Bike/ content Insurance

I know this has come up before but I’ve been pretty loyal to Pedal Cover for 6 or 7 yrs but their policy and conditions have slowly gotten to the point where they are no better than generalist insurers and worse in some cases.

They’ve changed underwriters now (used to be AXA, now NIG I think) and my policy has increased by £80 for far less cover. I do have call with in with them to clarify some things but probably will move on.

My bikes are stored in the garage, which has a secure, motorised roller door one end, a basic internal door the other but that can only be accessed if via our UVPC front door. I’m hoping that counts as ‘secure’? The garage has no windows.
Two of my bikes are under 5 yrs old (one is a 2015 model but I bought it new in 2018) and one is older than 5yrs and PC have dropped the ‘new for old’ benefit.

Barclays have got me because of their bike cover. They’ll cover bikes up to £3,500 in/out the house - ie while you’re cycling it too. I’m sure there are weasel words around locks etc but we wouldn’t leave our high end bikes unattended anyway (transition areas might cause an issue because you’ve not locked it there). I know £3,5000 isn’t massive money anymore for replacing bikes but it’s better than most.

I also have specified items that haven’t changed the quote too significantly.

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I switched from Pedal Cover to Barclays last time too, saved a bit of cash (and a bit more as they had a cashback deal on the bike bit of the insurance when I did it)

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I’ve just stayed with Hastings Direct this year again for Buildings & Contents. I don’t really travel with bikes these days, so don’t need anything specialist, just covered in a locked car. Any small and ‘valuable’ items over £1k have to be itemised like watches, jewellery, bikes etc. Which is all we have over that value.

I’ve been with PedalCover for quite a few years as well and whilst their policies were excellent I also need to do a review pre-renewal time as circumstances have changed for us.

One thing that made me stay with them last year is that we live in a Grade 2 listed property built in 1760 or thereabouts. AXA (or is it Aviva?) will no longer offer new cover for listed property or those built before 1860 so I’m stuffed on both those counts, but will keep policies running on a continuity basis. So if I do change I need to shop around for suitable property cover whilst staying with PC means less faff. But at the same time our needs for such a large bike cover policy really no longer applies as we aren’t racing or even using the bikes much. A dilemma.

Admiral Platinum here.
Bikes are specified items over £350, but the cover is like Barclays’ - £3,500 in/out of the home, as long as secured.

£150k contents cover
Buildings insurance
Jewellery + handbags as specified items
Includes home emergency cover, too (boiler, roof leaking etc - they just paid us £280 back from where we had a roof repair done, no excess)

£320 per annum.

quick snapshot here FB of PedalCover’s new requirements:

  • Your property was not built before 1800
  • Your property is not a Grade 1, Grade A, or Grade C listed building
  • You and your family occupy the home permanently
  • Your home is in a good state of repair, and you will keep it in good condition
  • Your home is self-contained with its own separate front door
  • You, your family and a maximum of 2 lodgers are the only people who occupy the home
  • You, your family will not use your home for business purposes other than paperwork, telephone calls and computer work
  • No part of your property (including your land) is currently flooded or in danger of flooding
  • Your home has not been affected by subsidence or structural movement
  • Your home is not in an area subject to subsidence
  • Your home will not be left unoccupied for more than 60 consecutive days
  • Your home is primarily built of brick, stone or concrete and is not a barn conversion
  • Your roof is made of tile, slate, asphalt, EPDM, concrete, or metal, and no part is thatched
  • Your roof is no more than 50% flat
  • There are no trees over 5 metres tall within 7 metres of your home

Thanks all. Just spent 40 mins on the phone with them going through the security requirements. It’s not quite as bad as I thought. No more ‘new for old’ but you do get back what you paid for a bike over 5yrs old if you have receipts (luckily I do).

There is a stipulation that only £5k is covered in the garage but that excludes the bikes (which are covered separately).

Cost has gone up though, effectively by either £80 or £120 if I take the "Podium’ option, which is pretty much what I had last year. So either paying more money for less or a lot more for the same.

I still have 3wks before renewal is due. With Barclays, is that £3500 per bike or in total?

Per bike. With no limit on number of bikes. That’s what sold it to me. At the time we had 9 bikes in the house - we’ve reduced that a bit since :wink:

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Hmm interesting to see whether pedal cover renew us next year. Our house built 1750 and grade 2 listed.

