Author Topic: Too good to be true ??  (Read 744 times)

dereksheph

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Too good to be true ??
« 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:)

John Saxby

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Re: Too good to be true ??
« Reply #1 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 :-)


StuntPilot

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Re: Too good to be true ??
« Reply #2 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/

energyman

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Re: Too good to be true ??
« Reply #3 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 :) }
« Last Edit: April 27, 2017, 07:22:44 PM by energyman »

rualexander

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Re: Too good to be true ??
« Reply #4 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.

DAntrim

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Re: Too good to be true ??
« Reply #5 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.

Tiberius

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Re: Too good to be true ??
« Reply #6 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.

rualexander

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Re: Too good to be true ??
« Reply #7 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.

Tiberius

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Re: Too good to be true ??
« Reply #8 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






dereksheph

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Re: Too good to be true ??
« Reply #9 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.

RMurphy195

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Re: Too good to be true ??
« Reply #10 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)

Tiberius

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Re: Too good to be true ??
« Reply #11 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

sd

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Re: Too good to be true ??
« Reply #12 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.

sd

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Re: Too good to be true ??
« Reply #13 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.
« Last Edit: November 14, 2017, 07:46:02 PM by sd »

PH

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Re: Too good to be true ??
« Reply #14 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 :'(