Insurance Questions #916

[briztoon]

Instead of hijacking some one else's thread, I thought I better start my own.

I've never insured a bicycle before so have a few questions.

I've bought a new bike on a run out special. It's a run out model, and the frame in it's current incarnation won't be made again. What value do I look at having it insured at, the purchase price or the RRP?
Scott CR1 SL 2012

I will be looking to insure two bikes. Again, my second (commuter) bike is no longer produced, as it's been superseded by a newer model with an updated frame set. Should I insure it at a value of what it would cost me to replace it with the current model?
Specialized Tarmac Comp SL2 2011 Road Bike

I doubt I could replace either bike with current similarly spec'ed bikes for the prices I paid for them.

Obviously I've made additions to both bikes, lights, bottle cages, saddle bags, etc. Should I count the value of these when looking at the insurance value of each bike?

Doing some research online, if I was to insure each bike at, $7,300 & $3000 plus $500 worth of equipment added to each bike, I'm looking at around $65 per month. This seems a little high to me, as it's more than my sisters car insurance on her car valued at $19,000 (she's on rating 1 for life).

[Summernight]

Insure at replacement value (ie. cost it'll be to replace with a new bike if it were lost/destroyed). Include all accessories as well in this value as otherwise you may be out of pocket anyway. It is really up to you- what you would be happy with as a replacement cash amount if your bikes/accessories were lost/stolen is what you should insure for, IMO.

As an alternative to a bike only insurance policy, look at insuring it under your contents insurance (which some insurers will do) to lower the price. Some contents insurers also cover your bike when in use too under the contents policy (eg. I specifically asked this when purchasing contents insurance with YOUI and in use is included). There was a previous thread on this issue that mentioned some contents policies etc. that will cover bikes, but I can't find it right now.

[bychosis]

I've added bikes as portables to our NRMA home insurance. I picked a number based on one bike, and it didn't add that much to the policy. It will be unusual to have more than the value off site at any one time. I'm not sure but i think the full value would be covered as 'contents' in the event of theft, fire etc at home.

Check with your insurer. Your bikes may be covered while in the garage under contents insurance, so you might be able to specify cover for the highest value bike only if you only ever take one at a time away from home. Then if you take your lower value bike out it's covered for the full amount and the high value bike is still covered at home.

NOTE: I'm not an insurance specialist by any means.

[briztoon]

Cheers guys. As we've always rented, we've never had home and contents insurance. We've been pretty lucky and never been broken in to, though we're pretty good at keeping the house locked up. In light of recent occurrences, I thought it about time I insure my bikes seeing as I commute to work and ride a bit on my days off. My sister just commented that I'll pay more in bike insurance than she will for car insurance.

[Carrots]

At $65 a month you would be better off taking out a quality home contents insurance policy that will pick up your bikes for replacement value (keep receipts and details so they can attempt to replace to the nearest current equivalent).

Two birds one stone so to speak.

Best bet is find an insurance agent or broker who can assist - direct insurers can have gaps in cover that won't pick the bike up Aus wide. Best bet is making sure it's value for money and suitable benefits for you as opposed to cheap.

And yep my disclaimer is I work for an insurance company.

[briztoon]

Thanks Carrots. Can you recommend a good insurance broker in Brisbane or online.

Cheers.

[Carrots]

Sorry mate, not too much help for Brisbane on who's who in the market place.

Will PM you a link that'll help you find one in QLD.

[briztoon]

Cheers Carrots.

[briztoon]

Cheers Carrots.