Insuring your bike
Discussion
What do you owners of expensive bikes do about insurance? I've recently applied the (n + 1) formula to my collection and replaced my previous "special" bike with one that is worth significantly more.
My home insurance covers individual bikes up to a certain value, but this new one is over that value. I'm looking at getting dedicated cycle cover, but it's coming out in the ball park of car insurance costs.
I can put the amount of value over the home insurance limit "at risk" I guess, but it's not going to cover me if some fool runs me over, destroys the bike and drives off.
So what do people with flash bikes do? Pony up the cash or just risk it?
My home insurance covers individual bikes up to a certain value, but this new one is over that value. I'm looking at getting dedicated cycle cover, but it's coming out in the ball park of car insurance costs.
I can put the amount of value over the home insurance limit "at risk" I guess, but it's not going to cover me if some fool runs me over, destroys the bike and drives off.
So what do people with flash bikes do? Pony up the cash or just risk it?
Can't see an option other than to "pony up" as it were. There are so many idiots on the road it's not just drivers but other cyclists you need to be aware of.
I've had to come to terms with the fact it's going to be signifciantly more than my car insurance, and will probably be speaking to a broker in the coming weeks as the delivery date of new bike approaches. First Cycle seem to come up cheapest; but can't (online) cover full value of bike.
I'd be interested if people know of any good brokers / companys they use. I was also wondering on the replacement values; whether to just insure the frame value.
I've had to come to terms with the fact it's going to be signifciantly more than my car insurance, and will probably be speaking to a broker in the coming weeks as the delivery date of new bike approaches. First Cycle seem to come up cheapest; but can't (online) cover full value of bike.
I'd be interested if people know of any good brokers / companys they use. I was also wondering on the replacement values; whether to just insure the frame value.
FYI www.velosure.co.uk seem to be the cheapest I've found so far - and they include race cover as standard it seems.
My bikes are on our house policy through Hiscox.
I can't remember the details, but seem to remember it's not limited in any way as long as you take sensible precautions to secure the bikes etc.
They're more expensive than other insurers, but seem to have a lot less exclusions and so on - my theory being if we do have to claim then I stand a better chance of being paid out.
I can't remember the details, but seem to remember it's not limited in any way as long as you take sensible precautions to secure the bikes etc.
They're more expensive than other insurers, but seem to have a lot less exclusions and so on - my theory being if we do have to claim then I stand a better chance of being paid out.
Amazing, cost of insuring my Trek 3.1 with velosure came out not far off the cost of insuring my (admittedly rather old) BMW 5 series. I know which can do more damage...
The price they gave equates to risking it and having to replace the bike through damage or theft once every ten years. My bike isn't that exotic, so I'll probably just continue to risk it TBH.
The price they gave equates to risking it and having to replace the bike through damage or theft once every ten years. My bike isn't that exotic, so I'll probably just continue to risk it TBH.
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