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MadDad
2,339 posts
131 months
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a11y_m
1,595 posts
92 months
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Done too  Keen to hear the outcome though.
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insurance_jon
Original Poster
2,361 posts
116 months
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cheers chaps. Will be a while yet. This is just to see if the idea has legs, but I'll keep updating the thread with any progress.
Did any of you manage to cross post it to other cycle forums?
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ChrisMCoupe
581 posts
82 months
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Done. Currently just go the normal house insurance route, but since recently buying a new bike and now having some reasonably pricey upgrades would be interested in getting something more bespoke and seperate.
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S6PNJ
1,826 posts
151 months
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Just done as well, like others on here, I have insurance through home contents but I've never needed to claim yet. If I did, I wonder how easy it would be..........?
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IroningMan
5,943 posts
116 months
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Done. With thanks for the reminder that I need to look into the cover that I currently have - or hope I have.
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burriana
15,904 posts
124 months
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insurance_jon said: but I'll keep updating the thread with any progress.
Did any of you manage to cross post it to other cycle forums? Done Jon. Just for your info, it may be looking at what options joining British Cycling gives. I know for about £24 a year you get public liability cover and then discounts off actual bike insurance. I haven't looked much further than that though. If you do get anything off the ground, drop Garlick a line if you want to publicise it on the forum
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insurance_jon
Original Poster
2,361 posts
116 months
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thanks for the pointer squire.
essentially we are months off, just comparing what people want, against what is on offer at the minute.
I'll have a much more in depth survey to follow shortly. Will drop garlick an email when/if the idea gains momentum.
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Accumul8
185 posts
33 months
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louiebaby
5,377 posts
61 months
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Done.
Bike insurance is tricky because they are easy to carry, valuable, and difficult to prove previous ownership and genuine theft.
I would be interested in something like "On theft, payout of £2k, minus excess of £250. Prove ownership, prove theft." When comparing/deciding on whether to go forward, I would be looking at the % of the premium compared to the payout.
One thing I wouldn't be interested in is vouchers, or arguing the market value of the bike. If it gets nicked, I want the amount I insured it for, in Cash. This would also negate the problems of the modifying of bikes, which is significantly more prevalent than on cars, for instance.
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insurance_jon
Original Poster
2,361 posts
116 months
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herein lie the problem. To keep the premiums down insurers need to save money on the settlement. The easiest way of doing this is using bike fulfilment companies, as with the volumes bought insurers get a set 20-40% off list.
To do an "agreed value" would put the premiums up.
some interesting data that has come out of this research, and other studies I have found is about a third of people appear to keep their bikes in the house, yet only about 8% of bike thefts occur from the house. This means there is an opportunity to reduce premiums in this area.
but it's still early days yet, so much number crunching to be done, and competitor analysis to wade through.
Thanks for your help so far guys and gals
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louiebaby
5,377 posts
61 months
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I'm pretty sure I read somewhere that some insurance companies actually sell insurance at a slight discount to fair value, (sum of premiums is slightly less than sum of payouts.) This is because the investment of the premiums also yield a percentage.
What are you planning to do with the premiums in between collecting them and making settlements?
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Gren
751 posts
122 months
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Done. Separate cycle insurance seems to be totally overpriced compared to including bikes as named items on contents insurance. Maybe they have more frills but I think most people are just looking for something to help them in the case of theft.
I pay approximately 1% of the value of my bikes per year to protect them at home and away (sure, there's a chunk of an excess). Specific insurance will be significantly more.
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insurance_jon
Original Poster
2,361 posts
116 months
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louiebaby said: I'm pretty sure I read somewhere that some insurance companies actually sell insurance at a slight discount to fair value, (sum of premiums is slightly less than sum of payouts.) This is because the investment of the premiums also yield a percentage.
What are you planning to do with the premiums in between collecting them and making settlements? The investment side is handled by the insurer, we are just brokers. My plan is to design the product and then work with an insurer to bring it to market
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louiebaby
5,377 posts
61 months
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insurance_jon said: The investment side is handled by the insurer, we are just brokers. My plan is to design the product and then work with an insurer to bring it to market. Gotcha.  I'm interested to know how this develops. Keep the thread updated, thanks!
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insurance_jon
Original Poster
2,361 posts
116 months
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Gren said: Done. Separate cycle insurance seems to be totally overpriced compared to including bikes as named items on contents insurance. Maybe they have more frills but I think most people are just looking for something to help them in the case of theft.
. pretty much my thoughts. Apart from home insurance can be quite limited in what values it can accomodate, and it excludes competitive/business use, so racers and couriers will have issues
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insurance_jon
Original Poster
2,361 posts
116 months
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bump to see if I can have another few more responses please. at 135 now, but the more response the better
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d8mok
972 posts
75 months
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Done.
And thanks for making me feel slightly sick whilst typing the number into the combined value box. Haha
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Pints
14,759 posts
64 months
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d8mok said: Done.
And thanks for making me feel slightly sick whilst typing the number into the combined value box. Haha Done. And +1 on the above. My bikes are bloody old now but still in excellent condition(which is why I still own them) and would cost an absolute whack to get a modern equivalent. Would be interested to see how an insurance co. would cover that.
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Sway
2,466 posts
64 months
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Done.
Personal feeling is that postcode, level of security etc. should count. Mine is in my shed, but bloody secure in a very safe area.
Also, really don't understand why competition should have an impact? Bloody unlikely to get nicked whilst you're on it! Could perhaps understand pro riders being exempt - there it's not a personal item but company property.
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