Svenicus

I recently got into a dust up with a vehicle and found that my insurance won't be covering damage to my steed (it is covering my medical, thankfully).

Does anyone have any experience or reviews of Velosurance they'd feel pertinent? Any other companies they recommend (Canada specific, if possible). I'm hoping the damage to my bike isn't too substantial but I don't want to run this risk again down the road.

Thanks!

jefnvk

I have no idea how Ontario insurance law works, but is filing a claim with their insurance for property damage an option (assuming they were at fault)? Michigan allows for such an action, depending on exactly how the bike was being used/transported when the collision with the vehicle took place.

fietsbob

OK, not Canadien so I really have No input.

BlazingPedals

No idea for you. I know that when my first recumbent was totaled, my homeowners insurance said they'd cover it fully if the driver's insurance didn't.

GSJon

Same as BlazingPedals here but not with a recumbent. However, the woman who crumbled my bike did actually pay for it outside of her insurance company.

Dunbar

When I checked into it here in the states it was too expensive to be worth it. I believe many have a deductible and are still pretty expensive. It would be very unusual to crash bad enough to destroy everything on the bike. So keep in mind that they are just going to be fixing what is broken and not buying you a whole new bike. Many frame and wheel manufacturers have pretty good crash replacement deals and for the rest of the stuff you can buy it from Ribble or PBK to save some money. I don't know about Canada but here in the states you could always sue the driver in civil court if they were at fault and their insurance isn't covering the damage.

MuddyBikeRider

Hi, I've used them all last year, and I've renewed with them this year. I haven't had any issues but I haven't reported any claims either. I think I pay $300USD a year on $5000USD of coverage. It's a lot, but not having to worry about anything feels great. For instance, I can put a cable lock on my bike and not worry about being ripped off and losing my investment in my bike. If I crash it's covered also. Some have mentioned that you might (not sure about Canada, this is for US) be able to get various riders on your homeowners at a cheaper rate though.

Dunbar

I would never leave either one of my CF bikes locked up outside.

Phloom

I only insure what would be a real financial blow to me. My house insurance costs $500CDN a year but it covers full replacement of my house, perhaps about $300,000CDN.

I only carry liability insurance for my car. $500CDN a year covers 1 million. I don't carry collision. Another $500CDN which would covers maybe $8000CDN. The loss of the car would not be a financial burden.

Loosing a bicycle would not be a financial burden. I ride restored vintage bicycles and no insurance policy would cover all the work I put into them.

jamisFan

I have a policy with them. Dave is very courteous and always replies fast whenever I email him.
In about 10 years I will have paid enough money to buy a new bike. This is my first year, so I don't know if the premium will go up next year.
I tried to include my bike as a "floater" on my home owner's policy but, someone here suggested it in fact. The price was almost twice of what I piad on Velosurance.

As much as I hate paying insurance, I hope I have never ever have to file a claim though.

Dan Burkhart 

That fits with my view of the purpose of insurance. I look at it as a means to avoid financial ruin, not to save me from every eventuality.

Machka 

When I lived in Canada, I had bicycle insurance through CAA.

Gresp15C

Indeed. For me it's just a numbers play. The insurance companies make money by charging a premium that's greater than the expected risk, and having enough of a cash cushion to cover a reasonable number of claims at any given time. Thus, if I have enough of a cash cushion to cover minor losses, then I can afford to be self insured.

Marcus_Ti

They've been adverting cycling insurance on Eurosport the last year in the UK.

Depends on your line of "too expensive to be worth it". When a mechanically simple front derailleur has a US street value of $200USD. Brifters can cross $900USD. Wheels $2000USD....and so on....and factor in that prices are only going up....what is "too expensive" today probably won't be for very long.

Gresp15C

The way I think of it is not the total value of the bike, but the total repair cost per year. For $300 per year, I'd practically have to wreck my bike every few years, to justify the insurance.

There is another way of thinking about it as well. If riding a bike would be financially irresponsible without insurance, the solution is less bike, not more insurance.

Krazy Koz

I've had nothing but good experiences with Velosurance. Dave Williams, who runs it, is super courteous and always quick to respond via phone or email. This is my third year carrying it, and while I've never had to report a claim yet, I don't regret the purchase for a second. The way that I look at buying insurance is as follows: is it worth the cost of a premium ($170 per year in my case) to not have to worry about replacing a stolen bicycle? Obviously the answer for me is yes, and I think that is a useful question for anyone to ask when considering buying insurance.

Regarding costs and other details, I believe (but may be wrong) that the minimum amount of insurance you can buy is $2000 dollars worth, which costs $100 per year. For me, every additional $100 dollars of insured value costs $5. I currently insure my bike at $3200, which makes my premium $160 + $10 for roadside assistance (towing the bike in case of an accident, flat(!?), or for any other reason, really). The only other thing that seems pertinent is that every claim has a $100 dollar deductible, which means that if you were in three wrecks per year (heaven forbid), it'd cost you a minimum of $300 + your premium.

