Why is bike insurance so insanely expensive????

[Kermit power]

I've just been looking at cycle insurance policies for a total of three bikes worth £5,800. The cheapest I could find was around £650!!!

This is the same as my unlimited buildings and contents insurance with all sorts of add ons, and more than I was paying to ensure a 4.6 litre V8 with an insured value of just over twice that!!

How on earth are bike insurance companies justifying their premiums? To make it more annoying, all the cycling charities are in on the act at these sorts of prices as well!

[Kermit power]

Result!

I just went Go Compare --> a broker called One Call --> A buildings & contents policy with AXA with all the cover I need, including the bikes covered as named items for less than I was being quoted just for bike insurance!!!

[Kermit power]

HereBeMonsters said:

It's because people think a bike lock from the pound shop is adequate to secure their new £1000 CTW scheme jobby.

I saw it this morning, in fact. Bloke on a Cube LTD, looked brand new, locking it up next to me, using a 3 digit combination lock that I wouldn't trust to lock my mudguards up with.

Only bike I leave at the station is a 20+ year old Merlin, worth about £100. With £100 worth of locks on it.

That makes sense on the surface, but surely the sort of person that would take out bike insurance (whom I would imagine is in the minority of bike owners) would be the person most likely to also have decent locks...

[Kermit power]

Jimboka said:

Do the cheaper policies stipulate so many super dooper locks that claiming would be impossible?

The AXA home insurance policy just says it has to be locked to an immovable object or car if not in a locked building. There's nothing to say what sort of lock has to be used.

From what I can see, the cycle specific insurers are just raping people!