I don't insure bikes, had a quote many years ago for an expensive bike and reckoned I could buy another one every 5 years by not buying insurance.
Things may have changed since your quote. The value of my insured bikes is equivalent to 103 years years of premiums, or between 21 and 34 years for a single bike, the payout last year for an accident damaged frameset and front wheel was about 19 years. This is with TSB Pick and Protect which is a stand alone policy, Barclays now offer something similar.
I don't need an answer, but was the accident which damaged the frameset of your own fault or another's?
I believe I am covered under various policies should I cause an incident whilst cycling <makes note to check> thus indemnifying me against the expletive insurance companies who prefer to write a car off instead of repair it, but now I wonder where my non-cycling daughter stands should she cause same situation when crossing the road as she is not insured
<she's standing in the middle of the road you idiot - ed> (but ed, what about the other 99% of the pedestrians that haven't taken out insurance?),
If I cause damage to myself, as I did more than once whilst offroading, I accept it as my fault. If somebody else causes damage to me whilst I am out then I will be cross, but hey ho and hopefully they will cough up - as they have more than once as the bill for a new wheel from the LBS is cheaper than loss of no-claims for a new driver / new headset and pedal is easier than losing the taxi operator license / etc.
The volume of money I have paid into insurance over the years is significantly lower than it should have been. The volume of money I have claimed is significantly lower than anything paid out (and I know that should I make a claim then the subsequent years input will be much higher to refund the insurance company). Others I know that have had made a claim get significantly lower payment than the item's net worth, or no payment at all due to smallprint.
My house insurance is an extremely old policy but it is unlimited cover - and I bet should I claim for all buildings and contents I don't get it. What monetary value is on sentimental items and actually getting back Grandad's tool? (£4.50 in the antique store the other day)
I am still at a net loss to the insurance companies.