Bike insurance for rental bike
Discussion
Hi.
Anyone know of Insurance that will cover a rental bike in the US?
A group of us are renting from Eagle Riders and touring around for a couple of weeks. I know ER offer Insurance, but I also know it’s expensive.
Have found on previous trips in rental cars, that it’s much cheaper to get the insurance independently, but not sure if this is possible for bikes.
Have done some googling, and will continue to do more, but wondered if anyone had experience of this?
Cheers
Anyone know of Insurance that will cover a rental bike in the US?
A group of us are renting from Eagle Riders and touring around for a couple of weeks. I know ER offer Insurance, but I also know it’s expensive.
Have found on previous trips in rental cars, that it’s much cheaper to get the insurance independently, but not sure if this is possible for bikes.
Have done some googling, and will continue to do more, but wondered if anyone had experience of this?
Cheers
Can't help but very interested to know if anyone can help you.
We are going to the US with Eagle Rider bikes in June. As you say it is not cheap. The extra insurance is over $30 a day and even with that still a $2000 excess if the bike is nicked!
I suspect it is all a bit of a monopoly as the hire charges would pay for the bikes in about 20 weeks so with huge insurance charges on rope it seems like a bit of a racket but as I say "monopoly"! Not many options for hiring bikes - probably the sa,e in Europe as well.
When we hire cars our credit card cover us fully for any excesses but this does not cover bikes, (nor quads as we discovered in Cyprus last year).
We are going to the US with Eagle Rider bikes in June. As you say it is not cheap. The extra insurance is over $30 a day and even with that still a $2000 excess if the bike is nicked!
I suspect it is all a bit of a monopoly as the hire charges would pay for the bikes in about 20 weeks so with huge insurance charges on rope it seems like a bit of a racket but as I say "monopoly"! Not many options for hiring bikes - probably the sa,e in Europe as well.
When we hire cars our credit card cover us fully for any excesses but this does not cover bikes, (nor quads as we discovered in Cyprus last year).
Soft Top said:
Can't help but very interested to know if anyone can help you.
We are going to the US with Eagle Rider bikes in June. As you say it is not cheap. The extra insurance is over $30 a day and even with that still a $2000 excess if the bike is nicked!
I suspect it is all a bit of a monopoly as the hire charges would pay for the bikes in about 20 weeks so with huge insurance charges on rope it seems like a bit of a racket but as I say "monopoly"! Not many options for hiring bikes - probably the sa,e in Europe as well.
When we hire cars our credit card cover us fully for any excesses but this does not cover bikes, (nor quads as we discovered in Cyprus last year).
I'm qualified to comment on this - because I own a bike hire business.We are going to the US with Eagle Rider bikes in June. As you say it is not cheap. The extra insurance is over $30 a day and even with that still a $2000 excess if the bike is nicked!
I suspect it is all a bit of a monopoly as the hire charges would pay for the bikes in about 20 weeks so with huge insurance charges on rope it seems like a bit of a racket but as I say "monopoly"! Not many options for hiring bikes - probably the sa,e in Europe as well.
When we hire cars our credit card cover us fully for any excesses but this does not cover bikes, (nor quads as we discovered in Cyprus last year).
The problem with bikes is they are too easy to nick and they also get damaged because people drop them in car parks etc (which happens a lot). The hiring season in the UK is also not 12 months long or anywhere near it so any comparison with car rental is a mile wide of the mark.
Self drive hire insurance for motorcycles is never going to be cheap and the excesses are not funny either. Can't speak for what happens in the US but I don't expect its any different to here
As you say, there are not too many options for hiring bikes. There might be a reason for that & its because its not easy (or cheap) to do. If it was that easy then, like any line of business, there would be companies doing it on every street corner, and there arn't
Monopoly shmopoly....
Appreciate your comments. Agree that there aren’t many companies renting bikes here, but there are plenty in the US, who all offer their own insurance on top of the rental cost. Someone must be underwriting this???
Cost for ER if you take all options is $60 per day. That’s another $900 each for our holiday on top of the $1400 each we paid to rent the bikes!!!
I understand that comparing car and bike rental is not really fair, but insurance is a risk based business and I’m surprised there doesn’t seem to be anyone out there willing to put a price on that risk???
Cost for ER if you take all options is $60 per day. That’s another $900 each for our holiday on top of the $1400 each we paid to rent the bikes!!!
I understand that comparing car and bike rental is not really fair, but insurance is a risk based business and I’m surprised there doesn’t seem to be anyone out there willing to put a price on that risk???
Badger71 said:
Appreciate your comments. Agree that there aren’t many companies renting bikes here, but there are plenty in the US, who all offer their own insurance on top of the rental cost. Someone must be underwriting this???
