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Do any of you...(27 posts)

Do any of you...Xeo
Oct 2, 2003 4:11 PM
...have insurance for your bike? People these days insure anything and everything, including parts of their bodies.

People invest a lot of money in their bikes, upwards of several thousand and it would only seem natural to insure that investment.

If you do have insurance, what are the premiums and what type of coverage exactly is it, oh and also who is your carrier? Do you have theft insurance, accident insurance, a combination of both etc.?

Any input would be helpful as I would like to get insurance for my bike and would like to make an informed decision.


Good Q., I would also love to know!jjdbike
Oct 2, 2003 4:42 PM
I have all of my (not so)dosposable income tied up in my bike & cannot afford to loose it to theft of anything else for that matter. I would love to have an insurance policy on it if it were a pracitcal possibility. If anyone has any good info to share please do.
Good Q., I would also love to know!spincircles
Oct 2, 2003 5:02 PM
I believe you can declare your bike on your homeowner's or renter's insurance. Call your insurer and find out the details, my friend has had 2 stolen bikes replaced by his renters insurance. The bike needs to be documented w/ receipts and/or photographs.
Oct 2, 2003 5:06 PM
A typical homeowner's or renter's policy will cover bicycles, same as other sporting equipment. The premium you pay is based partially on how big a deductible you want.
Replacement cost rider on your homeownersKerry Irons
Oct 2, 2003 5:27 PM
Depending on where you live, this can be a very low cost way to fully insure you bike. Otherwise, they give you a depreciated value, which could be 50% or less of new. This would cover your musical instruments, electronics, etc. so it can be a good deal.
My homeowners covers it...mtpisgah1
Oct 2, 2003 6:16 PM
as long as I am not a pro racer and it is my living. I am covered.
homeowners insCritLover
Oct 2, 2003 8:53 PM
Be aware, homeowners insurance does not cover accidents involving a motor vehicle. So if your bike is trashed, regardless of who's at fault, your on your own to fight the insurance company (which I am currently doing).

Now if you hit a tree b/c of you were fuzzed out looking at some hottie, then you're covered. At least that's what Allstate told me (in their own words).

I've always been told to get a separate umbrella policy for valuable items (I guess through the homeowners insurance), but I don't know much about it. I wish I'd listened.
Maybe check again...Dwayne Barry
Oct 3, 2003 5:40 AM
"Now if you hit a tree b/c of you were fuzzed out looking at some hottie, then you're covered. At least that's what Allstate told me (in their own words)."

When I looked into this issue I was told that this is just he kind of case your homeowner's insurance will not cover. It covers theft, fire, etc. If you're in an accident with a vehicle and it's their fault then you can get money from their car insurance company. I was told if you wreck your bike due to your own negligence, or an animal running out in front of you, or in a race, etc. you're SOL. Kinda makes sense. Afterall if you were moving your TV and dropped it, would you expect your insurance company to replace it?
Oct 3, 2003 7:00 AM
"Afterall if you were moving your TV and dropped it, would you expect your insurance company to replace it?"

Yes, they will replace a dropped television, and anything that was damaged by the drop (furniture, hardwood floors, etc)
Really?Dwayne Barry
Oct 3, 2003 7:13 AM
That makes no sense. If I break something due to my own fault why should an insurance company foot the bill?

It's not like dropping a TV is an "act of God" or somebody elses fault. Nor is an extravagant expense like a house fire might be (even if it was the owner's fault).

Seems like this would just set the insurance companies up for continuous fraud.
Depends on your coverage - and a longish primervindicator
Oct 3, 2003 7:48 AM
There are lots of variations out there and it depends on the state you live in, the company, and the policy. BUT there are basically two kinds of coverage - "defined risk (or defined peril)" and "all risk/peril". Defined risk covers you for losses caused by one of a specific list of perils - fire, theft, etc. All risk covers you for any cause EXCEPT a defined list of exceptions. An all risk policy covers you if you drop your TV, while a defined risk policy typically will not.

So for bikes, an all risk policy should cover you if you ride into a tree looking at a podium girl, while a defined risk policy probably won't.

