insurance

In aus.bicycle on 15 Mar 2007 05:58:00 -0700
Bleve wrote:
On Mar 15, 9:52 pm, "Steve B." wrote:

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 wrote:

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 wrote:
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

On 15 Mar 2007 19:05:36 GMT, Zebee Johnstone wrote:

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 wrote:

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

On Mar 16, 6:06 am, Zebee Johnstone wrote:
In aus.bicycle on 15 Mar 2007 05:56:31 -0700

Bleve wrote:

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 Wrote:

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."

ZebeeThey 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.)


--
RobM

Bleve wrote:

(and with a sircharge, while being raced).

Is there a madamcharge for the ladies? :-)

Theo

DaveB Wrote:
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.
DaveBYou'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.


--
MalP

In aus.bicycle on 15 Mar 2007 18:36:28 -0700
wrote:

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.

Not sure if it is the only one, but it is the one I know about.

Check with your home insurance though - mine doesn't cover me for
anything to do with riding the bike as far as I know, but some might.

The BNSw stuff is at
http://www.bicyclensw.org.au/Membership.asp
which links to
http://www.cyclecover.com.au/webcontent19.htm

Zebee