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Do any of you boys (or girls) INSURE your bikes???(9 posts)

Do any of you boys (or girls) INSURE your bikes???Bikeman
Oct 8, 2001 10:54 PM
Just curious, because it seems many people have bikes that cost upwards of 4 or 5 grand.
And I don't mean just home insurance, in case you get it stolen there - I'm talking about comprehensive insurance just for the bike, in case you stack it or someone hijacks it from you at a set of lights.
re: Do any of you boys (or girls) INSURE your bikes???MJ
Oct 9, 2001 12:41 AM
I had bike specific insurance for a Specialized Stumpie that I commuted on when I couldn't lock up inside - it gave me a great piece of mind even though I admit to checking on it quite frquently - my contents policy excluded bikes above a certain value and also had a highish excess/deductible = no real £/$ security - the policy covered me in case I (accidently) cleaved old age pensioners in half as well as wrecks/stacks(?!?) - but excluded damage whilst racing

I can now lock up my bike indoors at work and don't even know where my lock is anymore

a bike jacking scenario is interesting, but hopefully unrealistic - (anybody have any experience with bike jackings?) I read about a junior mtb champion who was mugged/bike jacked in the Wirral (near Liverpool) about three years ago - but that was in Liverpool after all... I think most bike jackers would be after a mtb., though they may give a road bike a go

still, anybody can get insurance for anything - (just like in Vegas you can bet on anything) it's a question of finding the right broker to place with the right underwriter and a reasonable premium for the risk - motorcycle insurance companies may be a good bet if you get stuck - in the UK I had insurance through CTC and got a discount via an LCC (London Cycling Campaign) membership

I would never think about locking up my bike (only worth $1500-$1800) up outside much less a more expensive bike - I saw the thread last week re the newbie guy who was being sold a Litespeed with a lock - that was funny (anybody know where he live?)
re: Do any of you boys (or girls) INSURE your bikes???morey
Oct 9, 2001 3:07 AM
I insure mine. My last bike was stolen, taught me a lesson!
re: Of courseCliff Oates
Oct 9, 2001 4:16 AM
My bikes are covered by my renters insurance anywhere in the world, and that is the phrase used in the policy itself. They are covered for replacement value by this insurance to the limit of my policy, which at $75k is high enough to easily absorb the cost of my bikes and other personal property (my computers are covered separately). As far as I can tell, even accidental damage to the bike is covered, although I'd be loathe to file a claim for that unless that damage was catastrophic. Nor am I in any hurry to test that particular theory out.

So who needs bike insurance?
re: Do any of you boys (or girls) INSURE your bikes???morey
Oct 9, 2001 4:22 AM
When my CIOCC bicycle was stolen, I was heartbroken. Because it was insured, and I had the original receipt, and a current evaluation to replace the bike, the insurance company wrote me a check for $3900. This went a long way in soothing my pain.
Covered under homowner ins...........Len J
Oct 9, 2001 4:33 AM
for theft weather in the home or out on the road. I have a $500 deductible.

One more thing.......Len J
Oct 9, 2001 4:38 AM
I put a rider on the policy to cover the bike when I bought the Trek 5500. This prevents a problem when /if it's ever stolen in documenting value (Bike was covered anyway, it just makes the claim process easier). We do the same thing for my wife's jewelry, provide an appraisal & it's covered. Policy also covers replacement value. I think it added a few bucks to the policy cost, really cheap.

Mine is covered under standard homeownersKristin
Oct 9, 2001 7:21 AM
My Trek was stolen and was covered replacement value for it minus a $250 deductable. I specifically asked about my new bike and they told me it was covered too.
3 bikes stolen. Covered by homeowners/renters insurance. nmBrooks
Oct 9, 2001 8:24 AM