Thorn Cycles Forum

Miscellaneous => Insurance => Topic started by: dereksheph on April 26, 2017, 09:36:15 PM

Title: Too good to be true ??
Post by: dereksheph on April 26, 2017, 09:36:15 PM
Evening all ! I am planning the Big One this year  - leaving Scotland in July for a round the world trip with my partner on our Nomda Mk IIs. Lots of prep obviously with many ideas, decisions, rethinks, discussions, loads of geeking the interweb and talking to friends old and new. And still no definite route or schedule.... which is how we want it.
So the inevitable bike insurance questions have arisen and much soul searching has ensued. On a suggestion, we contacted TSB bank and asked about their "Bike" insurance and here's the deal.... 12 months renewable from abroad. Theft, loss or damage of bike or attached accesories up to a value of £3500. Anywhere in the world. No lock-specific conditions. No need to be a TSB customer or have an account. I'm a 54year old teacher as is my partner and I live in Elgin, Moray. Total coast for me : £27.30 Linda gets the same deal for free!!
So, both bikes at  £3500 each, for £27.30. This quote is guaranteed for 90 days from today and I got the offer confirmed by email and a paper copy being sent. There's no small print issues that I can se so far.
Thought I'd share this to see if anyone else has seen this/used it or heard anything negative about it? The price really surprised me as I have been looking at way WAY higher prices for similar.
As always, any comments will be much appreciated.
D:)
Title: Re: Too good to be true ??
Post by: John Saxby on April 26, 2017, 10:51:21 PM
Good news, Derek!

I have a comparable arrangement with the insurance co-op here in Canada (The Cooperators) with which we have insured our house & car.  My Raven is included on our house insurance, as a specified personal item. The numbers are slightly different, and not as good as yours: CAD71 annually, for an insured value of CAD4500.

£27.30 per bike is a good price to pay for some peace of mind :-)

Title: Re: Too good to be true ??
Post by: StuntPilot on April 27, 2017, 11:42:28 AM
WoW! Too good to be true indeed. Then maybe it probably is? Is it not just the additional price to an existing TSB Home Policy? When you click on the terms and conditions it brings up the whole home policy.

I have never insured my Raven Tour while touring. It never leaves my sight and if it does, a wheel lock with the associated chain and a second lock for the front has been my insurance. Also getting someone to watch the bike. With two of you it would be even easier for one to stay with the bikes while the other does the shopping for example.

Tom Allen has a good article on security in general, including his thoughts on bike insurance, while touring.

http://tomsbiketrip.com/how-to-stay-safe-secure-on-a-cycle-tour-of-any-length/
Title: Re: Too good to be true ??
Post by: energyman on April 27, 2017, 06:51:05 PM
Discovered that TSB deal last year.  Amazing, I had to ring TSB to check that it wasn't a spoof website.
Initially I just took out a bikes policy (£15) then when Home/Contents came up for renewal I did them through TSB too.  Got an excellent price
However try insuring an electric bike then the chickens come home.
[This was explained by a retired insurance broker who said that anything new always attracts a bigger premium until more data is gathered.]

{Not trying to be an advert for TSB :) }
Title: Re: Too good to be true ??
Post by: rualexander on April 27, 2017, 09:58:12 PM
Thanks for the heads up dereksheph, good deal indeed.
Just taken out a policy for my bikes, £2000 cover for £3.22 monthly direct debit (£38.61 annually), must live in a dodgier area than you though!
Something else worth mentioning is that it includes £2million third party liability insurance worldwide while using your bike.
Title: Re: Too good to be true ??
Post by: DAntrim on April 28, 2017, 11:47:23 PM
Very nice deal indeed, price is way lower than any other I've been quoted.

Phoned them up to confirm the locks required when away from home and ask if home insurance is required, which it isn't. Surprisingly they do not specify a specific type of lock, only condition is that if the bike is left unattended outside, then it must be locked to an imovable object.
Title: Re: Too good to be true ??
Post by: Tiberius on April 29, 2017, 01:49:37 PM
I’ve just generated a hypothetical quote to cover my bikes.

Interestingly, £2000 max/£2500 max/£3000 max/£3500 max all generated the same premium of £33.52. It was only when I input a maximum of £1500 that the quoted price dropped to £27.50. So if you’ve got a bike worth over £1500 it would APPEAR that you might as well just go to the £3500 level (belt and braces). It would also APPEAR that whatever the value of your bike, the excess is always £100.

Has anyone here ever bought any TSB insurance product and made a claim ? Experience, good/bad ?

The original question was ‘Too good to be true’ ??….I’m GUESSING that no-one reading this thread has made a claim on this policy, and until someone does…….we will keep asking the question.
Title: Re: Too good to be true ??
Post by: rualexander on April 29, 2017, 02:17:01 PM
It would also APPEAR that whatever the value of your bike, the excess is always £100.


I was given a range of options for the excess, between £50 and £300 I think, but the final premium only varied by about £5 per annum depending on the chosen excess so I chose the £50 excess.
Title: Re: Too good to be true ??
Post by: Tiberius on April 30, 2017, 07:09:31 AM
I was given a range of options for the excess, between £50 and £300 I think, but the final premium only varied by about £5 per annum depending on the chosen excess so I chose the £50 excess.

