Insurance

[Gashead]

After having my hybrid nicked out my van, I have had a move about of my gear, which has included a new security gate infront of my shed etc....................


However with the amount of bikes I have in various locations I started to wonder about insuring the darn things, so question is, does anyone else insure their collection, if so how ? I guess it must be able to do somehow ?


Nick

[kev-s]

ive looked into it and its bloody expensive, my 2 road bikes with a combined worth of 5k would cost £400 to insure for the year

plus add 7 bmx's ranging from say £500 to £1500


i know someone who has insured theirs on their household insurance and pay a extra fee to cover the bike when its away from the house but im not sure how much they will actually insure it for as normal household policys only cover bikes upto £500 iirc

[kev-s]

take a look here

just done a quote for 3 bikes worth 10k  and it comes to £1000 per year

https://www.jltonline.co.uk/secure/quotecustomise.asp?product=Cycle&promCode=&transid=&visitorSessionID={14570D74-5398-4AA6-A7B3-0F10BA3BAB1B}

[In2 bmx]

Mine are insured on the house and contents insurance because that's where they live ..  And I did tell them about all the bikes and how much they are worth and paid extra ..
Thing is with insurance company's they always find some fooking clause about why you weren't insured when it comes to paying out  they did when my unit got broke into ..

[Gashead]

Hmmmmmmm

I picked up my replacement bike today to the tune of £850, got £500 back on the insurance on the last one, however it's now in the bedroom along with 4 others as I'm shit scared of putting them elsewhere ( I'm also paranoid dur to the drugs I'm on after the op....) so the tune of £4k in the place.

Now you don't need to do the maths, but how the feck do I tell an insurance company obout the collection....... The other collection, I think it would just be easier to sell the lot 

It's doing my head in

[Rodgy1970]

Mostly when you insure a normal bicycle it's pretty straight forward as you will have the receipt or pictures if you've had it a while and the receipt is gone, if it gets stolen or damaged or whatever you can prove what you are out of pocket and the insurance company will compensate you.

An old school bmx is a collectable and an oddball one at that, I see a bit of a problem in proving the value should anything happen to it/them, most collectables can be valued by an independent valuer but as this is a relatively new hobby with very volatile prices I don't see this as an option.

If you can get a company to insure old school bmxs make sure they agree it is a collectable or collection and agree a value, make sure it is listed on your schedule of insurance with the agreed value.

Take plenty of pics, keep any proof of what you paid for parts as well, like print outs of ebay transactions, copies of emails for private sales.

Good luck!

[Bob_Acid]

Have a word with Rich Wax, he insured his collection a few years back 

[brettypeeps]

Mine are insured on the house insurance uproar £2500 per bike with no maximum number of bikes. I have to pay extra to have them covered away from the house. This is with Aviva I think. I will check when I am back in the UK.

[Rodgy1970]

Mine are insured on the house insurance uproar £2500 per bike with no maximum number of bikes. I have to pay extra to have them covered away from the house. This is with Aviva I think. I will check when I am back in the UK.

I think you need to check if Aviva know they are collectables as opposed to normal bicycles, collectables may be viewed differently by Aviva and other high street companies.

Here are a few companies that specialise in insuring collections.

http://www.mjacollections.co.uk/index.html

http://www.fineinsurance.co.uk/insurance-for-collections/

http://uk.marsh.com/ProductsServices/MarshSolutions/ID/20426/Specialist-Insurance-for-Private-Collections.aspx

[brettypeeps]

Mine are insured on the house insurance uproar £2500 per bike with no maximum number of bikes. I have to pay extra to have them covered away from the house. This is with Aviva I think. I will check when I am back in the UK.

I think you need to check if Aviva know they are collectables as opposed to normal bicycles, collectables may be viewed differently by high street insurance companies.

I had long discussions with them to ensure it was all ok

[Rodgy1970]

Mine are insured on the house insurance uproar £2500 per bike with no maximum number of bikes. I have to pay extra to have them covered away from the house. This is with Aviva I think. I will check when I am back in the UK.

I think you need to check if Aviva know they are collectables as opposed to normal bicycles, collectables may be viewed differently by high street insurance companies.

I had long discussions with them to ensure it was all ok

Good stuff but also make sure they are specified on your Schedule of Insurance with an agreed value.

Buildings                        £x amount
Contents                        £x amount

Haro Master 1985 BMX   £x amount

Discussions and having it in black and white are two different things with an insurance company.

Aviva are a pretty good company so I hope you're sorted right  .

[QUADROPHENIA]

Aviva wanted 3k to insure mine when I was with them about 4 years ago, they wouldn't even insure them away from the house

[CD17]

Talk to Radman he told me he had his insured 

[trickydeno]

It is a nightmare nick,I insured my 2 top end builds on the house insurance for 5k it cost me £45 extra.but getting other stuff insured away from the house is proper expensive.and I'm assuming your collection is on the large side.
I caught some tossers trying to get in my garage a few weeks back at 2am......I've been para to the max since....it is a nightmare mate!

[Badbaldie]

GUYS STOP ....... u can speek to your insurer till your blue in the face... its the under writter that will decide wether you get paid out or not. and thats how insurance companies get out of paying out . so before you sign up to an insurance policy and think youve got fully covered , find out who under writes the policy and speek to them . words of wisdom trust me