Originally Posted by folder fanatic

I always look at insurance as a necessary forced on me, rather than supposed protection for something valuable I own. That said, I find buying insurance for bicycles (around where I live) a lesson in furtility (lock it up, leave, and you will have someone on it in seconds flat). If you think about it, by the time you pay endless premiums for the bike, you would have ended up being able to buy many bikes, not just one. And insurance companies exist to make a profit for themselves, not protect you. They have many clauses to not only protect their profits, but actively discourage you from seeking out to collect in the event of a probable loss as bikes always prove to be. I will keep insurance on the house and car because of legal requirements. But a bike? I keep a bank account which I pay into every month in the event of said loss-with no clauses attached. Plus, insurance does not cover a ride home in case you are stranded when the bike disappears-far from home.