Has anybody declared their bike on their insurance policy as a cycle to work scheme bike?
My scheme states that as the bike is technically owned by the company for the lease duration the company has a financial interest in the bike, and you need to inform your insurer so.
Now I can't imagine there would be, but I'd be interested to know if there are any premium implications or any complications at claim stage from this "shared ownership".
Isn't this the same as a mortgage or having a car on HP? I would have thought that insurers wouldn't really care that much.
I think that might depend on your particular insurance policy. The bike doesn't actually belong to the 'owner'. Some policies might cover other people's bikes on your property or in your use; some might not.
I would expect that an insurance assessor looking at receipts that showed that the insured party did not own the bike, would apply the policy as written - it's not 'effectively their bike', it absolutely belongs to some other company. If the policy covers that then fine, but if not then the claim would surely be rejected.
I think house insurance or car HP is a bit different because (a) you probably specify who owns the insured things when you buy the insurance, and (b) the insurance is for loss relating to that specific item. Many of us have bikes insured as part of (or extension to) a fairly general 'posessions' policy.
If I had a bike to work bike and wanted it to be insured, I'd be checking my policy quite carefully.
I think in practice it won't matter. I didn't even have to produce a receipt when my bikes were stolen. But on the B2W scheme, you will have the receipt as proof of "ownership".
I think house insurance or car HP is a bit different because (a) you probably specify who owns the insured things when you buy the insurance, and (b) the insurance is for loss relating to that specific item. Many of us have bikes insured as part of (or extension to) a fairly general 'posessions' policy.
Probably similar to getting a car on a lease agreement though.
I think house insurance or car HP is a bit different because (a) you probably specify who owns the insured things when you buy the insurance, and (b) the insurance is for loss relating to that specific item. Many of us have bikes insured as part of (or extension to) a fairly general 'posessions' policy.
Probably similar to getting a car on a lease agreement though.
Um, well kind of, except that (a) you probably specify who owns the car when you buy the insurance, and (b) the insurance is for loss relating to that car, not part of a general 'insure my possessions' policy.
If you buy specific insurance for the bike, and you make sure that that bike is covered regardless of who actually owns it, then yes, it is very similar to insuring a car that you lease rather than own. As I said, many people have their bikes covered as part of a home contents type thing. Some might cover B2W scheme bikes, some might not. All I'm saying is that I wouldn't take it for granted.
Doubt there will be a premium issue, as said above, just like a mortgage or car loan