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Insurance on rental gear worth it?

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Leyo
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Insurance on rental gear worth it?

Postby Leyo » Sun Nov 10, 2019 8:10 pm

Hi! I'm doing my first trip to Tarifa and will stay there for 2 weeks. I've already booked rental gear (full kit) from ion club over there. They also have an insurance for 90 Euros that they recommend. What do you guys think? Should I get that? I've kited for 2 years without breaking anything yet, so my first thought is that it's not necessary. :roll: Thankful for any input :D

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Re: Insurance on rental gear worth it?

Postby slowboat » Sun Nov 10, 2019 8:34 pm

Leyo wrote:
Sun Nov 10, 2019 8:10 pm
Hi! I'm doing my first trip to Tarifa and will stay there for 2 weeks. I've already booked rental gear (full kit) from ion club over there. They also have an insurance for 90 Euros that they recommend. What do you guys think? Should I get that? I've kited for 2 years without breaking anything yet, so my first thought is that it's not necessary. :roll: Thankful for any input :D
Basic personal finance principle: Only insure against very significant (life changing) loss or liability.

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Re: Insurance on rental gear worth it?

Postby grigorib » Sun Nov 10, 2019 9:15 pm

Boards get lost, lines get broke, kites ripped. Renting is quite weird in my opinion but rental and school gear gets abused like hookers, so protection would make sense.

Being charged full retail price for lost board or ripped kite because you beat sh!t out of it practicing backroll transitions would be significant loss

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Re: Insurance on rental gear worth it?

Postby Matteo V » Mon Nov 11, 2019 2:17 am

Tarifa is a rough place with crowded launches and potentially gusty winds. Also, taking into account the "friendliness" of locals at any highly trafficked tourist area, and I would definitely agree that insurance on the gear could be a good idea.

But read what it DOES NOT cover. Sometimes thinking you are insured can get you into more trouble than not having it if it does not cover what you are led to believe it does.

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Re: Insurance on rental gear worth it?

Postby elguapo » Mon Nov 11, 2019 6:47 am

with 2 weeks..
why not simply buy used there.. and then sell it (there)

odds are you'll be out less $$... even if you practically have to give it away when leaving

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Re: Insurance on rental gear worth it?

Postby Havre » Mon Nov 11, 2019 6:56 am

That kind of insurance will never make financial sense. I have kitet for years and never lost or broken any equipment.

That said I did lose my board in Tarifa for then to find it on the beach (someone picked it up for me - I don't know who). It can be a bit of $^÷#€$&^ losing your board there. It won't usually be carried back to the beach. And with gusty winds and at times quite significant chop it can become a bit of a mess.

All in all it depends mostly on your personality. Will you worry about the equipment without insurance? If so 90 euro is probably worth it over 2 weeks. If you know you won't think of that out on the water - and you can financially handle any issues - then I say don't bother.

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Re: Insurance on rental gear worth it?

Postby Barryg101 » Mon Nov 11, 2019 7:23 am

Vdws are doing insurance for 45€ for the year?

Have a look into it there's a topic already about this.

I have it but forutbatlet never had to use it

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Re: Insurance on rental gear worth it?

Postby slowboat » Mon Nov 11, 2019 11:31 am

The purpose of insurance is not to come out ahead dollar wise. It is to protect against life changing losses. You actually WANT to lose money on insurance. Meaning, you have insurance on your car (for liability mostly), house or life but don't want to claim house, car or life insurance...so you pay the premiums but are happy to not use the insurance. It is a way of spreading catastrophic risk among many people.

If you damage rental equipment (or lose your phone for example), that is just the cost of kiting and you lose the money. Insuring these "little" things to try and come out ahead does not make any sense as the odds are the insurance company will come out ahead...they have to make a profit to exist.

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Re: Insurance on rental gear worth it?

Postby badgb21 » Mon Nov 11, 2019 2:21 pm

I second this, for most European citizens. At 39 euros this is good value for TP ins and rental cover.



Barryg101 wrote:
Mon Nov 11, 2019 7:23 am
Vdws are doing insurance for 45€ for the year?

Have a look into it there's a topic already about this.

I have it but forutbatlet never had to use it

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Re: Insurance on rental gear worth it?

Postby FLandOBX » Mon Nov 11, 2019 2:37 pm

slowboat wrote:
Mon Nov 11, 2019 11:31 am
The purpose of insurance is not to come out ahead dollar wise. It is to protect against life changing losses. You actually WANT to lose money on insurance. Meaning, you have insurance on your car (for liability mostly), house or life but don't want to claim house, car or life insurance...so you pay the premiums but are happy to not use the insurance. It is a way of spreading catastrophic risk among many people.

If you damage rental equipment (or lose your phone for example), that is just the cost of kiting and you lose the money. Insuring these "little" things to try and come out ahead does not make any sense as the odds are the insurance company will come out ahead...they have to make a profit to exist.
I agree with this approach.

The other aspect of insurance that most people fail to recognize is that the "cost" of insurance is more than just the premium. The "cost" includes both the premium AND your time, energy and expense required to make the insurance company honor its contract in the event of a loss. Often, it's more cost effective simply to pay for a loss out of pocket than to haggle and battle with an insurance company to settle a claim.


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