Third party bike insurance

[chouchouu]

Reading this article made me think about getting bike insurance which has never crossed my mind before tbh.

http://m.smh.com.au/nsw/pedestrian-emily-greenwood-run-down-by-cyclist-20150111-12iii9.touch.html

I know the likelihood of causing an accident is extremely low, especially the one with the woman requiring lifelong medical care but I think when I go back to work and start commuting it makes sense and would be the decent thing to do.

I looked at quotes and it would be $60 a year. Preferably I would like to cover costs myself upto 50k and have cover for any amounts over but there weren't any options like this. I suppose $60 is so small it doesn't matter too much.

What say you mustachians?

[caliq]

Would you possibly be better served by an umbrella policy?  I don't know much about this but I would think that when you reach the point of self-insuring up to 50k, you probably have enough assets that a single more general liability policy would be helpful, rather than a collection of policies limited by very specific circumstances.  I'm sure it costs more than $60/year, but probably not so much more that the increased cost vs. risk is a huge deal?

[chouchouu]

Hmm will have to look into that although it seems only two companies offer such insurance in Australia. We generally don't have big payouts unless its for workers negligence.

[Nudelkopf]

Hmm will have to look into that although it seems only two companies offer such insurance in Australia. We generally don't have big payouts unless its for workers negligence.

I remember with that case a few months ago when one cyclist sued his friend for avoiding a broken branch, and the guy got knocked into traffic. Apparently he only got awarded as much as he did purely because the 'negligent' one actually had insurance.

[chouchouu]

Hmm will have to look into that although it seems only two companies offer such insurance in Australia. We generally don't have big payouts unless its for workers negligence.

I remember with that case a few months ago when one cyclist sued his friend for avoiding a broken branch, and the guy got knocked into traffic. Apparently he only got awarded as much as he did purely because the 'negligent' one actually had insurance.

Yes it doesn't look like you have any risk of bankruptcy in Australia for general negligence. I think I'll just leave insurance for bike riding since my everyday life the risk of hurting someone so bad is extremely low and general personal liability is quite costly. Bicycles NSW will cover me as part of their membership for $72 for the whole family, in Australia and overseas.