Cost for ER if you take all options is $60 per day. That’s another $900 each for our holiday on top of the $1400 each we paid to rent the bikes!!!
I understand that comparing car and bike rental is not really fair, but insurance is a risk based business and I’m surprised there doesn’t seem to be anyone out there willing to put a price on that risk???
Price a risk in The Land of Punitive Damages? A bloody cat has just won £670,000 for breach of contract!Cost for ER if you take all options is $60 per day. That’s another $900 each for our holiday on top of the $1400 each we paid to rent the bikes!!!
I understand that comparing car and bike rental is not really fair, but insurance is a risk based business and I’m surprised there doesn’t seem to be anyone out there willing to put a price on that risk???
http://www.bbc.co.uk/news/world-us-canada-42808521
Edited by Gavia on Wednesday 24th January 21:16
Badger71 said:
Appreciate your comments. Agree that there aren’t many companies renting bikes here, but there are plenty in the US, who all offer their own insurance on top of the rental cost. Someone must be underwriting this???
Cost for ER if you take all options is $60 per day. That’s another $900 each for our holiday on top of the $1400 each we paid to rent the bikes!!!
I understand that comparing car and bike rental is not really fair, but insurance is a risk based business and I’m surprised there doesn’t seem to be anyone out there willing to put a price on that risk???
Again, insurers are like any other business. If its easy money then they would take it.......Cost for ER if you take all options is $60 per day. That’s another $900 each for our holiday on top of the $1400 each we paid to rent the bikes!!!
I understand that comparing car and bike rental is not really fair, but insurance is a risk based business and I’m surprised there doesn’t seem to be anyone out there willing to put a price on that risk???
Also understand that ER are probably not selling you insurance, what they are selling is a waiver of their right to charge you for loss or damage under the contract.
Its a common misconception here with car hire as well. Unless you are licensed to sell insurance, you can't sell it. All you can sell is a waiver.
If that's what ER are doing then no doubt they have worked out the cost of that waiver to ensure that, on aggregate, it makes some money.
Edited by Wombat3 on Wednesday 24th January 22:41
Wombat3 said:
The hiring season in the UK is also not 12 months long or anywhere near it so any comparison with car rental is a mile wide of the mark.
Don't take this the wrong way, but the big factor (imho) is price. I assume you rent out touring-orientated bikes? I'm sure someone would use them in winter if it was cheaper.Wombat3 said:
Badger71 said:
Appreciate your comments. Agree that there aren’t many companies renting bikes here, but there are plenty in the US, who all offer their own insurance on top of the rental cost. Someone must be underwriting this???
Cost for ER if you take all options is $60 per day. That’s another $900 each for our holiday on top of the $1400 each we paid to rent the bikes!!!
I understand that comparing car and bike rental is not really fair, but insurance is a risk based business and I’m surprised there doesn’t seem to be anyone out there willing to put a price on that risk???
Again, insurers are like any other business. If its easy money then they would take it.......Cost for ER if you take all options is $60 per day. That’s another $900 each for our holiday on top of the $1400 each we paid to rent the bikes!!!
I understand that comparing car and bike rental is not really fair, but insurance is a risk based business and I’m surprised there doesn’t seem to be anyone out there willing to put a price on that risk???
Also understand that ER are probably not selling you insurance, what they are selling is a waiver of their right to charge you for loss or damage under the contract.
Its a common misconception here with car hire as well. Unless you are licensed to sell insurance, you can't sell it. All you can sell is a waiver.
If that's what ER are doing then no doubt they have worked out the cost of that waiver to ensure that, on aggregate, it makes some money.
Edited by Wombat3 on Wednesday 24th January 22:41
Krikkit said:
Wombat3 said:
The hiring season in the UK is also not 12 months long or anywhere near it so any comparison with car rental is a mile wide of the mark.
Don't take this the wrong way, but the big factor (imho) is price. I assume you rent out touring-orientated bikes? I'm sure someone would use them in winter if it was cheaper.ok, so we're agreed I can't get cover elsewhere, now I have to choose the level of cover I want from ER.
For the loss damage waiver part, it's just a case of choosing cost vs risk - I'm happy with this, but the liability insurance is less clear.
The bike rental includes the minimum legally required liability insurance - but general advice is that this isn't sufficient. They then offer additional levels of liability insurance. Up to $300k total, or up to $1M.
Advice on the net suggests the level you choose should be based on your assets. Example given - if you have liability limited at $30k, but cause $300k of damage and have a $300k house, then you stand to lose the house, as the 3rd party will sue. If you don't have any assets, then they won't bother suing, so you're fine. But what if you go for $300k cover, and have a $300k house, but cause $600k of damage? By this logic, you still stand to lose your house...
