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Bike Insurance Costs

Last post 05-16-2009 9:05 PM by Republicanrider. 13 replies.
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  • 05-13-2009 11:30 AM

    Bike Insurance Costs

    Hi,

     For anyone in Canada, what do you pay for bike insurance? I have home insurance and would have to add an extra rider for the value of the bike. I'm quoted $437.00 yearly for a value of $6000.00

    Thanks

  • 05-13-2009 4:29 PM In reply to

    Re: Bike Insurance Costs

    A few years ago, I was quoted about that much for my P2SL, valued much less that yours. And, it was not insured if I was 'racing'. i.e. at a triathlon, a likely place for theft. So I decided not to insure, be careful about security.
    eyecycle
    R3, Chorus, Fulcrum Racing Zero
    S3, Super Record, Reynolds Strike SLG
  • 05-13-2009 4:42 PM In reply to

    Re: Bike Insurance Costs

    Thanks, not worried so much about security, the Cervelo is stored in my condo. Its more if it gets damaged in a crash or accident. 

     

    eyecycle:
    A few years ago, I was quoted about that much for my P2SL, valued much less that yours. And, it was not insured if I was 'racing'. i.e. at a triathlon, a likely place for theft. So I decided not to insure, be careful about security.
     

  • 05-13-2009 7:45 PM In reply to

    Re: Bike Insurance Costs

    I got a high deductible (either $10K or $20K) on my home insurance to get lower premiums. I view the home insurance for catastrophic incidents instead of day to day set backs. So I inquired my insurance broker and got a quote of 10% of the value of the bike per year for insurance on the bike. I presume it would cover under any circumstance of theft, lost during travel and maybe even crashing it (though I'm not sure about that). So you quote is better than mine.
  • 05-13-2009 10:56 PM In reply to

    Re: Bike Insurance Costs

    Self insure. I don't see a bicycle as a catastrophic loss. You'd be better off the majority of the time saving the money you would pay in insurance premiums and buying a new bike when you are ready. I feel it's a waste of money.
  • 05-14-2009 8:10 PM In reply to

    Re: Bike Insurance Costs

    Republicanrider:
    Self insure. I don't see a bicycle as a catastrophic loss. You'd be better off the majority of the time saving the money you would pay in insurance premiums and buying a new bike when you are ready. I feel it's a waste of money.
    I have not gotten insurance for my R3 SL yet, but if I go to France to ride, then I will most likely get insurance then. I think the chances of losing my bike in airport or a hotel when traveling is too high for my liking.
  • 05-14-2009 9:41 PM In reply to

    • Jasann
    • Top 50 Contributor
    • Joined on 09-10-2008
    • Toronto, Canada
    • Posts 497

    Re: Bike Insurance Costs

    I pay around $450 a year for replacement cost with a $1,000 deductible. I don't believe it covers crashing - that is hard to find and very expensive (like disability insurance). I use the Co-Operators insurance and have an add to my house insurance policy (just like jewelery). I would buy an S1 to race if you are worried about crashing - it will pay for itself after a few years and/or one crash. Plus you will be like the skinny long haired blond guy in jail riding that R3 in a race - you'll get your shorts dropped and gang banged. Blend in and do your time with a nice (no worries) S1 and enjoy beating on the boys with the bling.

    I had one of my bikes stolen recently and man was I ever happy that I had the policy. Make sure you get replacement cost and detail your parts.

  • 05-15-2009 10:20 PM In reply to

    Re: Bike Insurance Costs

    Oh, the quote I got for 10% of value did not have any deductible I believe. So, if you insure your bike for $7,000 , it would cost $700 a year for insurance with no deductible. The quote was from Chubb.
  • 05-16-2009 2:59 PM In reply to

    • Jasann
    • Top 50 Contributor
    • Joined on 09-10-2008
    • Toronto, Canada
    • Posts 497

    Re: Bike Insurance Costs

    I had a $1000 deductible to keep the payments lower, plus I never thought I would need it (actually forgot I had it until staff member reminded me). They just cut a grand off the total payout.

  • 05-16-2009 3:42 PM In reply to

    Re: Bike Insurance Costs

    When you include the deductible and the yearly costs, it makes no economic sense to purchase insurance on your bike. Self-insurance on the bike is the only way to go. By self-insuring I'm betting that nothing goes wrong, you with insurance are betting that something will go wrong. Put the deductible in the bank and each year or month put that money in the bank too. Earn interest yourself.
  • 05-16-2009 4:58 PM In reply to

    • Jasann
    • Top 50 Contributor
    • Joined on 09-10-2008
    • Toronto, Canada
    • Posts 497

    Re: Bike Insurance Costs

    I don't disagree with you.... but - I don't worry about it when I travel, if some @sshole rear ends me when it is on the bike rack, etc. I have no worries. Especially if you travel, I would say it is worth a look (I just heard that Air Canada has now been made responsible by the government for lost/stolen luggage - I would have thought they were already - can you imagine if your 10+ grand bike was stolen in the luggage department and your airline said 'too bad, so sad').  For me, it is worth the price of a few coffees a week for the peace of mind. Plus, in my case, it has already more than paid for itself - for many years to come.

    That being said, I still keep my main bikes in my room (no not in my bed - unless my wife sends me to the spare room).

  • 05-16-2009 7:28 PM In reply to

    Re: Bike Insurance Costs

    I've found when traveling by air, it's easier to Fed/ex or UPS the bike, I do purchase their insurance. I guess it's a little more complicated. Enjoy your ride.
  • 05-16-2009 8:47 PM In reply to

    Re: Bike Insurance Costs

    Republicanrider:
    I've found when traveling by air, it's easier to Fed/ex or UPS the bike, I do purchase their insurance. I guess it's a little more complicated. Enjoy your ride.
    I thought about courier within North America, but people tell me that it's too expensive to do now. Before it was economical, but they change the rules on sizing or something?
  • 05-16-2009 9:05 PM In reply to

    Re: Bike Insurance Costs

    Honestly, I haven't shipped a bike in over a year. My son attended The Marine Military Academy in Harlingen, TX, I live in Orlando, FL. I would ship his bike back and forth (they have a high school cycling team) and it was cheaper than flying the bike by far. But, this was over a year ago. He is now at the University of Alabama, so we just took his bike with us on my rack. I wouldn't doubt if they've really raised the rates, bastards, lol.
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