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Insurance on Bikes?(8 posts)

Insurance on Bikes?Thioderek
Apr 12, 2001 7:48 AM
I saw this on another thread:

Insurance on Bikes

What is this all about?

How does it work, and who offers it?
re: Insurance on Bikes?fuzzybunnies
Apr 12, 2001 7:56 AM
The only thing I've been able to find out is that bikes can be insured through your renters or home owners insurance which only covers the bike while it's in the house from theft or fire. I don't know of anything that covers the bike from theft or damage out side the home. TTFN
re: Insurance on Bikes?jayz
Apr 12, 2001 8:09 AM
my insurance company said my renters insurance will cover my bike REGARDLESS of where it was stolen / vandalized, etc...

so if someone swipes my bike at a race, they will replace it with a REPLACEMTENT value....i made sure of that!!

however...if it flys off my thule rack on the way to a race, its not covered....and that is my worst fear.
re: Insurance on Bikes?Cliff Oates
Apr 12, 2001 8:17 AM
My bikes are covered under most any circumstance for replacement cost, as is my laptop computer or any other household goods no matter where they might be physically located, by my renters insurance (through State Farm).
re: Insurance on Bikes?DG
Apr 12, 2001 8:33 AM
State farm has told me they would insure my bike against any kind of mishap---bike falls off my car rack, I crash the bike while taking a turn and crack the frame, I run over my bike while parking in my garage, another biker crashes into me and gouges my frame, I go over a rock and destroy my rims etc...The deductible is a paltry $10 and the insurance premium will depend on how expensive your bike is to replace. If I had a real expensive bike and were afraid of crashing it, I would insure my bike.

Currently, your home owners' insurance should cover anyone stealing your bike from your garage, parked outside work place, while travelling to Italy, any place you may be with yur bike. hOME owners will also cover hit-and-run incidents--my friend got hit by a minivan that toasted his litespeed--the driver fled the scene--State farm will buy him a new bike. Home owners will also cover vandalism of your bike, garage collapsing on your bike etc.
everybody's policy is different; call your agentHaiku d'état
Apr 12, 2001 9:39 AM
recently called our new agent through state farm; they advise that there is a price limitation to what they'll cover, but only in the case of extravagant replacement values. not sure precisely what their "extravagance limit" may be, but i told them of my entry-level stable, and they said not to worry, that a guy recently had about seven thousand dollars of cycling stuff stolen in a break-in or open garage incident, and it was all covered by his homeowner's policy (after the deductible).

as to your personal policies regarding deductible, coverages, and specific incidences (car, riding, wreck, accident, fall, etc.), you should contact your agent to find out what is or isn't covered and under what policy. you might have a place full of toys much more expensive than mine, and be required to supplement your coverage for higher value-items! better too much than not enough.

good luck.
Reality checkbill
Apr 12, 2001 11:45 AM
Yes, you can insure your bike. No, it's not cheap, and there are limitations. Make sure to read the fine print. And, insurance agents sometimes, well, let's just say that some of those assurances are worth the paper they're written on.
Your homeowners or renters generally will cover your personal effects just about anywhere from a variety of calamities at no extra charge. The big caveats are that there usually is a limit on value (I think my policy covers items up to $2,000), the value typically is MARKET value, not replacement value, and it's up to you to establish the value of the item, which they can and will contest. And you pay the deductible.
If you obtain a specific rider for your bike, it's usually covered in a greater set of circumstances and you typically can pay extra for replacement value. They also will accept your description as it is scheduled on your rider rather than making you prove that you put Record on your Lemond, when every other Lemond in the catalogue has Ultegra.
Specifically scheduling your bike ain't cheap, though. I think that for my Litespeed, which I valued at, I forget, maybe $2,500 (not far over the limit), the company wanted something like $300 per year. I said forget it. And, if you tell them that you race, I'll bet it's more. Whatever you do, don't lie, regardless of what your agent says (the agent wants to sell coverage, remember?). The biggest bummer would be to pay hundreds of dollars a year and then find out you're not covered because you breached some policy condition.
Reality checkmichael
Apr 13, 2001 6:20 AM
I had my Full Suspension Cannondale stolen from my office one night (while I was working late - they nicked it from our copier room - ticked me off that I had to catch a cab at 1 am when I found out). Anyway, it was covered under my Prudential Homeowners policy - and they paid replacement costs for the bike AS built up - that ment I was able to submit costs for each individual component I put on the frame over the 3 -4 years I had owned. They sent me a check for 1/2 the value, then provided me a seperate check to cover the difference (up to the value of the original minus the deductible) upon proof that I purchased a replacement bike.

They ended up valuing the stolen frame, XT XTR components, TI Flite seat, light system, pedals, (helmet - yes, the bastards stole that too), etc. at a little of 3k, and paid for me to buy a new Litespeed Ocoee.

I was VERY happy with their service, and the speed with which the placed me on a new bike (only 2-3 weeks for approval, another couple of weeks for the frame to come into the store).

I also had a beater bike (Trek 850 Mountain Bike) stolen a couple of years prior to that in Wilmington, NC (It was locked up to a post right under the window of a restaurant. They thief walked right up, cut the lock (U-Lock) and rode away as 20 people watched him - it happened so fast no one could get outside the restaurant in time. Again, they provided me a check VERY fast, but since the value was only $5 or $600, gave me a check for the whole thing.

I still have just a basic homeowners coverage (with replacement cost - its only 60 or 70 more a year). They have never charged me more to cover my bike - though this may be due to the fact that I am a long time customer (auto (13 years), home (and renters before that for 4 years or so), and life). Perhaps you should look at Prudential.

Sometimes it pays to use the same company for all your needs and not look for the rock bottom lowest price (though Prudential is certainly competitive)