So what's a sensible amount to cover? As mentioned above - this is the US - they love a bit of litigation, so on this basis, I should go for the maximum cover, even though, it doesn't necessarily provide me with full protection. But on the flip side, I bloody hate insurance - I pay a ridiculous amount out each month for things that might happen, but I hope never do..
Aaargh!!
For the loss damage waiver part, it's just a case of choosing cost vs risk - I'm happy with this, but the liability insurance is less clear.
The bike rental includes the minimum legally required liability insurance - but general advice is that this isn't sufficient. They then offer additional levels of liability insurance. Up to $300k total, or up to $1M.
Advice on the net suggests the level you choose should be based on your assets. Example given - if you have liability limited at $30k, but cause $300k of damage and have a $300k house, then you stand to lose the house, as the 3rd party will sue. If you don't have any assets, then they won't bother suing, so you're fine. But what if you go for $300k cover, and have a $300k house, but cause $600k of damage? By this logic, you still stand to lose your house...
So what's a sensible amount to cover? As mentioned above - this is the US - they love a bit of litigation, so on this basis, I should go for the maximum cover, even though, it doesn't necessarily provide me with full protection. But on the flip side, I bloody hate insurance - I pay a ridiculous amount out each month for things that might happen, but I hope never do..
Aaargh!!
Badger71 said:
I've used them before and they were great - why do you say that?
The people I dealt with in the rental side were complete nobbers. Blunt, dragged their heels with everything and clearly didn't want to be there.I would've been less offended if they'd told me to f
k off to be honest.Edit: They also lied about stock.
Edited by cat with a hat on Thursday 25th January 14:54
cat with a hat said:
Badger71 said:
I've used them before and they were great - why do you say that?
The people I dealt with in the rental side were complete nobbers. Blunt, dragged their heels with everything and clearly didn't want to be there.I would've been less offended if they'd told me to f
k off to be honest.Edit: They also lied about stock.
Edited by cat with a hat on Thursday 25th January 14:54
Badger71 said:
ok, so we're agreed I can't get cover elsewhere, now I have to choose the level of cover I want from ER.
For the loss damage waiver part, it's just a case of choosing cost vs risk - I'm happy with this, but the liability insurance is less clear.
The bike rental includes the minimum legally required liability insurance - but general advice is that this isn't sufficient. They then offer additional levels of liability insurance. Up to $300k total, or up to $1M.
Advice on the net suggests the level you choose should be based on your assets. Example given - if you have liability limited at $30k, but cause $300k of damage and have a $300k house, then you stand to lose the house, as the 3rd party will sue. If you don't have any assets, then they won't bother suing, so you're fine. But what if you go for $300k cover, and have a $300k house, but cause $600k of damage? By this logic, you still stand to lose your house...
So what's a sensible amount to cover? As mentioned above - this is the US - they love a bit of litigation, so on this basis, I should go for the maximum cover, even though, it doesn't necessarily provide me with full protection. But on the flip side, I bloody hate insurance - I pay a ridiculous amount out each month for things that might happen, but I hope never do..
Aaargh!!
So what we would call the "third party" insurance is a bit limited? That's a bit lightweight of them. FWIW we operate with unlimited for 3rd party injury (i.e. If you crash the thing into a bus queue) & north of £5M for property.For the loss damage waiver part, it's just a case of choosing cost vs risk - I'm happy with this, but the liability insurance is less clear.
The bike rental includes the minimum legally required liability insurance - but general advice is that this isn't sufficient. They then offer additional levels of liability insurance. Up to $300k total, or up to $1M.
Advice on the net suggests the level you choose should be based on your assets. Example given - if you have liability limited at $30k, but cause $300k of damage and have a $300k house, then you stand to lose the house, as the 3rd party will sue. If you don't have any assets, then they won't bother suing, so you're fine. But what if you go for $300k cover, and have a $300k house, but cause $600k of damage? By this logic, you still stand to lose your house...
So what's a sensible amount to cover? As mentioned above - this is the US - they love a bit of litigation, so on this basis, I should go for the maximum cover, even though, it doesn't necessarily provide me with full protection. But on the flip side, I bloody hate insurance - I pay a ridiculous amount out each month for things that might happen, but I hope never do..
Aaargh!!
Wombat3 said:
So what we would call the "third party" insurance is a bit limited? That's a bit lightweight of them. FWIW we operate with unlimited for 3rd party injury (i.e. If you crash the thing into a bus queue) & north of £5M for property.
Not quite, but near enough. Your insurers liability is limited to £20m per incident as per the RTA, although that is technically unlimited as nonclaim has yet exceeded it. For the OP the liability issue isninteresting as many on here like tonsaybthe US has the best insistence beciase you can drive any vehicle once covered. They conveniently forget that you’ve only got £30k worth of cover and the remaining £19,970,000 comes at a significant cost.
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