TerraCottaGamer

Take a viagra - you will grow 3 inches.

GlennR

So if you by a Ferrari you should not insure it?

Edonis13

i can't afford a ferrari, but car insurance is required by law, so of course i would.

pdedes

the law requires you to insure a ferrari. Have you priced out insurance on one? Have you priced out regular repair and maintenance?

gsa103

A Ferrari will also hold its value much better than a custom bike. The insurance is to protect the investment. At the same time if you can't afford a $100k loss, then yeah, you probably shouldn't be driving a Ferrari.

FBinNY 

The law only requires liability & personal injury insurance for a Ferrari, same as with any other car. Insurance for theft or damage to the car itself isn't mandatory.

dalava

The price of an insurance policy is the direct result of the size of the participant pool & the risk associated with it. The fact that there are very few cyclists looking for insurance policy and cycling is a relative safe activity mean high cost for the one who wants it. You may as well put aside the money each month, and use it when needed for repair/replacement.

Stucky

I do carry comp & collision on my pick'em-up - only because it's still worth about $10K, and the extra $200 a year over and above the required liability insurance is a reasonable deal to insure something that is exposed to quite a few different risks.

Stucky

Ding!Ding!Ding!

In my whole life, I've never lost a bike due to theft or accident or any other reason; nor have I ever caused an insurance company to pay out to me or others on my behalf- so any insurance premiums were just wasted money. I had no losses....but the money I spent on what insurance I did carry over the years, essentially was like having a few losses- I had to pay, although I had no losses. After half a centuiry of being careful and having a perfect track record, I'll take my chances and self-insure.

And for me, part of the joy of cycling, is the freedom it offers. It is one of the few endeavors these days which is still almost totally free- i.e. no license; registration; inspections; taxes; INSURANCE..... etc.

mike12

This has always been my thought also. I'll add that I don't think you should go into debt for toys, but obviously a lot of folks don't share my belief.

dalava

Bike is not a toy... it's a necessity.

rpenmanparker 

There is nothing wrong with self insuring. If you can afford the loss, then that is the right thing to do. But you should understand that your premiums were not wasted. You received the full measure of what you purchased, protection. There are lots of ways in which we buy protection with which we never have a personal interaction. All in all that is the best outcome. If you thought you were buying something else, well that is another story.

StanSeven

Did everyone notice the quote the OP got? $600 per year with a $500 deductible. Assume he has a $1,000 accident the first year. He's paid $1100 for that $1,000 repair!

With homeowner insurance, getting additional insurance is a waste of money. If someone needs it and can't afford a loss, they likely have a bike too expensive for their life

GuyDebord

I live in NYC, I use my expensive super-bike for everything, from commuting to racing (only change wheels), because the idea of having a beater doesnt go with me... I like crossing the Brooklyn bridge in bike luxury as well as do my daily errands, this means I have to park it and if someone causes damage to it, steals it (or a part), I wont have to cash out the value of my bike to replace it. I like knowing this; for me, paying $33.50 a month is totally worth it, perhaps for the majority of you that only use your super bikes for training or racing, insurance might seem overkill, still not for me.

Stucky

Actually, I've never had much in the way of discretionary insurance; as mandatory insurance taught me how you can spend a lot of money over the years for a "what if". So, other than comp & collsion on a few select vehicles over the years, and homeowner's, for a time, I saved my money instead. Between avoiding insurance and debt, I have a nice little piler of cash. If i do end up having a loss, I can at least afford to handle it- and really, I'm not out anything, because that money would have just been spent on an insurance premium anyway. The beauty is, unless I have a MAJOR loss, I come out way ahead; and if I do have a major loss, I'm really not out anything.

For you, I could see it making sense- but it's still hard to swallow when you look at it as $1000 every three years. But then, considering what you have to pay for car ionsurance and everything else there, I guess you just have to accept such as being the cost of living there. I actually like that you ride your good bike everywhere, as opposed to having a beater. Riding a beater is like carrying "mugger money". Once you give into that mentality, you feel that "they've" won.