Cycle insurance benchmark

[cwah]

Hello there,

I'm looking to insure my electric bike. I really need to be able to lock it somewhere without being afraid of being stolen.

I came across several cycle insurance, and I'm on my way to make a decision. Information found will be gradully added here:

Users feedback:
Cycleguard reviews | Customer reviews of Cycleguard
Cycleguard / JLT Online Bicycle insurance Reviews at Review Centre

Claim procedure:
- Original receipt of the bike
- Your bike has to be locked with a Sold secure approved lock
- Picture of the crime scene and send it to them
- Have a police report of the scene under 24h

Points to notice:
- They don't insure parts. It means that if every part of your bike is stolen, and you just have the frame remaining on your bike. You won't get insured.
- You need the broken lock to be insured.
- If the thief steals your bike AND your lock. You won't get insured.
- They tend to refund you with EvanCycle vouchers...

This is by far the most popular bike insurance scheme. You'll find an adverts from them in most cycle shop. And they have clearly bad reputation online.

Verdict:
Should avoid
View site

Users feedback:
E & L Wedding Insurance Reviews at Review Centre.
E&L Pet Insurance - anyone else had problems?


Claim procedure:
- Your bike has to be locked with a Sold secure approved lock
- You need the receipt of all that have been insured
- Haven't found more info for now

Points to notice:
- This is a general insurance provider. They do more than just cycle

Feedback from all others area are very negative. Worse than Cycleguard.

Verdict:
Must avoid
View site

Users feedback:
CTC Forum • View topic - bike insurance- any recommendations?
ETA Insurance - Any good? - Cycle Chat Cycling Forums


Claim procedure:
- Your bike has to be locked with a Sold secure approved lock
- Your need a copy of the original receipt for the bike and a VAT registered bike shop valuation
- Please attach the original receipt (if the claim is for theft) AND attach a recognised trader’s estimates for the costs of repair/replacement
- If the bike has been stolen – the receipt for the lock being used at the time of the theft occurring.


Points to notice:
- They cover parts
- Price is lower for folding bikes
- It is also known as Ilovemybike


Haven't found many customer reviews. But so far I've only been through positive comments.

Verdict:
Positive for now
View site


Will add others cycle insurance when I'll have time:
Ecoinsure. Insurance For Cyclists
Protect Your Bubble | Mobile Phone Insurance, iPhone Insurance & Gadget Insurance
Bicycle Insurance | Home Insurance | Endsleigh


Please don't hesitate to share your feedback and thought

 

[eddieo]

If your ebike not to expensive it can probably be insured under an extension of your household policy. This is always the cheapest option...

If your present insurer wont play ball just change them? I have had to do this twice as we bought more expensive bikes. It still is a hell of a lot cheaper then any stand alone polocy that I have seen

 

[cwah]

Agree, but I live in a shared flat and I don't have household policy. So for now the best is a cycle insurance. Maybe it can help others too.

 

[lectureral]

Insurance is a bet against yourself. Weigh up the likelihood of losing the bike, actually getting the insurance to pay out, the amount the insurance would pay out as against the policy cost times n years. Maybe I have been lucky but I am quids in over the years by not taking out all manner of insurance.

 

[flecc]

Insurance is a bet against yourself. Weigh up the likelihood of losing the bike, actually getting the insurance to pay out, the amount the insurance would pay out as against the policy cost times n years. Maybe I have been lucky but I am quids in over the years by not taking out all manner of insurance.

Ditto. The only insurances I've ever had are the compulsory ones of third party insurance on road vehicles and home insurance. For everything else I'm my own insurer and can only guess at the vast sum I've saved over the sixty years I could have been buying much more.

Of course it's wise to have enough capital to cover any eventualities, but that's been provided many times over by the savings.

Most modern insurance is only a saving scheme anyway, which pays no interest and deducts to pay the insurers keep, so a true loss maker. Insurance was originally a scheme where all paid the same to cover the unfortunate. Now though, all the risk factors of each individual are often taken into account to ensure they pay a premium related to their likely individual cost over time. That alone means it makes more sense to do it oneself and save what it costs to run the insurers.

 

[cwah]

Guys, I live in London and almost all cyclists I know have already been stolen.

And my bike front wheel was also stolen when I lived in Paris.


It's very common in big city, and I'd say it's a lucrative business for many thieves.

If you live in a big city, and if you have to park your bike in the street for hours when you're shopping and meeting friends, I'm sure you would understand this problem.

 

[eddieo]

But wheels being stolen is a totally opportunistic theft, as they are so easy to take!...If you secure both wheels with something like a Kryptonite cable, attached to a decent D lock?

or you can secure wheels, seat etc with key locks..problem with this is loosing the key

 

[cwah]

The problem with electric bike is also the battery. Because thieves can also unmount the battery with some screwdriver..

But main problem is not that: No lock can't be unbeaten by a good thief.

Eddieo, do you live in a big city? And if so, do you park your bike in the street? I believe risk is not the same according to your living area.

 

[eddieo]

Yes! I live in London and have been riding e bikes for 3 years without incident...

I dont commute as retired. commuting and leaving bike same place daily is a real risk? Also I am careful where I leave it, not to near a kerb so that a van can pull up next to it, and use an angle grinder/generator and be of with it in minutes...

with our new lighter bikes I always remove batteries, and carry in a ruck sack. An e bike without charger or battery is virtually worthless IMO unless it has expensive components

I use a D lock and heavy Pragmasis chain & squire lock if leaving for longer periods. I also have a decent audible alarm plus cable through wheels.... its a hassle, but reasonably sure that bikes will be there on our return....

 

[flecc]

And I live in London too, and in all my many years of cycling on normal and e-bikes have never had anything bike stolen or suffered any vandalism. I do take the obvious precautions of course.

Just think how much I've saved on cycle insurance in the 44 years I've been in my current London borough alone. Enough to buy a premium e-bike at least!
.

 

[oigoi]

I think the best insurance is some good locks, though it frustrates me that I have a nice lightweight bike and would then have to carry around all these heavy locks - in a way you might as well have a cheap bike that no-one would want to nick.
One idea I have used in the past is to paint my bike frame by hand a colour I like. No good if you plan on re-selling the bike or are bothered about making it look shabby, but a good way of making it worthless to somebody else.

you investigations make interesting reading cwah, thanks for sharing them. Particularly interesting that cycleguard expect you to give them the broken lock when making a claim I have never had a bike nicked where they left the lock behind!

 

[cwah]

Flecc & Eddio, I'm using 2 locks now for my bike and I keep the battery in my bag when I lock it. But what a pain... I would really prefer to have only 1 lock and not to take all these precautions. Anyway, I may still subscribe to an insurance if parts are insured and claim procedure is not too complicated/tricky. Just to have peace in mind.

Oigoi, Thanks for the painting advice, but I don't think I'm going to do that lol.
I was really surprised how painful it is to get refunded once you've lost your bike. My main concern is to know if I'll have my money back if I ever loose my bike.

ps: I'll continue my investigation when I'll have time. It may be useful for other members.

 

[jerrysimon]

I tend to put my bikes on my household insurance. It's obviously only against fire/theft. I don't know the exact cost as I have a few named items on my policy. At the time I think my EBrompton (I valued it at £1500) increased the annual cost of my insurance by about £30.

Not sure why I bothered really, as it tends to come with me everywhere. But I guess it could be stolen from my Office or Workshop at home.

Regards

Jerry