of time, both
    because of limits and because they often have unreasonable conditions.

    Thanks for any advice.


    Regards,
    Nick Maclaren.
     
    Nick Maclaren, Jul 28, 2015
    #1
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  2. Nick Maclaren

    adam Guest

    http://www.cycleplan.co.uk/ - These guys seem to be specializing in bike
    insurance.

    Regards,
    Adam.
     
    adam, Jul 28, 2015
    #2
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  3. Nick Maclaren

    Peter Clinch Guest

    Not as obvious as you might have assumed. T&C may have changed now, but
    we started using M&S because it gave up to 4K/bike without any
    particular declaration or paperwork, and without any dumb restrictions
    either. So get in touch with a load and ask: the fine print does appear
    to change on a fairly frequent basis for new policies.

    What I've never seen to date is a sane policy just for bikes. They all
    seemed to think 10% of cost/year was reasonable when we were looking to
    insure our expensive new 'bents. While this might be understandable for
    expensive but fairly interchangeable high end road or mountain bikes
    with a ready market for stolen ones, it's relatively unlikely anyone
    will nick a 'bent touring trike so most of the cover is in case you
    prang it (again, not that likely).

    Pete.
     
    Peter Clinch, Jul 28, 2015
    #3
  4. I used to have specific insurance, but it was about 10% of the value of
    the bike per annum, so for the last few years I've not insured my
    machine at all.

    IIRC, it was with these people: http://www.cyclecover.org.uk/

    Matthew
     
    Matthew Vernon, Jul 28, 2015
    #4
  5. Thanks very much. Those are the ones I found. The quote was about
    6.7%, but the security requirements are completely unreasonable.
    I am not desperately keen on insuring 5-6 grand myself, but their
    policy is clearly designed to avoid actually paying anything.


    Regards,
    Nick Maclaren.
     
    Nick Maclaren, Jul 28, 2015
    #5
  6. Thanks. I will.
    Which is exactly the case I am considering!

    Adam: Thanks. That is a lot more plausible, though still extremely
    restrictive.


    Regards,
    Nick Maclaren.
     
    Nick Maclaren, Jul 28, 2015
    #6
  7. In uk.rec.cycling.moderated on Tue, 28 Jul 2015 11:16:47 +0100
    Yeah... I went hunting for suitable cover but couldn't find anything
    worth doing for either bike.

    Main hassle as a velomobiling friend has found is the uninsured
    driver. A drunk driver managed to jump the kerb onto the bike path,
    wipe out the velo (with owner in it...) then swerve back onto the road
    and hit two cars.

    Rider somewhat damaged but probably not as badly as someone on a
    two wheeler or even a standard trike (trike frame quite messed up and
    plastic body split. That plastic has survived a lot of bashing
    without issue).

    Driver in court, no insurance, no money. If he does get an order it
    will be of the $10 a week kind or else he'll just not pay. Sheriff
    might impound items as payment but who knows?

    INsurance against that is really hard to get without the theft bit
    added and I suspect theft is what drives the prices so high.

    If I do end up with a trike as well I may find a broker and see what
    they can find for me.

    Zebee
     
    Zebee Johnstone, Jul 28, 2015
    #7
  8. Nick Maclaren

    kimble Guest

    This.

    With a couple of expensive recumbents, plus a couple of ~1000GBP bikes,
    I just put what I would be paying for insurance into the n+1 fund. And
    make a decent effort not to get them nicked (decent locks, keeping them
    in the house, taking the Brompton if it looks dodgy etc). A couple of
    years of premiums would have paid for a reasonable replacement for the
    bike I tend to use when I'm going to leave it locked up somewhere.

    As a CTC member, I have third-party insurance and legal cover, in case
    of altercations with motorists.


    Kim.
    --
     
    kimble, Jul 29, 2015
    #8
  9. In uk.rec.cycling.moderated on Wed, 29 Jul 2015 18:13:20 +0100
    I'm not worried about theft, I'm worried about it being hit by a
    drongo with no insurance, a depressingly common occurrance.

    But yeah, at the prices they are charging and the rules they have, is
    it worth it?

    Zebee
     
    Zebee Johnstone, Jul 29, 2015
    #9
  10. Nick Maclaren

    Phil W Lee Guest

    You probably have the third party insurance (and quite likely the
    legal cover as well) on your household contents insurance too.

    But they are more likely to load you the following year if you have
    the misfortune to need to use it.
     
    Phil W Lee, Jul 30, 2015
    #10
  11. Thanks, everybody, and carrying the risk myself seems the best plan.
    My main concern is when touring, including on the train and if I
    stay somewhere or stop for a meal, but there is no point if the
    insurance demands that I do the impossible and refuses cover if not.
    When sleeping out, I am not in the slightest concerned, because red
    deer, bears etc. are not like very large jackdaws :)

    On the CTC context, does the legal cover include suing other insurance
    companies for damages?

    Thanks.


    Regards,
    Nick Maclaren.
     
    Nick Maclaren, Jul 30, 2015
    #11
  12. Nationwide would do me for something like 1500 quid, whatever I thought
    the tandem was worth then, provided that away from the home it is locked
    to an immovable object (when I'm not with it) or inside a locked garage or
    shed.
     
    David Damerell, Jul 30, 2015
    #12
  13. Nick Maclaren

    kimble Guest

    In the UK we have the Motor Insurers' Bureau for that (basically a pot
    that all motor insurers have to pay into, to compensate victims of
    uninsured drivers). I've never had to make a claim from them, though I
    expect CTC legal support would be helpful when doing so.


    Kim.
    --
     
    kimble, Jul 30, 2015
    #13
  14. In uk.rec.cycling.moderated on Thu, 30 Jul 2015 21:31:18 +0100
    In Oz we have that for personal injury but not for vehicle repairs.
    For those you are on your own in civil court.

    Zebee
     
    Zebee Johnstone, Jul 31, 2015
    #14
  15. Nick Maclaren

    Phil W Lee Guest

    It used to be the same here in the UK, but when the minimum level of
    motor insurance was raised to full third party cover, the MIB was
    required to raise it's own liability to match.
    In practice, it made very little difference to anyone except the MIB,
    because the less than full third party "road traffic act" level of
    insurance was (for nearly all motorists) so little saving over TP that
    it was only offered to extreme cases where an insurance company had to
    provide cover, but didn't really want to (there was a "gentleman's
    agreement" for years, that an insurance company would not leave an
    existing client without cover unless they were banned, so some
    multiple repeat claimants/offenders ended up on RTA only insurance).
     
    Phil W Lee, Aug 1, 2015
    #15
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