Bike insurance

[GaRRy]

Looking into bike insurance and is it me or is someone taking the pee

Quotes im finding for a £1900 bike are as much as for my Ducati motorcycle

Any suggestions

 

[rog_london]

Looking into bike insurance and is it me or is someone taking the pee

Quotes im finding for a £1900 bike are as much as for my Ducati motorcycle

Any suggestions

Not exactly a suggestion, but you can expect to pay an annual premium of around 10% of the purchase price of the bike, and that doesn't include third-party liability - just theft cover.

I came to the conclusion that the premium relates to the fact that theft of bikes is much more of a problem even than theft of motorbikes.

Some have managed to obtain theft cover within their home and contents insurance - but how well you do varies hugely - some insurers exclude e-bikes, others have a value cap and/or a limit on the number of bikes which may be covered, and others won't cover you at all.

Rog.

 

[flecc]

The following link to a post I made previously leads you to threads with many member's insurance recommendations:

Bike Insurance

 

[eddieo]

if your home insurer dont want to know...change home insurer...

 

[GaRRy]

So basically get it on house insurance or be ripped of.

Are insurance companies really claiming almost 1 in 10 bikes are stolen and never recovered each year.

 

[rog_london]

So basically get it on house insurance or be ripped of.

Are insurance companies really claiming almost 1 in 10 bikes are stolen and never recovered each year.

Probably not - there's insurance premium tax to pay, plus they expect to make a profit - and it's likely that bike insurance is generally too much trouble for them. I expect they make more out of other forms of insurance.

There are a few specialist bike insurers - but they're no cheaper than anyone else.

Also, a point to watch if you manage to get your bike on your home insurance - make sure it's still covered while off the premises, as there's probably a greater chance of it being stolen while 'parked' somewhere.

My view on insurance is that unless it can't be legally avoided (i.e. motor insurance for most of us) you need to decide whether you can afford to replace whatever it is yourself.

You probably have house rebuilding insurance (compulsory if you have a mortgage). Contents insurance - maybe. A bike or an e-bike might not be worth insuring if you can afford to take the hit. Just my feeling - if you disagree with that idea it's your privilege!

Rog.

 

[GaRRy]

Yep in general i agree its why i dont insure electrical goods as if you add all up the saving more than covers the cost of the odd failure

I was just shocked at how much they want to charge !!!

 

[flecc]

Are insurance companies really claiming almost 1 in 10 bikes are stolen and never recovered each year.

I think the problem is that the ones stolen are often the insured ones, i.e. most worth stealing so most worth insuring.

The great majority of bikes aren't insured and often cheaper stuff not worth stealing. If all bike owners had to insure, the theft cover cost for each would be minimal.

 

[the_killjoy]

Add it to your house insurance, mine was £10

 

[jerrysimon]

I just added my Brompton Ti to my home insurance and cost me around £10 a year. I don't bother covering the E part as I do my own conversions.

I was also surprised and pleased to find out that the insurance covers accidental damage, so if I smash it up or someone runs into it then they told me they would pay to have it repaired!

I always assumed I would be covered fire and theft only.

BTW I use Santander

Regards

Jerry