Bike Insurance

Went with LAKA in the end. If anyone needs a code, I'm yer man

https://my.laka.co/LBIGY

thanks

I ended up just sticking the house stuff on Admiral to get some cover. Cost about £60/year. They are pretty shit though so don't cover the Shiv but should just about cover the two next most costly bikes. They have a total bike limit of 11k I think and a per-bike limit of 5.5k for bikes over 1k. I'm sure I'll have fun arguing with them that wheelsets are separate items...

Looking at getting some public liability insurance. Wiggle are offering £2m cover and £10k personal, for £24p.a. Any reason why I shouldn't?

any experience with these guys?
http://www.backpedal.co

We have a pedal cover bolt on on our JL home and contents insurance policy (about £6 a year IIRC). Standard pedal cover is max £500 but you can add more expensive bikes onto the home policy which would then be coved by the pedal cover. Looking at approx £50 a year for two £1200 (new value) bikes that would be covered outside of the home. It's very unlikely that any of our other bikes would be getting locked up outside of the home so this seems reasonable.

Any red flags i should be aware of? In the event of a claim could we be hit with a significant home insurance premium increase on renewal?

https://www.lfgss.com/comments/16195611/

Any one have any experience of insurance claims due to bike being stolen while travelling by train? Your usually not allowed to lock your bike on trains.

You might already be covered if you have LCC membership, with max £5m cover.

laka code if any one wants one
https://my.laka.co/N746G

Not a bad point but then if your whole garage is emptied then you're fucked.

Even then, there's still probably a point where you've 'bought the bikes again' with insurance payments.

I'm more attached to my bikes for sentimental reasons as well, so if they're gone, buying a new bike with insurance money isn't going to replace what I've lost.

I also have no garage. OMG my whole garage is gone!

In the process of doing my second Laka claim in two months (first was for a dinged helmet), for my latest HHV spill. I switched to them after Bikmo refused to payout in Oct 2020 due to a technicality about my bike not being stored at home 51% of the time (it lives in a container at HHV).

Will update.

Laka code if anyone needs one >> my.laka.co/QCOUX

Another Laka code if anyone's looking > my.laka.co/W57FD

On this.

I just went to add my cervelo to the policy with a reasonable replacement value. Laka now upping my cap to £85.

£1020 a year is starting to get very silly.

Probably because its got lots of people claiming for dinged helmets.

laka never made sense .. unless you are sponsored or an influencer and people are using your code constantly

Yeah its ludicrous. 5 times more than my entire contents policy currently. They can get to fuck.

#hippyisalwaysright

(don't blame me if all your shit gets stolen uninsured though :D)

And another Laka code...

https://my.laka.co/7IZ1V

Hi all,

Been a while since I was last on here but am again in need of some advice.

Was out on a spin last week and managed to clatter a pothole hard enough to dent my rear rim and crack my carbon seatpost. Insurance covers accidental damage so am now in conversation with them to get it sorted.

I had my bike insured for £1,200 – what it was worth when I bought it. However, apparently, I should have insured for brand new replacement value (c.£1,950), so have been underinsured. That’s probably on me for not realising when I insured it.

They’re now saying that this means they’ll only pay out that proportion (c.62%) for replacement of the damaged components. So rather than c.£575 for new wheelset and seatpost, it’ll only be c.£356 (62% of it).
I understand their viewpoint, but think it’s not fair if I’ve been paying premiums that essentially cover £1200 worth of damage, for them to turn around and not cover damage to less than that insured amount? I would have thought the components should be covered in full up to the insured value.

Thoughts?
Do I have a leg to stand on? Suck it up and take the smaller payout, or argue my case a bit?

Would depend on how they advised you to value the bike.

Underinsurance is quite a common term in insurance, eg home contents.

How did they explain this when you took out the policy? How do they describe value in their wording?

FOS are hot on this kind of thing.

Probably because its got lots of people claiming for dinged helmets.

Feel like I'm paying for the hillingdon heros who feels it's OK to race 10 grand bikes for sock primes.

edit.. oh I see what you mean ha.

Interested to know what others are using who have a few nice bikes, especially anyone who does it as part of contents insurance. Pedalcover were very reasonable but they got new underwriters that wouldn't cover my flat.

Yeah the hillingdon heroes is about right. I was getting wound up when they were using some insta rider's smashed up bikesss all getting replaced after an airport incident to market the grift while putting premiums up to silly money.

As @amey said it works if you have a stream of folk using your codes. Shite otherwise.

literally any contents insurance would let you add bikes, I havent gone past £10k for a single bike value but I do a middle of road between 'new for old' and what it cost me when i bought it. It hardly affects the premium in my case. This year with Swinton with £10k of bikes in total plus home and other contents it was £272

think the main laka appeal was racing but don't think I can be bothered with that anymore, will shift to a regular contents insurer

anyone got a referral ;)