I just got back from a training ride during which my right shifter broke – no crash or anything (if it were a crash Markel would almost certainly cover it.) I just tried to shift and the shift lever (SRAM doubletap) snapped right off.
I’ll call Markel in the morning, but was hoping someone out there has had experience with Markel and could speak to this; and if so, then might someone have advice on how to explain what happened in such a way that they’d be more likely to cover it (without actually lying or misleading of course).
Maybe I should have read mine closer. I didn’t bother calling one crash in where I destroyed my di2 aerobar shifters cause I thought it was under $500. Let me know what they tell you!
Do you have a deductible? If it is $500, one shifter may not exceed your deductible.
No deductible if it qualifies under the “spare parts” provision. I only have a $500 deductible under total loss (if I’m reading my policy correctly).
Hi: This is Dave from Velosurance to answer your question. We are strategic partners with Markel and issue the same policy at the same premium as Markel.
The easy way to define whether a loss or damage is an insured loss is to ask yourself… “was this caused by an accident”…insurance covers losses caused by accidents.
If it’s not an accident then what was it? Normal wear and tear (when stuff just wears out) is not an insurable loss. If the shifter broke because of normal use then no insurance covers that. Just like no insurance covers your tires when they wear out.
The Markel Cyclist policy defines “spare parts” as those parts that are not on the bike at the time of the loss. Spare parts are those parts kept in reserve to replace parts of the bike if something breaks, such as a set of training wheels. Example: The hub in your racing wheel goes out and you replace the wheel with a training wheel (spare part) and once installed the training wheel is now insured as part of the bike and no longer as a “spare part”.
The shifter lever when installed becomes part of the bike and as such is not considered a spare part because it is in use on the bike.
Please call me @ 954-773-9099 or email dave@velosurance.com so we can discuss deductible choice ($500) and why there is a better option.
I hope this takes some mystery of the policy wording.
This is why its not really worth buying insurance such a small chance of payout, better off in most cases if you save your premium in your bank account.
Do you know how many years of saving my deductible it would take before it would cover the cost of a bike?
$4,000/$130 per year = 30 years.
I’ll take my chances with the insurance.
2 problems with this math.
You have a deductible, say $500?
What is a 3 year old bike worth? Closer to $1500… that would be the cost of the payout to you. (Really need a complex curve as bike value goes down every year, but I am not doing calculus to win a slowtwitch argument)
So more like:
1500 - 500 / 130 = 7.6 years.
And because the money is not in your bank account earning interest (it is in the insurance companies bank account), your payout will be even less.
Do you have a 1/8 chance to total your bike in a given year? On average you don’t, hence the cost of your insurance plan. If you have a > 1/8 chance of totaling your bike, you should find a new hobby or learn to bike.
Not even sure why this is up for debate. That is how all insurance works. On average, you lose. If you are average at something or slightly better, you will generally lose with insurance. If you are below average, you may win. I.E> 600 pound people get out of health insurance more than they pay in, on average. Bad car drivers can get more out than they pay in (at least until they get dropped).
If $4000 is your life savings and you have 0 way to ever get it again, sure get insurance. If it is a paycheck and not a big deal, insurance is a horrible idea. You don’t build wealth spending all of your capital on insurance. Put your money to work for you.
do you know how many years I have been riding without an accident that would make such a policy useful? almost have that bike paid for now, plus there are usually other avenues available to recoup costs in accidents(auto, homeowners)
of course, now both bike are likely to be catastrophically destroyed this year. oh well
The nice thing about this insurance is that it pays you the replacement value of your bike (not the depreciated value over time). For my 9k bike, I dont mind paying 400 a year for full coverage (traveling, racing etc, leaves a window for catastrophic loss). Much easier for me to fit the bill for the deductable +cost of insurance/year than fronting another 9k and having to explain that part to my wife.
Agreed. 400 is 400 no matter how you slice it. Its just easier for me to pay the 400 and have a little piece of mind than 9k. It all depends on the individual and their finances. For some 9k is just a few days pay (wouldnt that be nice).
Check with you local bike shop. Sram is very good about replacing broken parts, even more so that shifter. Even when out of warranty.
I had the same thing happen to me last month on a double tap shifter from a 2011 line. Sram had that shifter to my LBS in days, no questions asked. All that was needed was to provide the broken shifter to my LBS who in return shipped it back to Sram. I paid nothing out of pocket.
Check with you local bike shop. Sram is very good about replacing broken parts, even more so that shifter. Even when out of warranty.
I had the same thing happen to me last month on a double tap shifter from a 2011 line. Sram had that shifter to my LBS in days, no questions asked. All that was needed was to provide the broken shifter to my LBS who in return shipped it back to Sram. I paid nothing out of pocket.
Thanks! I talked with Markel yesterday and it seems this will be my only option other than paying for it outright.
Maybe I should have read mine closer. I didn’t bother calling one crash in where I destroyed my di2 aerobar shifters cause I thought it was under $500. Let me know what they tell you!
Dave from Velosurance was correct. They wouldn’t cover it, and even if it were from an accident, then $500 deductible for a $150 part.
Do you have a 1/8 chance to total your bike in a given year? On average you don’t, if you are not a bike racer and you also stay away from clumsy triathletes.
Another note, is that paying for an insurance policy that covers total loss from accident, and then actually having a total loss is probably a very, very rare occurence. Accidents happen, but how much damage really occurs? Is it total loss damage or scrapes and several part replacements? And is the damage greater than the deductible or deductible and a single year’s premium payment?
such a small chance of payout, better off in most cases if you save your premium in your bank account.