You are correct Sir. :)

i just had another 'play' and on £3,500 of cover I could alter the excess from £50 to £200....the premium altered by around £3.00





Title: Re: Too good to be true ??
Post by: dereksheph on May 01, 2017, 02:14:50 PM
I've gone for the deal. Like many, I usually rely on good old "in plain sight" and "USE YOUR COMMON SENSE" when it comes to security issues but I'm reckoning that for £30 odd quid, it's a wee bit of extra peace of mind. And, in the great scheme of prepping for a RTW trip, it's not a whole lot of money.As you kindly pointed out, it also comes with £2,000,000 liability cover which when added to my CTC personal liability cover , my health insurance personal liability cover etc, I could probably go completely medieval mid Aleppo and still be covered.
Time will tell if TSB are as attractive when it comes to a claim but then the same can be said for many....
Thanks to all who posted.
Title: Re: Too good to be true ??
Post by: RMurphy195 on August 07, 2017, 11:09:41 AM
Just come across this and got a quote. Only one real question is - I carry my bike in/on my car. Anyone know if this counts as an immovable object? (Can't see it in T & C)
Title: Re: Too good to be true ??
Post by: Tiberius on August 07, 2017, 01:24:31 PM
Just come across this and got a quote. Only one real question is - I carry my bike in/on my car. Anyone know if this counts as an immovable object? (Can't see it in T & C)

If it was me I would forget gathering OPINIONS here. I would ring the TSB and ask...0345 030 8778
Title: Re: Too good to be true ??
Post by: sd on November 06, 2017, 09:10:16 AM
Just come across this and got a quote. Only one real question is - I carry my bike in/on my car. Anyone know if this counts as an immovable object? (Can't see it in T & C)

If it was me I would forget gathering OPINIONS here. I would ring the TSB and ask...0345 030 8778
And record the answer.  I have an app on my phone called "Record My Call" It records all incoming and outgoing calls automatically.
Title: Re: Too good to be true ??
Post by: sd on November 14, 2017, 01:38:09 PM
Evening all ! I am planning the Big One this year  - leaving Scotland in July for a round the world trip with my partner on our Nomda Mk IIs. Lots of prep obviously with many ideas, decisions, rethinks, discussions, loads of geeking the interweb and talking to friends old and new. And still no definite route or schedule.... which is how we want it.
So the inevitable bike insurance questions have arisen and much soul searching has ensued. On a suggestion, we contacted TSB bank and asked about their "Bike" insurance and here's the deal.... 12 months renewable from abroad. Theft, loss or damage of bike or attached accesories up to a value of £3500. Anywhere in the world. No lock-specific conditions. No need to be a TSB customer or have an account. I'm a 54year old teacher as is my partner and I live in Elgin, Moray. Total coast for me : £27.30 Linda gets the same deal for free!!
So, both bikes at  £3500 each, for £27.30. This quote is guaranteed for 90 days from today and I got the offer confirmed by email and a paper copy being sent. There's no small print issues that I can se so far.
Thought I'd share this to see if anyone else has seen this/used it or heard anything negative about it? The price really surprised me as I have been looking at way WAY higher prices for similar.
As always, any comments will be much appreciated.
D:)
just as a matter of interest do you have to specify the bike. I have two Rohloff equipped bikes but I can only ride one at a time. I would like to insure them away from home but normally to expensive. As I live on Lincolnshire Wolds not known for thieving the prices always seem extortionant.
Title: Re: Too good to be true ??
Post by: PH on November 14, 2017, 02:24:54 PM
Maybe it's my postcode, I've just been quoted £86 for a bike valued at £3,200 :'(
Title: Re: Too good to be true ??
Post by: sd on November 14, 2017, 07:44:03 PM
Maybe it's my postcode, I've just been quoted £86 for a bike valued at £3,200 :'(
Libya?
Title: Re: Too good to be true ??
Post by: PH on November 15, 2017, 04:47:16 PM
Maybe it's my postcode, I've just been quoted £86 for a bike valued at £3,200 :'(
Libya?
Ha, couple of miles outside Derby city centre, not a particularly affluent area but not high crime either.
Title: Re: Too good to be true ??
Post by: sd on January 24, 2018, 10:14:15 PM
£28 for me. Up to £3500 home or away (rest of world included) but it include all my bikes? The lady I was talking to seemed to be saying no matter how many bikes I had?. Awaiting documents. Insurance going well at the moment Springer Spaniel insured for £8.?? A month £4,500 worth of treatment. Was £1500 for the same price with.....the same insurance company, albeit under another name.
Title: Re: Too good to be true ??
Post by: energyman on May 24, 2018, 02:15:44 PM
For UK people only ! (sorry)
I've said it before and I'll say it again.  Try TSB "Pick & Protect" for cycle insurance - it's amazing !
Lovely cycling weather at the moment, long may it last. I know it won't but then I'm an optimist.
Title: Re: Too good to be true ??
Post by: pavel on May 26, 2018, 05:12:45 AM
Just come across this and got a quote. Only one real question is - I carry my bike in/on my car. Anyone know if this counts as an immovable object? (Can't see it in T & C)

If it was me I would forget gathering OPINIONS here. I would ring the TSB and ask...0345 030 8778
And record the answer.  I have an app on my phone called "Record My Call" It records all incoming and outgoing calls automatically.

