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.
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 such as the Torc ground anchor 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 and eBike Insurance both give discounts on Sold Secure-approved security devices, including the Torc ground anchor and Protector chains. They both appear to be very competitive and are also sufficiently enlightened to recognise advanced riding qualifications too. These are all good things for insurers to encourage.
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.
Endsleigh offer bicycle insurance, requiring locks from their approved list, which includes the Torc ground anchor and Protector chains.
The ETA offer bicycle insurance, again requiring Sold Secure approved locks at Bicycle Silver or Gold level. Their sample list of approved locks seems very incomplete and we have advised them of this (February 2010).
Equine and Leisure provide bicycle, caravan & trailer insurance and also endorse Sold Secure-approved security, including the Torc ground anchor. They have graded security requirements for different item values, with the Torc ground anchor being in their highest category. (In February 2010, their approved locks list was some way out of date and we have pointed this out to them.)
Evans Cycle Insurance is oriented toward Evans' customers, again requiring Sold Secure approved locks. They offer optional public liability cover and new for old, but for newer bikes only (otherwise a depreciation allowance is applied).
Carole Nash similarly recommend fitting Sold Secure approved ground anchors (including our Torc ground anchor) in conjunction with similarly approved locks and chains and also the use of an alarm. "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." Carole Nash seem to prefer Thatcham-approved security products, which we would disagree with in the case of physical security, but would support for alarms and immobilisers.
Bakers of Cheltenham are a specialist caravan insurance organisation that offer policy discounts to users of Sold Secure-approved ground anchor/lock/chain products. (The Torc Ground Anchor is Sold Secure Gold approved for caravans as well as in all other categories.)
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, please contact us with details of any discounts/incentives that you offer to users of Sold Secure-approved security products.