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[i]omeone with time on their hands needs to put up a website breaking down the various insurer options regarding bikes under contents policies…[/i]
Using a spare 5 minutes, I looked up on confused what cover for home contents, including legal protection and 4 bikes worth a total of £10K would be. I selected at fairly random 1 quote (Lloyds) - came in at around £120. Bikes as specified items:
"Pedal Cycle Cover protects against loss or damage (including accidental damage) for you or your family’s pedal cycles (including ebikes) whilst inside or temporarily outside the home (up to £500 per pedal cycle, £10,000 in total). If you do not take this cover, your Pedal cycles will not be covered. Pedal cycles worth over £500 also need to be specified here otherwise you won’t be covered."
See, I don't think some of you overspenders appreciate what you get from the "Specified items" section of a policy. That's the main thing ou need to check. Lloyds also has a check box for "outbuildings" eg. my detached garage, that will cover bike tools etc and bikes not specified, <£500.
I urge you not to pay too much for your insurance!
Yeah! Silly me - the bold bit. I swear that should read £5000, so you DO need to read the "small print". That means Lloyds policy only covers a £3000 for £500 away from the home.. can't be right!
Picked another insurer out of interest (Halifax) - must be underwritten by the same rip-off merchants as Lloyds - also says the max £500 away from the home. "up to £500 per pedal cycle, £10,000 in total" - 20 bikes?? Weird. The Policy booklet omits this payout limit, strangely enough.
Checked mine, Admiral, doesn't say this.
Lloyds and Halifax are the same company.
I went with Lloyds. Was about £150 cheaper than other ocmparable cover.
Yeah! Silly me – the bold bit. I swear that should read £5000, so you DO need to read the “small print”. That means Lloyds policy only covers a £3000 for £500 away from the home.. can’t be right!
I don't think it is only covered for £500 outside the home. My policy document and cover limits state that:
Pedal Cycle Cover:
Individual Pedal cycle limit:
- £5,000 if pedal cycle is specified
- £500 if pedal cycle is unspecifiedWhat we cover:
Loss of or damage, including accidental damage, to pedal cycles (including electrically assisted pedal cycles that cannot be solely propelled by the electric motor more than 15.5mph) and their accessories belonging to you or your family or for which you or your family are legally responsible.What we don’t cover:
Theft of a pedal cycle from an unlocked outbuilding, or
in the open when it is not securely locked to a permanently fixed structure.Theft of a pedal cycle left unattended in a public place or communal areas when it is not securely locked to a permanently fixed structure.
Damage caused by domestic pets.
Loss of or damage:To a pedal cycle when being used for racing, pace making or trials.
No where does it say there is a 500 limit outside the home for bikes that you have specified.
And obviously for all my 500+ bikes I have specified them
And obviously for all my 500+ bikes I have specified them
You have 500+ bikes? That's taking N=1 to a whole new level.
No where does it say there is a 500 limit outside the home for bikes that you have specified
Yeah, I was (if you read my post) quoting what a Lloyds (or Halifax) policy says.
Not sure how you could actually misunderstand that, it says it in the sentence!
Halifax Home Insurance Ultimate.
I know what's been said about Lloyds/Halifax, but when you look carefully at the policy limits, a specified bike up to the value of £5,000 is covered, up to a total of £10,000.
Unspecified bikes are £500 each.
Had been with Aviva for years but they just significantly increased my premium at renewal, and wouldn't discuss reducing it. Their loss.
Just going through quote. Been with Pedalcover fro the past 3 years but Aviva looking much cheaper this year and cover seems simple/more than adequate. Only fly in the ointment so far has been trying to call them with regards to a couple of queries and being stuck in a queue for ages (I've had to hang up). Anything else I should be aware of before just going with them anyway?
One reason I left Pedalcover and went to Aviva was the outbuildings cover is better with Aviva.
Currently going through this. Pedalcover won't do new-for-old on bikes where the *frame* is older than 5 years, and I suspect that even if you buy a new bike from On One some of the frames will have been on the shelf for that long.
Compare The Market won't touch bikes where the rrp is over £5000, so a four year old Enduro won't be covered because it's £5500 at the concept store.
Confused.com is a pain to use, asks for lots of unnecessary personal information, and then the top provider (Sainsbury) website crashes and the second (eSure) gives an error downloading the policy booklet. It's also three times the price (which I might be prepared to pay if they let me read the small print).
LV don't cover bikes outside of the house unless locked up (so not in the car or campervan).
Currently going through this. Pedalcover won’t do new-for-old on bikes where the *frame* is older than 5 years
Yes the do if you ask them. I have a 2007 Pegoretti, I specifically asked for it to be insured so that if it’s stolen I can just order he same frame again, it’s not changed design since I bought mine.
The person I spoke to had a similar issue with a colnago master.
Not sure if the would do it for a MTB that has changed radically in price and design over a few years?
Aviva Plus.
Bikes insured new for old as long as they are on the property. Garage / sheds are covered. Full value up to full contents value (£75k). Not that more expense than other insurers.
Just waiting for the money to come through on my claim (3 bikes from garage). My son's Yeti 5 alloy (my old bike & 7 years old) was valued at £5.9k, which I'm getting as cash.