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Bike insurance(8 posts)

Bike insuranceBonked
Mar 12, 2003 1:19 PM
How do you insure your bike? I recently purchased my first expensive bike and wanted to insure it, but my insurance company's (State Farm) prices are outragous...$10 per $100 of coverage. I can't see spending 10% per year to cover a bike that in 5 years will not be worth what I spent in insurance, but I also can't see not insuring a bike I just spent $4k on! I also considered just insuring the frame (assuming that I could salvage most of the components if I crashed it), but they informed me that they will only insure the entire bike. Is there a cheaper option or do cyclists just get screwed by insurance companies?

re: Bike insurancerussw19
Mar 12, 2003 1:27 PM
What are you insuring it against? If you are looking for crash and damage insurance, search the web and you may find something, but you are going to pay.

If you are looking for theft insurance, check with your insurance company about it being on your homeowner's or renter's insurance. I had a bike stolen out my car in the past and my renter's insurance covered it minus my deductable and depreciation, but at least I got something. But while your bike is new, take a bunch of photos of it and make sure you get pictures of the serial number and save the reciepts. That was my biggest hassle with my claim was I didn't have any original reciepts, just replacement estimates, but they still covered it.

Homeowners/Renter's inurance covers bikeseschelon
Mar 12, 2003 2:04 PM
including if your bike is damaged in a car accident outside of your home.
What do you mean by a "car crash"Bonked
Mar 13, 2003 8:01 AM
from what I understand, the homeowners covers theft, fire, etc., but I didn't think it would cover car accidents (and I really don't think it will cover race damage!).
What do you mean by a "car crash"eschelon
Mar 13, 2003 8:13 AM
I got run over by an errant suv and my homeowners insurance covered the replacement of the bike...this was under the advice an attorney who helped me out on the advice end.
What do you mean by a "car crash"pa rider
Mar 13, 2003 8:33 AM
I hit a car in 2000 and it was covered under my home owner insurance. I only had to pay the $250 deductable. The bike cost $1600 and I only paid $250 out of my pocket.

Check your renter or homeowner insurance to make sure you have enough. You may want to increase the amount if it's not enough. That would be cheaper. I only pay $120 a year for homeowner insurance ($30,000 max).

Consider a "replacement cost rider" on your homeownersKerry
Mar 12, 2003 5:33 PM
Your bike is covered under your homeowners insurance for things like theft, fire, etc. However, they will depreciate the bike and only give you some fraction of the original cost after time. We upgraded our insurance with a replacement cost rider, so everything we have (including a piano) is covered at replacement cost. Apparently there is a wide range of cost delta for a replacement cost rider, but ours was pretty cheap.
here's how mine went....russw19
Mar 12, 2003 6:52 PM
I had an R5000 stolen. They took 10% off for depreciation, but they took it off the 2002 R5000 price. My bike was 3 years old, so I still came out ahead. Most companies will also tell you that if you replace the item, send them the reciept if it cost more than what they paid you for it, and they will give you the difference. But what they give you upfront will include depreciation. I don't know if this is a policy of my insurance company or the way most operate, but that was my expirience with the situation.