I hope your software has a message stating "your call is being recorded ..." because without it ... it is  illegal to record a conversation in both Britain and the USA. It requires either one party consent or in some place all parties must consent ... and also to make public the contents of a illegal recording is a second offense under the law. Here in the States it is a Federal offense, so no joke whatsoever, though I don't know how serious the UK is about prosecution.
Title: Re: Too good to be true ??
Post by: pavel on May 26, 2018, 05:16:01 AM
I don't know, but an insurance policy is only as good as the company standing behind it, and a lot of the low ball price leaders are suspect to me.  Sure, they will take you money, but when it's time to pay, will they?  If they refuse, good luck trying to get what you thought was owed to you.  I tend to go by " if it seems too good to be true ..... ". 
Title: Re: Too good to be true ??
Post by: PH on May 27, 2018, 12:24:26 AM
I don't know, but an insurance policy is only as good as the company standing behind it.
This is true, but my (limited) experience of insurance companies is that the cost of the policy isn't always a good indicator of the level of service.  It can also be the case that a higher premium is paid for services or cover that isn't required.  I treat the policy as a contract, I'm looking for one that's clearly written so I understand what it is I'm being offered,  the TSB one is pretty good in that regard.   In the event of a claim the policy will be the determining factor, the level of service including communication and how knowledgeable and helpful thy are won't be known unless I use them.  It's likely that could vary depending on the individual dealing with the claim.
Title: Re: Too good to be true ??
Post by: pavel on June 16, 2018, 06:17:37 PM
I don't know, but an insurance policy is only as good as the company standing behind it.
This is true, but my (limited) experience of insurance companies is that the cost of the policy isn't always a good indicator of the level of service.  It can also be the case that a higher premium is paid for services or cover that isn't required.  I treat the policy as a contract, I'm looking for one that's clearly written so I understand what it is I'm being offered,  the TSB one is pretty good in that regard.   In the event of a claim the policy will be the determining factor, the level of service including communication and how knowledgeable and helpful thy are won't be known unless I use them.  It's likely that could vary depending on the individual dealing with the claim.

There I believe you are fully correct.

There is one other possible consideration here to consider.  If it is bundled under your house insurance, if you make a claim, how much will your house insurance rise?  I'd also ask for a list of exclusions, it's pretty amazing some of the conditions that can exist.  I had two Canon 1D's and several expensive lenses including a 300 f 2.8.  in my Miata trunk one day.  Total replacement costs were about 14 grand if I remember the ballpark figure properly.  There was a tremendous downpour one afternoon and the trunk got flooded.  By sheer chance the larger bag was saved because I had it on the spare tire in the trunk, which happened to be throw in after a repair a while earlier. ( good thing I procrastinate so much in life :) ) only one body and a 70-200 were toast.  But when I called the insurance company, ( (Allstate) with which I've had insurance since 92 for car, motorcycles, house and a rider for my camera gear - I found that it was not covered due to an exclusion.  I was told that under almost any other scenario, had I run it over, had it inside the car on the seat or near a water heater in the house which leaked, that I would be fine, but not in this one instance. Well that only cost me about $5000 bucks.  :(.

IN the nineties I studied and passed the state insurance exam.  Pretty tough course, mostly because of all the intricacies and also court case rulings of the past.

Since insurance is peace of mind, and since it is not understood by many, and the contract language is dense, I would not have peace of mind in a case as described above, in fact keeping in mind PH's comment, which is so true, I'd never have peace of mind to see a deal and jump in.  I would first have to call that companies broker and chat, as some specific questions and then repeat the same with at least two competitors.  The competitors would of course be pointed to the great deal and asked why they can't make the same offer.  Sometimes you get nothing useful from them back, but often they will tell you the "gotcha's" which may or may not be true.  It's a lot like dealing with a car salesman and then their finance manager.

I called around here in NC about insurance and got a very good quote from three companies.  Allstate's was best for that same reason, that we have everything under one roof.  My allstate agent is also a casual friend of mine.  He did call me back later and said that despite what was signed and the stated value, that it was a mistake and that he had discovered that the maximum payout on a bicycle here would always only be $1000 dollars.  That didn't make any sense.  When I called around again, happy to pay a higher premium for security, but this time pressing the other agents, one other said, yes, the rule is $1000 max for a bicycle. 

I hate to be a suspicious cynic, but I hate to be an in-tears sucker, even more.  The low prices quoted here make it a no brainer in my opinion, but in the case of the worst case, prying more into the details could make an impact on one's claim.  Details matter.  :) Oh, and always get a local police report of course.

I guess one last thought.  If the company did not ask for serial numbers for the bike and every item on it with one, and photographs for proof - I'd be doubly suspicious that all I have is a piece of paper.  :)