To me, $170 dollars is a fair price to ease my anxious mind. I hope this was helpful in some way.

Dunbar

That's basically how I looked at it. I was quoted $375/yr. for $5k of insured coverage. I believe there is a $100 deductible. That basically pays for a new crash replacement frame and Zipps every 5-6years. How often are you crashing? How much on average are you spending to repair it? If a driver hits you and is found at fault their insurance pays. It's only if the driver is not insured (or runs) would this insurance pay out. I don't race and I'm not worried about my bike getting stolen (it never leaves my sight outdoors.)

jefnvk

To be fair, that varies wildly by jurisdiction. In Michigan, if I am hit by a car while riding, that is covered by their property damage coverage. Of course, if they don't have insurance, I have to sue them in court, and if they refuse to pay, have to go back to court to file a claim to get their wages garnished. If I have my bikes in a rack on my car and they hit me while parked, they pay. If I am driving, and they hit me and damage bikes on or in my car, I am responsible for paying, by law their insurance doesn't cover property damage to anything in or on a car they hit, that is the responsibility of my insurance. If my bikes are in or on my car, and they get stolen, homeowners or rental insurance is supposed to cover it, if I have bought that coverage.

Dunbar

I'm pretty sure if a driver hits you while riding your bike, and is at fault, their insurance has to pay to repair the bike regardless of what state you live in. I don't drive around with my bike in my car very often nor am I concerned about theft so I don't consider that something I need to insure against. I agree that suing someone in court would not be worth my time for less than $1k+ in repair costs. I am including that in my cost/benefit analysis. All I can say is that in the past 4 1/2 years of riding I have certainly come out ahead financially by saving $375/yr not buying bike insurance.

carpetri

In summary, they want to pay about 10% of my bike's insured vale. I also pay about 10% annually ...




Here's the full story:




Unfortunately I am in the process of making a claim for an SWORKS Venge that was damaged during a flight. So far the quality of the service has not been as high as the price. I pay, almost 10% of the complete bike's value a year.




To begin, Velosurance does not insurance you directly but trough Markel. I don't have a problem with that directly, but, when I got the insurance I was asked by Velosurance to upload photos and receipts to their website so that in the event of a claim, they could process you faster.




I uploaded all the receipts and photos but this was a TOTAL WASTE OF TIME. Apparently Markel doesn't get access to the Velosurance data so it's totally useless.




To file a claim you can follow the instructions on Velosurance website. Where they recommend to include photos, receipts, a description of the damage and an estimation of the damage from a local shop. To be proactive I included all this from the first email.




My authorized Specialized dealer clearly stated that my carbon frame can not be repaired and doing so can be potentially life threatening and will, of course, void Specialized Lifetime warranty. This means that the replacement, being a high end bike, would be of 5.5k plus labor, taxes and some parts, adding up to $6,369.78.




Two days later, I received my first call. Where they asked me to send all the items to a Markel's email. I did it immediately.

During the call I felt push back. The person was suggesting repairing my 5.5k 2019 Sworks Venge carbon bike, making me loose my Lifetime warranty and diminishing my bike’s value. I would never have an insurance this expensive for a solution like that.




A day after the call I got a new email, this time from Markel, once again asking for all the items, photos, description, .... I send that again immediately.




After all the inefficiencies, I eventually got a second call from Merkel. The person explained that according to their experts (which happened to be Jack Kane from kanebikes.com) my ultra light, high end 5.5k carbon frame could be repaired for just $1,175. That means that with all the shipping costs plus the labor, taxes and minus the 500 deductible, they were determined to pay for just $1,330.40 out of the 6,369.78. It’s ridiculous.




My next step was to negotiate back with my authorized dealer. I got a replacement discount (20%). I also went to other 2 different authorized dealers to back me up and make the point clear. The three dealers agree that my bike cannot be repaired.

I sent the updated quotes for $5,196.90 including taxes and everything needed.




Guess what...... Of course they did not care.




Which is funny (not really) because they have "TRUSTED PARTNERS" in their website. The letters I sent included partners from their trusted partners list. So it seems very convenient for them to ignore what 3 of the largest Authorized distributors in NYC and probably, the US, had to say to favor an "expert" who happens to have 5 reviews on yelp....




I will continue to defend myself this is ridiculous.




Have you been in an experience like this???




Please contact me and share any information that might help.




WE CANNOT LET THIS BE




PLEASE SHARE, COMMENT OR TAG SOMEONE IN A SIMILAR SITUATION




I really miss my bike...... =(

indyfabz

What are terms of the policy regarding repair. E.g., Does it address who has the final say on whether it is repairable or not?

carpetri

“We will pay for repairs that are made in accordance with the manufacturer's specifications or accepted repair practices.”

So clearly they will do whatever they want...

indyfabz

And does it at who gets to determine what "accepted practices" are?

ranger052

Hi,

any updates on your case? Did they ever paid for your bike?

Sy Reene

5 Years later, thought I'd ask what current thinking is on these insurance plans? One benefit unmentioned is liability coverage, which in theory could run quite a bit higher than any bike's value.