insurance

charles said:

Does anyone know of an company that will insure bicycles?
The best I have found in Tas is the one that suggested I tell them
that I backed over my bike in the driveway - so it is covered by
house insurance!

cyclecover.com.aucyclecover.com.auOpen ↗ is probably your best option - they cover all bikes while in use and not in use, anywhere in the world. You need to have your contents insured with them and they are not as cheap as some other companies, but you get full coverage - I don't know of any of the "regular" companies who will cover as much.

charles said:

Does anyone know of an company that will insure bicycles?
The best I have found in Tas is the one that suggested I tell them
that I backed over my bike in the driveway - so it is covered by
house insurance!

My insurer, Wesfarmers Federation Ins., tell me that my bikes are
covered under my contents policy, even out of the house and surrounds,
anywhere in Australia. I increased the contents $ amount to include the
bikes. As I have my business insurance with them I don't expect any
problems if there is a claim.
Halcyon

charles said:

Does anyone know of an company that will insure bicycles?
The best I have found in Tas is the one that suggested I tell them
that I backed over my bike in the driveway - so it is covered by
house insurance!

Check out ANZ/CGU - I believe you will find they insure bikes in use
as well as home or out and about.

Donga

In aus.bicycle on Thu, 15 Mar 2007 09:40:32 GMT

Halcyon said:

Quoted message said:

My insurer, Wesfarmers Federation Ins., tell me that my bikes are
covered under my contents policy, even out of the house and surrounds,
anywhere in Australia. I increased the contents $ amount to include the
bikes. As I have my business insurance with them I don't expect any
problems if there is a claim.

Double check that they are insured if being ridden.

My company will insure it unless I'm riding it, at which point no.

I have the 'bent as a specific item, but that does not give it
coverage while being ridden and they won't cover it while being
ridden.

Zebee

charles said:

Does anyone know of an company that will insure bicycles?
The best I have found in Tas is the one that suggested I tell them
that I backed over my bike in the driveway - so it is covered by
house insurance!

Understand that insurance companies price premiums such that they make a
good profit. If you're no more ( nor no less) unlucky than the average
person then, over a decent period of time, you will give your insurance
company substantially more money than they give you.

If you invest the money you would pay in insurance premiums, and just pay
for loss/damage out of the funds, you should, at the end of the day, be well
in front of the person who buys insurance.

Of course, if you need something badly - business machinery perhaps - and
don't have the resources to replace it if it's written off, then it might be
prudent to buy insurance (which, in this case, will be tax-deductible
anyway).

Perhaps a bicycle courier with minimal resources should insure his bike,
but, for most of us, it doesn't add up.

Just my 2¢,
Steve = : ^ )

roshea said:

cyclecover.com.aucyclecover.com.auOpen ↗ is probably your best option - they cover all bikes while in use and not in use, anywhere in the world. You need to have your contents insured with them and they are not as cheap as some other companies, but you get full coverage - I don't know of any of the "regular" companies who will cover as much.

+1
They cover all your bikes all the time plus you can nominate 1 or maybe 2 (I forget) for racing insurance.

Case Study-
-I crashed my bike in the bay crits in jan
-Got the quote done and sent of
-Took about 4 weeks but the cheque came in the mail.
Easy, no hassles.

quote='Steve B.'charles said:

Does anyone know of an company that will insure bicycles?
The best I have found in Tas is the one that suggested I tell them
that I backed over my bike in the driveway - so it is covered by
house insurance!

Understand that insurance companies price premiums such that they make a
good profit. If you're no more ( nor no less) unlucky than the average
person then, over a decent period of time, you will give your insurance
company substantially more money than they give you.

If you invest the money you would pay in insurance premiums, and just pay
for loss/damage out of the funds, you should, at the end of the day, be well
in front of the person who buys insurance.

Of course, if you need something badly - business machinery perhaps - and
don't have the resources to replace it if it's written off, then it might be
prudent to buy insurance (which, in this case, will be tax-deductible
anyway).

