Insurance grumble

[musicbooks]

Hi folks,
A compulsory part of the cycle to work scheme is cycle insurance. I searched around and eventually went with my house insurance provider, Nationwide. However, they charged me an additional £78 on my contents for £1500 cover. As our insurance is up for renewal in June, I'm thinking this is quite high and possibly inadequate considering the rise of the Euro. So I am looking to switch provider. Any suggestions most welcome.
BW
Musicbooks

 

[burncycle]

Hi Musicbooks,
Just to note too that you should insure your bike for the full cost, before any discounts. I checked this out with Evans insurance and they confirmed this to me.
i.e. Im getting a Kalkhoff Pro-Connect and im having to cover it for the full cost of £1,760.

Regards Bob.

 

[musicbooks]

Hi Musicbooks,
Just to note too that you should insure your bike for the full cost, before any discounts. I checked this out with Evans insurance and they confirmed this to me.
i.e. Im getting a Kalkhoff Pro-Connect and im having to cover it for the full cost of £1,760.

Regards Bob.

Indeed.. Thanks Burncycle.. That'll add another fiver a month, no doubt
bw
musicbooks

 

[rooel]

£78 is still a lot cheaper than the premiums charged by the specialist bicycle insurers, and they usually insist on very expensive locks costing that much or more, and as recent tests have shown, still easily broken by experienced thieves. For a possibly cheaper quotation I would suggest you try eSure who are, I believe, run by the Bank of Scotland. They do not specify any particular type of lock, but it has to be through the frame and round a metal object, preferably, I suppose a cycle stand securely fixed to the ground. Also, overnight parking on the street, or possibly also in tenement closes, is not covered.

 

[frank9755]

Hi folks,
A compulsory part of the cycle to work scheme is cycle insurance. I searched around and eventually went with my house insurance provider, Nationwide. However, they charged me an additional £78 on my contents for £1500 cover. As our insurance is up for renewal in June, I'm thinking this is quite high and possibly inadequate considering the rise of the Euro. So I am looking to switch provider. Any suggestions most welcome.
BW
Musicbooks

Just to clarify, insurance is not a compulsory part of the government's Cycle to Work scheme, although I guess individual employers could (and do) make additional rules as a condition of take-up.

Is £78 so unreasonable to insure something worth £1500? It's just over one twentieth of the value. Bikes do get stolen a lot so, from the insurers point of view they are saying you are only a 5% risk. Insurance is always a grudge purchase as no-one plans on needing to claim, but for £1500 of cover, £78 sounds like quite a good price. Do shop around, but if you can't beat that price, it doesn't feel like you are being overcharged.

 

[musicbooks]

Just to clarify, insurance is not a compulsory part of the government's Cycle to Work scheme, although I guess individual employers could (and do) make additional rules as a condition of take-up.

Is £78 so unreasonable to insure something worth £1500? It's just over one twentieth of the value. Bikes do get stolen a lot so, from the insurers point of view they are saying you are only a 5% risk. Insurance is always a grudge purchase as no-one plans on needing to claim, but for £1500 of cover, £78 sounds like quite a good price. Do shop around, but if you can't beat that price, it doesn't feel like you are being overcharged.

Don't forget this was an add on and we do already have buildings and contents insurance with the Nationwide. And I am currently insured for £1500 but will probably need to increase this to £1700 or even £1800 to cover replacement at current Euro rates. This will probably push up my premium to about £85. I remember (but can't find) members quoting about £35 -£40 for add ons...Thought there might be a better deal out there..

I am Scottish, after all
BW
musicbooks

 

[HarryB]

You are lucky to get cover for £78. A stand alone insurance policy would cost upwards of £150. Then again I have seen nothing that requires me to insure my bike as part of the CTW scheme and at that price have no intention of doing so (my household insurance won't insure anything over £500). In the end you have to balance the price of the insurance with the risk. I have a space in the underground car park at work so for me it is definitely not worth £150 (but I could live with £78).

 

[frank9755]

Don't forget this was an add on and we do already have buildings and contents insurance with the Nationwide. And I am currently insured for £1500 but will probably need to increase this to £1700 or even £1800 to cover replacement at current Euro rates. This will probably push up my premium to about £85. I remember (but can't find) members quoting about £35 -£40 for add ons...Thought there might be a better deal out there..

I am Scottish, after all
BW
musicbooks

If you want the lowest premium you could self-insure, ie not insure with a third party but be responsible for any loss yourself. If you think your chance of having it nicked are less than 1 in 20, it makes sense!

 

[musicbooks]

If you want the lowest premium you could self-insure, ie not insure with a third party but be responsible for any loss yourself. If you think your chance of having it nicked are less than 1 in 20, it makes sense!

I wish I could but one of the terms of my agreement is to provide proof of cycle insurance. Insurance is after all a cash flow issue. Slowly we pay towards the cost of replacement any by the end of twenty or so years we'll have paid for it ten times over. Ultimately, if you can afford to replace it, insurance is money down the drain. But hey, they've got me over a barrel
bw
musicbooks

 

[frank9755]

Seems a bit unfair, and against the spirit of the cycles for work scheme, in obliging you to make a further purchase which is neither strictly necessary, nor can be included as a safety item under the scheme. I'd be tempted to do nothing and see if anything happened!
If you really need to get insurance the only other ploy might be to seek out one where you could trade lower premium for higher excess.

 

[rooel]

One reason for requiring insurance against theft could be that the bicycle belongs to the employer until the end of the scheme duration, when, I believe, ownership is transferred to the employee for a small sum.

 

[Cyclezee]

Musicbooks,
as a fellow exiled Scot (I prefer the term missionary), I have an offer you can't refuse How about you get your bike insured, you give the bike to me and claim for theft (daylight robbery), you give me the insurance money and I give you the bike back + the insurance premium + the excess + 1p. This means you have free insurance and are 1p up on the deal Everyone is happy except the insurance company, the share holders and the people whose premiums go up to cover the cost of your new bike

Deal or no deal?

John

 

[musicbooks]

Musicbooks,
as a fellow exiled Scot (I prefer the term missionary), I have an offer you can't refuse How about you get your bike insured, you give the bike to me and claim for theft (daylight robbery), you give me the insurance money and I give you the bike back + the insurance premium + the excess + 1p. This means you have free insurance and are 1p up on the deal Everyone is happy except the insurance company, the share holders and the people whose premiums go up to cover the cost of your new bike

Deal or no deal?

John

Aye, Righto! as my auld faither wid say
bw
musicbooks