Bicycle Insurance

£15

£15

£15

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I've been insuring my home contents and buildings with M&S for many years. They've always been the best for cover and premium when it comes to bicycles. However, the premiums have been steadily increasing and the cover changing (used to be wholely unlimited) to make them less and less competitive.

Last year I was paying ~£440 and I've just got my renewal premium through - £699! No claims or change in circumstances can explain such a large increase.

So I literally spent all day yesterday at my laptop getting quotes and it looks like the best (for me) is going to be The AA. Their top policy is pretty similar to M&S's in many regards - unlimted contents and buildings and I have to declare the MTBs, but their premium is 'just' £370 and with £45 cashback via TCB it looks like M&S have finally done enough to lose me as a customer.

Does anyone have any experience of using The AA? Where do you insure your bicycles?
 
£2500, £1300, £1000, £750, £450, £400, 2x £250

I called M&S to see what they could do and the answer was nothing. The chap was nice enough but all he could offer was an excess increase to reduce the premium. He commented on how long I'd had the policy as it was no longer available. I replied that's probably why they've increased the premium so much, to get rid of me. He didn't disagree. :)

So the AA it is then...
 
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With a bike valued at 2.5k, I'd be looking at bike specific insurance (like Bikmo). Home cover won't count for much if your bike gets stolen whilst your on a ride, or if you crash and total it.
 
Bikmo here too. Was recommended by a friend who was recommended by a friend (etc), not had to claim yet but the fact they're bike specific and provide detailed cover aswell as that tracking stuff you can mark the bike with appeals. Iirc was £120 to cover my 3 bikes, albeit worth a total of around a 1/3 what the op has.
 
Had a quick look on Bikmo as I should probably sort some bike insurance out but it looks like my bikes ain't worth insuring. Minimum value for a quote is £1000. Both my bikes together ain't worth that!
 
For most people just adding it to home insurance should be the cover they need, although every insurer seems to have different terms. For mine £15 'extra' (a year) here and only paying extra for the 1 as it's worth over £500 - the others don't need to be specified as below that value. Our home and contents is with Axa. It covers me 'up to 50 miles' away from home so I have considered changing/upgrading it at some point...
 
Just done a quick quote on Bikemo for my Felt & it comes in at £15pm
Think the house insurance cost me an extra £11 for the year, although as said that doesn't cover me away from home.
 
I disagree that for most people home insurance is good for bikes. It often doesn't cover your bike if it's above a paltry amount of money, often doesn't cover theft from out of the home, accidents or third party liability. Also, not abroad.
 
But that's just a case of knowing what you want and reading the policy documents before you buy. Which is a good thing to do regardless. And I think most people don't have bicycles that cost more than some cars! ;)

Insurance companies can make it difficult to understand sometimes, but a quick telephone call is frequently all that is required to establish if a risk is covered or not.

I opted to go with the AA and their 'plus' cover as it's unlimited (don't need to worry about being under-insured), has accidental, away from home (world-wide) and £5000 single item limit (I made sure I declared the £2500 bike, regardless); on top of it all, includes legal and home response, for less than 50% of what M&S were quoting.

There is a clause about thefts from outbuildings/garages - there's a £7500 limit, but I'm just within it.
 
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BadMojo said:
But that's just a case of knowing what you want and reading the policy documents before you buy. Which is a good thing to do regardless.

Insurance companies can make it difficult to understand sometimes, but a quick telephone call is frequently all that is required to establish if a risk is covered or not.

I opted to go with the AA and their 'plus' cover as it's unlimited (don't need to worry about being under-insured), has accidental, away from home (world-wide) and £5000 single item limit (I made sure I declared the £2500 bike, regardless); on top of it all, includes legal and home response, for less than 50% of what M&S were quoting.
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Absolutely. Unfortunately a lot of people don't do this and just assume they're covered for things when they actually aren't though.
 
I'm with Bikmo. Haven't claimed from them yet but they seem very good so far in terms of price and catering to more serious cyclists.

Previously I was with Cycleguard who were absolutely fine when I claimed.

I'm also a BC member and from what I've heard their legal advice is excellent. I wouldn't rely on them for insurance though as they don't cover as much stuff as the two insurance-focussed companies above.
 
Thanks for that mate,
I was looking at liability cover as well as accidental. So, going by what you're saying I may take the £30 liability cover from British Cycling and insurance from bikmoplus then.

Cheers!
 
Trox said:
Thanks for that mate,
I was looking at liability cover as well as accidental. So, going by what you're saying I may take the £30 liability cover from British Cycling and insurance from bikmoplus then.

Cheers!
Click to expand...

Bikmo provide liability cover too I believe? I really just have BC due to the legal advice and the CRC 10% discount (which has recently been worsened) :)
 
Cheers mate,

I just went through the Bikemo process seems they do liability, not covered for as much as BC but I think its enough.

Day off tomorrow to take delivery of the bike, hopefully its all good! :)
 
Surely it would be much more beneficial to spend that £370 on a few ground anchors and motorbike chains so that the bikes can't be nicked in the first place?

I've got one of these with four bikes in it with an addition hasp lock and a ground anchor inside with a motorbike chain securing all 4 bikes to the ground anchor.

My other three bikes are in a garage that's like fort knox but the bikes are still secured inside with chains and ground/wall anchors.

Ok, I accept bike insurance might make sense for theft away from home - but do people really let a £2k bike leave their sight when not at home???
 
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