London Bikers, how do I get insurance?
Discussion
anonymous said:
[redacted]
Yes, ended up going with MCE, I'm zone 2 near Canary Wharf East London, have no garage. just sub £400 FComp, £1k excess, no one else came close premium wise this year of those that would quote, many of the big names would not any more. Next best just sub £700. Commuting and pillions covered on my policy and some non perf enhancing mods, 2011 Speed Triple. Max NCB protected, zero claims or bonus points in last 5 years, mid 40s license held 21 years.
CAPP0 said:
I lost a 6 month old bike from a "secure" and totally private car park. Invisible from the road unless you were a contortionist. The police reckoned the thieves had devices which would open the gates, but also, strangely enough, the guy who ran the cctv was very difficult to get hold of to review the footage, and by the time he did, most unfortunately the tape had cycled and been written over....
I had a GSXR600 go walkies one weekend in 2005 from a secure private flat car park in East London, mates old place. Key fob access only, parked out of sight at the back end of a bin store and locked up and alarmed. No cctv. Convinced was an inside job with someone who had legitimate access bit could never prove it. Full insurance payout total loss theft ultimately.
Like I said earlier MCE seem to be quite often the only company that will quote.
And if anyone else does quote it is ludicrously more expensive than MCE.
Apart from the high excess, something that doesn't really bother me as I'll avoid claiming if possible just to keep my history clear, how are MCE managing to do it when the more known companies can't or won't?
And if anyone else does quote it is ludicrously more expensive than MCE.
Apart from the high excess, something that doesn't really bother me as I'll avoid claiming if possible just to keep my history clear, how are MCE managing to do it when the more known companies can't or won't?
croyde said:
Like I said earlier MCE seem to be quite often the only company that will quote.
And if anyone else does quote it is ludicrously more expensive than MCE.
Apart from the high excess, something that doesn't really bother me as I'll avoid claiming if possible just to keep my history clear, how are MCE managing to do it when the more known companies can't or won't?
MCE underwrote their own business nowadays. They get to set their own prices. Nearly every other “insurer” in bike Insurance is really a broker and they rely on underwriters. Those underwriters get to aggregate claims data across multiple brokers and so can price the risk more accurately. And if anyone else does quote it is ludicrously more expensive than MCE.
Apart from the high excess, something that doesn't really bother me as I'll avoid claiming if possible just to keep my history clear, how are MCE managing to do it when the more known companies can't or won't?
What you should be saying is “Thank god MCE haven’t got accurate enough data to price correctly yet. At least that gives us a few more years before their prices match those of the more experienced underwriters.”
croyde said:
Apart from the high excess, something that doesn't really bother me as I'll avoid claiming if possible just to keep my history clear, how are MCE managing to do it when the more known companies can't or won't?
Is this paragraph not the answer preceding the question? If the excess makes it prohibitive to claim for anything but it being stolen then they are not paying out on smaller claims that other insurers would be. The alternative is to ask the insurers which bike is the cheapest to insure so select the bike based on insurance rather than the insurance based on the bike you want.
You might be riding something you don't really want but if it is just a means of transport in London that might not be so likely to be stolen that is a bonus in the current climate.
You might be riding something you don't really want but if it is just a means of transport in London that might not be so likely to be stolen that is a bonus in the current climate.
Moulder said:
Is this paragraph not the answer preceding the question? If the excess makes it prohibitive to claim for anything but it being stolen then they are not paying out on smaller claims that other insurers would be.
True 
But a lot of the expensive insurers have very high excesses too.
croyde said:
Apart from the high excess, something that doesn't really bother me as I'll avoid claiming if possible just to keep my history clear, how are MCE managing to do it when the more known companies can't or won't?
The bottom line with MCE is that they're s
t but perversely in a good way for those of us who live in, or close to, major urban areas. What they'll do is cover you for (relative) peanuts but you'll get the service and excess to go along with that. As long as you realise that then all's good. Long may they run.(Dredging this up as I'm looking at getting a new bike.)
Previously I was bored to death of Croyde's repetitive moaning on this subject, but now see that the best I can do on a newish CB500F is ~£425 (FC). Only Lexham will offer anything vaguely acceptable, all the others are £750+. If Lexham go the same way in future it'll be a problem. On the plus side the first year with a new machine always adds a premium, as does first year post-test, so potential reductions there. Looks like I'll have to go ahead and cross my fingers for next year.
Previously I was bored to death of Croyde's repetitive moaning on this subject, but now see that the best I can do on a newish CB500F is ~£425 (FC). Only Lexham will offer anything vaguely acceptable, all the others are £750+. If Lexham go the same way in future it'll be a problem. On the plus side the first year with a new machine always adds a premium, as does first year post-test, so potential reductions there. Looks like I'll have to go ahead and cross my fingers for next year.
Aaron702 said:
I'm 19, have a one litre Focus that costs £1200 to insure. Decided to get a bike for commuting, paid £1200 for insurance on a 2011 CBF125. Had a minor fault claim in my car, now my car insurance is £2600 and I cannot insure ANY A2 bike for less than £2500.
So many horrors in there, but at least it's made me feel better about my predicament.Aaron702 said:
I'm 19, have a one litre Focus that costs £1200 to insure. Decided to get a bike for commuting, paid £1200 for insurance on a 2011 CBF125. Had a minor fault claim in my car, now my car insurance is £2600 and I cannot insure ANY A2 bike for less than £2500.
I have a 2019 Focus 1.0, 2017 Fireblade SP, 2017 Africa Twin DCT and pay £360 in total to insure all three. I hope that brings you some comfort 
(yeah, I know, I'm a dick)
It is very difficult to get something reasonable. I moved last year and lost shed access, so my existing insurer cancelled my policy. In the end I went with MCE who got me a policy based on the fact the bike is on private land for £500, my Street triple is 3 years old and that seems to help (declared value 4k). I have 1k excess though...can't wait to leave the M25 region! Off to Luxembourg later this where you can still park a bike in the middle of town and it'll be there when you return!
TheInternet said:
(Dredging this up as I'm looking at getting a new bike.)
Previously I was bored to death of Croyde's repetitive moaning on this subject, but now see that the best I can do on a newish CB500F is ~£425 (FC). Only Lexham will offer anything vaguely acceptable, all the others are £750+. If Lexham go the same way in future it'll be a problem. On the plus side the first year with a new machine always adds a premium, as does first year post-test, so potential reductions there. Looks like I'll have to go ahead and cross my fingers for next year.
Previously I was bored to death of Croyde's repetitive moaning on this subject, but now see that the best I can do on a newish CB500F is ~£425 (FC). Only Lexham will offer anything vaguely acceptable, all the others are £750+. If Lexham go the same way in future it'll be a problem. On the plus side the first year with a new machine always adds a premium, as does first year post-test, so potential reductions there. Looks like I'll have to go ahead and cross my fingers for next year.
I solved the problem by moving to a nicer part of London, well Middx actually. Have a garage too.
Loads of companies happy to quote now and far cheaper premiums.
Trouble is that my rent is so much I can't afford a nice bike
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