Bike Insurance

Consider the risk of theft/total loss due to your fault in X years and how often you think that is going to occur. Then gauge the cost of replacing the bike/s for those circumstances against the total costs of protection over that period. for some it just isn't worth it in the long run financially though appreciate that the safety net of a policy works for many.

I've not had a bike stolen since my Raleigh Winner in 1984 and never trashed one though did bend a derailleur and hanger (& a fractured elbow..grrr) when an end of a bell teenager decided to sprint across the road to his dads waiting car after I'd eyeballed him and ridden wide just in case he stepped off.

probably saved myself a fair wedge since I had my first half decent bike in 1990

FWIW I've just renewed my house and contents and all bikes with now4cover, I can toggle type of cover (race, commute, leisure) over each bike so provided I'm proactive in this I should save some money. Pedalsure were my second choice for "fit and forget" type cover (i.e. no benefit in me changing levels of cover off season).

My experience with an insurance claim has lead me to consider bike-specific insurance.

I had to make quite a large claim on my home contents insurance when both mine and my wife's high-end bikes were written off through our own stupidity.  The insurer required the bikes to be sent to their chosed supplier for assessment.  This went well enough and they wrote both bikes off with decent valuations and were even open to bit of discussion.

My only point of dissatisfaction is that I had to select from the range offered by the insurer's suppliers.  The insurer offered me a much lower cash settlement and I can understand their reasons.  However, the bike I chose would not have been the one I would have gone for if I'd had the £8,000 to spend myself.  I am really happy with the bike I got (Scott Addict SL with SRAM Red eTap) and it's a joy to ride.  No regrets, but......

So, although I got the value equivalent, specialist insurance may have worked out better.

One other thing.  The insurers initially said I couldn't claim but my brokers, A-Plan of Ayelesbury, had a recording of their conversation asking whether high-value bikes needed to be specified separately.  I always use a broker for the service and to ensure I get the right cover and this issue highlighted the benefits to me.

Back to the shed...

I had a bike before last stolen from an unlocked shed.  My insurers refused to pay out and, studidly, I accepted this.  I shouldn't have.

The problem with insurance is that you have to make sure it covers you for when you need it, otherwise, it's a waste of money.  Pay a bit more the right cover or don't bother at all.

I insured one bike on a standalone policy that was relatively expensive but had all the additional extras you could think of - as others say you should check the small print though as mine were only covered away from home with a silver standard lock or above.

Having purchased a shed (and the wife nagging) I have now added the bikes onto AA Home Insurance instead for next to nothing. If you populate info on their value etc. they almost take it as an admittance of ownership (you're paying so you don't need to prove much). Regardless I have multiple locks and ground anchors and have taken pictures in case it is ever questioned that I took precautions.

As for ground anchors, Wilko do 2 for around a tenner that are simple to fit and do the job. I have one into the ground with a large d-lock through it that secures around the frame of the best bike - then use cable extension around the commuter. Takes maybe 30 seconds to unlock. Alternatively with the 2 anchors just position them where the bike most commonly is. My theory is that although thieves use Strava etc. to search for some decent gear, the more hurdles the better. They are 3 locked gates a double locked shed with the hinge screws spoilt, ground anchor, locks alarms and security ligts away from getting mine. Hopefully they'll go onto the next one or the insurance company can't really expect any more!

I'm using TSB Pick and Protect Home Insurance. I don't have the actual home insurance, just the bike add on. They cover all my bikes and only want to know the value of the most expensive. It was about half the price of a policy for one bike and covers all. I've not had to make a claim though.

Be careful as, when I was looking last year, a found a couple of the cheaper policies would only cover an unlocked bike at home, which means that my bikes wouldn't be covered at my girlfriend's and mother's (both of whom don't have anywhere that I can attach a lock).

Another thing to be careful of is that some policies put an age limit on the bike, so I had one which would only cover a bike that was less than three years old. That was a couple of years ago and so may have changed, but it's worth reading all the conditions as the are some strange ones out there.

We have just had our buildings/contents insurance cover re-done through Wesleyan, with a proper underwritten policy.  They looked at everything, noted the bikes, noted the wife's sparkles etc and all is within tolerance.  They were more concerned that there might be a Steinway piano in the corner or a Picasso hiding a hole in the plaster.  Came out cheaper than our previous mainstream insurers.

Just changed my buildings and home contents to https://pedalcover.co.uk/ no value limit on bikes (up to the single item limit in the policy which I think is £20k) and they offer worldwide crash damage.

My bikes are all insured as part of the house insurance - fortunately not had a theft from the garage and the heap that got nicked from the station wasn't worth the excess to claim.

Although not a requirement of the insurance, they are all chained to ground anchors using motorbike locks, even the one that gets used for commuting - it doesn't take more than a few seconds to unlock it to use it and I don't need to take the lock with me, as I have another one at work.

If I was you, I'd still lock both bikes when not in use. I believe the rule of thumb is that you should spend 10% of the value of the bike securing it.

If they do get stolen, be wary that a couple of months later, the thieves will likely be back for the insurance replacements...

I've used NatWest house insurance for years. Never had to claim for a bike, but when our shed was burgled and well over £1000 tools stolen they were exemplary. Took me longer to work out what was stolen than for them to pay out. So I am happy to rely on them for my bike cover.

I too am interested in peoples views on this scenario