Bike insurance - cheaper options?

[keith davies]

I'm a British Cycling member and even with their discount I'm being quoted £23 per month to insure my new Specialized Roubaix Comp, value £3,400. Anyone know of any cheaper but still reliable alternatives?

 

[MartinGT]

Tried CTC? Or what was CTC?

 

[MartinGT]

What about your home insurance? My bikes are all covered on my home insurance.

 

[keith davies]

Home insurance won't cover to that value - thanks though

 

[Disrop]

You pay too much for insurance, I recently took out insurance on my bike and paid half as much for it

 

[Cookster15]

Home insurance won't cover to that value - thanks though

My home insurance does. Shop around.

 

[froze]

Home insurance won't cover to that value - thanks though

It should cover it, if not the traditional way through the content's coverage of the policy, then ask about a personal property floater for bikes, similar to a floater for jewelry. If your agent did not offer you that option when you asked about bicycle coverage...time to find another agent, any agent worth their salt should have automatically thought of it and offered it to you. I'm not even an insurance agent and I would have thought of it!

 

[froze]

Homeowners insurance in America won't cover the bike if you crash it, unless you get a floater, but in my case, the floater was more expensive than separate bike insurance.

If you want to cover your bike in case anything happens to it, then separate bike insurance is the only option you have, unless in your country a floater will do the same thing for less.

 

[froze]

I only have the insurance on my titanium bike in case of a crash, then I add it to another bike when I go on a tour, but take it off when I get home! The agent doesn't care if I do it, the company makes money for a month or two every year. I get mine through Velosurance/Marko, which I don't think is available outside the US? None of my other 7 bikes have insurance other than what the homeowner's insurance has, but the deductible on that is $2,500 so I won't get a dime for my other bikes through homeowners' policy. There is such a thing as being insurance poor, and you just have to take the risk on yourself and forget paying premiums for anything and everything.

So, if you have several bikes, and one of them is expensive, insure it if it will make you sleep better at night, but I wouldn't do that unless the bike was expensive, and I would only insure the one.

If you buy separate insurance, always get the highest deductible option.