Cycleplan insurance

[Chris.L]

Just taken a policy with cycleplan for my new bike , being an Armed forces veteran and having a forces discount card I was entitled to a 20% saving on the policy ,but a quick serch on the interweb I found an offer for 25% off .

A phone call to enquire about the Asgard bike 29er bike shed and the locks supplied by Asgard that I have and the policy was sorted for a cost of £140.58

Your quote: Sum Insured Premium
Bicycle(s) Up to £2,200 £135.54
Accessories Up to £1,000 £20.00
Legal Expenses Up to £50,000 £5.00
Replacement Bicycle Hire - £0.00
Public Liability Up to £1m £12.50
Personal Accident - -
Competitive Use No -
Territorial Limits UK -
Excess Waiver Yes £14.40
25% Discount -£46.86
TOTAL ANNUAL PREMIUM £140.58

 

[tillson]

You might find that many home insurance policies cover much of the above as standard, or may be extended to do so for a modest additional premium.

I think insurance companies are guilty of encouraging people to insure the same risk multiple times via these “specialist” policies.

 

[Chris.L]

Cheers for the reply but i do not have home insurance , and never have had it in 30 plus years of having property , I have never had the reason to claim on a policy even if I had one so I have saved myself a fair wack of money

 

[BazP]

I'm really not trying to be funny here but if you don't think that home insurance is worth it then why insure your bike? You at least will be out with your bike to keep an eye on it whilst your home may be left unattended.
In any case, I could get home insurance including bike insurance for not much more than your quote. Depends on your postcode obviously.

 

[The Bear]

Insurance is just a form of socially acceptable gambling, but strangely we hope never to win.

But I agree with BazP, if your happy to £150 to cover say a £3k bike, then surely it makes sense to pay perhaps just £30 more and get hundreds of thousands of pounds worth of cover for your home, contents and ebike?

 

[Gubbins]

If you lose your bike then you have lost your bike but if you lose your home you have lost everything.
Insuring things can get out of hand but I have seen many lives destroyed by floods of late because they didn't have insurance.
Just saying...
Each to their own of course..

 

[topographer]

Cheers for the reply but i do not have home insurance , and never have had it in 30 plus years of having property , I have never had the reason to claim on a policy even if I had one so I have saved myself a fair wack of money

So you're a homeowner? What would you do if your house burned down?

 

[tillson]

Cheers for the reply but i do not have home insurance , and never have had it in 30 plus years of having property , I have never had the reason to claim on a policy even if I had one so I have saved myself a fair wack of money

It seems more than strange that you are content to spend £140 insuring a single asset (your bike) with a maximum value of £2000, but won't spend the same amount to insure multiple assets & risks (home, contents, bike, public liability) with a combined value of a hundred times that of your bike.

Insurance is a wager, you are effectively placing a bet on the likelihood of your house being destroyed. If you place the bet, and your house doesn't fall down, you lose.

I am not a fan of insurance, but home insurance is one that I will take out. The consequences of losing my home is one risk that I am prepared to insure against for modest payment. Plus, if you shop around and read the Ts & Cs, some home insurance comes with a few fringe benefits, such as bicycle insurance and public liability.

I'm sorry to say that I view product specific insurance such as that for bicycles, home appliances & mobile telephones as being targeted at mugs.

 

[Chris.L]

I have taken on board what people have said about contents insurance and checked a few policy's out , yes the price for contents insurance can be very reasonable and include some sort of bike insurance ,the policy's I have looked at and I downloaded the policy documents are not suitable, some will not insure bicycle 's with motors others will only cover the bike if it's locked in a vehicle and covered , my bike needs to be covered when it's on the bike rack on the back of the Motorhome , the bike rack in question is only aluminium and would be easy cut through in no time ,or 3 bolts and it all lifts off ,
If anybody can point me in the direction of a company doing contents insurance and my bike would be covered on the back of the Motorhome whilst touring the UK I will take alook

Cheers

 

[The Bear]

Do Cycleplan actually cover your bike when attached to a motorhome bike rack? Id be surprised if they did, but I may be wrong. Having it locked to a removable bike rack is no better than just leaving the bike locked to itself at the side of the road. But if Cycleplan do provide this cover, and if your using the motorhome a lot throughout the year with the ebike attached to it then £150 isn't too bad I suppose.

With all insurance policies you have to take specific steps to safeguard your items. I would expect all policies to specify the bike must be locked to an immovable object, and with approved locks. Personally I wouldn't feel comfortable leaving an expensive bike unattended on a vehicle bike rack. I'd be taking a cheap bike away with me on trips.

Maybe you need to look at your level of cover with the motorhome insurance? You may find that your ebike can be covered on that, as a specified item, perhaps for the sake of an admin charge?

Otherwise, paying £150/year just for bike insurance seems mad to me. Just add it to a home insurance policy, to include 'away from home' cover.

 

[Chris.L]

Yes cycleplan insure the bike whilst locked to any vehicle fitted with a bikerack as long as secured with a gold secure lock, the only exception is it can not be left unattended for more than 12 hours , we use the motorhome quite a lot through out the year so needed the bike covered , my Thatcham approved alarm also has a bike loop fitted so if the bike is moved and the circuit broken the alarm will go off , this will be useful for when asleep in the van at night as then the bike will be locked to the van chassis
Cheers