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ok - I'm getting quotes and specifics at the moment.
I'll report my findings as I go.
Hiscox
Unlimited everything for buildings and contents
Excess £350
Single bike limit £3,500
Total theft from outbuildings limit: £10,000
Theft from unattended vehicle total limit: £5,000
No requirement to lock bikes individually inside locked outbuilding
Covered away from home as long as locked to fixed object or secured through the frame by a suitable lock to a securely fixed purpose built motor vehicle roof rack or cycle rack and the vehicle itself is locked and windows closed.
My quote was £520 with no extras (like legal, etc)
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Nationwide
Single bike limit = whatever total amount covered
Total theft from outbuildings limit: £5,000 (but could be increased by going through to their technical team with info about outbuilding and bikes)
Theft from unattended vehicle total limit: £2,000 - this couldn't be extended so this excluded it for me, so I didn't proceed any further.
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Laka - just bikes
For 6 bikes totalling 10k
It said:
"You will usually pay around £41 per month. No more than £50".
Zero excess.
Which is £492 so not worth it compared to the Hiscox quote above for me. Unless accidental damage or transition areas of triathlons cover is high on your list. The sliders are really easy to play with, so YMMV
It doesn't specify outbuildings, but does specify gold locks, so might need a bit more investigation.
edit: This quote was auto-generated without requirement for postcode or claim history, so it might make more sense if you live in a high-risk area, or have recent claims. dunno.
It doesn’t specify outbuildings, but does specify gold locks, so might need a bit more investigation.
Laka was very expensive cover to add to a contents policy (though by specific bike insurance standards was actually pretty cheap) so I didn't go far with them but if I recall Aviva, esure and axa, when I waded into the details of what a suitable lock was (in practice there were other reasons I didn't take cover with them so it doesn't ring loud enough to be entirely sure) all defined it as a sold secure gold for high value bikes. Certainly none of them made finding that definition easy.
@dangeourbrain Hiscox policy wording doesn't include any specific lock requirement. Just 'locked'.
Waiting for NFU to get back to me. (local branch - direct couldn't do outbuilding theft more than 5k)
Last night Swinton turned out to be the cheapest for the cover.
10 grands worth of bikes insured at home or away for household insurance or about 420 quid, including accidental damage
NFU (local branch)
Had to specify all bikes.
Everything is covered in exactly the way I wanted (no max total, no locks required inside shed, covered from home, covered in the van as long as force was used to break in).
Nice mutual organisiation.
But the premium came out at £1020
Has anyone moved recently with >5k bikes in shed and got anywhere near £300?
Theres no point in asking others on a price target like that, everyones circumstances is different - claims, location etc.
Yes, I should have said has anyone changed from Pedalcover to somewhere with >5k bikes in shed and got near their pedalcover price.
So far the best I've got is Hiscox at £520 (so 67% more)
Still to try Barclays and Sainsburys
BTW - I've asked Pedalcover to see if specifying bikes, or paying a larger premium can overcome the 5k limit. They agreed they needed to find a solution so were going to call Axa.
dangeourbrain
Full Member
or in / on a car (as long as locked) or away form home (again as ling as locked).Not true last week..
I ended up back at pedal cover in the end for this reason. Max cover on anything from a car is £750
Significant exclusions or limitations:
• covers You up to £1,499 for any one item, and any pedal cycle up to £500.(higher limit for specified items (so bikes over 1500 quid) but…)
theft or attempted theft from a road vehicle, unless the item(s) was contained in a locked boot, concealed
luggage compartment or glove compartment of a locked vehicle, which was broken into by using force
and violence – the maximum amount we will pay is £750Posted 4 hours ago
that only applies to personal possessions. the bikes are insured as specified items on the policy in order to get the sufficient limit to cover them, which means they are insured up to the full limit in or on the car.
realised i'd got my premium wrong and actually pay £280 p/a of which £84 is for specified items (bikes) with a limit of £12K in total.
from all that i looked at, e-sure was materially cheaper than the rest for the cover i needed
@AlexSimon - as above, try e-sure. it was the best i found (for my circumstances at least).
include the bikes as specified items and it will give you all the theft cover you need. I've reviewed the policy wording (i'm an insurance broker by trade - all be it corporate insurance not personal lines) and i'm comfortable with the cover. YMMV and don't bring an E&O against me if it all goes wrong! 🙂
On the phone to them now sofaboy - as soon as I read your last post 🙂
Can confirm everything said about Esure and specified bikes, but unfortunately my address comes up as a flood risk so they can't insure me. One of the roads just below us has flooded a couple of times so it must be that 🙁 No risk to our actual location but algorithms be algorithms and can't be argued with.
but unfortunately my address comes up as a flood risk so they can’t insure me
that's a kick in the balls. if you're coming up high risk on the flood modelling, you may struggle a little unfortunately, insurers (at least the commercial sector) are very flood risk adverse at the moment as the property the property market continues to harden
None of the others flagged it up to me, but I don't know if it raised the premiums behind the scenes.
