I recently asked for some suggestions about house ins. covering bikes.One suggestion was the Co-op which was much cheaper than M&S. However when I told them that several of the bikes cost more than their £1000 limit but I was wiling to self insure for the difference, I was told that would mean not being covered for those bikes because I would be under insured!
So, check the small print, you won’t even get up to your company’s limit if they think you are under insured

If your bike is 4k, but it is only insured for 1k, they will only payout £250 if it gets stolen, as they say the bike was only insured for 1/4 of it’s value. tbh, it only cost me £10 more to insure my 6k bike then my 2.7k bike.

tbh, it only cost me £10 more to insure my 6k bike then my 2.7k bike.

Who was that with?

Co-op insured my bikes as seperate items under my house insurance.

Only covered upto £1,500 as thats all they are worth, but think that they would have covered me for more

No rules here – depends on your policy.

halifax

£68 quid for my prince albert, and £80 for my nicolai, paid out when both were stlen from my car too

Coop cover up to £2500 per item on a separate ‘all risks’ policy. Need to have usual contents insurance with them too. Got four or five bikes covered this way. vgvfm.

ps One bike I have insured for the full £2500 and it’s only about £25/yr.

Another thing to check is the value of your upgrades.

Because you upgrade incrementally, you forget you are increasing the insurable value. So check your existing insurance cover from time to time.

My insurance company is fine with any value for the bike as long as I tell them and can prove it. Purchase receipt works for most, but my Cotic is home built from bits – how can I get a valuation?

halifax

£68 quid for my prince albert, and £80 for my nicolai, paid out when both were stlen from my car too

We’re with M&S and pay less; for full-spec contents along with my bikes and the wifes’ horse tack etc.

I’ve had all-risks type policies in the past, they are expensive.

I’ve used email conversations with people in the classifieds as proof of ownership in the past, as well as eBay receipts. Haven’t had it questioned and have paid out at RRP under new for old. Very impressed with Aviva on that basis.

Same as BR…all bikes covered, all the horse tack covered (just as expensive as a bling full sus), M&S don’t even want to know about it 🙂

I had an interesting one- was only insured upto £500 a bike for 3 bikes stolen with a total value approx £4k- really gutted when I looked at the policy- gave info on 3 bikes of which 2 had been upgraded and was expecting £1500 max obviously> However got a settlement of £3k! Result.

Can you claim for separate components? Often I have frames, forks and wheels left lying around unbuilt and I wondered if I could claim separately if they were stolen from my house.

Nuke,

I had the same problem an recently changed from the AA to ehome who will cover individual components/parts at home even over £10k as long as they are listed individually. This applies to high end bikes also.

Only problem is, they cover at home only-not away from home.