Micro tracking device - does it exist?
03-22-23, 10:38 AM
#26
post cholecystectomy
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Just talk to your insurance agent and find out if your homeowners or other insurance covers your bike and in what situations.
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03-22-23, 05:05 PM
#27
Senior Member
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Originally Posted by Iride01
Just talk to your insurance agent and find out if your homeowners or other insurance covers your bike and in what situations.
. Briefly: You pay yearly insurance premium of 9% of bike price and in case of an event, you get 70% of the insured value for theft. It took me 15 minutes to deeply analyze the figures for a meaningful result, as below:If you consider only a 3% yearly increase in bike price acquisition as new, then: If an event occurs after 3 years, you already paid insurance premium at the level of 24% of a new bike acquisition price and you recover 64% of the same price. In net terms (recover amount minus premium paid), your recovery is 40% of the price of a new bike. But 40% is only the theoretical legal obligation, because the insurer will do everything to decrease it to less than a quarter of his legal obligation. You need to spend a lot of time and effort to oblige him to pay closer to legal amount.
In a parallel exercise, I have just ended a tedious 8 months legal fight with an insurer for a totally damaged bike (not theft) and I got the brilliant result of 83% of what he should legally pay, while his firm offer was 18%.
Last edited by Redbullet; 03-22-23 at 05:19 PM.
03-23-23, 08:02 AM
#28
post cholecystectomy
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Originally Posted by Redbullet
Bike insurance is a beautiful dream, but if one dives into real life, it becomes less appealing . Briefly: You pay yearly insurance premium of 9% of bike price and in case of an event, you get 70% of the insured value for theft. It took me 15 minutes to deeply analyze the figures for a meaningful result, as below:
If you consider only a 3% yearly increase in bike price acquisition as new, then: If an event occurs after 3 years, you already paid insurance premium at the level of 24% of a new bike acquisition price and you recover 64% of the same price. In net terms (recover amount minus premium paid), your recovery is 40% of the price of a new bike. But 40% is only the theoretical legal obligation, because the insurer will do everything to decrease it to less than a quarter of his legal obligation. You need to spend a lot of time and effort to oblige him to pay closer to legal amount.
In a parallel exercise, I have just ended a tedious 8 months legal fight with an insurer for a totally damaged bike (not theft) and I got the brilliant result of 83% of what he should legally pay, while his firm offer was 18%.
. Briefly: You pay yearly insurance premium of 9% of bike price and in case of an event, you get 70% of the insured value for theft. It took me 15 minutes to deeply analyze the figures for a meaningful result, as below:If you consider only a 3% yearly increase in bike price acquisition as new, then: If an event occurs after 3 years, you already paid insurance premium at the level of 24% of a new bike acquisition price and you recover 64% of the same price. In net terms (recover amount minus premium paid), your recovery is 40% of the price of a new bike. But 40% is only the theoretical legal obligation, because the insurer will do everything to decrease it to less than a quarter of his legal obligation. You need to spend a lot of time and effort to oblige him to pay closer to legal amount.
In a parallel exercise, I have just ended a tedious 8 months legal fight with an insurer for a totally damaged bike (not theft) and I got the brilliant result of 83% of what he should legally pay, while his firm offer was 18%.
And for certain there is always self-insurance. Most bikes don't cost that much to replace. And if the bike was damaged after it was stolen, I'd probably not even care to want the bike back.
Might also be a good idea for cyclist to find out whether or not any policies they already have might cover them for harm they might do to other persons or property while cycling.
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03-23-23, 08:53 AM
#29
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Originally Posted by Redbullet
Unfortunately, it looks that such dedicated device does not really exist. Looking to the over-complex bike computers, smart phones, smart watches or other similar devices, by comparison, I don't think that producing a device as I imagined would be more difficult, on the contrary. But maybe there is not a real market out there for such a device.
https://road.cc/content/review/tail-...tracker-274995
Most of them use a cell network to report back and that usually requires a subscription ($5-10/month).
04-04-23, 05:43 PM
#30
beeballman
I shipped my bike to California from the east coast with an Air Tag. I tracked it the whole way their (went UPS truck via Airflights) and on way back it came via train. I followed it the whole way with no drop outs at all. Worked well.
04-04-23, 08:19 PM
#31
Method to My Madness
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Originally Posted by beeballman
I shipped my bike to California from the east coast with an Air Tag. I tracked it the whole way their (went UPS truck via Airflights) and on way back it came via train. I followed it the whole way with no drop outs at all. Worked well.
