First thing is check your auto insurance policy. Get the most uninsured motorist coverage you can get. Uninsured/underinsured motorist coverage will cover you if you’re hit by a car on your bike and the car driver’s coverage doesn’t cover your damages.

You will find the rates quoted by Velosurance, Big Ring, etc. to be extremely high and borderline ridiculous, IMO. As in prices almost the same as car insurance for very expensive bikes. I got a quote a few years ago from Velosurance for my previous Dimond with a value of $12,000 and it was almost $1,000 per year. Big Ring was slightly less. Maybe like $800+ per year. Then I learned my homeowners insurance pays for everything not crash related. I pay less for my car insurance. So no fucking way I was paying $1,000 annually for bike insurance for just one bike. I have a couple of other expensive bikes as well.

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Favorite Gear: Dimond | Cadex | Desoto Sport | Hoka One One

Self insure by buying another bike, the old N+1.

Another version of that is to save the money that you would spend on insurance in case something does happen. Then you have the money in case your $4000 car needs replacing first.

As GMAN says bike insurance is not a good value. +1 on GMAN

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Indoor Triathlete - I thought I was right, until I realized I was wrong.

Yeah, I'm surprised bike insurance is even a thing. At the rates they are charging I don't know why anyone would do it. I get they can charge whatever they think they have to, in order to make money, but if you price it in such a ridiculous manner, I don't see how it's worth their time to even offer it.

I mean , for my 15k insured bike... I think i pay around 700 a year.

Is it a lot, yup.
Does my homeowner policy cover it: yup

Why do I like it:

Home owners insurance depreciates the cost of the bike, velosurance doesn't.
I want the crash coverage. To me, thats a big deal.

they are charging me around 1/20th of a bike each year. If i wreck 1x in the next 20 years, and it means I dont have to drop 15k on the spot for my new bike , from mental anguish alone... I consider it a win.

+2. Simple and to the point.

I have a membership of NTFU which is the umbrella organisation of cycling clubs in the Netherlands. Membership costs €39 a year. You get a discount on cycling events like randos, a magazine 4x a year and insurance, €1000,- for damages to a bike and €350,- for personal belongings like helmets or a phone. I think this is great value for money. (You can upgrade the standard insurance up to €10.000,- for the bike, but that would cost €500,- a year, €5000,- insured is €220,- a year.)

Most homeowners is replacement insurance. Nevertheless, unless the bike is stolen you won't have to replace the entire 15K due to a crash and most bike manufacturers offer crash replacement pricing, so at least you aren't paying full price to replace the frame. Except in extraordinary circumstances, you are better off putting that cash toward your next bike than forking it over to an insurance company.

you are 100% entitled to that opinion. I happen to not share it, but thats fine.
I was sharing my rationale for buying it (not saying anyone's reasons for not buying it was incorrect)

I have a rider on my homeowner's policy through Safeco/Liberty Mutual for two bikes (10k & maybe 2k). Costs about $50-75/yr with a $100 deductible. Had a claim last year, they were great to work with.