Insurance Companies, Policies and Tips
Note: The mention of any insurance organisation on this page should not be taken as an endorsement of their product or service; it is provided in good faith and to promote insurers that value good quality security products. Please mention our products if you contact any of these companies.
High value items often come with high insurance premiums but you can offset that by using decent security measures and dealing with some of the more enlightened insurers that offer discounts or other incentives. Insurers often refuse to provide cover at all if you do not employ security measures on an item that is very attractive to thieves.
Important Note: Don't rely on anything we are saying here in terms of how a specific insurer behaves - Always check with the insurer direct.
Remember: You must use your security products; the night you don't bother could be the night the thief visits!
Insurers: If you would like your insurance organisation to be included in this list or if you have any updates to the description we have of your service, please contact us and provide details of any discounts/incentives that you offer to users of Sold Secure-approved security products.
(This information was last updated on 13-Sep-2013. Again, you should always check with your insurer to be sure you have the latest information.)
CTC Cyclecover provides bicycle insurance through Butterworth Insurance Services. Notably, they offer new-for-old cover and recommend that bikes are insured for the full replacement value, including accessories and a Sold Secure-approved locking device. Their security requirements insist on Sold Secure accreditation and make the distinction that the lock must be currently-approved at the time of a claim. Hence, if you are using a lock/chain that was previously approved but isn't any more, you will be in a grey area that may give them the option to refuse a claim.
Cycleguard offer a wide range of specialist policies for cyclists, including for higher-value bikes, for children, and road-traffic-only, amongst several variations. They require Sold Secure approved security at a level that is appropriate for the value of the bike, and (very sensibly) they defer to the definitive list of approved products on the Sold Secure web site, as all insurers should. They also spell out their policy requirements in several of the grey areas such as if you need to lock your bike when you're on holiday or at work/college.
Endsleigh offer bicycle insurance up to a maximum value of £1,500, requiring locks from their approved list, which includes the Torc ground anchor and some of our Protector chains. This list is years out of date, though, and there is no mention of Sold Secure having the definitive list.
The ETA offer bicycle insurance, again requiring Sold Secure approved locks at an appropriate level. They rely on the latest approval information on the Sold Secure web site, which is good. Surprisingly, they don't appear to recommend that you use any physical security other than keeping a bike out of sight when it's at home. We regard this as bad advice that is likely to get a lot of bikes stolen (most bikes are stolen from homes!).
Equine and Leisure provide bicycle, caravan & trailer insurance and also endorse Sold Secure-approved security products. They have graded security requirements for different item values, and they have a list that is pretty up to date but recommend checking with the definitive list on the Sold Secure web site, which is what all insurers should do.
Evans Cycle Insurance again requires current Sold Secure approved locks of an appropriate level and for them to be used to secure the frame of the bike to an immovable object. They offer optional public liability cover and detail requirements when bikes are stored inside vehicles and when abroad, which is all good.
Yellow Jersey Cycle Insurance are specialists in bicycle, including race bicycle, multi-bike and electric cycle insurance. They have a refreshingly helpful approach, with a straightforward attitude to security. They have acknowledged it is unfortunate that their current (2015) policy wording presently excludes the use of our Shed Shackle product in wooden sheds as they favour concrete-mounted ground anchors, but it is nice that they provide guidance to door security and have a proactive and reasonable attitude to such things. We are pleased they have listened to our suggestions and have responded very promptly, where their policy wording allows. If only all insurers were so helpful!
The view, for example, from motorcycle insurer BikeTeam Insurance is that most insurers will look kindly on a Sold Secure-approved ground anchor/lock/chain combination in terms of premium discounts; in many instances decent physical security can be the decisive factor when considering whether to offer cover at all. The general common sense view is that an individual displaying the intention to look after their bike and apply security measures presents a considerably better risk than someone who doesn't bother. BikeTeam also give significant discounts to riders with advanced riding qualifications, including BikeSafe and RoSPA.
Bennetts give discounts on Sold Secure-approved security devices, including ours. They appear to be competitive and are also sufficiently enlightened to recognise advanced riding qualifications too. These are all good things for insurers to encourage. However, their approved lock list appears to be years out of date and they don't seem to respond to queries regarding this, which you would think would be a priority topic for them.
Carole Nash also have an obsolete list of approved security devices, unfortunately, but it does include several of our products. They don't appear to give any recommendation to check with the latest information on the Sold Secure web site. They said: "You should maximise your security. Discounts are not offered by some underwriters and where they are offered, they may not be cumulative if you install several deterrents, but saving your no claims and protecting your property are still worthwhile."
eBike Insurance claim to give discounts on Sold Secure-approved security devices, including ours. eBike Insurance, however, appear to be using an obsolete list of approved products that includes many products that are no longer made and that have not been approved for years, and doesn't include many that are currently approved! For this reason, we are unable to recommend eBike Insurance. They also failed to respond to numerous questions from us and they have a Customer Service phone number that charges a high rate. All of this is a shame as they do also recognise some advanced riding qualifications.
Home, Business & General Insurers
The NFU Mutual are generally excellent insurers in our experience, but they don't provide specialist cover for bikes etc. However, they do cover a range of bicycle values on their home contents policy and this can often be a cheap way of getting good insurance at a resonable price! Higher-value items often have to be identified, though, so do check the requirements for your cover. More often associated with insuring farms and rural businesses, where they are very good, NFU Mutual often get very high customer satisfaction ratings across several other types of insurance and we echo this from our personal experience, with several policies with them ourselves.