Bike Insurance - Is it Worth it?
Posted: 12 Dec 2011, 08:40
I have just invested a significant amount of money in my first carbon road bike – not as much as Dougie’s new born but a significant outlay nonetheless. I have only ridden the bike twice and already love the bike and am prepared to shower my wife with gifts for approving the “expense” (her words not mine).
Initially I had not given bike insurance too much thought until my very first ride. I was riding with the middies on December 4 (I normally ride with the 28’s but hey the new bike gave me confidence!!) when I hit a very large pot hole on the Grand Parade (a non-call from the front of the bunch I was about 4th row). My rear wheel ceased and I was forced to move out of the bunch and let them pass for fear of causing a pile up. I managed to stop and fearing the worst inspected the rear wheel. Luckily there was no damage the brakes had actual grabbed the rim causing the wheel not to turn. I loosened the brakes and tested the wheel to ensure it was still true and I breathed a huge sigh of relief when all was ok. The brake pads were running very close to the rim and I must have grabbed the breaks when I hit the pot hole and being a new bike they grabbed the rim – probably still wearing in and a bit stiff.
This experience caused me to research bike insurance a little further. I found a few online and Swann Insurance seemed to offer the best deal – about $280 per annum. However here is the issue. All bike insurers require a “Bicycle Inspection Report” to be completed by a bike shop if insurance is taken out more than 30 days from purchase. I purchased the bike just over 30 days ago from Cycling Express in Melbourne and the insurance companies are being very strict on enforcing the 30 day limit. The delay in riding the bike and considering the insurance came from a two week delay in delivery of the bike and a few parts from Wiggle to complete the bike ready to ride.
The ‘Bicycle Inspection Report” is akin to a pink slip required for a motor vehicle but without the detail. I contacted a number of bike shops to see if they would provide such a report (Swann Insurance provides the report they just need to fill it in). Basically the short answer from the retailers was as I had not purchased the bike from them they were not prepared to issue an inspection report. I don’t expect bike shops to provide this service for free I was prepared to pay for the report.
So, after that long winded background to events I need your help:
1. Do others have bike insurance – if so who with?
2. Is it worth it – what has been your experience?
3. Does anyone know a local bike retailer who is prepared to provide an inspection report?
4. Am I better off listing the bike on my home contents insurance which basically covers theft both inside and outside the home for about $65 per annum?
Any advice will be greatly appreciated.
Todd
Initially I had not given bike insurance too much thought until my very first ride. I was riding with the middies on December 4 (I normally ride with the 28’s but hey the new bike gave me confidence!!) when I hit a very large pot hole on the Grand Parade (a non-call from the front of the bunch I was about 4th row). My rear wheel ceased and I was forced to move out of the bunch and let them pass for fear of causing a pile up. I managed to stop and fearing the worst inspected the rear wheel. Luckily there was no damage the brakes had actual grabbed the rim causing the wheel not to turn. I loosened the brakes and tested the wheel to ensure it was still true and I breathed a huge sigh of relief when all was ok. The brake pads were running very close to the rim and I must have grabbed the breaks when I hit the pot hole and being a new bike they grabbed the rim – probably still wearing in and a bit stiff.
This experience caused me to research bike insurance a little further. I found a few online and Swann Insurance seemed to offer the best deal – about $280 per annum. However here is the issue. All bike insurers require a “Bicycle Inspection Report” to be completed by a bike shop if insurance is taken out more than 30 days from purchase. I purchased the bike just over 30 days ago from Cycling Express in Melbourne and the insurance companies are being very strict on enforcing the 30 day limit. The delay in riding the bike and considering the insurance came from a two week delay in delivery of the bike and a few parts from Wiggle to complete the bike ready to ride.
The ‘Bicycle Inspection Report” is akin to a pink slip required for a motor vehicle but without the detail. I contacted a number of bike shops to see if they would provide such a report (Swann Insurance provides the report they just need to fill it in). Basically the short answer from the retailers was as I had not purchased the bike from them they were not prepared to issue an inspection report. I don’t expect bike shops to provide this service for free I was prepared to pay for the report.
So, after that long winded background to events I need your help:
1. Do others have bike insurance – if so who with?
2. Is it worth it – what has been your experience?
3. Does anyone know a local bike retailer who is prepared to provide an inspection report?
4. Am I better off listing the bike on my home contents insurance which basically covers theft both inside and outside the home for about $65 per annum?
Any advice will be greatly appreciated.
Todd