Cycle insurance - more expensive than car insurance!
Discussion
I insure my 2021 Giant Revolt Gravel & 2021 Boardman hard tail MTB bikes through Yellow Jersey. Also an additional set of Carbon rims.
Revolt was £2400 new & Boardman was £925.
Got the mid range performance policy which covers everything I need.
Cost is £260 a year all in inc a £86 discount.
When did this get so expensive? I pay £230 fully comp for a Abarth 595 Comp. Bikes & car(s) garaged.
I’m 55 years old, fella & live in a low crime area.
Don’t get me wrong, I wouldn’t be without the bike insurance & admittedly I didn’t shop around. Our house insurance doesn’t cut it bike wise IMO.
What experiences does everyone else have?
Cheers, Simon
Revolt was £2400 new & Boardman was £925.
Got the mid range performance policy which covers everything I need.
Cost is £260 a year all in inc a £86 discount.
When did this get so expensive? I pay £230 fully comp for a Abarth 595 Comp. Bikes & car(s) garaged.
I’m 55 years old, fella & live in a low crime area.
Don’t get me wrong, I wouldn’t be without the bike insurance & admittedly I didn’t shop around. Our house insurance doesn’t cut it bike wise IMO.
What experiences does everyone else have?
Cheers, Simon
Home insurance tends to be limited to theft whilst at home, and need to have some form of agreed value else often limited to a few hundred quid etc.
Ultimately depends what you want insurance for. I do quite a few miles a year, sportives etc. so want cover should I have accident or stolen whilst away from home and know bike is covered (road bikes ain t cheap!)
Not sure if bike insurance is expensive or car insurance cheap, but you would think there d be more of a gap given you can do far more damage in a car etc!
Ultimately depends what you want insurance for. I do quite a few miles a year, sportives etc. so want cover should I have accident or stolen whilst away from home and know bike is covered (road bikes ain t cheap!)
Not sure if bike insurance is expensive or car insurance cheap, but you would think there d be more of a gap given you can do far more damage in a car etc!
Dracoro said:
Home insurance tends to be limited to theft whilst at home, and need to have some form of agreed value else often limited to a few hundred quid etc.
Ultimately depends what you want insurance for. I do quite a few miles a year, sportives etc. so want cover should I have accident or stolen whilst away from home and know bike is covered (road bikes ain t cheap!)
Not sure if bike insurance is expensive or car insurance cheap, but you would think there d be more of a gap given you can do far more damage in a car etc!
Same here. Fair few miles, charity rides & so on. Ride in all weathers (usually) too. I try to avoid the road but still probably do 25% of my riding on it.Ultimately depends what you want insurance for. I do quite a few miles a year, sportives etc. so want cover should I have accident or stolen whilst away from home and know bike is covered (road bikes ain t cheap!)
Not sure if bike insurance is expensive or car insurance cheap, but you would think there d be more of a gap given you can do far more damage in a car etc!
I’m glad I’ve got the cover but it just seems steep. Checked our house insurance (Lloyds) and despite having a premium policy, there are lots of exclusions around cycles.
I work on the general rule that's there's not much point insuring something I could cover myself.
My dog is a pure breed and 9 years old, I've 'saved' atleast £5000 not insuring him. I think I'd have been able to claim for maybe £200 so far.
Likewise if I snapped my bike in half it would be really annoying but I bet I could buy the parts for the price of a year or two's worth of premiums. I've not broken anything of note in the last 15 years.
My dog is a pure breed and 9 years old, I've 'saved' atleast £5000 not insuring him. I think I'd have been able to claim for maybe £200 so far.
Likewise if I snapped my bike in half it would be really annoying but I bet I could buy the parts for the price of a year or two's worth of premiums. I've not broken anything of note in the last 15 years.
