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Thread: LBS insurance

  1. #1
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    LBS insurance

    Imagine having insurance on your bike.

    You pay your LBS $X/month and when anything bad happens to your bike, you take it in and get it fixed. This includes flats, tires and livers....ok forget the livers.

    How much should the monthly premium be?

  2. #2
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    To make sense for the LBS somewhere close to the annual cost if you went in to have those items done less a discount for getting the cash up front.
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  3. #3
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    My family has been buying gift certificates at my father's favorite bike shop for years for his birthday. At this point he simply goes in, drops off his bike, picks it up a few days later in great shape. Last time I called in and made a contribution his account was several hundred in the black. Not really an insurance policy, but it gets him through... plus they always seem to throw a bike our way when I get to that side of the country.

  4. #4
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    My LBS does free tune ups for the first year and if frame cracks they remove all parts and re-install free of charge. which is fair enough by me, since i don't have all the tools.

    anything else should be at owners expense, unless covered by manufacture warranty then you can work something out with your LBS. Best thing you can do is spend some money on a bike with good components and ride with in your limits. crashes can turn into a sudden expensive repairs.

    But what i would like to see is an Insurance company that insures bicycles for when they are stolen. now that would be something i would pay for.

  5. #5
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    Does that cover powerbars too?
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  6. #6
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    The shop I work at throws tune-ups, and labor for a year, parts are extra for high wear items tubes ect, new Cables and housing happen at some point in that year as well.

    blown away at how many people dont take advantage of that, or is it how many bikes hang un used?
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  7. #7
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    They are hanging, unused. Poor things, so sad.

    I do know that you can insure your bike against theft. Although, most homeowners/renters insurance will cover it, as long as it's locked up. I'm not sure if it would be covered if it were locked in a public place, but in your home or on the car is safe.

  8. #8
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    Quote Originally Posted by JMUSuperman View Post
    My family has been buying gift certificates at my father's favorite bike shop for years for his birthday.
    Bumping up your rep. What a great thing to do for your father. Kudos.

  9. #9
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    Quote Originally Posted by lidarman View Post
    How much should the monthly premium be?
    It would be a lot more than if you took on the risk yourself. The problem as I see it is that suddenly riders would not care about their bikes. Think about how some drivers treat rental cars, right? The shop would have to presume that riders with insurance would actually cause more damage than those without. Plus, the shop would need to budget for some profit, and for a certain margin for error.

    I like insurance for big risks, but not so much for the little things.

  10. #10
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    So i don't think it would be as glorious as you may think to have bike insurance. Where i live, you'd have to report where you ride and how often. My rate would be out of the park, i ride at lincoln woods 2-3 times a week. I don't hit the bigger stuff, but the place eats bikes.
    What about deductibles?
    Would hitting a deer still be considered an act of God, like car insurance? (if you manage to hit a deer, I would say good job, you are officially fast)
    And of course, eventually, there would be a law stating that you must have insurance to ride, in case you hit another biker or borrowed some one's bike.
    Bikes would have to be registered, and have a spot for your registration sticker.
    You would have to get your bike inspected, so the shop knows you are maintaining your bike well enough to stay covered.
    Stop lights at trail intersections, anyone?



    not trying to tear apart the original post, i just wanted to point out that sometimes programs get out of hand.

  11. #11
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    Got lifetime on the frame and for $60 got three year full replacement on everything but tubes tires and and brake pads on my DiamondBack. They'll even give me a brand new fork if mine just leaks a little.

  12. #12
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    How about "passion" insurance. I pay mtbr a premium, and anytime I log onto passion and come across a post without, I am compensated for pain and suffering.

    (I remember when lidarman used to post really, really incredible pictures on passion... and I'm pretty sure he still owns a camera, and rides. )

  13. #13
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    i like the gift certificate idea for the mtbr-passioned loved one cuz it's more about assurance than insurance. props to JMU' clan!

  14. #14
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    Quote Originally Posted by JonathanGennick View Post
    It would be a lot more than if you took on the risk yourself.
    Certainly the bike shop has to make some profit to make it worth your while.
    However, depending on how much riding you actually do, you may or may not be better off. The heavy users and abusers would be offset by people who hang their bikes in the garage after the initial excitement of a new bike wears off.

    It's an interesting idea.

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  15. #15
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    Quote Originally Posted by SlowerThenSnot View Post
    The shop I work at throws tune-ups, and labor for a year, parts are extra for high wear items tubes ect, new Cables and housing happen at some point in that year as well.

    blown away at how many people dont take advantage of that, or is it how many bikes hang un used?
    Probably a good number of them, but a lot of people do their own bike work, and most probably just don't get tuned up.

  16. #16
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    Isn't the Red Sheild program by Trek more or less the insurace the OP was talking about except that this is administered by Trek rather than the LBS? (can't post images or links as I don't have enough posts)

    As my LBS shopped explained it to me, the LBS does the work and takes the parts out of their stock and are reimbursed by Trek. They told me it covered essentially everything (including fork/shock rebuilds) for the life of the coverage.

