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Bike Insurance

Renewal time - and adding a bike whoop whoop.

Does anyone have thoughts or experiences good or bad?

Thanks

Simon

Hi Simon - The first thing to remember is that there are three types of cover that are likely to be important to you: (1) theft, (2) accidental damage and (3) third-party liabilities.

Your home contents policy should cover you for theft and may cover you for accidental damage - but check the small print, especially if you're thinking of taking the bike overseas. You'll be expected to take reasonable precautions against theft, obviously, but it's worth giving your insurers a call to find out what they think "reasonable" means - they may have definite rules (a Sold Secure Silver lock during the day and no cover outside the home in the hours of darkness, say) or they may accept whatever's clearly appropriate to the occasion. Your home policy may also give you third-party cover, but it probably won't be explicitly stated. My home policy is with Barclays, and they're quite clear: if you're using any of the objects that are covered by your home contents policy, then you're covered for any third-party liabilities that may result ... But that's unusual - again, give your insurers a call and you may be pleasantly surprised. Finally, remember to check whether any claims will be subject to an excess - I've never claimed against my household policy, because the cost of the occasional broken rear mech is too small.

British Cycling include third-party cover as a benefit of both Ride and Race membership grades, though not to the cheapest Race Bronze grade - and this is your only option if you want to be covered for competitive cycling. Yes, that includes entering the Nomads' summer TT competition or the Open Hill climbe - if in doubt, anything where you have a number on your back is competitive riding, and your household policy won't cover you. British Cycling also offers optional theft and damage cover.

If you prefer the style of Cycling UK (formerly CTC), they have a similar scheme, and so do the LVRC (available to anyone over 40).

Even if you are covered by your household policy, you may decide to join one of these organisations anyway - they don't cost much (and in the case of BC there's 50% off your first year's membership if you say that you belong to Sussex Nomads CC when you join), and if you do have to make a claim you won't hurt your household no-claims discount.

Other than that, there are plenty of commercial insurance products for cycles, but they're pretty much guaranteed to be the most expensive way of getting covered - I just tried getting an online quote from CycleGuard, and the premium for the cover I get now would be over £200!

 

Ashley has it spot on. My household insurance covered my bike for replacement value on accidental cover when I crashed into a car, my fault, and my British Cycling membership, silver, covered the 3rd party claim for damage to the vehicle. Obviously I have an ongoing hit in the house insurance premiums, but all small beer. No issues with BC in renewing my membership

Thanks Ashley for that excellent summary. I'm going to renew the BC-linked insurance I have -