Insurance for new bike

Discussion in 'Australia and New Zealand' started by Keith, May 16, 2003.

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  1. Keith

    Keith Guest

    My son and I are each taking delivery of new bikes next month. He'll be using his for an extended
    tour and I'll be commuting/parking and so the risk of damage or theft is very real for both of us.
    As they're each costing us about $5,000, we're looking around for insurance.

    Bicycle NSW has an insurance arrangement, but the other option is to go for a specific inclusion in
    a regular home contents insurance policy. I expect the annual premiums to be around 10% of the
    bike's value.

    Any comments on what you have found the best option? (We'll have good locks as well, don't worry.)

    Keith
     
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  2. In article <[email protected]>, [email protected] (Keith) wrote:

    > My son and I are each taking delivery of new bikes next month. He'll be using his for an extended
    > tour and I'll be commuting/parking and so the risk of damage or theft is very real for both of us.
    > As they're each costing us about $5,000, we're looking around for insurance.
    >
    > Bicycle NSW has an insurance arrangement, but the other option is to go for a specific inclusion
    > in a regular home contents insurance policy. I expect the annual premiums to be around 10% of the
    > bike's value.

    I use something similar to this, and while I'm not sure of the annual figure, I'm sure it is not
    around the $500 mark. More like $50 or something. My bike is listed as a "specified item" on my
    partents home and contents, and even though I don't live at home, the bike is covered. A couple of
    years ago actually, I had the misfortune of having to exercise that insurance. Once it was sorted
    out, I was able to put the purchase price of the 2 year old bike minus a few hundred dollars excess
    towards a brand new bike, which was fantastic.

    --
    Heath
    ________________________________________________________
    | *Nothing is foolproof to a sufficiently talented fool* | _\|/_ |
    | ________________________________________m(. .)m_________|
     
  3. Peter Vesel

    Peter Vesel Guest

    > > My son and I are each taking delivery of new bikes next month.

    , and while I'm not sure of the annual
    > figure, I'm sure it is not around the $500 mark. More like $50 or
    something.

    Roughly 10% of the price is about right...which is why I never bothered. That's more than double
    what it costs for my wifes car
     
  4. Mpd

    Mpd Guest

    Depending who provides cover and what conditions apply, it can be between 10 and 20%

    "Peter Vesel" <[email protected]> wrote in message
    news:gQBxa.36957$1s1.5272[email protected]...
    > >
    > > > My son and I are each taking delivery of new bikes next month.
    >
    > , and while I'm not sure of the annual
    > > figure, I'm sure it is not around the $500 mark. More like $50 or
    > something.
    >
    > Roughly 10% of the price is about right...which is why I never bothered. That's more than double
    > what it costs for my wifes car
     
  5. G

    G Guest

    I wouldn't do it. That is - park a $5,000 bike in public unattended no matter how big the lock is.
    Either find storage place inside the building where you work or consider buying a cheap clunker for
    commuting purposes. Cheaper than insurance premiums.

    GK

    Keith <[email protected]> wrote:

    > My son and I are each taking delivery of new bikes next month. He'll be using his for an extended
    > tour and I'll be commuting/parking and so the risk of damage or theft is very real for both of us.
    > As they're each costing us about $5,000, we're looking around for insurance.
    >
    > Bicycle NSW has an insurance arrangement, but the other option is to go for a specific inclusion
    > in a regular home contents insurance policy. I expect the annual premiums to be around 10% of the
    > bike's value.
    >
    > Any comments on what you have found the best option? (We'll have good locks as well, don't worry.)
    >
    > Keith
     
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