I think I should get this, especially if I get a high end bike. Anyone have any experience with it?
Actually I'm not so sure how good that policy is. Granted my current policy is on photography equipment, but in that policy replacement cost is the cost to replace it TODAY, whatever that may be. A $3000 Zeiss lens will get more expensive over time not less...so that's helpful. I suspect the same can be said for replacing a 2010 $3100 bicycle. That's likely to cost you $4000 today (that's a guess). Also, there is no deductible. I might find I can't get the same kind of policy on my bike, but if I can that sounds a little better than what you're offering.Originally Posted by VELOSURANCE
The most asked question about bicycle insurance is “isn’t my bike covered by my home insurance†and the answer is “possibly, but not very effectivelyâ€. Home or renter insurance is not a good deal when you are trying to insure a bicycle.
There are a some very important questions to ask your agent when insuring a bike. Here are the best questions to ask.
When an insurance company says they insure your stuff for "replacement cost" they are only telling 1/2 the story. What they aren't telling you about is the depreciation factor. After 15+ years selling home insurance and many bike claims we never had a happy client when it involved a bicycle claim so we formed Velosurance to give cyclists a better way to insure their bikes with a no depreciation, multi risk, no BS bike policy managed by a company owned by cyclists. All we do is insure bikes.
A Velosurance damage claim is paid in less than 7 days. No BS! Testimonials here.
Typical claim: A 5 year old $3,100 bicycle is stolen and a claim placed with your insurance company.
BTW a 2010 bike is now a 5 year old bike.
Here’s the home insurance math: $3,100 x 50% depreciation = $1,550 less $1,000 deductible = $550 payment to replace the bike. Out of pocket expense = $2,550
Here’s the Velosurance math: $3,100 less $300 deductible = $2800 payment. Out of pocket expense $300.
That’s a $2,250 difference of out of pocket expense, or 12 years of Velosurance premiums at $186 a year.
Thanks for the compliment! Savannah is a neat town with even neater history, I'm sure your daughter enjoys living in the area. I agree with you vs. most insurance companies.Originally Posted by VELOSURANCE
You have some amazing photography on your website. My daughter is a photographic plate maker in Savannah if you ever need plates of your work.
Velosurance may not be for everyone but it is a great alternative to dealing with an adversarial insurance company claims department adjuster whose car cost less than your bike. Let me know how you fare with the insurance for your bike now you have the right questions to ask. Regards, Dave.... [email protected]
Rudy, please take my response with all sincerity. In 15 years selling home insurance I always checked on my competition and heres the skinny on GEICO, and most other home insurance policies. GEICO is a great company with a good product but their policy is a "named perils" policy that covers theft, hail, flood, and fire, all as "named perils" but it does not cover much else that can or will happen to you bike. The Velosurance policy is an "All Risk" policy meaning that it covers "all risks". I could fill a page of what can damage my bike, GEICO covers only a few "named perils", so if all you are concerned about is theft then GEICO might be for you.Originally Posted by RudyB
I just purchased renters insurance with GEICO the other day. It covers everything I own and they will replace it if it gets stolen or destroyed for whatever price you paid for it. If your bike gets stolen in the street, they will replace it. Make sure you file a Police report. Also, very important, take pictures of everything you have in your house as proof.
Insurance is to pay for consequenses that you cannot afford to pay for.Originally Posted by MotownBikeBoy
I think I should get this, especially if I get a high end bike.
Anyone have any experience with it?
Originally Posted by MotownBikeBoy
Well, of course it is a gamble, just like Vegas, the House must pay out less than it takes in long term, if it is for-profit, it at least break even if a non-profit. But, the customer also buys some peace of mind.
Originally Posted by MotownBikeBoy
Well, of course it is a gamble, just like Vegas, the House must pay out less than it takes in long term, if it is for-profit, it at least break even if a non-profit. But, the customer also buys some peace of mind.
But the question is about insuring a bicycle.Originally Posted by MotownBikeBoy
OK, if you say so ... just my opinion based on my experiences as a consumer. All I know is I've never regretted buying the best policies I can afford, from auto to medical to pet insurance.
It definitely buys me peace of mind.
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