Insuring a Bike bought through 'Cycle to Work' Scheme

I'm about to buy a bike through the 'Cycle to Work' scheme. My
employer's company made it clear that I don't own it but am hiring it
for the year. They've also said that it's my duty to insure it.

Trouble is - insurance companies are generally pretty unhelpful about
insuring things you don't own. I'm reluctant to call my contents
insurance company (Bradford & BIngley) & ask them as it'll probably be
recorded somewhere.

Anyone been through this already?

Michael

On 9 Feb, 22:04, wrote:
I'm about to buy a bike through the 'Cycle to Work' scheme. *My
employer's company made it clear that I don't own it but am hiring it
for the year. *They've also said that it's my duty to insure it.

Trouble is - insurance companies are generally pretty unhelpful about
insuring things you don't own. *I'm reluctant to call my contents
insurance company (Bradford & BIngley) & ask them as it'll probably be
recorded somewhere.

What do your employers suggest you do instead then? They can hardly
expect you to insure something when to do so is impossible. You have
asked them?

Alternatively you arrange the insurance on behalf of your employers
and you pay the premium (ie you find a specific bicycle insurance
scheme and do not involve your house insurance).

Or you just don't tell the insurance company that you don't actually
own it.

didds

writes:

I'm about to buy a bike through the 'Cycle to Work' scheme. My
employer's company made it clear that I don't own it but am hiring it
for the year. They've also said that it's my duty to insure it.

Are they actually requiring that you have insurance, or requiring that
you're responsible for replacing it if it's lost/stolen?

What have other people done? Or are you the first person to take
advantage of your employer's scheme?

On Tue, 10 Feb 2009, Paul Rudin wrote:
writes:

I'm about to buy a bike through the 'Cycle to Work' scheme. My
employer's company made it clear that I don't own it but am hiring it
for the year. They've also said that it's my duty to insure it.

Are they actually requiring that you have insurance, or requiring that
you're responsible for replacing it if it's lost/stolen?

What have other people done? Or are you the first person to take
advantage of your employer's scheme?

The scheme my company runs requires people to insure the bike. I've
previously tried to get this changed (the agreement the employee
signs already says that the employee recognises they are responsible
for the bike and will have to continue with the salary sacrifice to
its conclusion even if the bike is stolen before then).

However, I'm not aware of the insurance requirement having caused
anyone any difficulties. I might ask around (with the caveat that it
might be difficult to get a straight answer in cases of employees
thinking I'm trying to check up on whether they've complied with the
agreement).

regards, Ian SMith
--
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On Feb 10, 9:58*am, Ian Smith wrote:
*I might ask around (with the caveat that it might be difficult to get
a straight answer in cases of employees
thinking I'm trying to check up on whether they've complied with the agreement).


I'd be interested to know how people have got on with their insurance
companies. In response to the other points above:

- The scheme (cyclescheme.co.uk) requires me to insure it during the
hire period.
- Apart from saying that it's my responsibility to insure the bike my
company hasn't said anything. They're not going to be very
interested if it costs me twice as much - as long as they're covered.
- Colleagues I've spoken to haven't really looked into it, generally
they've just carried on with whatever they did before.

Michael

On Mon, 9 Feb 2009 14:04:38 -0800 (PST),
wrote:

I'm about to buy a bike through the 'Cycle to Work' scheme. My
employer's company made it clear that I don't own it but am hiring it
for the year. They've also said that it's my duty to insure it.

Trouble is - insurance companies are generally pretty unhelpful about
insuring things you don't own. I'm reluctant to call my contents
insurance company (Bradford & BIngley) & ask them as it'll probably be
recorded somewhere.

Anyone been through this already?


Does one have to own something to insure it? In the days when
practically everyone rented their television was it not covered?

No time now but I'll read my household contents cover later.

wrote in message
...
I'm about to buy a bike through the 'Cycle to Work' scheme. My
employer's company made it clear that I don't own it but am hiring it
for the year. They've also said that it's my duty to insure it.

