TSB Insurance

[PH]

I'me grateful to this thread for pointing me in the direction of TSB cycle insurance
http://thorncyclesforum.co.uk/index.php?topic=12382.0

We discussed in that thread the policy and the premiums but it isn't till you make a claim that you can get any idea of how good or bad it is. 
In the interests of research I crashed my bike so i could answer that question for you 
Like many, I chose on price, my premium is based on the of my most expensive bike (Thorn Mercury) and all other bikes kept at my address are automatically included, I live in whats rated as a mid risk urban area, my bikes are kept indoors. I chose the £200 excess and it currently costs £78 a year, paid DD monthly at no extra charge.
So, Accident on Monday.
Inform the insurers on Wednesday, only way to do so is by phone, I'd have preferred email. The call was straightforward, short wait, then some simple questions, they accepted the claim there and then. Told the valuation and settlement would be handled by a third party, BeValued, and that they would be in touch within two working days.
A few hours later got a call from BeValued, a short but clear explanation of the process, and my consent to open an online portal. I was told I'd need to upload any relevant documents, plus get a professional damage report and an estimate of the cost of repair or replacement. The person I was speaking to wasn't a cycle expert, though it didn't sound like that would be an issue.
Over the next few days I collected the required documents together and uploaded them, the website was simple to use. I had a damage report done by a local shop who are repair specialists, which I paid for, in the report they also quoted for the labour to swap parts. I had a quote from SJS for the parts. I also included some info on the bike and before and after photos.
I'd completed that by the weekend and sent them an email on Sunday saying I'd done so and asking if there was anything else required.
Received an email on Wednesday, offering to settle my claim in full, including the cost of the damage report and the labour (Minus the excess). I had to send my bank details and the money was paid in same day.

I'm very satisfied, it couldn't have been more straightforward, OK it wasn't a complex claim, but there was no question of alternatives or reduced value. The only thing that remains to be seen is what it'll do to the premium, I'll update this when I find out.

[energyman]

Oh that was excellent.  Sorry to hear about accident.
Like so many others I was wondering if the "cheap insurance" would have other repercussions.
I feel happier now.  Thanks.
(Quick pop to bike shed to take photos of all bikes ie in GOOD condition !)

[lewis noble]

Sorry to hear about your shunt, I'm sure most of us have either done that or had near misses . . . . . I nearly did a few months ago, tired, end of the day, head down instead of looking up . . . . .

Heavy braking ensued . . . . . .

Is the cycle insurance stand-alone with TSB?  or do you have to have the house insurance and / or bank account with them??  Been trying to get a quote as my insurance is due for renewal soon . . . .

Lewis

[leftpoole]

Sorry to hear about your shunt, I'm sure most of us have either done that or had near misses . . . . . I nearly did a few months ago, tired, end of the day, head down instead of looking up . . . . .

Heavy braking ensued . . . . . .

Is the cycle insurance stand-alone with TSB?  or do you have to have the house insurance and / or bank account with them??  Been trying to get a quote as my insurance is due for renewal soon . . . .

Lewis

Lewis,
I tried to get cover with TSB for 8 bikes. Refused cover.
John (no idea why and I have carried on with cover under my Household Policy with another company)

[lewis noble]

Thanks John . . . . .I will be doing some shopping around . . . . 

Lewis

[PH]

Is the cycle insurance stand-alone with TSB?  or do you have to have the house insurance and / or bank account with them??  Been trying to get a quote as my insurance is due for renewal soon . . . . Lewis

It's a stand alone policy, under the title "Pick & Protect"
I have since moved my household insurance to them, though they're still seperate.
I don't bank with TSB

[PH]

I tried to get cover with TSB for 8 bikes. Refused cover.
John (no idea why and I have carried on with cover under my Household Policy with another company)

That's a bit odd, was this recently?
They've never asked how many bikes I have, it's not on any of the forms and it's not limited by the policy,  The premium is based on the most expensive and all others in the household are covered.

[leftpoole]

I have been back. I made an error with my date of birth. I put 1850 for birth!
Please see more info further on in the thread.
John

[leftpoole]

As an update regarding the TSB insurance.
I have been insured for a number of years under my home Insurance with AXA. I have never had any reason to doubt the Policy.
For those interested and following this thread, my Household policy is due for renewal this month. I decided to read the whole policy documents and then see what TSB were offering as a comparison.
I have taken out a policy now with TSB with a Household contents policy much like my current (previous) one. However I have an add on policy with TSB for cycle cover. The complete policy including bicycles (all) is only £12 per annum less than my previous with AXA but includes damage which after reading the OP content I feel is worthwhile.
So thank you 'PH' I have just completed the Direct debit for my cover.
John

[PH]

So thank you 'PH' I have just completed the Direct debit for my cover.
John

You're welcome, let's hope you never need it.

[PH]

The only thing that remains to be seen is what it'll do to the premium, I'll update this when I find out.

Updating this as I said I would.
My claim earlier in the year didn't effect my premium at all, the claim is acknowledged on the renewal notice, but the premium has increased by just over 1% which i assume it would have anyway.  I have of course renewed!

[energyman]

That's good news.

[beeb]

This topic hasn't been visited in a while.

Thinking about taking out the TSB insurance as it seems like remarkably good value for money.

Just can't find anywhere the level of lock they expect you to use, or do they not define. Nor also the amount of time allowed for touring for cover to be valid?

Anyone know any more?

Thanks

[PH]

They don't specify locks, I tried to get a definitive answer when I was dealing with the accident claim last year, they were saying to use an appropriate lock, when pushed I was told for a bike of the value of mine I'd be expected to use one of the "better" locks.
I use a Sold Secure Gold rated D lock if I'm going to leave the bike out of site in an urban area, or a Sold Secure Silver chain lock when I'm not likely to leave it for long out of sight.
I asked myself what lock would I use if it wasn't insured? I hope it'll never come to it, but I'd argue that was appropriate, I think you'd have to use something pretty inadequate for them to claim it wasn't appropriate.
In your case with two bikes, I'd be tempted by a better chain, probably lighter than two D's for the same security and better locking possibilities.

Barclays have started offering a similar policy to the TSB one, where the premium is based on the most expensive bike.  When I ran an online quote it was even cheaper than the TSB!

[Rouleur834]

This topic hasn't been visited in a while.

Thinking about taking out the TSB insurance as it seems like remarkably good value for money.

Just can't find anywhere the level of lock they expect you to use, or do they not define. Nor also the amount of time allowed for touring for cover to be valid?

Anyone know any more?

Thanks

I took insurance with them a couple of months ago. Before doing so, I asked for clarification about locks. I was told that any lock would be sufficient as long as the bike was secured to an immovable object. I took that to mean something solid like concrete or metal. Not a plastic downpipe as I have often seen.