Originally Posted by Phloom

I only insure what would be a real financial blow to me. My house insurance costs $500CDN a year but it covers full replacement of my house, perhaps about $300,000CDN.

I only carry liability insurance for my car. $500CDN a year covers 1 million. I don't carry collision. Another $500CDN which would covers maybe $8000CDN. The loss of the car would not be a financial burden.

Loosing a bicycle would not be a financial burden. I ride restored vintage bicycles and no insurance policy would cover all the work I put into them.