I have never insured a bike mainly because the cost is often 10% of the value with multiple get out clauses if anything happens to it
Having said that they are stored inside the house, not an outbuilding, and never left unattended as I do not trust any lock I could carry on a ride and with portable angle grinders not even any that I cant
On club rides I am often shocked at the naivety of my pals who leave an expensive bike outside a cafe and tuck into poached eggs with avo and sourdough without being able to keep a watchful eye. Even if its chucking it down and -5 I sit outside with the bike next to me
I am fortunate to have secure access at work for my commuter in the car park. I have a BFO lock which I keep there and ride a cr4p but perfectly decent bike which has a low radar signature with potential low lifes
Stay safe out there
I have a couple of bikes of similar value insured with these guys. They didn’t impose ridiculous security requirements (mine are kept in a shed) and the cost for both bikes is less than £10 per month.
https://www.eta.co.uk/bicycle-insurance
(Caveat being that I can’t vouch for what they might be like in the event of a claim)
https://www.eta.co.uk/bicycle-insurance
(Caveat being that I can’t vouch for what they might be like in the event of a claim)
Depends where you live, risk etc.
My bikes are in a locked shed (security bolts so can't take door off from outside).
Have concrete "block" in ground with metal heavy duty bar/half-hoop and chained bike. Only way you're getting it out (without key) is using an angle grinder for 20m!
All probably overkill but meets insurance conditions etc.
Anyway, ultimately, if stolen then that's what insurance is for - area is pretty low risk to be fair.
My bikes are in a locked shed (security bolts so can't take door off from outside).
Have concrete "block" in ground with metal heavy duty bar/half-hoop and chained bike. Only way you're getting it out (without key) is using an angle grinder for 20m!
All probably overkill but meets insurance conditions etc.
Anyway, ultimately, if stolen then that's what insurance is for - area is pretty low risk to be fair.
soad said:
Erm, the risks are high? As in, easily stolen.
Shed is not secure either, looking at the last post.
The shed itself isn’t that secure but it is hidden from prying eyes (in some woods at the bottom of my garden) and the bikes inside are chained to massive planter that I filled with concrete 😀Shed is not secure either, looking at the last post.
I only really mentioned it because some of the bike insurance people seemed to have such complicated and specific conditions that it feels more like a rock group concert rider.
I'm with Aviva - they cover up to £5k of bike, including in shed or outbuildings. No limit on how many bikes - tell them the highest value one and list all the bikes. They even covered two sons away at university - room belongings and cycle cover - for free.
My premium last year for house, 8 bikes (with one worth £3800) and £5k of cover away from home was £263.
My premium last year for house, 8 bikes (with one worth £3800) and £5k of cover away from home was £263.
Hugo Stiglitz said:
I'd never put thousands of pounds of bike in a shed or garage.
Absolute madness.
Depends on where you live. Absolute madness.
My old house didn't have a functioning door lock when we moved in, and the postie was not happy when we fixed it as how was he to leave parcels if the door was locked?
Even where I currently live, break or low level crime is basically unheard of.
I'm with NFU. They include bikes in their standard insurance, up to a value of, I think, £700. Values above that need to itemised but the difference in premium wasn't great.
They paid out when my bike was nicked from teh local railway station when I was at work for the day. (in fact they just confirmed I wanted the same bike as was stolen and ordered a new Orbea, they even replaced the blade mudguards and the kryptonite lock that was cut through, lights weren't on the bike but the mounts were - so they replaced the light set as well!)
They paid out when my bike was nicked from teh local railway station when I was at work for the day. (in fact they just confirmed I wanted the same bike as was stolen and ordered a new Orbea, they even replaced the blade mudguards and the kryptonite lock that was cut through, lights weren't on the bike but the mounts were - so they replaced the light set as well!)
Hugo Stiglitz said:
I'd never put thousands of pounds of bike in a shed or garage.
Absolute madness.
As above it depends where you live. There has been no garages or sheds broken into in my street since I moved here in 1990.Absolute madness.
If I told my wife Ivaas going to store my 4 bikes in the house she would divorce me.
I have frequently forgotten to close the shed door overnight.
We are only 3 miles from Glasgow. That us far enough though because the thief's in my area cond from Glasgow. Why would they pass 3 miles of similar or better pickings to get to my street.
For those that travel by car there are more expensive houses to target and my street is a cul-de-sac which I suspect would make them nervous. Any policd car coming in would block their exit.
Voluntary insurance is always a gamble.
My bike insurance ranges between £130-145/mth (Laka). That covers my 3 most expensive bikes (£5k, £9k & £15k). Thats more than double my car insurance.