Neos I'm using as the application is just agree to some general assumptions like 'your live in a house with a roof' and a quick chat about bike values, easy terms. Then good cover price and security camera in the post to you.
I've probably got a referral thing if I can be bothered to find it.
None of the others flagged it up to me, but I don’t know if it raised the premiums behind the scenes.
different insurers use different flood modelling, so it may be that theirs is more sensitive, it could also be that e-sure have a far more restricted flood risk appetite, or as you say, it behind the scenes in some of the higher premiums you've seen
@timber Neos seem to be saying that they are no longer issuing new insurance quotes
We moved to nationwide a month or so ago. A bit more expensive than a competitor (can't remember which) but they covered bikes in the car without any mention of having to be out of sight in the boot.
@bails Just note the £2000 total limit that I was told about.
It's not enough if I'm in my campervan with 4 bikes.
@Scienceofficer – did that include outbuildings?
No idea. I dont keep my bikes in a shed and never would.
We've been with Hiscox for years, apart from a break during the M&S wonder years- don't forget to factor in that their contents policy is new for old.
that only applies to personal possessions
Happy to be wrong, and barring that one clause their quote and cover was better.
I called to cancel and explained that was why the chap on the phone was very quick - not enough time to look it up etc - to say 750 was the limit for theft from a car on anything but they'd be covered outside locked up overnight, did that help. It didn't.
I am not an insurance person mind so I'm stuck work the reading of an amateur and the bloke in the call centre.
(and if I am, please let me know as I'm still in the 14 days cooling off for pedal cover)
Try esure. Our contents renewal is £160 with £17k of individually listed bikes
I have about £22k worth of bikes. While on comparethemarket, the maximum value i can insure a single bike for is £5k but my road bike for example would have to be insured at about £8k.
most providers seem to say that it would be a new for old replacemnet but at the current market value of the bike. Is there a provider that would replace new for old but at the purchase price? and who can insure an individual bike above 5k?
Pedalcover have come back to say "Sadly even if we were to specify any of your bikes on the policy, in the event of a claim, the value is still limited to the £5,000 limit in an outbuilding/shed. This is because specified items on the policy are specified under personal possessions which is away from home cover."
So this is at odds with what a few other insurance companies have told me in that they didn't specify that declared personal possessions were only insured 'away from home'.
hmmm
Left Pedalcover last year after 4-5 years, think I was one of their customers in their first few months of becoming established
My premium had stayed similar but I noticed the cover reducing and I figured I didn’t need a lot of the extra stuff they cover for (triathalon holding areas etc)
Went with Halifax, they offered me the level of cover I actually felt I needed including cover inside the car (which is about the only time my bike is left anywhere), and where about £150 cheaper than Pedalcover renewal (this was with a 20% off offer)
Bikes are kept locked to a ground anchor in a garage that is attached to and assessable from the house.
Seeing how easy it is to force a standard garage door (not mine it has extra ground bolt locks etc) I’d suggest most people’s sheds and outbuildings are more secure than an average garage, shame insurers don’t see it this way
I was probably over insured with Pedalcover
@iain1775 Wow - thanks for that.
I've just insured with Halifax for a measly £180 compared with Hiscox who I was about to go with for £520!
Spent over an hour on the phone to them!
I can confirm that bikes are insured up to total 10,000 when named. Having bikes worth over 10k doesn't exclude them from the insurance - just that it's capped.
They are also insured in a locked car and when locked to a rack which is securely fixed to the car.
The bikes are also separated from the rest of the outbuildings cover (capped at £5000)
I have a mortgage with them, but I don't think it made any difference. Apparently it was a 'new customer' deal so will go up next year, but I can only imagine it being 20% max and they did say if you ring up you can negotiate.
Absolute winner! Thank you.
Can I buy you a virtual pint?
Seeing how easy it is to force a standard garage door (not mine it has extra ground bolt locks etc) I’d suggest most people’s sheds and outbuildings are more secure than an average garage, shame insurers don’t see it this way
If I recall this is less to do with ease than risk to the perpetrator. A [locked] garage (especially attached to a home) attracts a much more serious charge if caught (burglary I think, so 14 years max, much higher minimum and, if it tips into robbery or aggravated burglary upto life*) than from an outbuilding or shed (theft, max 7 years). As a result the chances of being burgled from an insecure garage are significantly lower than theft from a secure bunker.
*it is a serious offence in legal terms so carries the three strikes risk etc.
Alexsimon
Just note the £2000 total limit that I was told about.
It’s not enough if I’m in my campervan with 4 bikes.
I haven't got that limit on my policy schedule. The only mention of £2000 is as a single item limit for watches and jewellery.
Bikes over £1k are specified and covered as long as they're locked in or to a car.