Bike Insurance is it worth having?

When I had my bike stolen the Insurance claim fell well short of the bike value, lost out big time.

Get a better policy.

Most insurers will pass the buck, because you get what you pay for.

Most insurers, if they pay out, will give you vouchers for Halfords or Evans rather than cash, because you get what you pay for.

Most insurers, if they pay out, will treat your bike no different from the hybrids nodders use, and will assume that depreciation is equal... a third off every year, because you get what you pay for.

Go with an insurer like Hiscox who are used to insuring art and collectibles, and be prepared to pay for the insurance. Then you'll be given the full value in cash when something happens.

BTW, I realise that's a harsh thing to say. But there's little point moaning on a bike forum after the event, if you care enough for your bike to get it insured then you should be asking the questions when you take out the insurance:

How do you value a bike?
It's a self-build, how will you calculate like for like value?
Do you pay out in cash, or in vouchers?
I use the bike as my main means of transport, how long does your average claim take to be concluded?

It's up to you, to make sure that you are getting what you believe you are.

Because customers aren't asking these questions, more insurers include more clauses to get them out of having to pay, or to pay less. They know that you buy one of the cheapest policies you can find without checking it out, so it's been a race to the bottom in terms of price.

Until you ask these things up front, and expect to pay for them... you'll get screwed every time.

Insurance is never 'worth' having - its gambling pure and simple

The total cost of the policy might be outweighed by payouts but unless you're maths is better than highly trained, experienced and qualified professional mathematicians employed by the Insurance companies statistically - it won't.

Insurance is for mugs.

If you have the cash to replace your bike, then yes it is pointless. If you don't, then it is not.

If you have the cash to replace your bike, then yes it is pointless. If you don't, then it is not.
= mug

When i had my bike stolen the Insurance only go on the make and model of the bike, If you up grade to a much higher spec as I did they just fob you off with a take it or leave it price. No more Insurance for me!

Insurance isn't simply a financial question, it's also about allaying concerns eg going to see a movie and worrying less about whether your bike is going to be there when you come back

I had insurance for first few years but then stopped it as I was reluctant to leave it and run the risk of it being pinched anyway. I now very rarely leave my bike in public places and have had it for about 8-9 years.
I'd say spend 'insurance money' on decent locks etc and be picky about where you leave it.

My bikes are on the home contents insurance, seemed worthwhile to add them.

I feel a bit ambivalent about the contents insurance- £440, which I hope never to use, but if someone did break in we'd be out a couple of laptops, a TV, and maybe a lot of fairly expensive power tools, plus the bikes.

So, maybe (helmet thread ahoy!) I'm risk compensating here, but...

from what i've read ETA seem to offer the best customer service and least hassle when going through a claim.
agree with the point about upgraded components though i think you will always struggle to be compensated for those :s

found 10% off insurance for the first year, might be of use to some of you :)
http://www.wnt-cycles.co.uk/other-services/cycle-insurance.html

Checked ^ this one here. The quote was actually less than I'd have thought based on an estimated value of 1400,-£ for my ride. The liability cover included is even better value for package me thinks. Quote asked for 118,-£ annually.

I think I might actually sign up with these, but I know from an episode that dammit reported years back, trying to ensure with other people livin under the same roof.

@velocio: the list of Qs is rather helpful, never really thought about them that clearly. Thanks

I see that I dig a bit deeper into that.

yeah i found that, came out a lot cheaper than i expected (about £38 for me as my bikes not as fancy haha) and then found the 10% so thought silly not too as my bike spends about 45 hours at the train station with god knows how many bad eggs walking past and plotting

Velocio is totally right. It's all about the right policy.

I had a Downhill rig stolen a few years back, and as most people do I upgraded from how I bought it originally. I kept receipts, photos of upgrades etc, and also me with the bike (Family Portrait, ahhhhh)
It was stolen from a secure property with no CCTV. Police numbers as per usual. They paid out in full as all the evidence and due care put in by me showed responsible ownership etc. That was through my bank insurance policy covering Home and Contents.
From what I understand, if one item is over the value of £2500.00, most policies will require detailed information and evidence of ownership (receipts etc). I have my bike as a named item on the policy which costs me nothing to name, but gives the insurance company a list of parts for the bike with values.
Yes it seems like loads of hassle, and a lot of people will think it just not worth it which is fair enough, but having had an expensive bike stolen I would'nt do it any other way.
Insurance is an expensive thing, to have or not to have - personal choice in the end I guess.