What's the best bicycle insurance?

[AnnO'Neemus]

I've been lent an electric bike to get to/from work so I can avoid (soon to be unreliable, reduced service) tram and germs on public transport.

I think I need to insure it, in case it gets knicked or in case I have an accident and it gets damaged/written off.

I think they're about £800-900 new, so if anything happened to it, it would be a lot of money to have to reimburse the lender of the bike.

Any recommendations? I don't have household insurance, btw, in case you were going to tell me it should be covered under that. Although would it better to just get household insurance that includes the bike? Or should I get insurance just for the bike? If so, from where?

 

[dessiato]

Household insurance usually requires that the higher value items are listed separately. Given how expensive these bikes are that's likely to be the case here.

If I were you its the route down which I'd go. I'd also start with a comparison site because insurance prices can vary a lot depending on exactly what you want, and how you want, things covered.

 

[BigTom]

If you join Cycling UK, you get liability insurance as part of the membership fee and access to discounted theft insurance: Insurance | Cycling UK

I can't really recommend an insurance company as I only keep liability insurance through my Cycling UK membership, but CycleSure are a cycle specific insurer, and I used to use PhotoSure for various bits of video kit on the basis of knowing other people who recommended them and they are in the same group as cyclesure.
I'd definitely get quotes for general household insurance to see what it costs compared to cycle specific insurance.

 

[BristolEcho]

Does anyone know what happens when your bikes 4 years old?

When I got my bike it was worth £1,500. I've had it insured by Thistle that whole time. I've just had £300 worth of work done on it. Obviously it's not worth £1500 now, so how does it work if it gets nicked? What value would I be likely to get back from it?

It's only costing me £10 p/m to insure and it's a good bike that is always going to be at some risk of getting lifted due to my job.

 

[weepiper]

Does anyone know what happens when your bikes 4 years old?

When I got my bike it was worth £1,500. I've had it insured by Thistle that whole time. I've just had £300 worth of work done on it. Obviously it's not worth £1500 now, so how does it work if it gets nicked? What value would I be likely to get back from it?

It's only costing me £10 p/m to insure and it's a good bike that is always going to be at some risk of getting lifted due to my job.

Insurance usually works on the new replacement cost. I do insurance estimates for bikes that have been hit by cars and when they're a write-off we look up whatever the current model costs and quote for that. Or whatever equivalent bike (similar frame and groupset etc) costs new now if it's a model that's no longer made.

 

[BristolEcho]

Insurance usually works on the new replacement cost. I do insurance estimates for bikes that have been hit by cars and when they're a write-off we look up whatever the current model costs and quote for that. Or whatever equivalent bike (similar frame and groupset etc) costs new now if it's a model that's no longer made.

Ah okay great so they'll look at the new equivalent and go by that? That's good to know I'll keep it insured then. I was thinking of cancelling it.

 

[weepiper]

Ah okay great so they'll look at the new equivalent and go by that? That's good to know I'll keep it insured then. I was thinking of cancelling it.

Worth checking the policy but that's generally how it works.

 

[BristolEcho]

Worth checking the policy but that's generally how it works.

Thanks - yeah I edited it out but I'll double check before I renew to make sure. I've never really had insurance on items before. If they don't do that I'll shop around.

 

[sleaterkinney]

Yellow Jersey or Laka.