From another forum...
Lesson learned: always double-check the small print.
If you've taken out a cycle insurance policy with a so-called 'specialist' provider, you may find out that you're not covered for theft of parts. So if someone comes and strips your locked bike, leaving the frame and back wheel behind, you're screwed.
Quotes from a poster called Ecuse, on an Urban75 thread about bike insurance companies:
Later on in the cycle insurance thread…“I am insured with Cycleguard but recently had my bike stripped and they are not paying out - I’m totally disgusted.
Was locked with D-lock (approved) and a good cable lock round the wheels (over and above their requirements). Thieves cut the cable and stole both wheels, saddle, handlebars, gears and chain. I literally have frame and pedals left.
Cycleguard aren’t paying out because apparently in the small print it says they don’t pay out for theft of parts, unless the “whole bike” is stolen. It’s my contention that they effectively *have* stolen the whole bike but it’s not an argument I’m expecting to win to be honest.
Am I the only person who is unaware of this caveat in bike insurance? It strikes me as such an obvious thing to *expect* to be covered by specialist bike insurance that if they’re *not* going to cover it they need to put it in big black letters up front somewhere. I mean, seriously - the cost of replacing the spare parts is more than the cost of my bike (which is only 4 months old). How can any self-respecting bike insurance company not cover that?”
Unfortunately I’m insured by cycleguard. The reason I went with cycleguard is because I don’t have house contents insurance, so I had to get seperate cycle insurance.“ After my fiasco with Cycleguard I have insured my new bike (which we had to pay for ourselves) as an added extra on my contents insurance (with More Th>n). I asked them if theft of parts (wheels, handlebars…) would be covered and they said “of course!” - they don’t even need an approved lock. How is it that you get so much more helpful and comprehensive and good value cover from your contents insurance than from a specialist bike provider?
Cycleguard are bastards … spread the word!”
Cycleguard claim to be "one of the best bicycle insurerance providers in the UK", that their "full bicycle insurance" policy is "ideal for leisure, competitive or commuter use". Which is blatantly a lie - they won't pay out if your bike gets stripped, so how is the policy anywhere close to ideal?
I too missed that little caveat in cycleguard's small print. It’s now too late for me to cancel my bike insurance because it’s been over 28 days since I started the policy.
What sort of bicycle insurer wouldn’t cover theft of parts? How they can call themselves a specialist cycle insurance company is beyond my comprehension. They’re a disgrace. Avoid them at all costs - they’re not worth a penny of your money.
Get your bike insured on your house insurance if you have house insurance, or go with a different cycle insurer…
… and make sure you read and re-read all of the small print.