Bicycle insurance - who has it

open topic, for anything cycling related.

Do you have bicycle insurance?

Yes
44
33%
No
90
67%
 
Total votes : 134

Bicycle insurance - who has it

Postby snedden9485 » Wed Mar 11, 2009 2:21 pm

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?
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by BNA » Wed Mar 11, 2009 2:44 pm

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Postby sogood » Wed Mar 11, 2009 2:44 pm

Does that policy cover racing related damages?
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Postby trailgumby » Wed Mar 11, 2009 3:07 pm

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.
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Postby snedden9485 » Wed Mar 11, 2009 3:39 pm

yes it insures the bike for theft and incidents including racing.
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Postby RobRollin » Wed Mar 11, 2009 3:43 pm

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.
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Postby zozza » Wed Mar 11, 2009 4:28 pm

Insured with Velosure because of Racing, Given the risk, the premiums are cheap.

The last half dozen times I've raced, I've seen a prang in each one :shock: .

So if you own a pricey bike, I'd say you're nuts if you race and dont insure. :)
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Postby SLH » Wed Mar 11, 2009 4:43 pm

I'm with Cyclecover, which covers my contents and the BMC to full value.

$42 per month, seems ok with me. Once I start racing next season it will increase, but I'll probably stick with them.
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Postby bennysthe1 » Wed Mar 11, 2009 4:53 pm

I'm with Velosure. I just prefer the peace of mind I get from $20 a month.
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Postby Boognoss » Wed Mar 11, 2009 6:11 pm

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.
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Postby Burt 'Pigeon Racer' Jones » Wed Mar 11, 2009 6:42 pm

Not yet, but I'm going to sign with Velosure tomorrow purely because they cover when racing.
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Postby Low Racer » Wed Mar 11, 2009 8:26 pm

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.
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Postby sharktamin » Wed Mar 11, 2009 11:53 pm

No insurance at the moment, but investigating. I don't race and the bike value is negligable, but every time a bus goes past I think what would I do if I got clipped. I'm self employed so I need personal injury insurance.
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Postby aeroslave » Thu Mar 12, 2009 5:11 am

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.
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Postby Pax » Thu Mar 12, 2009 6:04 am

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 :shock: ) without needing it seems to suggest that I am well in the black on that gamble.
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Postby Mattsbike » Thu Mar 12, 2009 6:23 am

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!!

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Postby stubbie » Thu Mar 12, 2009 7:44 am

Not insured at the moment but just got a quote from Velosure for $10.30 a month for the Jolly Green Giant so will almost certainly be taking it up this week.
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Postby aeroslave » Thu Mar 12, 2009 8:28 am

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
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Postby GAJ » Sat Mar 14, 2009 2:18 pm

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.
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Postby brendancg » Sat Mar 14, 2009 3:42 pm

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.
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Postby Aushiker » Sat Mar 14, 2009 7:51 pm

G'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.

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Postby kilroy » Sat Mar 14, 2009 7:55 pm

My bike is insured under my contents insurance also. It is a specified item, similar to jewellery.
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Postby Ant. » Sat Mar 14, 2009 9:12 pm

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.
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Postby Percrime » Sun Mar 15, 2009 8:20 am

Yeah I and the gorgeous Kathy are insured. Er with someone. :oops: Kathy?....
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Postby aeroslave » Sun Mar 15, 2009 9:17 am

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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Postby trailgumby » Sun Mar 15, 2009 10:19 am

Burt 'Pigeon Racer' Jones wrote:Not yet, but I'm going to sign with Velosure tomorrow purely because they cover when racing.

Pigeons? :shock:
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