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Bicycle Insurance?(5 posts)

Bicycle Insurance?Jim Burton
May 24, 2001 11:01 PM
Has anyone heard of, or had any experience with bicycle insurance? I have a fairly nice mountain bike and am about to purchase a much nicer road bike. I am constantly in fear of my bikes being stolen. I don't leave my bikes out locked up to anything unless I can see them every few minutes. In addition, I am worried about being hit by uninsured cars (I am worried about being hit by ALL cars, actually). Even though automobiles are required by law to carry insurance in Georgia, where I live, I know many people who don't have insurance (mostly farm trucks, which are abundant). I realize I could sue, but what if these people don't have the money to pay for my $2,500 road bike and possible extensive emergency room costs? They would just go to jail, which would help neither of us.

So is there such an animal as cycling insurance? What is the cost, if so? Where would I find such insurance? At my automobile and renter's insurance company, maybe?
re: Bicycle Insurance?Cliff Oates
May 25, 2001 1:10 AM
From the State Farm web site:

What Does Renters Insurance Protect?

Most renters insurance policies are similar to policies you'd have if you owned your home. A renters policy will cover your furniture, clothing, TV, stereo, appliances and other personal property subject to the policy deductible. Protection is worldwide -- if your clothing is stolen from your car while you're on vacation, you're covered. But this protection is limited to losses resulting from perils listed in the policy. Some of the typical perils are fire or lightning; windstorm or hail; explosion; riot or civil commotion; aircraft; vehicle damage; smoke damage; vandalism or malicious mischief; theft; falling objects; and artificially generated electrical current.

FWIW, I have a renters policy with State Farm and my belongings are covered at replacement cost as opposed to current value and the coverage limit is ample.

I don't know about medical bills. In my case, my copayments to my HMO are trivial and the plan covers an emergency admission to a 3rd party hospital. You probably ought to contact your insurance agent to let him/her evaluate your specific situation with respect to your existing insurance policies.
re: Bicycle Insurance?DrD
May 25, 2001 4:59 AM
Generally, renters or homeowners insurance should cover you (read the policy carefully to make sure) - one thing to check - many policies require that you itemize any big ticket items, or they will only cover up to a fixed value, so if that's the case for you, make sure you add the bikes onto your policy.
re: Bicycle Insurance?WFF
May 25, 2001 7:14 AM
If it is possible to get full replacement value coverage then price it out and do so if you can handle the cost. If not then the loss will be adjusted no doubt by some dub who will not know the difference between a Pinarello and a pizza. Establishing the value of high quality road bikes is somewhat subjective and can include considerations for such obscure things such as size, a one time asking price for a similar bike posted on this site or whatever. You don't want to go there if possible but if you must make sure there is an arbitration clause in the policy so that you at least have some recourse short of going legal. Also I would doubt that any homeowners policy will cover a loss sustained during a sanctioned or scheduled/organized racing event so if you race at all beware. One last thing, establish a file on your bikes including all receipts and expenditures, recent photos, articles or proof of market values etc— be prepared to bury the adjuster in facts and be polite but firm if you should have a loss. Good luck
When I looked into it through my carrier (Travelers), Ibill
May 25, 2001 7:26 AM
found the cost prohibitive (it was almost $300 per year, as I recall). Without the special endorsement for the bike, I think I'm covered under the general personal items policy up to $2,000, which is about half of what the bike would cost me to replace, but I still didn't think it was worth it, given the odds of something bad (something bad that is also covered) happening, which are fairly low.
Other people with other carriers have seemed to get a better price on the special endorsement.