When we first took insurance with them they were far and away the best I could find (about £600 versus over £2K in some cases)

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Just rereading the wording and I must check the value cover now that my partner has replaced his Ridley. The ever moving target that is insurance cover.

Thanks. back in the day, a high end bike for me was 5k and I was travelling a lot but all my bikes for nearly 30years have always been in the house.
It’s only the last two years that they’ve been in the garage but on the flipside, I’m just not interested in spending big on bikes these days. Can’t imagine going over £3.5k tbh.

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we’re similar - G2 and 1760 - and we renewed last September with PC. I had the discussion with them at the time about the grade listing and age and provided you stay with the same policy, it should get renewed on a continuity basis. it’s only a problem if they have to write a new policy as that’s when the exclusions apply - although at the time I renewed they were shopping around for a new underwriter to offer some more flexibility - so it would be worth talking to them when you’re close to renewal (as I will do again)

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thanks for that

at least they aren’t excluding Grade 2 listed gaffs now - they are by far the most numerous of the grade listed properties. but we still fail on age and that could be an issue with other insurers

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I can understand the exclusion, rebuild costs of older listed buildings seem pretty high. When we bought our place, the surveyor estimated the rebuild cost to be just under double the sale price. The complete opposite of our previous place which was a new build, and the rebuild cost was estimated at just over half what we actually paid for it.

Having lived in both, if I ever move again it will be to a modern house!

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we could be joining you! we’ve been here about for nearly 6 years and while we love the place, there are frustrations - not least being grade listed which prevents doing things with the property without having to go through Listed Buidling Consent. a bloody faff for even the smallest of things. we did apply for delisting but got refused (as we expected) for this reason:

“For a building to be assessed for de-listing, it must be shown either that the building was listed in error, or that it has been so altered since the time of listing, that it no longer has special architectural or historic interest.”

We were listed in 1987 with a minor amendment in 2015 as one of 4 joined properties of what was originally a single oasthouse and granary.

Our last house was a new build we bought off plan - we loved the house and it gave us no issues in 13 years - but moved as we started to hate where it was.

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I got my reminder yesterday and the big issue for me is having the original receipts for the bikes. I have them for the MTBs but the others were frame up builds so god knows what to do as they were ‘new’ I suppose I need to ask if they are them classified as as 2nd hand then? I did notice that my premium has increased by £180 but I have added 2 bikes to the collection that are ££££ to replace.
I’ll call them this afternoon

I guess most people don’t ever have to claim … would that be the case for you?
I’ve just gone with them for our new purchase (Complete on Friday this week). They were the only one’s without hugely punitive fees for the various extensions our house has (loft conversion and kitchen extension mean >50% of the roof is flat). Was still >£600 just for standard buildings and contents.

Pedal Cover have definitely got worse. The guy who set it up as sold up and moved on, so it’s very much no longer what it was. I’d had to move away from them a year ago due to the Listed Buildings exclusion (my flat is in a grade 2 listed building). I’ve gone 12m without bike cover. I really only get it for racing and travel, and with none of that on the schedule for 2020, I just took the risk.

I’ll get something once we move, especially with racing back on the agenda. Likely just for my main road bike and my TT bike. Imagine I will go with yellow jersey.

I will have to investigate Barclays insurance based on what’s been said. That’s who’ve we’ve gone with on the mortgage, so whilst I know they’ll be different departments, there might be something beneficial that comes from using them for both. Although on the flip side, that could count as over exposure on a single property, but in reality our house is a drop in the ocean of their overall book

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Touchwood, no.

Our house is all kinds of ‘period’! From early 1800s, a huge ‘doubling’ of the house size in the mid 1900s, through to our 2019 extension.

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I imagined (and hoped for you) that that would be the case.
As with most insurance, you have to have it, but there’s always that risk that they’ll find some technicality to worm their way out.

Insurance has caused me a lot of stress the past week. It nearly caused our move to fall through. On the day we were due to Exchange, our Sellers got a letter from Thames Water that the meter was indicating a serious leak. This became a pre-existing condition that would have prevented us from getting insurance cover. And without insurance we couldnt request the funds for our mortgage, as that’s obviously a stipulated requirement. TW were originally saying they couldnt come out until the end of March. Thankfully our Sellers kicked up a huge fuss, and got someone out on the day to validate the letter was erroneous, and there was no leak. Reissued a new letter saying as such, and we were able to Exchange the next day. That was a mightily stressful 24hrs.

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