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insured bike???? if so, how? w/who???(7 posts)

insured bike???? if so, how? w/who???stik__boy
Aug 29, 2002 5:26 PM
can/do you insure your bike??? with who? thru home-owners???? how much?
Homeowner's/Renter's should cover it.czardonic
Aug 29, 2002 5:47 PM
I have 5 bikes insured through my renter's policy with State Farm.

The agent let me name my replacement price.
Check your policy!Spunout
Aug 29, 2002 6:19 PM
Maybe just me, or just in Canada, but household insurance has a $300 limit on bicycles. You want more? You'll have to pay for it. I found out once the hard way.
Canadian quirk? Or perhaps policy specific?czardonic
Aug 30, 2002 8:02 AM
I specifically mentioned my bikes, and the agent asked how much they were worth.
Pretty standard in US too, i think.Steve_0
Aug 30, 2002 9:54 AM
'Hobby' type items usually have limits, in my experience. This usually encompasses items like bicycles and firearms.
The AVERAGE person probably has one bicycle, one firearm; each valued under 500 bucks. Limits usually float around there.

It makes sense to charge extra for hobbyists, as rates are based on the average person.

Case in point: My stable (1 ok bike, 1 beater) .vs. Akirashus stable. Only seems fair.
Read and Heed!!grzy
Aug 30, 2002 8:12 AM
Gotta pay close attention to exactly what you policy covers. Some are "named risk" policies which means that you're only covered for certain and specific events detailed by the policy, not just anything. So for example if you place is broke into and your bike is stolen you'd be covered but if you crash while riding you're not. It goes on and on and can vary by insurance company, policy, and state. Then it can be replacement cost vs. a depreciated value. It's worth having a documented appraisal done by a shop in the case of a custom bike *before* something bad happens. Also, do not assume that if your car is broken into that the contents will be covered by your auto policy - they're usually not. Like Spunout, I've found a bunch of this stuff out the hard way, but I'm in the US.
re: insured bike???? if so, how? w/who???Jeff_from_boulder
Aug 29, 2002 8:11 PM
Homeowners insurance should cover it, but check your policy just to make sure and keep all your reciepts. Plus check to see if it is replacement value or if they are gonna give you book value. I just had to make a claim on a mountain bike that was stolen, and no problems with it. Also, it depends on your deductible and how much the bike is worth wether or not you should even bother worring about it. Hope that helps.