Hi,

Apologies if this has been done before but I have a new bike in the house which I am trying to insure against theft both in and away from home.

Speaking to my home insurer it appears that the value of the bike is based on the RRP not what you have paid.

For example, if you pay £1000 for a bike with a £1500 RRP in the insurer’s eyes the value of the bike is £1500.

If you insure the bike for £1000 and it gets stolen they will reduce the pay out by the same amount you have undervalued it – so 50% of £1000. The most you will be paid out is £500 less the excess.

Is this standard?

Can anyone recommend a good bike insurer pleeeaasssseee??

for a start, you’ve undervalued it by 33% not 50%.

and they sound crap.

Probably all pretty standard – you’re insuring for replacement of the bike, not replacement of your cash, hence the RRP thing, and I’ve seen clauses regarding underinsurance in policies I’ve taken out

Talk to PedalCover – https://pedalcover.co.uk/ – very friendly and helpful

^^ What he said. Pedalcover.

another one for Pedalcover.

Ahh nuts – 33% it is. And they are rubbish.

Just had a look at PedalCover and they seem to only do home+bike cover not just bike on its own.

I still have 6 months left on my home insurance and I was looked to add the bike to it rather than take out a new policy.

Ideally I would find a bike-only policy but online quotes seem to be coming out at >£100 a year which is only slightly less than my home insurance!

Alternatively there’s Bikmo!

Who are you insuring with?

We are with AXA and if the bikes are at home there is no limit because they are effectively covered by the total contents value. So when my bikes (six in total) we stolen in March there were no issues in terms of value and all were dealt with at RRP despite some being second hand etc.

However, to have them insured away from the house, they need to be specified on the policy. I have done this with my replacement bikes at RRP rather than what I paid (as I had done previously).

I still have 6 months left on my home insurance and I was looked to add the bike to it rather than take out a new policy.

See if you can cancel for a pro-rata refund?

I’m with Bikmo

Aviva will cover my bikes on house contents policy (up to 3.5k max value per bike) out of the home, and for accidental damage if I fall off it etc.
Theft is covered if it’s locked up to something. Not if left unlocked/unattended.