Perhaps a bicycle courier with minimal resources should insure his bike,
but, for most of us, it doesn't add up.

Just my 2¢,
Steve = : ^ )[/QUOTE]
... but I've got my rig insured for a good reason - just in case, heaven forbid, something bad does happen to it (knocks on wood, crosses fingers). Same principle for your house, car, etc ...
Certain small outgo versus small chance of one big outgo ... take your pick! 🙂

charles said:

Does anyone know of an company that will insure bicycles?
The best I have found in Tas is the one that suggested I tell them
that I backed over my bike in the driveway - so it is covered by
house insurance!

There's a number of options. Cyclecover is a good one, I believe,
basically it's home contents insurance that covers bikes while being
ridden (and with a sircharge, while being raced). Bicycle Victoria
has insurance (excess is $1000, which is hidden deep in the fine
print, be aware ...) which is also like car insurance - 3rd party
property as well as your own bike, but AFAIK, not while racing. The BV
insurance isn't restricted to Victoria, if I recall correctly.

Steve B. said:

charles said:

Does anyone know of an company that will insure bicycles?
The best I have found in Tas is the one that suggested I tell them
that I backed over my bike in the driveway - so it is covered by
house insurance!

Understand that insurance companies price premiums such that they make a
good profit. If you're no more ( nor no less) unlucky than the average
person then, over a decent period of time, you will give your insurance
company substantially more money than they give you.

If you invest the money you would pay in insurance premiums, and just pay
for loss/damage out of the funds, you should, at the end of the day, be well
in front of the person who buys insurance.

Of course, if you need something badly - business machinery perhaps - and
don't have the resources to replace it if it's written off, then it might be
prudent to buy insurance (which, in this case, will be tax-deductible
anyway).

That's influenced by 2 things, how much (and how badly ....) you ride,
and what your bike(s) are worth.

In aus.bicycle on 15 Mar 2007 05:58:00 -0700

Bleve said:

Steve B. said:

Of course, if you need something badly - business machinery perhaps - and
don't have the resources to replace it if it's written off, then it might be
prudent to buy insurance (which, in this case, will be tax-deductible
anyway).

That's influenced by 2 things, how much (and how badly ....) you ride,
and what your bike(s) are worth.

MY motorcycles aren't worth comprehensive insurance, haven't had it on
a bike for years.

The 'bent is insured against theft and being damaged while in the shed
- fire, stuff falling on it - but not while being ridden.

On the other hand, I'm willing to pay the Bicycle NSW membership fee
for, amongst other things, the insurance they provide against me
damaging someone else or their possessions while riding.

Same as I insure the motorcycles for that.

The potential loss is much higher. And I'd rather the insurance
company fight the court case...

Zebee

In aus.bicycle on 15 Mar 2007 05:56:31 -0700

Bleve said:

There's a number of options. Cyclecover is a good one, I believe,
basically it's home contents insurance that covers bikes while being
ridden (and with a sircharge, while being raced). Bicycle Victoria
has insurance (excess is $1000, which is hidden deep in the fine
print, be aware ...) which is also like car insurance - 3rd party
property as well as your own bike, but AFAIK, not while racing. The BV
insurance isn't restricted to Victoria, if I recall correctly.

Sure it covers the bike? That's interesting because the BNSW
insurance doesn't....

Zebee

RobM said:

Certain small outgo versus small chance of one big outgo ... take your
pick! 🙂

I got a quote from them last year. It was something like $150, for a
bike i was insuring for $1300. I'd consider a small outgo to be 1%, my
house insurance is about 0.125%. But I wouldn't consider 10% to be
small. Hell that takes me back to when I bought my first decent
motorbike, where the bank required compulsory full comprehensive which
was around 25% of the bike value.

DaveB

Zebee Johnstone said:

MY motorcycles aren't worth comprehensive insurance, haven't had it on
a bike for years.

The 'bent is insured against theft and being damaged while in the shed
- fire, stuff falling on it - but not while being ridden.

