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Velocare insurance

Old 08-12-20, 06:22 AM
  #1  
RShantz
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Velocare insurance

I've never seen Velocare discussed here. Wanted to mention it in case folks aren't familiar. It's essentially an service plan and extended warranty for your bike. I'm one who always is self insured for items if I legally can do so, however this insurance just makes financial sense.

Literally everything except the frame, tires, tubes and brake pads are covered. That means chains, cassettes, bottom brackets, chainrings, pedals, wheels and a lot more are covered. The cost for a $4,000 - $6,000 bike for 5 years coverage is $425. To me this is unbelievable, but it works. I've used it for a couple years on a bike of mine with SRAM red. I've already went through two cassettes, not to mention chains and bar tape. In two years I've clearly saved money.

It's hard to see how they stay in business, but the shop owner says (like with most insurance) the customers literally never use the coverage. They just don't ride enough.

If you put a good bit of miles on a bike, just keep this in mind. They also cover mountain bikes. I
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Old 08-12-20, 06:31 AM
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Looks like a service contract for those unwilling or unable to fix their own gear, which, I suppose, fills a niche. Even then, the idea of arguing with a shop agent about whether one’s cables are really sticky is unappealing.
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Old 08-12-20, 06:48 AM
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Originally Posted by MoAlpha View Post
Looks like a service contract for those unwilling or unable to fix their own gear, which, I suppose, fills a niche. Even then, the idea of arguing with a shop agent about whether one’s cables are really sticky is unappealing.
Not at all. I certainly can install a cassette myself. But look at the price for a Red cassette. If you ride a good bit, the internet cost of the products will exceed the policy cost.

Also, the shop makes money for installing said products at some form of a shop rate. My local shop wants to use insurance for this labor charge. The shop also makes a marginal profit on the tangible product, but the margin they keep is smaller than normal. So the only thing one could realistically call unappealing is that they have to take the bike to the shop. All I do is ride there so that isn't a negative for me.
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Old 08-12-20, 06:54 AM
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Originally Posted by RShantz View Post
Not at all. I certainly can install a cassette myself. But look at the price for a Red cassette. If you ride a good bit, the internet cost of the products will exceed the policy cost.

Also, the shop makes money for installing said products at some form of a shop rate. My local shop wants to use insurance for this labor charge. The shop also makes a marginal profit on the tangible product, but the margin they keep is smaller than normal. So the only thing one could realistically call unappealing is that they have to take the bike to the shop. All I do is ride there so that isn't a negative for me.
Looks like it makes sense for you. Thats great and maybe its a new model which will spread and support some local business.
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Old 08-12-20, 07:05 AM
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Originally Posted by RShantz View Post
I've used it for a couple years on a bike of mine with SRAM red. I've already went through two cassettes, not to mention chains and bar tape. In two years I've clearly saved money.
You went through 2 cassettes in 2 years?

Here's my Red cassette after 24,000 miles.


I replace the chain about every 3500 miles, bar tape about every 2 years.

Either i'm doing something VERY right or you're doing 20,000 miles a year.

I've had my Emonda SLR for 5 years and other then the normal wear items such as tires, tubes, brake pads and chains, i've only replaced the bottom bracket and pulleys since I wanted Ceramic Speed bearings.

On another note, when going down hill at 45mph I like to know that I personally torqued the stem bolts and not trust that someone else did it correctly. I sure would hate for my bars to slip.
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Old 08-12-20, 10:59 AM
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Originally Posted by GlennR View Post
You went through 2 cassettes in 2 years?

Here's my Red cassette after 24,000 miles.


I replace the chain about every 3500 miles, bar tape about every 2 years.

Either i'm doing something VERY right or you're doing 20,000 miles a year.

I've had my Emonda SLR for 5 years and other then the normal wear items such as tires, tubes, brake pads and chains, i've only replaced the bottom bracket and pulleys since I wanted Ceramic Speed bearings.

On another note, when going down hill at 45mph I like to know that I personally torqued the stem bolts and not trust that someone else did it correctly. I sure would hate for my bars to slip.
The math would still save you money if you ride 10k a year - chains alone would likely save money over 5 yr period.

I'll never get 24k out of a cassette. I just don't take the time to clean the chain that often. I'm fairly hard on my gear - a lot of climbing and frequently ride dirt roads or what some call gravel.

We talkin about stem bolts? Stem bolts? We really talkin bout stem bolts? Maybe I'm missing something, but why would one or a mechanic at a shop mess with stem bolts. I think you have too much time on your hands to worry about stuff
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Old 08-12-20, 11:32 AM
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Odd that coverage cost is based on the price of the whole bike, but the coverage doesn't cover the actual frame itself. Also, appears this can only be bought with a new bike (or at most 30 days old). So an expensive frame with pedestrian groupset may or may not make sense financially.
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Old 08-12-20, 11:32 AM
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Hmmmmm, seems if one is very destructive of their rides you might benefit. But like Glenn stated, mine looks brand new almost as I am a stickler for washing and cleaning my ride often as I want it to perform flawlessly on the road.

I assume you are not a rep of this company...LOL
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Old 08-12-20, 11:36 AM
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Originally Posted by Sy Reene View Post
Odd that coverage cost is based on the price of the whole bike, but the coverage doesn't cover the actual frame itself. Also, appears this can only be bought with a new bike (or at most 30 days old). So an expensive frame with pedestrian groupset may or may not make sense financially.
I know, right! Components if all that is covered should be insurable regardless of the age of the frame/bike???? Maybe I missed something here but still, maybe if you buy a new ride this may be worth it. I wrench my own so I wonder if I could also get the national bike mechanic labor hourly wage to install also!!!!! LOL
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Old 08-13-20, 12:24 PM
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Originally Posted by Sy Reene View Post
Odd that coverage cost is based on the price of the whole bike, but the coverage doesn't cover the actual frame itself. Also, appears this can only be bought with a new bike (or at most 30 days old). So an expensive frame with pedestrian groupset may or may not make sense financially.
Though frames are typically covered by the manufacturer, no?

