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whats the deal with insurance and bikes?(11 posts)

whats the deal with insurance and bikes?rrjc5488
Aug 5, 2003 7:35 PM
If I keep my bike in my house, and its stolen, does my homeowners insurance cover that? what happens if I crash and total my bike? Do I have to get seperate insurance as if it were a car?
Check with your local insurance agent, but...newridr
Aug 5, 2003 7:53 PM
Homeowners (or renters) insurance usually covers bikes whether they are stolen from your home or while you're riding. You do bring up a good question as to what happens should your bike be severly damaged while riding.

Any insurance agents in the house??
My understandingSprint-Nick
Aug 5, 2003 7:59 PM
My understanding of it is this:

Theft - if your bike is stolen from your house you will have it covered as per the deductions (and possibly maximums?) stipulated in the home owners insurance... I'm not sure about the maximum but I know if you insure just the bike then the maximum is the value of the bike

Crashing - they will not cover you crashing it, racing or otherwise, unless its caused by a motor vehicle who's insurance would cover it

Now with this said an interesting story of where insurance really helped me was when I was hit by a car in a hit and run that I can't remember and thankfully had my bike insured by itself. After the necessary police report insurance covered the cost of a new bike to replace the old one which was totalled and paid for the clothes, sunglasses, and helmet.

Hope this helps.

Cheers,
Nick
who insured it?CritLover
Aug 5, 2003 8:32 PM
Hey Nick- who insured your bike? I've heard it's available in the UK, but have got some pretty weird stares when I ask around here.

Auto insurance will cover it only if they can determine that their driver was at fault. Unfortunatly going through it right now. The driver's insurance rep actually tried to tell me that the car was in the intersection already and I smashed into her! Boy was I pissed. And I'll be screwed too if that police report doesn't clearly state who was at fault.
CooperatorsSprint-Nick
Aug 6, 2003 6:40 AM
Here in Canada we have our insurance with a Cooperators. If an insurance company won't help you after repeated efforts say something like "Thats fine... I'll find an insurance company that will and I might take all my business there." to get their attention.

As for auto insurance thats the only catch... you need to be in the right which hopefully you will be. You never said exactly how the accident happened other than you and your friend signalled and then your were hit but either way if insurance doesn't find fault and all else fails you can go a couple ways. The first is go to the insurance and ask that even if you were in the wrong place, which you weren't, because your a cyclist does it give her the right to hit you? Then if that doesn't work you'll have to head to court where once again if all else fails as a responsible driver she shouldn't have treated you a regular motor vehicle. Instead she should have taken extra due care and precaution which she failed to do. From all this I'm guessing she hit you from that.

Hope this helps and keep us posted.

Cheers,
Nick
who insured it?Ironbutt
Aug 6, 2003 1:19 PM
I went down this bumpy road a few years ago. Suggestions: Be sure that you have the names and addresses of any witnesses who can validate your story of what happened. If the officer fails to charge the driver with fault in the accident, you may have no other choice than to seek redress in the civil courts. If the officer fails to report the accident in concurrance with your views of what happened, file a formal complaint with the police department. Police often take the viewpoint that bikes don't belong on the road, (where I live, anyway) and if someone is hit, well they shouldn't have been on the road. So be sure that the accident report that the officer files is accurate, and if not, scream bloody murder!
Homeowners / Renters covers crashespitt83
Aug 6, 2003 3:58 AM
But, you've got the deductable to consider and the possibility of raised premiums or being dropped for the claim.

I hit a parked car while down it the drops hammering (great story there for another time). Totalled the car (collapsed the roof beyond repair) and totalled my Trek1400. Got full replacement value for my losses and the car was replaced under normal depreciation schedule.
Not my experiencejtolleson
Aug 6, 2003 6:29 AM
I totalled a bike in my big crash and homeowner's said "not covered." I have heard similar from others. They told me I could buy a special rider for my homeowner's but given that I don't race and thus generally don't consider myself a likely candidate for a second biggie, I passed.

From your description, you had coverage in connection with a liability claim (because you damaged someone's car). Maybe that was the difference.

I have State Farm.
It depends on the insurer and the stateKristin
Aug 6, 2003 7:37 AM
I worked as a PL&C customer rep in New York for several years. Underwriters are given a set of rules they must follow for each state. As long as they adhere to those guidelines, they are free to write whatever they want to. How your bike is covered depends on your individual policy. Some states allow insurers to place bikes over $x.xx into a "luxury item" category which would require a "floater" attachment to be added to your homeowners for an additional fee. Typcially, tough, the $x.xx amount is a very large number. (In NY in the 90's, jewelry in excess of $10,000 needed a floater for each peice.)

Its a good idea to carry all of your insurance through one company with an umbrella policy. This removes at least one possible headache. Here's an example. You have auto insurance with Company A and Homeowners with Company B. A wind storm blows a tree on your property over onto your car which is also on your property. You file a claim with company A for the car damage. They refuse to pay because a tree insured by someone else fell on your car. You then file a claim with company B who also denies the claim because they stipulate that the auto company should pay for auto damages under comp. This isn't the best example, because most states have eliminated such loop holes; but there are still weird circumstances that can allow for bickering between companies. And if that happens, your payment is delayed while your car is sitting in the shop.

Another thing that everyone should do. Make a list of every item you own worth over $500. If you have unanswered questions about how items on that list will be covered by insurance, make an appointment with your agent to review them. With regard to bikes specifically, ask:

Which policy covers the bike itself in the case of:
-crash
-theft
-vandalism

Which policy covers me (injury) in the case of a bike crash? (Usually medical insurance)

How much is the bike covered for? Will I get replacement value or actual value?

If I do any damage to someone elses property or to a person, with my bike and I am responsible, which of my insurance policies pay for that damage?

Be careful out there!!!
Good info, and another onepitt83
Aug 6, 2003 7:49 AM
I have a few musical instruments. worried about replacement value on those. It was explained like this: If it's a violin, you can easily get another one, and you know the value is below your limit like Kristen descibes, NP. No rider neccessary. But, a Stratavairus, different story: You'll need the rider for that item specifically.

So, if you win a TCR ONCE bike of limited number (congrats on that one!); rider that. If it's a Giant you can replace from the shop, your policy alone should cover it.

Again, I was covered for my bike losses and I think, typically, anyone should be covered for crash losses. You'll have to decide if it's worth the claim.
I should have said $1000Kristin
Aug 6, 2003 8:09 AM
Now that I think about it, its probably not worth asking about items under $1000. Most of our deductables are at least $500 to begin with. Also, find out how many claims your homeowners insurance will allow before they refuse to renew you. I was dropped by my company for having 3 claims (1 at fault auto, 1 not at fault but paid by uninsured motorist, and 1 homeowners). Finding a new policy was a bear. I was turned down by several A+ companies for having just 1 homeowners claim in 5 years. The claim had only been for $600, and in the long run, it was hardly worth the headaches it caused.