    As an aside... Back in college I worked in the sporting goods department as Sears. For about $50 you could get three years of tune-ups and repair/replacement of any part no questions asked. Now, you'd still be stuck riding a Sears bike but if you were determined to make that questionable decision and I was not able to talk you out of it, and you were actually going to ride the bike, it was great deal. My friend bought one and rode the hell out of it. Then, bring it and it's taco'd wheels back to Sears and have them replace everything.

  17. #17
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    As with medical insurance, the problem with bike insurance is that it will gradually become "currency" rather than insurance; that is, if you expect it to cover routine maintenance things that are, by themselves, inexpensive the price of your premiums will escalate until it they are unaffordable.

    In other words, you insure your house against fire and other catastrophic losses, not to have the garage painted. Homeowners insurance is cheap. Auto insurance is cheap because you don't insure against oil changes and routine things.

  18. #18
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    I think it's called being a loyal customer at a good shop. You go in there and pay your dues when stuff breaks. You pay full price. Eventually something will come up and you might start getting stuff cheaper. Pay with cash, and a $7.00 +tax tube might turn into a $5 tube. Cable housing might just be handed over the counter. You might go down to get a headset pressed in a frame (that you got from elsewhere, no less) and instead of doing it and charging you the labor, they teach you how to do it and don't charge you anything. Then when you buy a bike, you just might luck out and get it for 25-30% off....

    That's my experience with my LBS (except for the last bit, as I haven't tried buying a full bike from them yet).

    I also like the idea of just buying gift cards (again, with cash if possible). That way the shop can escape credit card fees (they certainly add up) and you can have plenty of money to spend when necessary.

    It really boils down to you giving yourself insurance by setting aside the money to buy your bike stuff.
    Go ride your bike.

  19. #19
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    Quote Originally Posted by sambs827 View Post
    I think it's called being a loyal customer at a good shop. You go in there and pay your dues when stuff breaks. You pay full price. Eventually something will come up and you might start getting stuff cheaper. Pay with cash, and a $7.00 +tax tube might turn into a $5 tube. Cable housing might just be handed over the counter. You might go down to get a headset pressed in a frame (that you got from elsewhere, no less) and instead of doing it and charging you the labor, they teach you how to do it and don't charge you anything. Then when you buy a bike, you just might luck out and get it for 25-30% off....

    That's my experience with my LBS (except for the last bit, as I haven't tried buying a full bike from them yet).

    I also like the idea of just buying gift cards (again, with cash if possible). That way the shop can escape credit card fees (they certainly add up) and you can have plenty of money to spend when necessary.

    It really boils down to you giving yourself insurance by setting aside the money to buy your bike stuff.
    Exactly. I understand that money is tight but too many people expect everything for either free or deeply discounted.

    Pay retail for a few things already. The fact that your bike store has a markup doesn't mean they're trying to screw you. They do have overhead and expenses.

  20. #20
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    But as an aside, things like service plans, collision damage waivers, and "trip insurance" (to name a few) are huge profit centers for businesses and they have their employees aggressively up-sell them. I bought a $200 Blueray player at Best Buy and had to repeatedly decline the offer of a service plan.

    It's a $200 device. I'll take my chances.

    Rental car companies are the worst. I rent a car maybe 20 times a year and the money I've saved by not getting the "Collision Damage Waiver" is much more than my auto insurance's deductible for rental cars. Enterprise "associates" in particular are very hostile to being told "no." Same with a GPS. My phone has a GPS.

    So while I think you should expect to pay money for something valuable, I'm not advocating throwing money away. Service plans and other "add ons" often add nothing of real value.

    Learn how to change a flat tire for crying out loud.

  21. #21
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    Quote Originally Posted by JMUSuperman View Post
    My family has been buying gift certificates at my father's favorite bike shop for years for his birthday.
    This is an awesome idea! Birthday, Father's Day, X-mas...I think a little birdie may whisper to someone about this for...well OK, for me!

  22. #22
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    Quote Originally Posted by 0010 0110 View Post

    But what i would like to see is an Insurance company that insures bicycles for when they are stolen. now that would be something i would pay for.
    my homeowners policy covers my bikes. I specifically asked my agent about it. I imagine most policies (homeowners and renters) do.

  23. #23
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    I Have the best LBS on the planet Kore Bicycles

    If you buy the bike from him, he tune's it up for life for free and he also does the labor for free for any upgrades or repairs as long as you just buy the parts from him.......


    But to the original question...I would say if there was an insurance program like that I think it could only be on high end bikes...and the premiums would probably be something like $40 a month....But I could never see any plan covering simple wear and tear items like tires......

  24. #24
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    You're selling a service plan more than a theft/damage policy? You're going to lose money, especially on me. I'm going to make sure my bike is getting serviced weekly and you'll be replacing the chain and cassette every other month. My primary bike sees >300 road miles a week and the SS is getting ~12hrs of trail time a week. Unless your premiums are really high, you'll lose. If they're too high I deal with it myself.
    Authorities speculate that speed may have been a factor. They are also holding gravity and inertia for questioning.

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