My house insurance covers them EXCEPT for when I'm riding them. I got taken down last year by another rider and did £7k of damage to my bike. His 3rd party insurance were useless so I had to claim on mine. I also slipped on some oil 5 years ago, did £3k of damage to my bike but wasn't insured (and discovered the gap in home insurance).
I'm looking at changing to Bikmo who seem better and will drop the premium by 50% with greater inclusions.
My bike insurance ranges between £130-145/mth (Laka). That covers my 3 most expensive bikes (£5k, £9k & £15k). Thats more than double my car insurance.
My house insurance covers them EXCEPT for when I'm riding them. I got taken down last year by another rider and did £7k of damage to my bike. His 3rd party insurance were useless so I had to claim on mine. I also slipped on some oil 5 years ago, did £3k of damage to my bike but wasn't insured (and discovered the gap in home insurance).
I'm looking at changing to Bikmo who seem better and will drop the premium by 50% with greater inclusions.
My house insurance has a max limit of £1,000 per bike. And that’s what it would cost to replace - so my Condor Fratello which I bought in 2008 for £1,000 and which has seen a lot of miles since then wouldn’t be covered because a brand new one would be about £2,500.
Lots of exclusions from specialist bike insurers about ground anchors, etc, and price still came out about £70pm in a low risk area (I check every so often in case prices have reduced). So I don’t bother and have saved (estimated) >£10k to date over the last 15 years - about the same as all my bikes have cost in total.
Lots of exclusions from specialist bike insurers about ground anchors, etc, and price still came out about £70pm in a low risk area (I check every so often in case prices have reduced). So I don’t bother and have saved (estimated) >£10k to date over the last 15 years - about the same as all my bikes have cost in total.
Wardy78 said:
Voluntary insurance is always a gamble.
My bike insurance ranges between £130-145/mth (Laka). That covers my 3 most expensive bikes (£5k, £9k & £15k). Thats more than double my car insurance.
My house insurance covers them EXCEPT for when I'm riding them. I got taken down last year by another rider and did £7k of damage to my bike. His 3rd party insurance were useless so I had to claim on mine. I also slipped on some oil 5 years ago, did £3k of damage to my bike but wasn't insured (and discovered the gap in home insurance).
I'm looking at changing to Bikmo who seem better and will drop the premium by 50% with greater inclusions.
7k of damage!! Guessing a road bike? My bike insurance ranges between £130-145/mth (Laka). That covers my 3 most expensive bikes (£5k, £9k & £15k). Thats more than double my car insurance.
My house insurance covers them EXCEPT for when I'm riding them. I got taken down last year by another rider and did £7k of damage to my bike. His 3rd party insurance were useless so I had to claim on mine. I also slipped on some oil 5 years ago, did £3k of damage to my bike but wasn't insured (and discovered the gap in home insurance).
I'm looking at changing to Bikmo who seem better and will drop the premium by 50% with greater inclusions.
Hugo Stiglitz said:
Wardy78 said:
Voluntary insurance is always a gamble.
My bike insurance ranges between £130-145/mth (Laka). That covers my 3 most expensive bikes (£5k, £9k & £15k). Thats more than double my car insurance.
My house insurance covers them EXCEPT for when I'm riding them. I got taken down last year by another rider and did £7k of damage to my bike. His 3rd party insurance were useless so I had to claim on mine. I also slipped on some oil 5 years ago, did £3k of damage to my bike but wasn't insured (and discovered the gap in home insurance).
I'm looking at changing to Bikmo who seem better and will drop the premium by 50% with greater inclusions.
7k of damage!! Guessing a road bike? My bike insurance ranges between £130-145/mth (Laka). That covers my 3 most expensive bikes (£5k, £9k & £15k). Thats more than double my car insurance.
My house insurance covers them EXCEPT for when I'm riding them. I got taken down last year by another rider and did £7k of damage to my bike. His 3rd party insurance were useless so I had to claim on mine. I also slipped on some oil 5 years ago, did £3k of damage to my bike but wasn't insured (and discovered the gap in home insurance).
I'm looking at changing to Bikmo who seem better and will drop the premium by 50% with greater inclusions.
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