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Any interest with Velosurance? Other bike insurance providers?

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Any interest with Velosurance? Other bike insurance providers?

Old 04-15-16, 10:40 AM
  #1  
Svenicus
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Any interest with Velosurance? Other bike insurance providers?

I recently got into a dust up with a vehicle and found that my insurance won't be covering damage to my steed (it is covering my medical, thankfully).

Does anyone have any experience or reviews of Velosurance they'd feel pertinent? Any other companies they recommend (Canada specific, if possible). I'm hoping the damage to my bike isn't too substantial but I don't want to run this risk again down the road.

Thanks!
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Old 04-15-16, 11:18 AM
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I have no idea how Ontario insurance law works, but is filing a claim with their insurance for property damage an option (assuming they were at fault)? Michigan allows for such an action, depending on exactly how the bike was being used/transported when the collision with the vehicle took place.
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Old 04-15-16, 11:53 AM
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OK, not Canadien so I really have No input.
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Old 04-15-16, 01:53 PM
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BlazingPedals
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No idea for you. I know that when my first recumbent was totaled, my homeowners insurance said they'd cover it fully if the driver's insurance didn't.
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Old 04-15-16, 02:22 PM
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Same as BlazingPedals here but not with a recumbent. However, the woman who crumbled my bike did actually pay for it outside of her insurance company.
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Old 04-15-16, 09:53 PM
  #6  
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When I checked into it here in the states it was too expensive to be worth it. I believe many have a deductible and are still pretty expensive. It would be very unusual to crash bad enough to destroy everything on the bike. So keep in mind that they are just going to be fixing what is broken and not buying you a whole new bike. Many frame and wheel manufacturers have pretty good crash replacement deals and for the rest of the stuff you can buy it from Ribble or PBK to save some money. I don't know about Canada but here in the states you could always sue the driver in civil court if they were at fault and their insurance isn't covering the damage.

Last edited by Dunbar; 04-15-16 at 09:56 PM.
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Old 04-16-16, 06:20 AM
  #7  
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Hi, I've used them all last year, and I've renewed with them this year. I haven't had any issues but I haven't reported any claims either. I think I pay $300USD a year on $5000USD of coverage. It's a lot, but not having to worry about anything feels great. For instance, I can put a cable lock on my bike and not worry about being ripped off and losing my investment in my bike. If I crash it's covered also. Some have mentioned that you might (not sure about Canada, this is for US) be able to get various riders on your homeowners at a cheaper rate though.
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Old 04-16-16, 11:44 AM
  #8  
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I would never leave either one of my CF bikes locked up outside.
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Old 04-16-16, 12:32 PM
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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.
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Old 04-16-16, 10:16 PM
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I have a policy with them. Dave is very courteous and always replies fast whenever I email him.
In about 10 years I will have paid enough money to buy a new bike. This is my first year, so I don't know if the premium will go up next year.
I tried to include my bike as a "floater" on my home owner's policy but, someone here suggested it in fact. The price was almost twice of what I piad on Velosurance.

As much as I hate paying insurance, I hope I have never ever have to file a claim though.
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Old 04-17-16, 05:22 AM
  #11  
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Originally Posted by Phloom View Post
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.
That fits with my view of the purpose of insurance. I look at it as a means to avoid financial ruin, not to save me from every eventuality.
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Old 04-17-16, 05:42 AM
  #12  
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When I lived in Canada, I had bicycle insurance through CAA.
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Old 04-17-16, 06:41 AM
  #13  
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Originally Posted by Dan Burkhart View Post
That fits with my view of the purpose of insurance. I look at it as a means to avoid financial ruin, not to save me from every eventuality.
Indeed. For me it's just a numbers play. The insurance companies make money by charging a premium that's greater than the expected risk, and having enough of a cash cushion to cover a reasonable number of claims at any given time. Thus, if I have enough of a cash cushion to cover minor losses, then I can afford to be self insured.
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Old 04-17-16, 06:51 AM
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Originally Posted by Dunbar View Post
When I checked into it here in the states it was too expensive to be worth it. I believe many have a deductible and are still pretty expensive. It would be very unusual to crash bad enough to destroy everything on the bike. So keep in mind that they are just going to be fixing what is broken and not buying you a whole new bike. Many frame and wheel manufacturers have pretty good crash replacement deals and for the rest of the stuff you can buy it from Ribble or PBK to save some money. I don't know about Canada but here in the states you could always sue the driver in civil court if they were at fault and their insurance isn't covering the damage.
They've been adverting cycling insurance on Eurosport the last year in the UK.

