Over current years, Brexit and inflation have mixed to ship new bike costs hovering. For instance, we acquired a cycle insurance coverage declare final month from a buyer who had paid £7,000 for the bike a 12 months earlier than. The very same specification bike at the moment will set you again whopping £9,000.
With costs so unstable, how ought to I worth my bike for insurance coverage?
Over-insure your bicycle and also you’ll be paying an excessive amount of in your premium. Beneath-insure the identical bike and never solely will you be out of pocket if it will get pinched, however within the case of a declare for unintended harm, it’s possible you’ll be penalised.
While you come to resume your cycle insurance coverage, test how a lot you’d want to switch your bike and don’t overlook to account for inflation.
To complicate issues, it’s not simply the retail value of bikes that modifications from 12 months to 12 months – specs change and fashions are discontinued.
If it sounds complicated, it’s as a result of it’s. Please really feel to get in contact if in case you have any questions.
Getting an insurance coverage valuation for my bicycle
While you insure a bicycle you’ll usually be requested its alternative worth. If it’s model new, you’ll have a receipt. Nonetheless, that’s not at all times the case with a second-hand bike.
If the bike you’re seeking to insure is discontinued, your native bike store can level you in the direction of the at the moment’s equal mannequin. We settle for a valuation from a VAT-registered bike store as a proof of possession.
‘New for outdated’ cycle insurance coverage? Verify the small print
Some cycle insurance coverage suppliers boast about changing stolen bicycles on a new-for-old foundation, however learn the small print and also you quickly uncover the promise falls quick. In case your bike is a couple of years outdated when stolen, you obtain solely a fraction of its insured worth. Right here at ETA cycle insurance coverage, we don’t suppose that’s proper and it’s the rationale we’ve by no means devalued bikes in that means – regardless of their age.
Are all cycle insurance coverage suppliers the identical?
In case you do a fast back-to-back comparability it could actually actually appear that means, however the satan is within the element. The other ways insurers interpret the time period ‘new for outdated’ is an efficient instance. For our half, we do all we are able to to supply a clear and honest service. In any case, the ETA judged to be the UK’s most moral supplier by the Good Buying Information and we now have an envious ranking on Trustpilot.
The moral alternative
The ETA was established in 1990 as an moral supplier of inexperienced, dependable journey companies. Over 30 years on, we proceed to supply cycle insurance coverage , breakdown cowl and mobility scooter insurance coverage whereas placing concern for the atmosphere on the coronary heart of all we do.
The Good Buying Information judges us to be the UK’s most moral supplier.
