Do i need insurance?

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Do i need insurance?

Postby Rider123 » Tue May 03, 2011 8:49 pm

I have recently taken up road racing. I have already done 3 criteriums and will be doing a couple of ITTs and longer Road Races during the winter season. I've got a mid-upper range full carbon road bike and I was wondering whether i should get bike insurance?
I know in the criteriums it can be very fast around corners and i would hate to be taken down in a crash. From other people's experience, a high-speed crash either whilst around a corner or from touching wheels; would that cause massive damage to a CF road bike (i.e. frame cracked in half, broken wheels...)

I was just wondering whether any other 'racers' currently have insurance and whether they believe it is worth it.
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by BNA » Tue May 03, 2011 9:01 pm

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Re: Do i need insurance?

Postby novice » Tue May 03, 2011 9:01 pm

Ask a Queensland flood victim if insurance is worth the money!
Reality is that no insurance is worth the money if they don't pay on claims.

Sorry, that was a bit off topic.
I do not race but have an expensive carbon bike and felt the need to insure it at least for the first two years to protect the investment.
Found velosure was the simplest solution for me as they cover almost all risk including racing.
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Re: Do i need insurance?

Postby limetang » Tue May 03, 2011 9:37 pm

Easy question to answer.... can you afford to replace your bike?
If no, go insurance.... Im with Velosure also, my bike isnt as expensive as some here but I certainly dont have 2.5k sitting around to replace it if i crash!
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Re: Do i need insurance?

Postby gururug » Tue May 03, 2011 9:53 pm

Yes......anyone who has a bike worth over 3k and races / commutes should have insurance ( coming from an insurance skeptic! ).

As with any policy...choose your insurer wisely.....reputation over value.
Last edited by gururug on Tue May 03, 2011 10:21 pm, edited 1 time in total.
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Re: Do i need insurance?

Postby stang1 » Tue May 03, 2011 10:15 pm

Do some search around the forums to compare bike insurance policies, I had an accident and thank goodness for insurance, i only paid 250$ excess while they forked out the repairs/replacement for the 7800 DA grouppo :D It was certainly worth it IMHO
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Re: Do i need insurance?

Postby Funkymonk » Tue May 03, 2011 11:24 pm

Bikesure is the best around , I have just taken out a policy on the replacement bike :roll:
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Do i need insurance?

Postby bomber » Wed May 04, 2011 7:57 am

Interesting comments. I race but have decided to self insure after investigating the premiums. I don't race my best bike but rather bought CAAD9 which I can afford to replace should the worst happen.

Based on that I have saved $1400 in the last two years. Each to their own I guess.
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Re: Do i need insurance?

Postby JV911 » Wed May 04, 2011 9:18 am

Rider123 wrote:From other people's experience, a high-speed crash either whilst around a corner or from touching wheels; would that cause massive damage to any road bike (i.e. frame cracked in half, broken wheels...)


fixed it for you

not to mention broken collar bones, ribs etc
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Re: Do i need insurance?

Postby aeroslave » Wed May 04, 2011 1:55 pm

Take note Velosure's way of calculating replacement value is through the actual depreciation. More like eBay second hand value. In my opinion your better off saving the premiums yourself. You might be surprised at how low your claims would turn out.
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Re: Do i need insurance?

Postby skull » Wed May 04, 2011 6:29 pm

bomber wrote:Based on that I have saved $1400 in the last two years. Each to their own I guess.


What happens when you damage something else, I also believe there is cover for personal injury in some of the policies.

Protection for your bicycle

* Accidental / crash damage whilst in use
* Accidental / crash damage whilst racing
* Theft from your home
* Theft away from your home
* Loss or damage in transit – roof racks, airplane, bus, train etc

Protection for you

Up to $10,000 for death or disability or up to $1,000 towards non Medicare expenses such as dental, private hospital, ambulance, physiotherapy etc.


Optional extras

* Bicycle accessories (extra wheels, HRM etc) cover whilst in use
* International cover
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Re: Do i need insurance?

Postby sogood » Wed May 04, 2011 7:05 pm

It's an interesting issue and a few points.

1) If you can't afford to replace it, then don't ride/race it.
2) I have never come across any one who has made use of their 3rd party cycling insurance policy.
3) I have never come across any one who has made use of their cycling insurance for medical treatments or income loss.
4) Some bike companies have a generous race/crash replacement policy eg. Cannondale.

Of course, never say never. But from my perspective, the main use of insurance is for theft and/or crash damages and one needs to chose wisely so as not to hand free money to the insurance brokers.
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Re: Do i need insurance?

