Insurance for cycling?

[Shamrock]

Has anyone heard of "Condition of average" in relation to insurance before? It's a new one on me!

Say I insure my bike for £1000 but I add on some bling to make it worth £1500 but don't change the insurance to reflect that. If it gets stolen, they'd only payout £660 even if I tried to claim for £1000.

Not quite sure how it works if I didn't tell them it was now worth £1500 when I make a claim for £1000.

 

[£15]

Yeah, it's a thing. It's one reason why I've always sought out 'unlimited' policies - to make sure I reduce the chance of it happening.

https://www.moneysavingexpert.com/n...ure-your-household-belongings-ombudsman-warns

I've recently received a quote from Pedalcover and it doesn't seem that bad a premium. One thing that puts me off though, is their 50% reduction for bikes (based on frame age) of 10 years or older. My MTB is old, but cost me nearly £3000. I'd want it replaced with something similar in the event of a total loss, something my current home insurance policy would do. I think PC offer a 'premium' policy without this condition though. I haven't had the chance to call them back to ask though.

 

[jpaul]

something my current home insurance policy would do

Is your current home poilicy covering 3rd party liability too ?
I have bike insured under an Aviva home policy, but (following recent thread on bike/car accidents) realised I may not have sufficiently scrutinized it, in this respect.

 

[£15]

I've just had a quick look and found this clause under the contents section. It doesn't specifically mention, or exclude, cycles, so I'd probably have to call them to get a definitive answer:

Your personal liability: We will insure you for all amounts which you have legal liability to pay as compensation for accidents not connected with the occupation of your building which result in:
n death, physical injury, disease or illness to any person other than your employees; or
n loss of or damage to property. There is a limit of £2 million for all claims arising from any one accident plus costs and expenses which we agree to in writing

 

[jpaul]

Thanks, I subsequently looked at AA contents insurance bike sections (underwritten AXA).
I have the bike listed as an away from home covered item.

- on the basis that a Pedal cycle is not classified as sports equipment seems I have liability cover !

 

[#Chri5#]

Anyone got a Barclays bike insurance policy?

https://www.barclays.co.uk/insurance/home-insurance/bike-insurance/

Insure your most expensive bike against loss or damage, from £250 up to £3,500, and all others at your address will be covered up to this value

Online quote engine lets you price this up without buildings and/or contents and it seems remarkably cheap. A years cover for me based on the most expensive bike being £3k is £45. So what am I missing?

Policy booklet - pages 60/61 are for the cycle option

https://insuranceportal.av.qs.online-insure.com/youshaped/Other/OpenStaticDocument?id=POL#page=60

Appears to be new for old cover under point 1. Point 2 suggests to me that if you prefer to take a cash payment rather than a new bike, you'd only get what Barclays could buy the replacement for, not what it might cost you.

Bike Conditions
These conditions apply to the Bike Cover.
1. The sum insured
At all times the sum(s) insured must be at least equal to the full cost of replacing the property ‘as new’. If at the time of a loss the sum insured is too low, we will reduce any claim settlement to reflect wear and tear and loss in value.
2. Settling claims
We can choose to settle your claim by:
• replacing;
• reinstating;
• repairing;
• payment.
We will replace on a like for like basis or provide the nearest equivalent available in the current market. If we are able to replace property, but we agree to make a cash settlement, we will only pay you what it would cost us to replace the item as if it were new.
What we will pay
The most we will pay for loss or damage arising out of one incident for each individual pedal cycle is the amount shown on your schedule.

 

[#Chri5#]

Looking at the Barclays small print again tonight and I didn't include this clause before (it's the next line in the "What we will pay" section)

We will not reduce the sum(s) insured by the amount under any claim, unless the claim relates to the total loss of any item (or items) specified on your schedule

How do people interpret that? Not making a huge amount of sense to me at the moment (durr).
Sum's insured is defined as the most they will pay for a claim (as listed in your schedule)

 

[Steedie]

I've just gone with Bikmo, I didn't insure the B'Twin in the end as my home insurance policy covers bikes up to £1000, so just had to insure the Propel. £3000 worth of cover both at home and away was £17pm which isn't too bad at all. Found it cheaper a couple of other places by a couple of quid, but no where near the amount of cover/extras that you get with Bikmo

 

[SoliD]

3k for 17 pm seems ridiculous. I paid £345 for 12k of cover at home and away as well as all my contents and house insurance.

 

[BennyC]

Insurance premiums are always going to be subject to postcode.

 

[madindehead]

Bikmo are currently checking with Hiscox if they can 100% insure me. Bike will be in a communal access bike shed with stands to lock to. Combination bolt on the door. Should be fine I guess but they need to confirm. Why is this communal area such an issue, so.many people in the UK live in flats and don't want bikes in the house.

 

[Admiral Huddy]

I used my home insurance liability cover when I collided with a parked car doing notable damage to the car and my bike. Check that your covered with them first before you pay for insurance you don't need.