You are reading a single comment by @Matt101 and its replies.
Click here to read the full conversation.
London Fixed Gear and Single-Speed is a community of predominantly fixed gear and single-speed cyclists in and around London, UK.
This site is supported almost exclusively by donations. Please consider donating a small amount regularly.
@Matt101
I have opened a separate savings account for exactly this purpose.
I compared several (10+) insurers and I decided that the £200+ a month was not worth it for a £4k and £2k bike. Especially seeing as only some give you a halfords voucher or only insure up to £1.5k etc. Getting cash value to spend yourself on a replacement is rare and requires a very high monthly premium.
Someone mentioned in this thread that insurance is a gamble and generally the house wins.
My alternative is to self insure: I pay a monthly standing order of £X into an easy access savings account set up for the purposes of bike replacement, car repairs or other emergency situations. Discipline is required so as not spend this on other things!
I also spent £300 on ground anchors and top Abus chainlocks to secure the bikes indoors.
Also, as Dammit has alluded to in this thread: if you live in a shared house and you have a bike over £1000-£1500, forget insuring it. The small print around these insurance policies makes if virtually impossible to get a claim through.
Insurance >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>