[Ian Carey]

Hi

I don’t think that I can meet the security requirement of bike insurance.

I have just taken out insurance for my new ebike.

The bike cost just over £6,000 and the insurance just under £300.

Firstly, I am very lucky to be able to spend such a lot of money on one bike (I have recently retired). I am having great fun with it.

However, having now carefully read the policy documents, I don’t think that I can meet all the security requirements!

The issues are:

Locks: Obviously gold standard, of which I have a few. The bike needs to be secured to an immovable object, including the wheels. In practice this means 2 or three locks, depending on the type of ‘immovable object’. 

At home, in the shed, this is just about possible, but requires 3 long gold standard chain locks to secure the frame and both wheels to the anchor on the floor (it’s an MTB with a long wheelbase).

However, the shed door needs to be secured with either a ‘5-lever mortice lock’, a ‘Chubb lock’ or a ‘CEN Grade 3 closed shackle padlock’. Although I have 3 very strong closed shackle padlocks to the door of the shed, they are not CEN grade 3.

Outside is more difficult. Attaching the bike and wheels to the standard ‘Sheffield’ stand can be done with one long ‘D’ lock and one chain. However, the combined weight of the locks is almost 6kg! 

I will be carrying the bike on the Fiamma rack that hangs off the rear of my van. However, it is bolted on and is not ‘lockable’ as required by the insurance.

Furthermore, the bike is not insured while on the van, even when locked, from 9pm to 8am. I often take my bike on holidays that frequently involve driving after 9pm!

I did ask about fitting a BikeTrax GPS unit (this is fitted inside the motor & shows the location of the bike), but was told that this would be treated as an accessory and would result in a slight increase in the premium.

I can obviously buy some approved padlocks for the shed, which would be around £100.

However, securing the bike while away from home is much more of a problem and certainly very impractical, if not impossible.

Has anyone else had such issues with insurance?

Does anyone have a workable solution?

Cheers,

Ian

 

Topic

[mark1a]

Almost certainly the same

Almost certainly the same policy – locks only apply if away from home or a private storage location not publicly accessible. I have a locked garage which is part of my house. See 7.2. 
 

https://uploads-ssl.webflow.com/5ede4851209ff080a70e63e6/6009ae336ea217c84961be7b_Laka_policy%20wording%202.0%2021%3A01%3A21.pdf

 

 

[Ian Carey]

I am with Laka. You may have

I am with Laka. You may have a different policy to mine. but I am certainly required to lock my bike to an immoveable object when it in the shed.

[mark1a]

I use Laka myself, you don’t

I use Laka myself, you don’t pay a premium as such, you pay retrospectively every month your share of what was paid out on the previous month, plus a percentage admin fee and tax. They set a cap which is not exceeded (they re-insure or lay off with Zurich). No excess, no postcode loading and bikes do not have to be locked if they’re in the house or internal garage, or inside a locked vehicle. Covers third party liability including events (providing you’re not paid to appear e.g. pro cyclist). 
 

Not had to claim ever and that of course is the true test but overall I think a better way of doing it, what has happened rather than what might happen. 

[TheBillder]

+1 for Nationwide, the extra
+1 for Nationwide, the extra to add my 3 bikes, of which only one is worth more than £1000*, to my home insurance, was trivial. The Ts & Cs didn’t seem too bad.

Having said that, the insurance for buildings & contents isn’t cheap and as I haven’t claimed in 15 years, they’re way ahead of me.

*Looking at the cost of new bikes I’m less sure about this now.

[Sriracha]

I just added my two bikes to
I just added my two bikes to my household policy with Nationwide. I had to declare their value as they are over £1000 each. I pay £31. That’s cover for loss or damage in or away from home, including up to 90 days abroad. Excess is £250. Conditions are:
[I]Bicycle Cover

Get cover for your bicycles anywhere within the British Isles, and for up to 90 days around the world. This includes electric bicycles, tricycles, unicycles and cycling accessories.

We’ll pay up to £1,000 for each bicycle you take away from home, including hired bicycles if you’re responsible for them.

You’ll need to tell us about any bicycle worth more than £1,000.

Note: 

You won’t get cover if your bicycle gets stolen when left unattended and unlocked.[/i]

[Rod Marton]

I insure my bikes under

I insure my bikes under household insurance, and the company that invariably quotes cheapest requires similar unrealistic conditions (I won’t mention names, but probably the same company). Others, which are a little more expensive, are much more reasonable in their requirements.

Needless, to say, the cheapest doesn’t get my custom.

[Hirsute]

I was just asked to lock the
I was just asked to lock the bike to an anchor when in the garage nothing about the garage door.
Perhaps it depends on your postcode as to the requirements.

I suggest getting in contact with a broker to source a policy that you can live with.

[thax1]

I’d start by looking at the

I’d start by looking at the small print of some other bike insurance policies.

I recently did a bit of shopping about and the policies that were about 10% cheaper than the average were particularly prescriptive and difficult to comply with.
This included outlawing my ‘usual’ practise of taking the bike off the roof and locking it in the car when parked overnight. Also didn’t seem to cover being dragged off the bike by moped-riding thieves!

The policies that were maybe 5-10%  more costly seemed far more pragmatic and user-friendly. This included a reasonable definition of ‘attending’ the bike whilst unlocked. This allowed you to be several metres away so long as it was in full visibility (I.e. paying for a coffee, or snacking at a sportive).

Cancelling your current policies and paying a bit more may be your cheapest option overall.

 

 

[Author]

Replies