Trouble is - insurance companies are generally pretty unhelpful about
insuring things you don't own. I'm reluctant to call my contents
insurance company (Bradford & BIngley) & ask them as it'll probably be
recorded somewhere.

What's the problem with contacting the B&B?
You will have to get some cover somewhere so I don't see there's a problem
with asking the B&B for a quote on the basis of it being under hire.

My own insurance schedule makes it clear that it covers things that are
'belonging' to me, it's not clear that this means only things I 'own'
outright.

Other insurers exist of course.

On Feb 10, 12:20*pm, "OG" wrote:

What's the problem with contacting the B&B?
You will have to get some cover somewhere so I don't see there's a problem
with asking the B&B for a quote on the basis of it being under hire.


The problem with contacting an insurance company & asking them a
question is that they have a tendency to re-use that info later. For
example - someone I know had an accident, contacted their insurer to
ask what the excess was & how it might affect next year's renewal and
then decided not to claim. However their renewal was increased for
the accident anyway, even though they hadn't claimed. Yes - I
understand that this isn't the same, but it means I'm reluctant to ask
them a 'what if' question.

In terms of whether you have to own something to insure it - I lived
in a rented flat a few years ago & the landlord stipulated that we had
to insure all of the contents (including the furniture, which was
his). It was really hard to find insurance, because most companies
wouldn't insure things that we, as policyholders, didn't own.
Ultimately this made the insurance a lot more expensive.

M

wrote:
On Feb 10, 12:20 pm, "OG" wrote:


What's the problem with contacting the B&B?
You will have to get some cover somewhere so I don't see there's a problem
with asking the B&B for a quote on the basis of it being under hire.



The problem with contacting an insurance company & asking them a
question is that they have a tendency to re-use that info later. For
example - someone I know had an accident, contacted their insurer to
ask what the excess was & how it might affect next year's renewal and
then decided not to claim. However their renewal was increased for
the accident anyway, even though they hadn't claimed. Yes - I
understand that this isn't the same, but it means I'm reluctant to ask
them a 'what if' question.

Reporting accidents is a contractual requirement on policyholders anyway
- failing to do so would invaldate their insurance totally; whether the
insurance co was justified in increasing the renewal premium is another
matter.
Do you know whether the incresed price at renewal was because of a
premium load or did they cut the No Claims Discount? If the latter, did
they go back to the insurer to query the action?

In terms of whether you have to own something to insure it - I lived
in a rented flat a few years ago & the landlord stipulated that we had
to insure all of the contents (including the furniture, which was
his). It was really hard to find insurance, because most companies
wouldn't insure things that we, as policyholders, didn't own.
Ultimately this made the insurance a lot more expensive.

Yes, that may be a problem, though there do seem to be contents policies
for tenants available.

On Tue, 10 Feb 2009 11:13:02 +0000, Peter Grange
wrote:

On Mon, 9 Feb 2009 14:04:38 -0800 (PST),
wrote:

I'm about to buy a bike through the 'Cycle to Work' scheme. My
employer's company made it clear that I don't own it but am hiring it
for the year. They've also said that it's my duty to insure it.

Trouble is - insurance companies are generally pretty unhelpful about
insuring things you don't own. I'm reluctant to call my contents
insurance company (Bradford & BIngley) & ask them as it'll probably be
recorded somewhere.

Anyone been through this already?


Does one have to own something to insure it? In the days when
practically everyone rented their television was it not covered?

No time now but I'll read my household contents cover later.

I read my policy(Halifax). It says "... property ... owned by any of
your family, or for which they are legally responsible".

I don't know if that helps, I don't know whether I would be legally
responsible for such a bike or not. If it was me, I'd phone the
insurance company. Even if they keep a record of the call, they're
only telling you whether you're covered or not.

Good luck!