Postby gururug » Wed May 04, 2011 7:33 pm

sogood wrote:2) I have never come across any one who has made use of their 3rd party cycling insurance policy.
3) I have never come across any one who has made use of their cycling insurance for medical treatments or income loss.


True..... I remember a kid who I played football with that tried to access the players "insurance" and it was a royal pain.

I believe the idea is to put so many hoops for you to jump through that it's just not worth it for all but the most serious cases and even then there are limits to how much they will do.

Would be good to hear from anyone who has accessed such services from an insurer ( income support / medical expenses ).
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Re: Do i need insurance?

Postby rogan » Wed May 04, 2011 7:56 pm

Re the last two posts...

I've been looking at income protection lately, guess what's excluded? Racing and training (if anyone knows of a policy that will cover racing and training, please let me know). They are picked up under the Cycling Australia policy you get with the racing licence, but only to the tune of up to $500 per week. I think they should at least get to the after tax component of the average wage (which would be more like up to $800). I note the comments re difficulty of actually claiming, and hope I never need to!

Undeniably there is at least some risk associated with racing and training. However, the fact that racing and training significantly lowers the OTHER risks they are insuring (cancer, heart disease, heart attack, stroke, other heart problems such as angina and CHF, high blood pressure, Type 2 diabetes and the symptoms associated with it, obesity plus the other problems associated with that - many of which but not all I've mentioned - plus racers don't smoke at all, probably drink a bit less alcohol than otherwise and almost certainly eat a bit better, etc etc) makes this, in my view, quite short sighted.
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Re: Do i need insurance?

Postby bomber » Thu May 05, 2011 5:06 pm

skull wrote:
bomber wrote:Based on that I have saved $1400 in the last two years. Each to their own I guess.


What happens when you damage something else, I also believe there is cover for personal injury in some of the policies.

Protection for your bicycle

* Accidental / crash damage whilst in use
* Accidental / crash damage whilst racing
* Theft from your home
* Theft away from your home
* Loss or damage in transit – roof racks, airplane, bus, train etc

Protection for you


Up to $10,000 for death or disability or up to $1,000 towards non Medicare expenses such as dental, private hospital, ambulance, physiotherapy etc.


Optional extras

* Bicycle accessories (extra wheels, HRM etc) cover whilst in use
* International cover


My racing license has provisions for just that. As meagre as they are.
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Re: Do i need insurance?

Postby l45er » Sat May 07, 2011 9:43 am

Looking into insurance as well for my roadie.

Currently have theft insurance on it, but would be much more at ease with 'in use' cover for roughly $5 a month more.

Said bike is around 10 months old. Looking at Swann at the moment as they seem the most cost effective for 'Elite Cover'. I've read the PDS and all seems OK - I can live with excesses etc.

Only thing is the Bike Condition Report requirement - anyone had one done at a LBS? How much does it cost and what do they look at?
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Re: Do i need insurance?

Postby GraemeL » Fri May 13, 2011 5:18 pm

Anyone here used Cycle Cover?

o $ limit per bicycle

Full Accidental Damage cover

No limit on the number of bicycles

Includes damage whilst in use

Worldwide cover

Includes damage to wheels and tyres

No need to supply a valuation prior
to taking cover

Racing cover included Full replacement cover - no depreciation applied!

No locking requirements whilst away from your home

$30,000,000 Liability cover

Automatic cover for modifications and accessories

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Re: Do i need insurance?

Postby gururug » Fri May 13, 2011 9:09 pm

GraemeL wrote:Anyone here used Cycle Cover?

o $ limit per bicycle

Full Accidental Damage cover

No limit on the number of bicycles

Includes damage whilst in use

Worldwide cover

Includes damage to wheels and tyres

No need to supply a valuation prior
to taking cover

Racing cover included Full replacement cover - no depreciation applied!

No locking requirements whilst away from your home

$30,000,000 Liability cover

Automatic cover for modifications and accessories

Graeme




Sounds too good to be true. I'd be very surprised if they lived up to all these claims or they can deliver this at a viable price.
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Re: Do i need insurance?

