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Velosurance?

Old 10-29-18, 10:59 AM
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SkepTeach
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Velosurance?

Apologies if this has been discussed at length before, but searching "Velosurance" provided no hits. Has anyone ever used their insurance services, and especially have you ever had to make a claim with them? I have a fairly expensive bike, Domane SL8, and I think it might be worthwhile to insure. My homeowner's policy only protects me against theft from my home. From what I can tell from Velosurance, they will repair or replace a bike due to a variety of circumstances, including accidents. I have only recently, within the last month or so, gotten into cycling pretty heavily, so I imagine the odds are only a matter of time.

I'm hoping there may be some forum frequenters who have Velosurance and who could speak to their responsiveness and ease of working with in the event you have to make a claim.
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Old 10-29-18, 12:30 PM
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General Geoff
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Cost to insure that bike through Velosurance is probably gonna be upwards of $500/year, depending on your city/state (more in higher theft risk areas).

If the insurance policy provides $500 worth of peace of mind whenever you park your bicycle somewhere away from home, go ahead. You're going to want to spend some money on a good lock solution anyway, even with insurance, because they'll deny a claim if your bike wasn't securely locked. I recommend an Abus Granit Extreme 59, for a $5k bicycle. Probably want locking skewers too, if you're locking it up outside of home on a regular basis.
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Old 10-29-18, 02:22 PM
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SkepTeach
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Thanks for the feedback. It looks like the premium will only be about $20/month, so not super expensive. And I'm thinking the peace of mind might be worth the expense. I just wanted to hear feedback from anyone who might have used them before to actually file a claim. They have largely great reviews on fb. Just wanted to check reviews here too.
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Old 10-29-18, 02:33 PM
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Kapusta
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In general, unless you feel sure that an insurance company is significantly underestimating your risk of a claim, insurance on something you can likely self-insure is not a good practice, and something that on average, in the long run, you will lose financially on (otherwise, insurance companies would go under).

Insurance makes sense when the event you are insuring against is a major hardship that you cannot easily ride out. Like a house fire/flood, or major illness, or an expensive car accident, or the financial burden of being sued. A broken or stolen bike does not fit that description. Even a $5K one (which will be worth much less in a year or two). You are probably far better of taking whatever premiums they are charging and stick in your own rainy day fund.

Just my $0.02.
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