More generally, the company is clearly relying on adverse selection no overwhelming them. If most purchasers are the types that maybe need one chain repair in 3 years, they're going to come out ahead. If every buyer is like OP, then it won't work. Or they'll start denying coverage.

I did buy something similar with my bike. I'm not sure if it paid off. I did get one "free" service IIRC - I paid for labor but they installed a new chain and maybe something else. They also replaced a cracked rim, though Trek probably would have replaced that under warranty. They refused to replace a BB90 bottom bracket, however. The shop was sold during the coverage period, so I think that changed their attitude (original shop had signed on so honored; new buyer of shop not so much).
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Old 08-13-20, 01:55 PM
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Insurance no matter what is being covered is organized crime...LOL

Those who really never need it pay some of the premiums for those who can’t drive or take care of their stuff. If we just lived in a world where you pay for your own actions then a lot of us may have some extra dough.
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Old 08-13-20, 02:04 PM
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Originally Posted by GlennR View Post
You went through 2 cassettes in 2 years?

Here's my Red cassette after 24,000 miles.


I replace the chain about every 3500 miles, bar tape about every 2 years.

Either i'm doing something VERY right or you're doing 20,000 miles a year.

I've had my Emonda SLR for 5 years and other then the normal wear items such as tires, tubes, brake pads and chains, i've only replaced the bottom bracket and pulleys since I wanted Ceramic Speed bearings.

On another note, when going down hill at 45mph I like to know that I personally torqued the stem bolts and not trust that someone else did it correctly. I sure would hate for my bars to slip.

How do you get 24,000+ miles out of a Red cassette & 3,500 miles out of a Red chain?
I normally get ~2,500 miles from a chain, and usually 12,000 - 15,000 from an Ultegra (my every day) cassette. I do have Red cassette with ~12,000 miles on it.
I keep my bike pretty clean, wipe down & re-lube the chain frequently & don't ride in the rain (unless I get caught).
I use Rock n Roll Gold, but recently switched to R & R Holy Cow.

What do you do?
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Old 08-13-20, 02:17 PM
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Originally Posted by Dancing Skeleton View Post
How do you get 24,000+ miles out of a Red cassette & 3,500 miles out of a Red chain?
I normally get ~2,500 miles from a chain, and usually 12,000 - 15,000 from an Ultegra (my every day) cassette. I do have Red cassette with ~12,000 miles on it.
I keep my bike pretty clean, wipe down & re-lube the chain frequently & don't ride in the rain (unless I get caught).
I use Rock n Roll Gold, but recently switched to R & R Holy Cow.

What do you do?
I clean it every weekend, about 150-200 miles. I also have a ultrasonic cleaner that I use a few times a year. I service the bike every winter, don't ride in the rain (have another bike with Rival 1x for that) and use Finishline lube. Once a month while cleaning the chain I used compressed, low pressure, to remove all the dirt and grit between the plates.





I restored old VWs as a hobby and i'm and anal and meticulous with my car.
I built this engine in 2006 and the picture was taken last year.
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Old 08-13-20, 02:32 PM
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How extensive of a weekly cleaning do you perform?
I do clean in between the links/plates with Finish Line Gear Floss once or twice per chain, clean the cassette frequently etc.
I do ride hard about half the time, and I do a fair amount of climbing. I shift a lot, 100's to well over 1,000 times per ride.

Thanks
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Old 08-13-20, 03:19 PM
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Originally Posted by Dancing Skeleton View Post
How extensive of a weekly cleaning do you perform?
I do clean in between the links/plates with Finish Line Gear Floss once or twice per chain, clean the cassette frequently etc.
I do ride hard about half the time, and I do a fair amount of climbing. I shift a lot, 100's to well over 1,000 times per ride.

Thanks
I'm guessing that the motor in Glenn's hub helps a bit too on the wear.
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Old 08-13-20, 08:29 PM
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Originally Posted by Germanrazor View Post
Insurance no matter what is being covered is organized crime...LOL

Those who really never need it pay some of the premiums for those who cant drive or take care of their stuff. If we just lived in a world where you pay for your own actions then a lot of us may have some extra dough.
Not exactly a hot take. Insurance is about mitigating risk. If you drive you are in danger of getting in an accident, either through your or others fault. In this case the bike insurance seems like a great deal for those who put in serious miles.
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Old 08-14-20, 09:34 PM
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Originally Posted by GlennR View Post
Is that rd design whats required to get cable free shifting?
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Old 08-15-20, 05:14 AM
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Originally Posted by mstateglfr View Post
Is that rd design whats required to get cable free shifting?
If you're asking if that is Sram eTap... it is.
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Old 08-16-20, 07:51 AM
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If you ride enough, it would appear you could come out ahead, basically because you’re being subsidized by other purchasers who ride little.

You do need to consider the time value of money. The $425 comes out of your pocket today. The charge for the replacement cassette may be two years down the road. Return on $425 in a balanced portfolio will be enough to replace a cassette every couple of years. I realize it won’t replace a Red cassette, but most $4000 bikes come with much cheaper cassettes. Ultegra level cassettes can be had for around $40 bucks.
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Old 08-16-20, 08:39 AM
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Seems like a weird deal. If I am paying for insurance, I want the high dollar items covered. This I guess, is a good deal for those who have no idea how to work on their bike, but 425 bucks to replace a couple cassettes and chains seems pointless if you do your own bike maintenance, especially seeing as this doesn't cover the frame...
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