Both types of policies, though, are subject to your deductible. So if you have a $500 deductible and a $2000 bike, you'll only get $1500 if it's stolen. As mentioned above, most also only cover depreciated value, so the bike you spent $2000 on may only be valued at $1200, less the deductible gives you $700.

You can pay extra for replacement cost coverage that gives you full replacement cost for all personal property. You can also "schedule" your bike and pay a separate premium for it. Many companies will insure scheduled property against all perils and without a deductible, even though your main policy is defined risk and has a deductible.

If the loss of your bike would be a severe financial hardship, I'd suggest scheduling it in conjunction with replacement cost coverage.

OTOH, my bike isn't particularly extravagant nor would it be a huge financial blow, so I just depend on my regular homeowners' (which is all risk and has replacement cost coverage), so my deductible would apply if my bike gets stolen.
Thanks...Dwayne Barry
Oct 3, 2003 8:05 AM
I seem to remember the term "no-fault" policy (or rider) when I was looking into this. I assume that's the same as an all-risk policy. Either way, I think i contacted 3 different insurance companies and they all said no to a bike?

I ended up getting USCF insurance to cover the bike in races (which I figured is by far the most likely time the bike would be damaged). It was around $50/year for a $4000 bike with no deductable.
You are misundersanding insurance53T
Oct 3, 2003 8:06 AM
If it were an act of God, they would probably not cover you. If were not my fault, i.e. someone elses fault, their insurance would have to pay.

What you are not considering is the premium. You pay a lot of money in premiums. The reason you pay so much is because of the conrtact that the insurer gives you. Those contracts can be very usefull, and expensive to the insurer.

BTW, insurers do combat continuous fraud, but it's still a profitable business.
Yes, but you car insurance should.KG 361
Oct 3, 2003 7:21 AM
Your bike is considered a vehicle.
Have you ever known a bike to be covered by an auto policy? Ibill
Oct 3, 2003 7:52 AM
know that under the laws of my state, Virginia, anyway, a bike is covered by the same traffic laws as motor vehicles, with some exceptions, but it is not considered a "motor vehicle," and it never occurred to me to try to use the statutory equivalence for regulatory purposes in the insurance context. I think it's a tough argument, frankly.
Not my policy, but the car driver's.KG 361
Oct 3, 2003 2:19 PM
I got hit by a car about 4 yrs ago. My policy paid for any medical expenses that I had (Pa's "no-fault") and her insurance (auto), paid for my bike and accessories-clothing, helmet.Confused the sh*t out of my new insurance agent when I switched insurance co's and had an accident listed but no car was mentioned =) Had some explaining to do.
When I talked to my agent about insuring my bike, the riderbill
Oct 3, 2003 7:46 AM
was prohibitive. It was hundreds of dollars a year -- which, if I were to make a claim every few years, might be worth it. I think that a bike may be covered under the general protections of the policy, but it would cover only up to a certain amount (I think $2,000, which would cover a busted up frame if I chose to go that route, but not the whole bike if stolen).
Be afraid, however. Be very afraid. Homeowner's carriers used to be the pussycats of the industry. No more. According to some newspaper stories by people purporting to know more than I do and some anecdotal stuff from friends, etc., recently, if you make a claim, any claim, then your rates will go sky high, if you can get anyone to cover you.
Bunch o crap... I made a $7000 claim last year... rate went downrussw19
Oct 3, 2003 10:36 AM
I had my bike and a bunch of other stuff stolen out of the back of my car last year. My bike, tools, and my hockey bag and sticks. All in all it was a $7000 claim to my Renter's Insurance Policy. My rates dropped this year. You should file the anecdotal stuff under the heading of "urban myth" and actually talk to your insurance company.

Now if you kill someone while driving drunk and their family makes a $100,000 claim against you and your insurance company, you may get dropped. But to make a claim for a stolen bike.... no way. Not even a 7 grand claim. I had a tough time convincing my insurance company that my bike really was a $4500 bike, but once I sent them the reciept, I got a check 3 days later.