Depends on your line of "too expensive to be worth it". When a mechanically simple front derailleur has a US street value of $200USD. Brifters can cross $900USD. Wheels $2000USD....and so on....and factor in that prices are only going up....what is "too expensive" today probably won't be for very long.
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Old 04-17-16, 08:12 AM
  #15  
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The way I think of it is not the total value of the bike, but the total repair cost per year. For $300 per year, I'd practically have to wreck my bike every few years, to justify the insurance.

There is another way of thinking about it as well. If riding a bike would be financially irresponsible without insurance, the solution is less bike, not more insurance.
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Old 04-17-16, 08:58 AM
  #16  
Krazy Koz
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I've had nothing but good experiences with Velosurance. Dave Williams, who runs it, is super courteous and always quick to respond via phone or email. This is my third year carrying it, and while I've never had to report a claim yet, I don't regret the purchase for a second. The way that I look at buying insurance is as follows: is it worth the cost of a premium ($170 per year in my case) to not have to worry about replacing a stolen bicycle? Obviously the answer for me is yes, and I think that is a useful question for anyone to ask when considering buying insurance.

Regarding costs and other details, I believe (but may be wrong) that the minimum amount of insurance you can buy is $2000 dollars worth, which costs $100 per year. For me, every additional $100 dollars of insured value costs $5. I currently insure my bike at $3200, which makes my premium $160 + $10 for roadside assistance (towing the bike in case of an accident, flat(!?), or for any other reason, really). The only other thing that seems pertinent is that every claim has a $100 dollar deductible, which means that if you were in three wrecks per year (heaven forbid), it'd cost you a minimum of $300 + your premium.

To me, $170 dollars is a fair price to ease my anxious mind. I hope this was helpful in some way.
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Old 04-17-16, 04:29 PM
  #17  
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Originally Posted by Gresp15C View Post
The way I think of it is not the total value of the bike, but the total repair cost per year. For $300 per year, I'd practically have to wreck my bike every few years, to justify the insurance.
That's basically how I looked at it. I was quoted $375/yr. for $5k of insured coverage. I believe there is a $100 deductible. That basically pays for a new crash replacement frame and Zipps every 5-6years. How often are you crashing? How much on average are you spending to repair it? If a driver hits you and is found at fault their insurance pays. It's only if the driver is not insured (or runs) would this insurance pay out. I don't race and I'm not worried about my bike getting stolen (it never leaves my sight outdoors.)

Last edited by Dunbar; 04-17-16 at 04:35 PM.
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Old 04-17-16, 10:59 PM
  #18  
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Originally Posted by Dunbar View Post
If a driver hits you and is found at fault their insurance pays.
To be fair, that varies wildly by jurisdiction. In Michigan, if I am hit by a car while riding, that is covered by their property damage coverage. Of course, if they don't have insurance, I have to sue them in court, and if they refuse to pay, have to go back to court to file a claim to get their wages garnished. If I have my bikes in a rack on my car and they hit me while parked, they pay. If I am driving, and they hit me and damage bikes on or in my car, I am responsible for paying, by law their insurance doesn't cover property damage to anything in or on a car they hit, that is the responsibility of my insurance. If my bikes are in or on my car, and they get stolen, homeowners or rental insurance is supposed to cover it, if I have bought that coverage.
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Old 04-18-16, 04:49 PM
  #19  
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I'm pretty sure if a driver hits you while riding your bike, and is at fault, their insurance has to pay to repair the bike regardless of what state you live in. I don't drive around with my bike in my car very often nor am I concerned about theft so I don't consider that something I need to insure against. I agree that suing someone in court would not be worth my time for less than $1k+ in repair costs. I am including that in my cost/benefit analysis. All I can say is that in the past 4 1/2 years of riding I have certainly come out ahead financially by saving $375/yr not buying bike insurance.
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