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Insurance worth it?

AndymaxyAndymaxy Posts: 197
edited May 2018 in Road general
Hay, I've owned a canyon aeroad and another bike for a little while now, I've never thought about this until today.

But is insurance worth it?

So the bike is worth $5799, from the quotes I've done, The price come out to be around $500 per year(covers just damage to the bike, no liabilities etc.) i don't see the point of adding medical bill coverage since I already have health insurance.

I'm a racer and the canyon is used for races only pretty much. I don't know if the cost is actually worth it.

Both canyon and mavic(the wheels) have crash replacement policies that would give you a slight discount. Say if I destroy the bike, would I get the bikes market value, or the actual cost of replacement?

I think velosurance and spoke('markel) are pretty much the only ones out there.

I hate dealing with insurance, so if the claim process is long and painful I don't think it's worth it.

Any thoughts or experiences?

Posts

  • pblakeneypblakeney Posts: 17,121
    The premium seems expensive, try elsewhere maybe as part of house contents. It is not worth it if you don't make a claim. You may have to make a claim. Your choice.
    The above may be fact, or fiction, I may be serious, I may be jesting.
    I am not sure. You have no chance.
    Veronese68 wrote:
    PB is the most sensible person on here.
  • cooldadcooldad Posts: 32,600
    Insurance is never worth it until you need to use it.
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  • oxomanoxoman Posts: 9,843
    Depends what you want the insurance for. If it's when locked up at home or on holiday then I include it on my house insurance. No one bike is worth over £2.5k even though all together over £7k. If it's stolen or destroyed in a fire then I cover it. If it's accidental damage then it's not covered when I'm out on the trail or road unless it's someone else's fault, then British Cycling insurance services will hopefully help recoup the loss. Suspect that as your not in the UK different rules may be in place for insurance.
    Too many bikes according to Mrs O.
  • BeatmakerBeatmaker Posts: 1,092
    My annual insurance is around 5% of the value of the bikes insured, and it paid out £7k four years ago. I thought it was expensive until that point.
  • grenwgrenw Posts: 794
    Pedalcover.

    Quote came in cheaper than my last home and contents insurer and covers all that plus unlimited bike value home and away (theft and accidental) plus lots of other cycling specific stuff.
  • FlâneurFlâneur Posts: 3,081
    Can you afford to replace it like for like without worry?
    Can you afford the premium without worry?
    Do you care if you destroy it and can't replace it?

    I was glad I had insurance (pedalecover) when I crashed my £6000 bike. I couldn't have bought another 6000 bike at that moment in time, insurance meant I could replace it.
    Stevo 666 wrote: Come on you Scousers! 20/12/2014
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  • AndymaxyAndymaxy Posts: 197
    Thanks guys, my purpose is just crash replacement.
    Just a another question, does it get cheaper every year like car insurance?
  • pblakeneypblakeney Posts: 17,121
    Andymaxy wrote:
    Thanks guys, my purpose is just crash replacement.
    Just a another question, does it get cheaper every year like car insurance?
    Car insurance gets cheaper?
    The above may be fact, or fiction, I may be serious, I may be jesting.
    I am not sure. You have no chance.
    Veronese68 wrote:
    PB is the most sensible person on here.
  • AndymaxyAndymaxy Posts: 197
    PBlakeney wrote:
    Andymaxy wrote:
    Thanks guys, my purpose is just crash replacement.
    Just a another question, does it get cheaper every year like car insurance?
    Car insurance gets cheaper?

    At my age(18), YES, it rather expensive right now, but if I don't use it ut goes down a bit every year.
  • pblakeneypblakeney Posts: 17,121
    Andymaxy wrote:
    PBlakeney wrote:
    Andymaxy wrote:
    Thanks guys, my purpose is just crash replacement.
    Just a another question, does it get cheaper every year like car insurance?
    Car insurance gets cheaper?

    At my age(18), YES, it rather expensive right now, but if I don't use it ut goes down a bit every year.
    At your age, yes.
    Get the bike put on the house contents because no, it doesn't.
    The above may be fact, or fiction, I may be serious, I may be jesting.
    I am not sure. You have no chance.
    Veronese68 wrote:
    PB is the most sensible person on here.
  • plowmarplowmar Posts: 1,032
    High premium - and it is high - may be due to your racing on it + value, far more likely to have an accident. Normal household will not cover in those circumstances.
  • dstev55dstev55 Posts: 742
    Seems high, I pay roughly the same on roughly the same value of bikes (UK cover) but that includes their highest level of loss of earnings cover which makes up around 50% of the premium.

    Yes it's still quite expensive but it's all about peace of mind for me (especially around loss of earnings).
  • BeatmakerBeatmaker Posts: 1,092
    Andymaxy wrote:
    Thanks guys, my purpose is just crash replacement.
    Just a another question, does it get cheaper every year like car insurance?

    My Bikmo cover gets cheaper, with the loyalty discount.
  • AndymaxyAndymaxy Posts: 197
    Unfortunately bikmo seems to only work in the U.K., I live in the US so that's not an option for me.
  • akhakh Posts: 178
    You may already have have done so, but check that all the policies you are considering include race cover. It's a standard exclusion of most UK policies I've had that race or commercial use are not covered.
  • pblakeneypblakeney Posts: 17,121
    To the OP, try asking USAC about race insurance advice.
    BC sorts us out in the UK.
    The above may be fact, or fiction, I may be serious, I may be jesting.
    I am not sure. You have no chance.
    Veronese68 wrote:
    PB is the most sensible person on here.
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