Bicycleinsurance

Orion

Just saw this on Broadsheet:
http://www.bicycleinsurance.ie/

My road bike would be 68p.a. for example if it wasn't 4 years old. They'll only insure bikes 3 years old or newer which I don't understand.

Might be worth it. Accident cover included too.

Is this the only bike insurance in Ireland?

No Pants

Up to €250 only. That may not even cover a set of wheels for some people. Looks like BSO insurance rather than bicycle insurance. Expensive too, in my opinion.

butterworth

No Pants wrote: »

Up to €250 only. That may not even cover a set of wheels for some people. Looks like BSO insurance rather than bicycle insurance. Expensive too, in my opinion.

Are you referring to this sentence: '- Low-Cost Insurance Cover: We will cover you and your bike from as little as €1.99 per month, based on a bicycle up to a value of €250 and less than 3 years old.'

I think that's just an example of cost if your bike is valued at €250. There's a quick quote feature on the site that shows you the cost of insuring a bike with a max value of €3000.

Also, this is not the only dedicated bicycle insurer in Ireland. Cyclesure.ie also exists. I think insurance, for the first couple of years at least, might be worth it with a new bike that's fairly expensive. I've got a new bike coming soon and I can't afford to pay another €3000 if I break it during a race, a premium of around ~€350 is much more manageable!

Wishbone Ash

Just bear in mind that the restrictions regarding theft are so tough in most of these policies that if you abide by them you won't need insurance.

Alek

I like the idea of monthly payments.

if you abide by them you won't need insurance.

You can't win with the angle grinder.


Actually its mostly the accidental damage cover I'm thinking about. Tenner a month? That's less than I'm spending on cycling sundries monthly and can buy me the whole bike back.

Wishbone Ash

Alek wrote: »

its mostly the accidental damage cover I'm thinking about..

I'd be more concerned about personal damage I could cause to a 3rd party. The costs of replacing a bike would be peanuts in comparison.

Alek

True, I guess. Is it included in http://www.bicycleinsurance.ie/ ? (I can't see this website at work)

No Pants

butterworth wrote: »

Are you referring to this sentence: '- Low-Cost Insurance Cover: We will cover you and your bike from as little as €1.99 per month, based on a bicycle up to a value of €250 and less than 3 years old.'

I think that's just an example of cost if your bike is valued at €250. There's a quick quote feature on the site that shows you the cost of insuring a bike with a max value of €3000.

You're right, I just took a quick glance at it on my phone. Hmm, I'm already insured through Cycling Ireland and my house insurance.

duffyshuffle

What exactly is insured with Cycling Ireland cover? As a full competition member, is it damage to you/bike in races/training with a club or all spins or none?

I've got my bike listed with house contents which covers it if robbed from the home/car.
I've listed my other bike so its covered for all risks, but assume this doesn't cover crashing in a race? And its only up to €1,000 and think theres an excess on it.

So whats the best way to cover a bike then? I'd like my new racing bike covered for crashes etc...

Then do people cover wheel sets separately?

ednwireland

duffyshuffle wrote: »

What exactly is insured with Cycling Ireland cover? As a full competition member, is it damage to you/bike in races/training with a club or all spins or none?

I've got my bike listed with house contents which covers it if robbed from the home/car.
I've listed my other bike so its covered for all risks, but assume this doesn't cover crashing in a race? And its only up to €1,000 and think theres an excess on it.

So whats the best way to cover a bike then? I'd like my new racing bike covered for crashes etc...

Then do people cover wheel sets separately?

personal accident and public liability

http://www.cyclingireland.ie/page/membership/insurance

as to race insurance CI used to do it but had to shut it down because if the number of claims (i beleive) they recommend cyclesure (who apparently do race cover).

but i'd be amazed if you could get race insurance at a sensible price as i would expect a high volume of claims on something like that (prepared to be disproved though).

i'm wrong 175 euro for my 1600 euro bike

seamus

Bike cover is insanely expensive when you include theft and I'd love to know if these figures are based on actual risk or just plucked from the air.

The cost of cover in the above site is on average around 8% of the bike's value per year.

If applied to vehicles, this would be the equivalent of €1,600 a year to cover yourself on a €20k car. But since the potential liability for a bike is far less than that of a car, it seems more appropriate to compare this to house cover.

If you got home contents insurance which included theft, damage and 3rd party liability cover for contents of €20k, and they tried to charge you 8% (€1,600) for the year, you'd laugh at them.

So I'd really love to know where these figures comes from. The cynic in me says that they're deliberately exploiting a gap in the market for more expensive bikes who can't get cover on their home contents insurance.

godtabh

seamus wrote: »

So I'd really love to know where these figures comes from. The cynic in me says that they're deliberately exploiting a gap in the market for more expensive bikes who can't get cover on their home contents insurance.

of course they are. Thats how they make money