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Bike insurance

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  • 14-09-2016 11:54pm
    #1
    defrule
    Registered Users Posts: 190 ✭✭


    Hi all,

    I'm looking to get my bike insured however, my bike was bought in NI and all the policies I've seen so far stated I must have bought the bike in Republic of Ireland.

    Does anyone know any companies that can cover my situation?


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    #2
    omri
    Registered Users Posts: 1,699 ✭✭✭omri


    defrule wrote: »
    Hi all,

    I'm looking to get my bike insured however, my bike was bought in NI and all the policies I've seen so far stated I must have bought the bike in Republic of Ireland.

    Does anyone know any companies that can cover my situation?

    I insured my bike on my house insurance but its covered outside the house, so if I go shopping etc. All they asked me was the value and photos + serial no. I think one company asked for purchase receipt. There was nothing said about where it was purchased. There was however a limit on the value of the bike they were willing to insure that varied depending on the insurer.


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    #3
    aFlabbyPanda
    Registered Users Posts: 1,985 ✭✭✭aFlabbyPanda


    I use bicycleinsurance.ie but I've not had to claim (touch wood) and they never asked me where I bought the bike etc. I had my bike on my house insurance and did make a claim which ruined my premium, it wasn't worth it in the end.


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    #4
    AlreadyHome
    Registered Users Posts: 136 ✭✭AlreadyHome


    How much (roughly) is annual cover on a bike? Presumably this goes up if you're racing?


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    #5
    aFlabbyPanda
    Registered Users Posts: 1,985 ✭✭✭aFlabbyPanda


    They have a calculator on the website.


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    #6
    tomasrojo
    Registered Users Posts: 11,769 ✭✭✭✭tomasrojo


    It depends on how expensive your bike is, but Richard's Bicycle Book (I think) used to recommend an alternative of putting the money you would spend on insurance into a 30-day-notice account instead. If you use good locks and good strategies, you'd have a good chance of saving in a reasonable time what the insurance people would pay out anyway.

    If you have a very expensive bike, maybe you won't save that target in a reasonable time.


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    #7
    AlreadyHome
    Registered Users Posts: 136 ✭✭AlreadyHome


    tomasrojo wrote: »
    It depends on how expensive your bike is, but Richard's Bicycle Book (I think) used to recommend an alternative of putting the money you would spend on insurance into a 30-day-notice account instead. If you use good locks and good strategies, you'd have a good chance of saving in a reasonable time what the insurance people would pay out anyway.

    If you have a very expensive bike, maybe you won't save that target in a reasonable time.

    No specific mention of racing on the website, though 'road bike' is separate category to 'leisure' so might be under that.

    Giving me a quote of €103 a year. That's a fair few years before I reach my value...(that's 12-13 years of cover costs for a value between €1,000-€1,500)


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    #8
    tomasrojo
    Registered Users Posts: 11,769 ✭✭✭✭tomasrojo


    AlreadyHome wrote: »
    No specific mention of racing on the website, though 'road bike' is separate category to 'leisure' so might be under that.

    Giving me a quote of €103 a year. That's a fair few years before I reach my value...(that's 12-13 years of cover costs for a value between €1,000-€1,500)

    Yes, the idea might have less relevance these days. At the time the book came out it was very hard to get insurers to actually ever pay out.


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    #9
    ted1
    Registered Users Posts: 23,538 ✭✭✭✭ted1


    I listed mine on the house policy, 1200 for 23 euro covered outside of home, only asked for make and model


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    #10
    ford2600
    Closed Accounts Posts: 4,457 ✭✭✭ford2600


    AlreadyHome wrote: »
    No specific mention of racing on the website, though 'road bike' is separate category to 'leisure' so might be under that.

    Giving me a quote of €103 a year. That's a fair few years before I reach my value...(that's 12-13 years of cover costs for a value between €1,000-€1,500)

    Take a new €1000 bike, the day you buy that it's real value is now €700 ballpark.

    You need to check with insurance company on how they calculate depreciation of bike; I doubt they will give you €1000 at year 5.

    You might also want to check what excess is payable. Will they pay if bike is taken while unlocked?

    On house insurance if you do ever have to claim be sure to inform your next insurer of that claim. What you don't want is a invalid policy on failure to disclose if house is flooded/subsidence/fire damage etc.

    In an ideal world there would be no need for small print but in such a world the idea of insurance would not have been conceived


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    #11
    Chuchote
    Closed Accounts Posts: 5,368 ✭✭✭Chuchote


    On the other hand, if you bought €700 worth of Prize Bonds, you'd have the money saved, be investing in the government, and have the possibility of winning €1m (or more likely €50), and you could cash in the bonds any time you needed them.


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    #12
    tomasrojo
    Registered Users Posts: 11,769 ✭✭✭✭tomasrojo


    I used to have a few hundred quids' worth of prize bonds. I never won anything, not a cent; and all that value was eroded by inflation over time. But that's the nature of lotteries; no guarantees, and I could have won plenty of prizes in an alternative universe. (But not very likely, if the UK equivalent is anything to go by). Also, almost nothing pays decent interest now, except maybe bonds where you lock up your money for a few years.

    Apparently if you have a lot of money, prize bonds actually can give you a reasonable return.

    Good point about the depreciation. With Richard's Bicycle Book method, you'd have a guaranteed fund of over five hundred euro after five years (you could spend this on updating your dog-murdering equipment, if you liked), which might be more than the insurance would pay out. Not much use if your bike is stolen at the end of year one though.


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    #13
    Chuchote
    Closed Accounts Posts: 5,368 ✭✭✭Chuchote


    tomasrojo wrote: »
    I used to have a few hundred quids' worth of prize bonds. I never won anything, not a cent; and all that value was eroded by inflation over time. But that's the nature of lotteries; no guarantees, and I could have won plenty of prizes in an alternative universe. (But not very likely, if the UK equivalent is anything to go by). Also, almost nothing pays decent interest now, except maybe bonds where you lock up your money for a few years.

    But you can cash in your prize bonds. It's like saving, without interest (unless you win, which I have a few times. (€75, or €50 when they lowered the prizes, the bollockses.)


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    #14
    tomasrojo
    Registered Users Posts: 11,769 ✭✭✭✭tomasrojo


    Chuchote wrote: »
    But you can cash in your prize bonds. It's like saving, without interest (unless you win, which I have a few times. (€75, or €50 when they lowered the prizes, the bollockses.)

    Oh yeah, I did cash them in. Saving without interest means erosion of value, as inflation is raising prices of everything as your savings remain stagnant. Unless you win quite a lot of prizes.


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