Bicycle insurance

I recently had a bit of a prang with a motorist. He paid up without any 3rd party involvement in the end, but not without a great deal of hassle, pain and veiled threats about personal injury lawyers (which I didn’t really want to get into).

However, I now realise that it could have been even worse – in different circumstances, he could’ve just driven off. There would be no way that I would’ve caught his reg number or anything else lying battered, winded and shocked on the tarmac, so would simply have been left with a load of expensive repairs.

Which has now got me thinking about insurance… I don’t have any, other than home contents which covers my bike for theft even outside of the house (though I’m lucky to have secure bike parking at my work and keep the bike in the cellar at home, so I don’t tend to worry about theft so much).

All of which is a long-winded way of asking – what do Road.cc-ers think are the best options for bike insurance. My steed cost about a grand new; with better tyres and saddle I’d say to replace more-or-less as new you’d be looking about £1,100. Is it worth it, or will ‘excess’ make it pointless? What should I be looking at paying monthly? What does anyone else do?!