Postby thefishsniper » Fri May 13, 2011 9:37 pm

It's all very interesting. I had a crash about 5 years ago where by I hit a pedestrian. Long story but not really my fault but the first thing the police officer said was do you have insurance!! :shock: I was like what the??? Once I'd explained what happened he said I should be ok as I'd run into the lady on the road and not the shared foothpath. Had I have run into someone on a shared footpath then I was liable no matter what and could have been sued!!! The lady I hit was asking the ambo's about compo which then had me worried :? would she persue a claim down the track?? Well she hasn't yet but the police officer did point out that if I caused a car accident..eg. leaving the footpath and causing a car to swerve and be involved in an accident then I'd be liable. :o I'd never really thought about it but I guess he was right. Well I still haven't taken out any bike insurance but now that I'm starting to take up road bike riding instead of just commuting 10k's a day, and now that I'll no doubt look for an upgrade of my bike I'll have to reconsider.

Safe Cycling everyone.
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Re: Do i need insurance?

Postby sogood » Fri May 13, 2011 11:06 pm

rogan wrote:Undeniably there is at least some risk associated with racing and training. However, the fact that racing and training significantly lowers the OTHER risks they are insuring (cancer, heart disease, heart attack, stroke, other heart problems such as angina and CHF, high blood pressure, Type 2 diabetes and the symptoms associated with it, obesity plus the other problems associated with that - many of which but not all I've mentioned - plus racers don't smoke at all, probably drink a bit less alcohol than otherwise and almost certainly eat a bit better, etc etc) makes this, in my view, quite short sighted.

You are dreaming. ;)

Exercise, weight reduction will lower those health risks over the long run, but beer drinking in amateur racers will keep those guts up. And race related injuries will add up. Further, early severe CV diseases and diabetes are great for the government. It means early death and no protracted retirement/pension and senility in a nursing home.
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Re: Do i need insurance?

Postby elStado » Fri May 13, 2011 11:17 pm

This is beyond OPs Q. But I am insured through BWA. Bike isn't insured, just me and other people if there's ever a prang.

I don't have private health insurance, but considering the BWA insurance covers most forms of injury it would be good to have if there was ever an incident.

The excess for 3rd party damage is a bit crazy though ($1000) so let's hope that I never wipe anyone out and get sued for it.
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Re: Do i need insurance?

Postby Ross » Sat May 14, 2011 8:28 pm

You can get limited bike insurance with your home contents insurance, usually only theft but not covered for racing damage.
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Re: Do i need insurance?

Postby ireland57 » Sun May 15, 2011 7:14 pm

Our commissaire gave a little speech today after a finish line sprint accident (one rider down; bike damaged; rider scraped but ok) and said that UCI have started a rule change for road and track.

Basically it was "if you cause an accident you may be legally liable for damage to man and machine" only now the rules will be aiding the claims not being neutral as I guess they were before.

I have theft and damage insurance as part of house policy but I'm starting to rethink.....may need more.
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Re: Do i need insurance?

Postby l45er » Mon May 16, 2011 8:26 am

I took out 'Elite Cover' with Swann Insurance on the weekend after finally convincing myself that $20-ish a month was worth it. I had theft cover via CommInsure, but the 'in use' cover is what I really need.

As bike is ~10 months old, had to get a "Bike Condition Report" which was just getting a LBS to say that the bike is fit for purpose and has no visible defects etc. Took 5 mins and was free at LBS which was handy.

Excess is $500 ($300 basic + $200 CF).

I figure it covers me for anything that occurs that isn't manufacturer related. I.e. my frame has lifetime warranty, but if it fails due to something else then the insurance (theoretically) should cover it.

Guess it is better to pay $500 excess then be out of pocket $3500. I'm also about to start commuting around 40km a day so figure it to be a wise investment.
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Re: Do i need insurance?

Postby stinga » Thu Aug 18, 2011 11:00 am

Most insurers will exclude racing on an income protection policy. I have researched this pretty extensively and there are some who will cover both road and mtb racing.
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Re: Do i need insurance?

Postby Chris249 » Fri Aug 19, 2011 12:02 pm

ireland57 wrote:Our commissaire gave a little speech today after a finish line sprint accident (one rider down; bike damaged; rider scraped but ok) and said that UCI have started a rule change for road and track.

Basically it was "if you cause an accident you may be legally liable for damage to man and machine" only now the rules will be aiding the claims not being neutral as I guess they were before.

I have theft and damage insurance as part of house policy but I'm starting to rethink.....may need more.


But Cycling Australia insurance already covers the damage to man (or woman) as far as I can see, and damage to machine with a $1k excess.

Given the way crits work, and the fact that there is a certain assumption of risk when one tales up racing, it's hard to see whether one would actually practically be liable for damage to another person's bike when racing. Riders are allowed to make reasonable errors in the heat of the moment, so if (say) one got a bit out of line and touched a wheel it doesn't mean you are automatically responsible for resulting damage to another bike.
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