open topic, for anything cycling related.
Just got a quote from Velosure for my new bike Cervelo s1). To insure the bike for $4000 at my age (23), the cost is $33 per month. I saw that they have a $250 excess for claims. My main concern is having a pile up in racing, but i dont know. My question is, who has insurance on their bikes and who risks it?
2011 Giant TCR Advanced SL
2011 Malvern Star Oppy TT9 Time Trial
2011 Giant Omnium Track
2012 Giant XTC Composite 29
Not on my bike. I self insure there.
But I do have public liability insurance through my membership of BNSW.
I will not bet the farm that insurance companies will play nice if (when) I have an accident and someone tries to pin the blame on me. Even if I end up winning, I lose big time: distraction from work and family, funding legal bills, negotiating a settlement... and then there's the risk of a huge payout if I;m found at fault. And that's if I'm not at fault. I don't want to think about what the consequences could be if I really did make a stupid mistake that actually hurt somebody.
If you ride a lot I think that is a much bigger exposure to be worrying about. $10k on a damaged bike is piffle by comparison.
I said no. But I intend on getting insurance through them. Although I work in an insurance company and look after specifically bicycle claims. I want insurance on myself and bike specific for that reason not under home insurance. What Velo offers is I think good coverage and value, specially if you commute or race.
I have Velosure for my two > $2000 bikes - racer and commuter. Not that I need them as such but certainly couldn't afford to replace if I broke one in a major way.
Also have Bicycle NSW membership for public liability and personal accident insurance.
2011ish Avanti Quantum (DIY), 2010 Specialized Tricross, 2010 Salsa Casseroll
I have just recently signed up with Velosure. I ride a lot on my M5 Carbon High Racer (recumbent). If I wrecked it, I would definitely struggle to replace it. Insured for replacement value of $8000 and monthly premium of $45. I will insure for at least a year and review the need next year.
I just got insurance yesterday for the SLC and has an interim cover note until I fax the Ownership verification today.
The reason I got it is just what Zozz said...i started racing already. In the racing last Sunday at Landsdowne...there and there I saw a crash. Thats how easy it is to stack the bike.
yeah I forgot to add that I got it from Velosure.
I have personal accident insurance plus 3rd party personal and property insurance as part of Bicycle Qld mambership.
It is with Cycle Cover.
I don't have insurance for theft or damage to my bikes...gamble I am prepared to take, but neither of my bikes is worth over $2000, so it is a gamble I am prepared to take and 30+ years of adult riding (touch wood ) without needing it seems to suggest that I am well in the black on that gamble.
Yeah mate, I'm with Velosure as well...mainly for the racing side of things. Have seen a few big stacks out the 'gang lately...insurance is probably a good thing to have considering the state of the track out there!!
I think if you are not racing..its not much of an issue. If you are racing and has a bike upwards the 2K mark..its worth it. It just makes you contest that bunck kick to the finish a bit harder ha ha ha
Yes we've insured our bikes as "specified transportable items" on our home contents insurance.
A $4,000 bike adds $28.00 per anum to the policy and covers the bike anywhere in australia for damage theft etc, but not whilst racing. It is covered for non race events such as Around the Bay, training rides, whilst in or on the car etc.
Having battled a drivers insurance company for months when my previous bike was written off, I enjoy getting out on my bike much more with the peace of mind the insurance brings. At the end of the day it's only the cost of a few coffes.
We also have the 3rd party insurance and benefits that come with Bicycle Victoria Membership.
Didn't insure my old bike but have insured the new one with Velosure. $30 per month for $5000 coverage is a little to ask. I have seen too many prangs, and only just avoided one last Monday night. I can't afford to replace the frame and running gear. $250 excess is a small amount to replace the shifters on my bike would cost nearly twice that at local prices.
Yesterday was an easy day.
Insured all my bikes as part of the contents insurance with HBF. Found it to have less restrictions and best coverage for the dollars when I researched this last year. Lot cheaper than what I have seen quoted here by some.
Oh also a member of BTAWA so have coverage through them as well.
Both my bikes are covered by velosure, and could not be happier.
At the end of the day, only velosure and cyclecover (need to have $35k worth of home contents insurance with QBE to qualify) can PROPERLY cover me.
As kilroy suggested, covering it with contents insurance; it's like jewellry. Except you can't crash jewellry during racing/training/commuting/learning to track stand.
Specific insurance like velosure is not for everyone, but it is for me.
Before starting racing...I had my bike on the home contents insurance. It doesn't cover racing so removed it there and got Velosure.
Cover during racing is where you get your money's worth.
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