Golf insurance

[paininthenuts]

Under the advice of friends, I have just taken out golf insurance. I have used golfshield, which cost me £18 ($27). It covers most stuff, including new for old etc. Of course, my kit is relatively inexpensive, so I have only covered it for £500, however I don't think it is a lot more for additional cover. My friend spends twice that, and after looking at the cover he has, it doesn't look any better. That said, I am not prepared to sit down and read a hundred pages of small print.

 

Do you bother, and should I renew it next year 

[bkuehn1952]

As a former insurance broker and someone who has been in the insurance industry 40 years, my best response is "maybe."  You did not mention a deductible so I will assume if the clubs are a total loss, you get paid $750 (US).  I also assume the insurance applies everywhere in the world.

I would say if:

• you travel a great deal via air and take your clubs, and
• you play a great deal where your clubs are sitting on a rack outside while you are elsewhere, and
• your clubs have a couple of new items (like an M-1 driver with a custom shaft), and
• all your other possessions are properly insured, and
• you have a low tolerance for risk ...

... then the purchase is reasonable.

Personally, I have a fairly high tolerance for risk as it relates to personal possessions.  I don't leave my clubs laying around and I pack them properly when traveling but I don't worry about losing them.  None of my clubs make the Golf Digest "Hot List".  My $1,000 deductible means if just my clubs go bye bye, I am replacing then out of my own pocket.

[Grumpter]

In my opinion insurance should mostly only be bought for things you can't cover if they are lost/stolen. You are very likely to pay in much more than you ever get back. You not only have to pay for the replacement cost of the item but for the people to issue/maintain the insurance. It is a big waste for something so small. For my home that was almost completely burnt down in a fire that was worth the insurance costs. By the time I am gone I will still have likely paid in much, much more than I get back. Keep a reserve fund for emergencies and keep those deductibles as high as you reasonably can.

[BuckeyeNut]

My 2 cents...............

I can't imagine spending even 1 penny buying insurance for golf equipment.  This is too small of an item to waste money on insurance.  That's just me......