On the other hand, I'm willing to pay the Bicycle NSW membership fee
for, amongst other things, the insurance they provide against me
damaging someone else or their possessions while riding.

Same as I insure the motorcycles for that.

The potential loss is much higher. And I'd rather the insurance
company fight the court case...

Zebee

Likewise, just Pedal Power ACT membership, worth it for the 3rd party
alone.

I want to decide if I want to repair or replace, and make that an
emotional decision if I want.

In aus.bicycle on Fri, 16 Mar 2007 07:28:16 +1100

DaveB said:

I got a quote from them last year. It was something like $150, for a
bike i was insuring for $1300. I'd consider a small outgo to be 1%, my
house insurance is about 0.125%. But I wouldn't consider 10% to be
small. Hell that takes me back to when I bought my first decent
motorbike, where the bank required compulsory full comprehensive which
was around 25% of the bike value.

I tried a contents insurance quote from them. Was twice my current
quote, and that made it somethign like 10% of the bike's value.

Makes me wonder what the risk profile looks like... are they just
making money from a credulous audience, or do insurance companies
reckon bikes get totalled too often, or in such circumstances that
it's not worth the business?

My guess is that most of them class it as "used on the road therefore
related to car crash stats but they don't have VIN markings, and you
can't panelbeat them but must always replace, not worth it."

Zebee

Zebee Johnstone said:

In aus.bicycle on 15 Mar 2007 05:56:31 -0700

Bleve said:

There's a number of options. Cyclecover is a good one, I believe,
basically it's home contents insurance that covers bikes while being
ridden (and with a sircharge, while being raced). Bicycle Victoria
has insurance (excess is $1000, which is hidden deep in the fine
print, be aware ...) which is also like car insurance - 3rd party
property as well as your own bike, but AFAIK, not while racing. The BV
insurance isn't restricted to Victoria, if I recall correctly.

Sure it covers the bike? That's interesting because the BNSW
insurance doesn't....

I think so, yes. I'd have to double check to be sure, but the details
are all here :

www.bv.com.au

Zebee Johnstone said:

I tried a contents insurance quote from them. Was twice my current
quote, and that made it somethign like 10% of the bike's value.

Makes me wonder what the risk profile looks like... are they just
making money from a credulous audience, or do insurance companies
reckon bikes get totalled too often, or in such circumstances that
it's not worth the business?

My guess is that most of them class it as "used on the road therefore
related to car crash stats but they don't have VIN markings, and you
can't panelbeat them but must always replace, not worth it."

Zebee

They do seem to have a monopoly in this particular market (bicycle racing cover) ... it would be interesting to see what the introduction of a competitor would do to their pricing. (That said, I'd be surprised if they were making a killing in today's environment, but that's my guess only, and a lengthy bow to draw at that. Like you, I'd be curious as to what their claims experience has actually been.)

Bleve said:

(and with a sircharge, while being raced).

Is there a madamcharge for the ladies? :-)

Theo

DaveB said:

RobM wrote:
Hell that takes me back to when I bought my first decent
motorbike, where the bank required compulsory full comprehensive which
was around 25% of the bike value.
DaveB

You're lucky. My premium from memory was $1000 for $1700 cover. But then, stepping from a 175 to a 900 straight of my P plates it was probably a pretty fair assesment of the risk. 🙄

Zebee Johnstone said:

On the other hand, I'm willing to pay the Bicycle NSW membership fee
for, amongst other things, the insurance they provide against me
damaging someone else or their possessions while riding.

So if I'm understanding this correctly, the only way to get the
equivalent of third party property insurance for bicycling is to join
Bicycle NSW? I've often wondered what would happen if I was in an at
fault accident with a car while on a bicycle. Assuming I'm not turned
into road pizza, I've always supposed I'd have to cough up for repairs
to the car.

If Bicycle NSW membership = third party property insurance for me
while I'm on a bicycle I'm interested.