Bike Insurance

Finally got around to ringing M&S and specifying my expensive bikes.

To add on two bikes with specified values of £3500 and £3850 will cost me an extra £130 per year (£690 total).

The stupid part is they want what the bikes are worth even though they do new for old replacement. So, £3500 is what an S-Works Tarmac cost in 2008 and yet they'll replace it with a £6500. Why even ask me for what it's worth? I don't know how much bikes depreciate! Maybe I should get my LBS to give me a quote for it? What if the LBS valued it at £500 because it was used? Then what is the point of specifying it because it once was worth >£2000? They still have to replace it with a new one. It doesn't make any sense to me.

That doesn't make sense, did they confirm that they would buy you the new equivalent, not a new bike equivalent in value to the one that was stolen?

i.e. you insure a Tarmac and get an Allez in return?

They confirmed that it was new for old replacement (£6.5k Tarmac). So I had to make up a 'current value' even though she said they'd pay up to £15k per individual item anyway. It's retarded.

Insurance company rang, they have a limit of £300 to replace bikes with. They are sending me a Giant Escape 3 hybrid with some lights thrown in. I've upgraded to a road bike so I'll probably pass this on.

Anyone used John Lewis? They appear to have a £15k single article limit which would be more than enough to cover my flash bike in full bling mode.

http://www.johnlewis-insurance.com/homepage/home-insurance.html

John Lewis's small print says "There is a total pedal cycle cover limit of £2,500 and a £1,000 single bike limit. This does not include motorbikes, mopeds or any other form of motorised bike". So I won't be going with them given one of my bikes alone is worth well over £2,500.

Appreciate what YellowPeril said, but insurers always try to weasel out of stuff anyway and if the T&Cs say £1k limit that's what you have to expect.

Has anyone used esure (Sheila's Wheels, who our home insurance is with, are actually esure)?

They've quoted me our £80 a year home insurance renewal plus £205 to insure all of my bikes as specified items, which given my bikes add up to nearly £6k seems very good.

I've confirmed they pay out with cheques, not vouchers, and are ok with 'custom' bikes (none of my bikes are actually custom, but none of them are OTP either so in insurers terms they pretty much are). I'm kind of looking for the catch here...

I went for E&L cycle insurance on a lunar monthly plan but I don't have 6ks worth of bike to insure..

Added the new bike and M&S has gone up another £89 for the remainder of the year or something.

So for every year my bikes are insured I could buy myself another one..

If you can afford to replace your bike (and don't need the peace of mind) you shouldn't get insurance, right?

Yeah that seems pretty hefty. I guess if you're fortunate to be able to keep your bikes with a watchful eye insurance ain't really worth it.

I had insurance once I don't need it anymore.

I am about to get insurance for 4 bikes, only one of them is above £2500, I will give M&S a call today, I was choosing between M&S and John Lewis but after reading what Fox said up there, defo M&S ^^^^^^
Do I need to get a valuation of bikes under £1000 before?

If you can afford to replace your bike (and don't need the peace of mind) you shouldn't get insurance, right?

It covers everything in my house though. So it's more than just bike insurance.

Under the £2000 M&S limit they don't care. It's only the ones over 2k you need to tell them about. M&S bike fascists.

ah thats even better! Will call them today.

I think I might go with Cyclesure after a disappointing phone call with Cycleguard a while back, and seeing as I don't have a home to insure at the moment. After seeing the pileup at Herne Hill the other day and thinking about what I'd lose it seems wise, and I was chatting to someone the other week about how impressed they'd been with Hiscox (Cyclesure underwriters) when their cobbled-together-from-the-forum bike had been stolen.

I think I might go with Cyclesure after a disappointing phone call with Cycleguard a while back, and seeing as I don't have a home to insure at the moment. After seeing the pileup at Herne Hill the other day and thinking about what I'd lose it seems wise, and I was chatting to someone the other week about how impressed they'd been with Hiscox (Cyclesure underwriters) when their cobbled-together-from-the-forum bike had been stolen.

Check that they cover you for racing.

Basically assume they you are not covered for shit, unless you specifically read it.

Racing cover is an extra, and I'd only need it on one of the bikes. Think it's possible to add it on later as well in case I lose my mind and try road racing as well.

Yeah that seems pretty hefty. I guess if you're fortunate to be able to keep your bikes with a watchful eye insurance ain't really worth it.

I had insurance once I don't need it anymore.

Do you have shin insurance yet?

Just got my M&S renrewal telling me that I'm no longer covered for bikes. Just called up and organised a new deal. Was £390/year for unlimited contents (accident or theft), unlimited bikes home or away up to £2k each. Told them to replace the Cervelo would probably take £5k. Bumped the premium to £450/year. A lot better than I was expecting.

I renewed my M&S insurance this week as well. Named my BMC at £3,500 and made sure it covered my other bike outside the home.... £410

Cheaper than MoreThan which were the only other ones I spoke with who were willing to add the BMC.

Looking to move soon. Need to find an insurer for five bikes, all built from nice parts. Not sure if bikes will be in house (unlikely for all of them) garden shed or garage. Also house has a dogflap and concerned about the effect it may have on insurance.

Any suggestions?

I have m&s premium home cover, which sounds fancy but I'm tight so it can't be expensive, covers bikes out of home for any amount. Seems good.

£300 a year to protect bikes of total value £3000, yowch.

DJ consider a contents insurance from john lewis or marks and spencer. Their terms are really good e.g they cover bikes outside of the house. You just have to add/mention the bikes that cost £1K and more, considering ALL of your bikes are above this value it should be £50-ish. I am paying £44 with four bikes above £1000. Give them a call. I picked their brains for around 30 mins before buying the insurance :P

I have m&s premium home cover, which sounds fancy but I'm tight so it can't be expensive, covers bikes out of home for any amount. Seems good.

They changed their rules so only cover bikes up to £2k unless specifically listed. If you've got bikes over that limit they won't be covered unless you're paying extra for them.