Insuring a £3k bike

  • This topic has 12 replies, 10 voices, and was last updated 7 years ago by  sb.
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  • Insuring a £3k bike
  • sb
    Member

    Can anybody recommend an insurance comapny that will insure a £3000 bike fully? after getting my s-works stolen from my lock up in the Summer and finding it uninsured due to an insurance ‘loop hole’ I want to make sure my new bike is fully covered. My company that do the house etc wont insure my bike to anywhere near full value away from home and advised me to get ‘specalist’ cover for it but couldn’t help any more! Are churchill just being rubbish and other companies play ball ??

    Leku
    Member

    I’ve just insured with Bradford and Bingley. I’ve covered both my bikes (Cotic Soul and Yeti 5) home and away. Adding the bikes only added another £30 or so to the quote. Not new for old.

    Paying £250 for buildings and contents. No idea how good they are on claims thou.

    Weasel
    Member

    Mine are both listed items with value at replacement cost.

    Esure insure mine for £5k and £3k

    sb
    Member

    Ok, time to change insurers !
    Thanks.

    andyl
    Member

    M&S cover automatically up to £4k. Good cashback available too.

    geetee1972
    Member

    When I renewed my policy (about three years ago now) Woolwich/Barclays offered cover up to £3k.

    whytetrash
    Member

    andyl that’s changed from December M&S have stopped this for new customers, so can see esure picking up a load of mtb business next december 🙄

    rthomas17
    Member

    OP – what was the loophole that stopped them paying out?

    I keep my bike in an outbuilding – esure said that total payout for outbuildings content is £1500, even if I had a 3k “specified item” of a bike on the policy. If the bike was locked to a lamp post on the street, then I would get the 3k, but not if it was locked in the outbuilding.

    Another company said I would get the 3k, but only if the bike was locked in the outbuilding.

    I finally insured with Shielas wheels, who told me that the “specified item” bike would be paid out if it was in the outbuilding, on top of the £1500 normal outbuildings amount.

    Guess who backs up the Sheila’s wheels policies? Esure! So contradiction in policies, or just under trained call centre staff? You can’t work it out from the small print either…..

    robsoctane
    Member

    Interesting, I’d love to confidently insure my bikes… Anyone else got an idea or plan?

    Premier Icon FuzzyWuzzy
    Subscriber

    @rthomas – do you have that in writing from Shiela’s Wheels? Might become an issue if you don’t and you need to claim (assuming it’s not clear in their standard T&Cs)

    rthomas17
    Member

    I don’t have it in writing – I will write them a letter asking them to clarify the position. My customer service experience didn’t fill me with confidence, and I’m sure they will be more thorough in their explanation of policy if I did actually have to claim!

    sb
    Member

    rthomas17
    Agreed I did have a very inexperienced sounding girl on the phone but she did keep going to her supervisor to confirm but basically my bike is insured to the full value whilst kept in my locked garage (it is very secure compared to your usual garage) but as soon as I take it out they only cover bikes up to £2000 as long (understandably) as they are chained/locked to an immovable object (lamp post etc) she couldn’t explain why they had this silly clause but wouldn’t budge !!
    It definately pays to check your smallprint and even get it in writing from experience.

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