Bike Insurance

What did you end up going for in the end?

I've just done the quote which gives me £18 per month with £250 excess with Hiscox which sounds interesting.

QQ, does the Hiscox insurance cover you when you're riding your bike out in the street and when riding it in Mallorca let's say? Is that what the "Away from home" term stands for?

Another thought I had about the folding bike lock thing.

I was wondering what is the default bike insurance stance on putting folding bikes in cloakrooms at museums and galleries?

Pedalsure said as long as it's an attended cloakroom that the public can't go into then it would be covered, I wonder if that's the same for other insurers.

I went for homeprotect in the end, they ended up being 100 quid odd cheaper than hiscox with smaller excesses.

No idea about hiscox and abroad. I assumed away from home was within UK only, but I could be wrong. I use travel insurance for that.

Pedalsure said as long as it's an attended cloakroom that the public can't go into then it would be covered, I wonder if that's the same for other insurers.

cycleplan said a big no to folding bikes being insured in a cloakroom, interesting.

Okay thanks, that's interesting I get a cheaper price with Hiscox. It would be good if they made what increases the price more transparent so we can make more educated decisions

Just added the bikes to my JL home and contents insurance with their pedal cover policy. Some of the details may be useful to others or indeed if there's something i'm missing it would be good to know.

Firstly the bikes are kept in the garage which is attached to the house, they were NOT covered under general contents even though essentially in the house. Under the pedal cover policy details they are now covered in the garage but they still have to be locked to an immovable object. This is fine for me as i have the bikes locked to wall anchors but something to bare in mind.

We never really lock the bikes outside but if we do they are covered if locked to an immovable object, obviously all pending details (due care etc).

We have 60 days worldwide cover which we needed for our Japan trip. If they get damaged in transit the air company should be liable but pedal cover could be used if there's issues.

If we take the bikes camping they would not be covered if locked in the car in bike bags. They would need to be locked to an immovable object outside. This is a problem as it puts them at much higher risk of being noticed/stolen than if i kept them out of sight in the car.

There is a 10k total max with a 5k individual bike max limit. My girlfriends Condor should be straight forward as although it's a custom build we should have all receipts. Same for MTB. No idea how i'm going to prove value of CAAD and Lee Cooper as they are personal builds, will take lots of pics and dig through receipts to see what i can match up.

I had planned to build to low value lock-up bikes, insuring them may be counter intuitive as essentially they'd be near impossible to value unless they are OTP models that can easily be replaced. There's a £100 excess and my premium would go up so just not worth it to claim for a bike that costs me £1-200 to build.

it was £100 for 4 bikes for the year (total value 6.5k). What i think this gets me is:

Cover if they were nicked from the garage (unlikely but could happen...).
Cover if they were nicked from outside (unlikely we would do that but if we had to...).
Cover from theft/damage when travelling.

I'm pretty sure i'll build 2 beaters and they won't be insured. The cover is essentially just for the peace of mind for the very few risks that we might take with the nice bikes.

Am i doing this all wrong?!

Considerably cheaper bikes (but still not cheap, bikes at a max of a grand each with total value of £5k) added about £9 for my John Lewis home insurance. Worldwide cover, has to be locked up outside the home and a hefty excess though.

I have a bike cover policy with PYB but I can't increase the value of my cover because most of my upgraded components are 2nd hand, which is fair enough.

I'd only value my bike at around £1200. Are there companies out there who will insure my bike on face value without receipts for every single component?

check out http://www.laka.co.uk

Ive got a code for £25 to anyone who needs It

£50 of credit if you join Laka until 3rd of January

https://get.laka.uk/2E0S2

Interesting, looking into it for a cargo bike

They work a lot with london green cycles for cargo bikes

Another shout out for Laka bike insurance

Insuring £5000 worth of bikes for me is coming in under £14 a month on average (here is the expalnation of how it works: http://help.laka.co.uk/billing/how-we-calculate-your-share)

Best bit for me is they cover racing as standard which isn't the case for many insurers. You also get free liability insurance.

If you sign up via my referral link we'll both £25 off cover https://get.laka.uk/96WM4.

Worth adding, I've got admiral home insurance (£14 a month inc bikes) and I live in a 'high-risk' part of london (loughbrough junction).

I got taken out by a car and they paid me the full RRP (£1600) of the bike within a few days minus the excess. I got the £150 excess 10 months later after the other driver was found to be a fault. Happy dayz, would recommend. Bonus: all the staff are Welsh and delightful.

i asked them if the claim would effect my premium (before the other driver was found to be at fault)and they said it would be negligible as £1600 is a small amount in the scheme of things.

I just signed with Laka, seems like a good idea thanks @Cazakstan for the code! Similarly if anyone else wants to sign up.

https://get.laka.uk/QCW2O

Awesome. Glad to help and ta for using my code!

£1000 bike, locked outside flat - any suggestions?

£1000 bike, locked outside flat - any suggestions?

Laka will insure bikes locked outside if you use a gold standard lock. Selfish plug but it will benefit you too - If you sign up via my referral link we'll both £25 off cover https://get.laka.uk/96WM4

I haven't used them myself yet (as I'm grandfathered on an old Hiscox policy that gives me insurance up to £10k per bike anywhere they are)... but https://bikmo.com/ was going to be my choice when I was considering options a few months ago.

Hello C.

Just checked them out. Might sign up (using your refeference of course).

They are obviously a start-up (with a bit of backing). I know the company that started them, but I'ld be interested to know if anyone has had to claim?

Interesting that they are offering effectively a monthly insurance. I wonder how many 'cancel' after a few months

Thanks @Cazakstan and @Velocio I'll pass this info on.

Laka are new and new to me too but they are as transparent as possible with their pricing model. As we know all insurance is a gamble on hoping to never have to use it and as yet I haven't had to claim so I can't comment on this aspect of their customer service.

They've got some info about how they settle claims here: http://help.laka.co.uk/bicycle-insurance/claims/how-do-you-settle-claims

This is probably stupid, but have always been confused by how much I should be insuring my bike for. Bought 2nd hand for £600 but would cost approx £2000 to buy a new one. Am I insuring my bike for £600 or £2000? I'm guessing £2000 because if my bike gets nicked then I want to replace it, but if the insurance company asks for proof of purchase then they're going to be wondering where the other £1400 is going, no?

I'm moving to an apartment where there is a secure bike shed for bikes so will need some theft cover. Its a big room with swipe cards needed to get in and out but better to be safe than sorry.

I dont mind paying for a service as long as if i need to claim it doesnt end up in a drama. Who has had hassle free claims from companies? Laka seems very new so no feedback on that side. Are Bikmo or Hiscox ok?

Hiscox is expensive but excellent if you have to make a claim. A friend had their house burgled along with high-end bikes and they were great.

Hope that helps.