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Bike specific insurance, which scenarios make it worth it?
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MrRabbit
Sep 24, 22 5:22
Post #1 of 9 (585 views)
My scenario, I'm about to ship a bike to Kona via FedEx through OvernightBikes, and they make it clear that neither they nor FedEx cover damages or loses, and suggest bike insurance to be safe. Here is the language:

Quote:
Please note, neither Overnight Bikes nor FedEx offer insurance coverage of any kind. To limit risk exposure due to loss or damage that may occur in transit (or during your ride), we encourage all members to transfer risk to a third-party insurance provider (e.g., Sundays, Velosurance, Spoke) who covers your bike for full replacement value with no depreciation.

So my question, is this the right suggestion? And if so, has anyone done any research on these and picked one over the others? I've been digging into it this morning (shipping on Tuesday) but I'd love to hear from anyone that already put some thought into this.
Too old to go pro but doing it anyway
http://instagram.com/tgarvey4
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Re: Bike specific insurance, which scenarios make it worth it? [MrRabbit] [ In reply to ]
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jimatbeyond
Sep 24, 22 8:08
Post #2 of 9 (553 views)
Buying insurance makes sense if the package is going to get lost or damaged.
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Re: Bike specific insurance, which scenarios make it worth it? [MrRabbit] [ In reply to ]
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echappist
Sep 24, 22 10:03
Post #3 of 9 (522 views)
MrRabbit wrote:
My scenario, I'm about to ship a bike to Kona via FedEx through OvernightBikes, and they make it clear that neither they nor FedEx cover damages or loses, and suggest bike insurance to be safe. Here is the language:

Quote:
Please note, neither Overnight Bikes nor FedEx offer insurance coverage of any kind. To limit risk exposure due to loss or damage that may occur in transit (or during your ride), we encourage all members to transfer risk to a third-party insurance provider (e.g., Sundays, Velosurance, Spoke) who covers your bike for full replacement value with no depreciation.


So my question, is this the right suggestion? And if so, has anyone done any research on these and picked one over the others? I've been digging into it this morning (shipping on Tuesday) but I'd love to hear from anyone that already put some thought into this.

At least UPS, USPS, and FedEx offer what's effectively shipping insurance. I just checked on FedEx; it's not insurance per se, but one pays more when the item being shipped has a higher declared value, and I was told that the price difference is effectively the "insurance".

Velosurance is almost certainly more than what one needs for shipping, and last time I checked, it was rather expensive. If nothing else is available, getting it for one month could make sense, but read the details (as is the case with any insurance product).
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Re: Bike specific insurance, which scenarios make it worth it? [MrRabbit] [ In reply to ]
Quote | Reply
logella
Sep 24, 22 10:19
Post #4 of 9 (507 views)
Quote:
OvernightBikes

Never heard of them. Why not use someone like BikeFlights with a known track record, plus they offer insurance coverage.
Quote Reply
Re: Bike specific insurance, which scenarios make it worth it? [logella] [ In reply to ]
Quote | Reply
MrRabbit
Sep 24, 22 11:30
Post #5 of 9 (481 views)
logella wrote:
Quote:
OvernightBikes

Never heard of them. Why not use someone like BikeFlights with a known track record, plus they offer insurance coverage.

Two friends of mine have been using them successfully for a while so I've heard a lot about them, and the customer service was super responsive to my questions. And even with separate insurance it's a good chunk cheaper. Don't want to sound like a commercial though, still haven't shipped so who knows.

BikeFlights may be better still for reasons I'm unsure of so far. I've never heard a bad thing about them either.
Too old to go pro but doing it anyway
http://instagram.com/tgarvey4
Quote Reply
Re: Bike specific insurance, which scenarios make it worth it? [echappist] [ In reply to ]
Quote | Reply
MrRabbit
Sep 24, 22 11:33
Post #6 of 9 (478 views)
echappist wrote:
MrRabbit wrote:
My scenario, I'm about to ship a bike to Kona via FedEx through OvernightBikes, and they make it clear that neither they nor FedEx cover damages or loses, and suggest bike insurance to be safe. Here is the language:

Quote:
Please note, neither Overnight Bikes nor FedEx offer insurance coverage of any kind. To limit risk exposure due to loss or damage that may occur in transit (or during your ride), we encourage all members to transfer risk to a third-party insurance provider (e.g., Sundays, Velosurance, Spoke) who covers your bike for full replacement value with no depreciation.


So my question, is this the right suggestion? And if so, has anyone done any research on these and picked one over the others? I've been digging into it this morning (shipping on Tuesday) but I'd love to hear from anyone that already put some thought into this.

At least UPS, USPS, and FedEx offer what's effectively shipping insurance. I just checked on FedEx; it's not insurance per se, but one pays more when the item being shipped has a higher declared value, and I was told that the price difference is effectively the "insurance".

Velosurance is almost certainly more than what one needs for shipping, and last time I checked, it was rather expensive. If nothing else is available, getting it for one month could make sense, but read the details (as is the case with any insurance product).

I was thinking about just using it short term too. Also, I do like their crash insurance during race season. Not that I plan on it, but seems like something homeowners wouldn't cover. Still, definitely not something I'd need year round.
Too old to go pro but doing it anyway
http://instagram.com/tgarvey4
Quote Reply
Re: Bike specific insurance, which scenarios make it worth it? [MrRabbit] [ In reply to ]
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Waingro
Sep 24, 22 18:19
Post #7 of 9 (404 views)
General rule with insurance is that if the loss will cause real hardship, than insure it. Best example is a home, which would be devastating for many to lose.

Can you afford to lose a $_____ bike? If yes, then you should just self-insure and realize that every so often in life s—- happens.
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Re: Bike specific insurance, which scenarios make it worth it? [Waingro] [ In reply to ]
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MrRabbit
Sep 24, 22 18:30
Post #8 of 9 (399 views)
Waingro wrote:
General rule with insurance is that if the loss will cause real hardship, than insure it. Best example is a home, which would be devastating for many to lose.

Can you afford to lose a $_____ bike? If yes, then you should just self-insure and realize that every so often in life s—- happens.

I could afford it sure but I don't really want to hang $xx,xxx off in "shit happens" land. Not feeling like doubling the cost of a Kona trip if FedEx screws the pooch. After continuing to dig around, I think a hundred dollars worth of insurance will be worth that peace of mind.
Too old to go pro but doing it anyway
http://instagram.com/tgarvey4
Quote Reply
Re: Bike specific insurance, which scenarios make it worth it? [MrRabbit] [ In reply to ]
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jimatbeyond
Sep 24, 22 20:24
Post #9 of 9 (362 views)
Your bike is worth $100 ?
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