Insurance for new bike

[Keith]

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

 

[Heath Raftery]

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_________|

 

[Peter Vesel]

> > 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

 

[Mpd]

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

"Peter Vesel" <[email protected]> wrote in message
news:[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

 

[G]

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