Check with your Insurance agentbimini
Oct 3, 2003 7:48 AM
In most locations bikes are covered by homeowners.

Check to see if it cover cost to replace with new or depreciated value.

I know this can vary state to state and carrier to carrier.

Set a meeting up with your insurance agent and go through the details with him/her. If your current policy does not give you all the protection you want they may be able to add a rider for the bike to give additional protection.

Most insurance companies will not cover damage due to racing. If you race, you may not want to tell the insurnace company you race the bike unless they ask. (If you can't afford to break it, don't race it)
Apartment insurance + special rider and rate...Spunout
Oct 3, 2003 8:00 AM
$50 annually for every $1000 in bicycle. I've sent photos and all reciepts to my insurance agent, full replacement cost and no deductible.
Apartment insurance + special rider and rate...wily in pacifica
Oct 3, 2003 10:29 AM
So if I have $20,000 in bikes then I will need to pay $1,000 per year (20K x $50) in insurance? Since my $20k is tied up in about 6 bikes I would have to lose most all of them to justify $1,000/year.

Can you just insure one or two bikes that you usually ride?

Willy, not in Pacifica so don't come looking
Don't take anyone else's rates as indicitive of what you pay..russw19
Oct 3, 2003 10:45 AM
Just call your insurance company. Get a quote. Then call someone else... get a quote... but don't assume what someone else's coverage or policy is what yours will be. I have $50,000 of coverage (including flood and tornado damage) for my apartment. I have a $500 deductible and I pay about $17 per month for my coverage. I had a bike stolen last year and made a $7000 claim. My rates actually went down this year. My bikes are covered for the full retail replacement value, not what I paid for them. I had a Dura-Ace Cannondale stolen. It was a 1998 model. I got paid based on advertised retail of the 2002 model, which was almost $800 more than what my receipt said I paid for mine. I even sent them the reciept, but they still paid the extra. And then when I renewed my policy this year, my rates dropped by $1.37 a month. Doesn't sound like much, but that's over an 8% savings. Pretty significant being I filed a claim last year.

But then this is just my policy, yours may be drasctically different.

Expensive, but paying the price...Spunout
Oct 3, 2003 10:47 AM
I don't leave my bikes out, but if I lost one (stolen at a race, wrecked in a crash) I would not be able to put $5000 together for a new one. Thus, I pay $250 per year for peace of mind. BTW, Ottawa is bike-theft central and the underwriters know that.

And, correct that I can only insure one bike (expensive road race bike) that stays inside. The one I lock up at the grocery store is not so expensive, so I take that risk.

How much insurance does it cost to drive a $20,000 car?
Homeowners vs. AutoDrone 5200
Oct 3, 2003 8:01 AM
I'm covered for theft with a homeowners policy from Allstate (replacement cost, $1K deductible). No special rider or increase in premium is required. And it doesn't matter whether the bike is stolen from my garage or somewhere else. To them the bike is no different than our furniture, lawn mower, computer, or other household item.

Neither the bike, nor any damage I might cause to someone else while on the bike, is covered by my auto policy (GEICO). It is not a motor vehicle.
Same here, but with Farmers Ins. Co. (nm)Chen2
Oct 3, 2003 1:41 PM
Renters Ins for replacement costJFR
Oct 3, 2003 9:05 AM
I have USAA (military family member qualified me)
$20 a month
$25k max payout
no individual category limit
bicycles are covered
Don't Use Homeowners or rentersMr Nick
Oct 3, 2003 3:59 PM
I have been told by several private insurance brokers, as well as friends in the business that it is not worth it to claim you bike, or any smaller purchase on your homeowners. These insurance companies are notorious for dumping individuals who make claims, so if you make one or two claims on smaller items, it might be impossible to get any homeowners, or you'll pay huge premiums. Stories I have been told from about clients is scary. One client made a $5000 claim on a bike and now has zero homeowners. I guess the mentality in the industry is that homeowners if for big time emergency situations like houses burning down. Most of this is anecdotal obviously, but fairly reliable sources so beware.