Bike insurance

Chat about anything in here

Moderators: Philip Whiteman, George, Dave Cox

Post Reply
JessRJ
Posts: 140
Joined: 27 Aug 2015 22:29
Real Name: Jess Rhodes-Jones

Bike insurance

Post by JessRJ » 20 Feb 2017 22:01

Hi

I'm struggling to find the right insurance that will cover my bike for flying to / from mainland Europe, so that it is covered in the plane's hold for any damage, and so it's covered for when I am there. I'm going to be travelling 2-3 times this year (although with a different bike on at least one of those occasions) with it and so was thinking about a multi trip option if that will work out cheaper overall. I also want to get insurance to cover me (although bike comes first :) but I can do that separately if it isn't possible to find something that does both and isn't crazy expensive.

Does anyone have any recommendations for insurance companies that would cover my bike for damage in transit and when I am in Europe? It will be in a hard box (not a bike specific one, but still a plastic one)

Jess

laurence_cooley
Posts: 912
Joined: 31 Dec 2011 13:48
Real Name:
Location: Harborne

Post by laurence_cooley » 21 Feb 2017 21:14

John, Robin and I have been discussing this too. I always presumed that bikes were covered by my annual travel insurance, as it covers me for participation in sports while on holiday, but when Robin asked me what insurance I have, I checked the terms and it turns out it covers injuries sustained while cycling, but not damage to or loss of bikes.

Most insurance that would cover bikes while travelling seems to be an add-on to annual bike insurance (which is expensive and for me would replicate the cover I already have for bikes on my home contents insurance when I'm not travelling), whereas short-term travel insurance doesn't seem to cover bikes. You can get short-term insurance for travelling with a bike through British Cycling, but it has a single-item limit of £1000. So, we'd appreciate any recommendations too!

GavPass
Posts: 113
Joined: 11 Apr 2016 11:25
Real Name: Gavin Passmore

Post by GavPass » 22 Feb 2017 07:08

I've used sports cover direct and also snow card for mountain biking holidays, but there is always an emphasis on personal accident for the activities rather than damage to equipment.

I have a couple of bikes insured with British cycling bike insurance as I can't afford to replace them and the home insurance doesn't stretch that far. It works out about 10% of the total value per year, and I think it can cover you for trips away for a certain period but seems like a lot just for holidays etc.

User avatar
Andy Terry
Posts: 826
Joined: 20 Nov 2006 14:27
Real Name:
Location: Bromsgrove, Worcs

Post by Andy Terry » 22 Feb 2017 10:30

I've got the bicycle cover option on my Aviva home insurance (for the princely sum of £8.80) and it includes worldwide cover up to £3,000.

User avatar
George
Posts: 1563
Joined: 18 Nov 2006 10:21
Real Name: George Barker
Location: Worcestershire

Post by George » 22 Feb 2017 10:38

You may be able to get cover under your home contents insurance. Whether it's affordable, I have no idea.

And here's a radical thought: it may be cheaper to do without. Counterintuitive, I know, but that is more likely to be the case for a frequent traveller, because the more you travel, the more your claims experience should gravitate towards the statistical average. And, with any form of insurance, the average insurance buyer pays more in premiums than s/he claims for losses. Insurance would be a non-viable enterprise otherwise. The following figures are plucked out of the air to illustrate the principle:
You own a bike worth £2k.
Every time you travel, there is a 1 in 10 chance of minor damage (average claim £100) and a 1 in 100 chance of total wreckage/loss (average claim £2000).
Therefore, in 100 journeys, the average person makes 10 claims for £100 + one for £2000 = £3000.
Hence, if s/he has paid more that £30 per journey in premiums, the traveller would have been better off having no insurance at all. And that is assuming that there is no excess (which there probably is) and that those claim rates are not an overestimate (which they probably are).

My philosophy is that insurance is for losses that I couldn't cope with (e.g. the house burning down). Anything that would merely cause me to swear and curse and run up a credit card bill isn't worth insuring. Because if you insure all the things in your life that come under that heading, you are almost certain to spend a lot more in premiums over a lifetime than you claim back. It is far cheaper to have a small stash in an interest-bearing bank account marked 'rainy day'.

User avatar
George
Posts: 1563
Joined: 18 Nov 2006 10:21
Real Name: George Barker
Location: Worcestershire

Post by George » 22 Feb 2017 10:41

I began writing before Andy had posted.

User avatar
Andy Terry
Posts: 826
Joined: 20 Nov 2006 14:27
Real Name:
Location: Bromsgrove, Worcs

Post by Andy Terry » 22 Feb 2017 13:26

George wrote:I began writing before Andy had posted.
Actually I'm with George. If I hadn't got it so cheap on my house insurance, I wouldn't bother.

Many trips over the years and no problems. Including recent trip to Colombia - 3 flights each way and not a scratch.

Yosser
Posts: 279
Joined: 13 Jul 2009 13:33
Real Name: Dave Hughes

Post by Yosser » 22 Feb 2017 15:46

I have a similar philosophy re ALL insurance. The key for any insurance I have is; a) is it a legal requ' to have it, or b) would the loss be so great that i couldn't afford the price of replacement, (house).
Boiler, bikes etc I forget it usually. Put money each month into an account called insurance and i'm guessing that you will be quids in by having no insurance policy.

Even if you do have to make a claim it is usually not worthwhile doing so. I had someone hit my car in a car park and drive off. Claim came to about £480. Next years premium went up by over £600, loss of no claim bonus ("no claim, not no blame" remember) and £200 excess that I had put on the policy to (ironically) keep premiums down. That is just for the first years premiums following the claim. you need to add on all the subsequent years of higher premiums to come.

You also find yourself taking somewhat more care over your belongings as well without cover!

FWIW, WHICH currently has LV as the highest rated travel insurance, followed by SAGA.

JessRJ
Posts: 140
Joined: 27 Aug 2015 22:29
Real Name: Jess Rhodes-Jones

Post by JessRJ » 22 Feb 2017 22:29

Thanks for all the advice - sounds like maybe checking my house insurance first, then making sure I pack my bike very carefully next!

Post Reply

Who is online

Users browsing this forum: No registered users and 1 guest