Your Questions Answered
- Do you provide Legal Expenses Insurance?
Legal Expenses insurance is included in all of our pedal bike polices. We recognise that cyclists are vulnerable to accidents with third parties such as motor vehicles and thus this policy will help to recover amounts for injury or damages. Level of cover £100,000.
- Can I choose my own levels of cover?
Yes. Our policy provides “core cover” which covers the cycle against damage, theft, accessories cover, helmets & clothing and replacement cycle hire.
You can change these sums insured to suit your needs and add additional sections such as Public Liability and Sporting events.
- Can I insure more than one bicycle?
Yes, our policy can cover up to 10 cycles on one policy, you can also add additional family members if required.Please note we cannot cover additional riders that are under the age of 14.
- Will you make a deduction from a claim because of the age of my cycle?
We do not make deductions based on the age of any cycle.
You should insure your bicycle for the full recommended retailer’s price of a new replacement cycle, this will help ensure your sum insured is adequate.
- When will my cover start?
Your cover will start as soon as you pay your premium online, either in one lump sum or by instalments. However please note, cover cannot be backdated and you cannot claim for damage that has already occurred to your cycle.
- What types of cycles can you insure?
We can insure all types of Pedal Cycle that are used for pleasure use including, commuting, touring and sportives. We can also supply a competitive use extension if required.
We cannot however cover cycles that are used for business purposes, such as those use to carry goods for delivery or couriers or used as taxis. We also cannot cover professional cyclists.
- Is a pedal bike insurance included in your home insurance quote?
Possibly, you should check with your home insurance provider as well as the scope of the cover they are offering. You can then compare the cover on offer with that you can obtain from Assetsure.
- How much does pedal bike insurance cost?
The cost of your policy is dependent on a number of factors such as; the value of your bike, your age and where you live. Obtaining a bike insurance quotation from us is easy, we can usually indicate a premium online with these three simple pieces of information.
- Can I pay my bicycle insurance monthly?
Yes you can, and this option is available if you buy your policy online. Please be aware though that in the event of a claim, the full annual premium becomes payable.
- What if i'm not happy with my cycle policy?
We want you to be entirely satisfied with your Assetsure Cycle Insurance policy. We thus provide you with an extended cooling-off period. Most policies will allow a 14 day cooling-off period, we allow 30 days. If you change your mind within this period and you have not made a claim you can apply to us for a full refund of your premium.
- What if I’m not happy with my policy?
You are entitled to cancel your insurance within 30 days* of either the date you receive your policy of insurance or the start of the period of Insurance, whichever is the later, and receive a full premium refund. If you cancel after this date, we will refund any premium paid for the remaining period of Insurance providing that you have not made a claim during the current period of Insurance.
* Some of our policies have a 14 day rather than 30 day cooling off period
- Do you insure professional cyclists?
No, we see ourselves as an insurer of “Keen amateurs”riding for pleasure. We do however offer an extension for persons wanting to take part in competitions providing of course they are not taking part as a professional rider.
- Can I insure more than 1 cycle?
Yes, online we can insure up to 5 cycles, we will consider more but you will need to call our office on 0208 0033 190.
- What’s the maximum value of cycle you will accept?
Online we can insure a cycle of up to £12,500 depending on your circumstances and up to £15,000 for a combination of cycles. We will consider higher amounts but you will have to call our office on 0208 0033 190 to discuss
- Do I have to provide you with my cycle serial number?
No, although we think it is a good idea if you do so.
You should be aware that if you need to make a claim, we will require you to provide us with documentation or other evidence which clearly demonstrates ownership of the property and helps substantiate your claim, for example: original purchase receipts, bank or credit card statements, instruction booklets, photographs, the remains of the Approved Lock and/or the keys.
We will only ask for information relevant to your claim and we will pay for any reasonable expenses you incur in providing us with this information.
- Will the Legal Expenses Policy cover me if I am injured by a motorist?
Yes, cover is provided up to £100,000 but please be aware, the insurers will want to appoint a legal advisor of their choice and there must be a reasonable prospect of success.
- Can I use my cycle abroad?
