The Money Mustache Community
General Discussion => Welcome and General Discussion => Topic started by: shesabikelover on August 06, 2015, 01:02:58 AM
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Due to my improper operation, my Giant Avail 3 hit someone else's car violently, then I'm fine, my bike seriously damaged ... this thing told us, we must give bike contents insurance if it's one of the most expensive thing you owned(Here you can share your insurance knowledge)
The following picture only to commemorate my broken bike...sad...
(http://www.giant-bicycles.com/_generated/_generated_us/bikes/models/images/800/2016/Avail-3-Black.jpg)
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How expensive are we talking? Can you self-insure (i.e. buy another bike)? I would probably not buy bike insurance personally. But I also wouldn't buy a bike more than a few hundred bucks (and get it used).
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All the same principles will apply:
http://www.mrmoneymustache.com/2011/06/02/insurance-a-tax-on-people-who-are-bad-at-math/
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How expensive are we talking? Can you self-insure (i.e. buy another bike)? I would probably not buy bike insurance personally. But I also wouldn't buy a bike more than a few hundred bucks (and get it used).
It can be very personal.When the bike is one of your most cherished thing,you may be do it.
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I dont know about your costs of insurance, but even here in more bike friendly Germany then USA you pay for an average (mustachian used) bike in about 2-3 years insurance.
So in most cases I dont think an insurence will be worth it.
If you use an electric bike or have an expensive super bike because you bike 10+ miles to work every day, that may be different (if stealing is included).
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In some states it doesn't matter who's at fault, and you could make a claim for the damage. Talk to a local bike attorney about it. Ask for free consult and then you'd know what your options are.
Glad you're not hurt!
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Post a pic of your crashed bike.
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Did you fulfill your responsibility to the owner for the damage to the car?
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Sorry to hear about the crash, but glad you weren't injured!
My take on insurance - if you need to insure it, you probably can't afford to own it anyway. Obvious exception is a primary residence. But for nearly everything else insurance should be unnecessary. Like forummm, I wouldn't buy a bike (or pretty much anything) that I couldn't afford to replace.
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are you talking about insurance to cover damage to the car you hit?
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How expensive are we talking? Can you self-insure (i.e. buy another bike)? I would probably not buy bike insurance personally. But I also wouldn't buy a bike more than a few hundred bucks (and get it used).
It can be very personal.When the bike is one of your most cherished thing,you may be do it.
Cherished? If you use the insurance, then that probably means you don't have the bike anymore. So it hardly matters how much you cherish the bike. Take your emotions out of it. This is a financial decision.
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I would never insure something with an MSRP of $1,000. If you can't replace it, don't buy it.
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Based on your topic title, I'm guessing you don't own a home. If you did, you could easily schedule it (no deductible) on your homeowners for hardly anything. I pay a whopping $7 a year extra on my homeowners to cover my $1300 bike. So if it is stolen or horribly destroyed in a wreck, I get a check for $1300.
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If you're asking about damage/liabity insurance, check your current auto insurance policy (if you have a car). My SO doesn't own a car but still maintains her driver's insurance because it covers her cycling the same way it would if she were in a car instead of on a bike (also so she can drive my car if necessary/emergency).