Miscellaneous > Insurance

Too good to be true ??

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dereksheph:
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:
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:
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:
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 :) }

rualexander:
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.

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