Yes you can purchase the European extension and use your cycle in the European Union for up to 45 days in any one period of insurance. For the purpose of our insurance we also include Switzerland, Iceland, Norway, Monaco, Madeira, Gibraltar and Andorra.
If you want us to consider a longer period or you intend to travel further afield, give us a call on 0208 0033 190 and we’ll see what we can do.
- How much should I insure my cycle for?
It is very important to make sure your sum insured is accurate to ensure that we are able to replace your cycle. When new models are released, they often increase in price and thus you should check your sum insured annually to make sure they are adequate.
If you are in any doubt as to the new replacement cost, please consult your cycle dealer.
You should insure your cycle/components for their replacement cost as new, ignoring any discount you may have received as a "special offer" from the retailer or place of purchase.
Please read the following on how we will settle cycle claims.
We will repair, replace or pay for any lost or damaged Cycle, Accessories, and Helmets & Clothing on the following basis:
1. for any standard Cycle, Accessories, Helmets & Clothing the cost of repair or replacement as new;
2. for any discontinued Cycle, Accessories, Helmets & Clothing, the cost of repair or replacement with item(s) of a similar type or equivalent specification;
3. for any hybrid or composite Cycle, Accessories, Helmets & Clothing, where the parts have been individually purchased, we will pay the replacement cost of the individual components;
4. where We can repair or replace an item but You request and We agree to a cash settlement, We will only pay what it would cost Us to repair or replace the item through Our preferred suppliers; but in no event will We pay more than the Sums Insured shown in the Schedule or as limited below
Please note If, at the time of theft or damage, the amount Insured is less than 85% of the value of the Cycle, Accessories, Helmets & Clothing shown in the Schedule amount We pay will be reduced in the same proportion as the under insurance.
- Can I use my cycle for business purposes ?
No - We cannot cover cycles used for any trade or business purposes.
- How to make a complaint
We wish to provide all our customers with an excellent service but if you are unhappy in any way, details of how to make a complaint are contained within your summary of cover/ terms of business agreement and policy document. We sell policies that are arranged by both insurance companies and at Lloyd’s of London. There are different complaint procedures for insurers and Lloyd’s of London
If you are unsure of how to make a complaint, please contact us on
Telephone: 0207 305 5601
If your policy has been arranged at Lloyd’s of London and you remain dissatisfied with the response you receive from us, you may if you wish, refer your complaint to Lloyd’s. Lloyd’s will investigate the matter and provide a final response. Lloyd’s contact details are as follows:
Complaints Lloyd’s One Lime Street London EC3M 7HA
Email: firstname.lastname@example.org Telephone: +44 (0)20 7327 5693
Fax: +44 (0)20 7327 5225
Ultimately, should you remain dissatisfied with Lloyd’s final response, you may, if eligible, refer your complaint to the Financial Ombudsman Service (FOS). The Financial Ombudsman Service is an independent service in the UK for settling disputes between consumers and businesses providing financial services.
The FOS’s contact details are as follows: Financial Ombudsman Service Exchange Tower London E14 9SR
Telephone: +44 (0)300 123 9 123
European Online Dispute Resolution Service
We do recommend following the complaints procedure as outlined in your official documentation but If you have purchased any products from us online, or by other electronic means and within the European Union (EU) you may refer your complaint to the EU Online dispute Resolution (ODR) platform. Upon receipt of your complaint the ODR will escalate your complaint to your local dispute resolution service – this process is free and conducted entirely online.
EU on-line dispute resolution service. http://ec.europa.eu/odr.
- How will you settle my claim?
The most we will pay in total for each incident of loss is the amount insured which you choose when you take your policy out.
- How much should i insure my collection for?
You should insure you collection for the current market value
- Who will I be insured by ?
The Assetsure Collectables Insurance policy is underwritten at Lloyd’s of London
- When will I receive my policy?
Your policy will be delivered instantly by e-mail. Cover will start from the date you request.
- How long does it take to arrange insurance?
In most cases, we can provide cover the same day that you request it and you can buy the insurance online immediately. In cases where we cannot quote online, we endeavour to provide you with a quotation within 24 hours during the week. If you would rather discuss your arrangements over the telephone, please call us, we'd be pleased to speak to you.