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  1. #1
    Tactical Nightmare
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    Insure your bike! Itís inexpensive and worth doing!

    As an insurance agent, I just wanted to suggest something to MTBR members that is worthwhile to do to protect the investment of your bike. It is really simple, fairly inexpensive, and well worth doing in my personal opinion.

    If you have a Renters or Homeowners insurance policy, you can list your bike as what is called ďScheduled Personal PropertyĒ. This is the same type of thing that people do with items such as jewelry, fine art, or other valuable items. It is essentially giving these specifically listed items their own policy that many will refer to as a rider or floater attached to the Renters or Homeowners policies. Sure, your bike would be covered under the standard or blanket coverage of Personal Property, but when it is covered under that category, it will be subject to a deductible, which commonly is a minimum of $500. In addition, it is typically (depends on the company) insured for additional causes of loss than what the standard policy covers it for, which is fire and theft. It would seem that there really wouldnít be anything else that could happen to it, but Iím sure you have all seen stories of a bike falling off a bike rack, or what about just losing the bike (called Mysterious Disappearance by insurance companies)? These perils (causes of loss) could be covered as well if it is listed as Scheduled Personal Property, where under the standard Personal Property coverage, they may not be covered.

    The cost? For example, I just added my 2011 Giant Anthem X 29er 2 to my policy in this manner, and I will pay an additional $49 per year to have it insured at a value of $2300. Of course I donít plan on it getting stolen or losing it, but in case I do, it will be covered to the full value that I set it at, with no questions asked. For me personally, the $49 per year is minor in comparison to losing my bike, taking the $500 deductible hit and having to replace it. The company may ask for a photo of the bike, or a proof of that value such as a receipt, purchase agreement, or appraisal, but that is easy to do as Iím sure most of you hold onto that type of documentation anyways.

    Just a little Public Service Announcement regarding the protection of your valuables, from your friendly neighborhood insurance agent and fellow MTBR member.
    - "The true object of all human life is play" - GK Chesterton
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  2. #2
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    I'm a Fraternal Insurance Counselor (F.I.C.) and I definitely recommend the same. It just makes sense.

  3. #3
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    Interesting. I was always told by insurance agents that insurance for bikes damaged while not in your home was not available.....and its unlikely a bike will be damaged while sitting at home.

  4. #4
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    I'm more worried about the bike being stolen away from home then at home.
    It's the stopping and starting part that will get ya!

  5. #5
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    I agree this a good idea. My bike is covered with our home insurance, and although it will most likely never disappear it is nice to not have to worry about it.

  6. #6
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    Like I said, I was always told that if something happened to my bike as the result of wreck on the trail or the road, nothing would be covered. The best I could hope for is to insure my bikes against theft from my home, damage due to driving into my garage only with my bike on my car's roof, or having my bikes stolen from my house only.

    I think we are seeing an insurance agent trying to drum up business and you will find that an insurance policy won't protect you against damage to your bike or theft away from your home. Which to me, makes bike insurance a waste of money. Perhaps I am mistaken, but I've tried to insure my bikes.

  7. #7
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    Quote Originally Posted by 2wheelsnotfour View Post
    insurance policy won't protect you against damage to your bike or theft away from your home. Which to me, makes bike insurance a waste of money. Perhaps I am mistaken, but I've tried to insure my bikes.
    This is my understanding of bike insurance but I hope I am wrong.
    It's the stopping and starting part that will get ya!

  8. #8
    Tactical Nightmare
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    First off, thanks to the people who are friendly and considerate on this forum and specifically this thread.

    Second, 2wheelsnotfour, your a prick. Sorry man, but you are with your comment about me being an "insurance agent trying to drum up business". Ok, maybe not a prick, but a troll at minimum, and a stupid one at that. For one, how would I drum up business for myself on an international, internet forum? Insurance is governed by each state, and you have to be licensed in that state to sell insurance there. I am licensed in my state, and no others. So, there is no way I am drumming up business, d0uche. Also, how much commission do you think I would make off a $49 endorsement to a policy? I'll tell you.....the AGENCY, not the agent, would bring in $7.35 per year. Yeah, drumming up business alright.

    In addition, I can speak to the companies that I represent, which are quality companies. Damage to your bike would be covered by the policies of the companies I represent. Now, when I say damage, I am speaking to the damage that would occur in my example in my original post. I said nothing about damage on the trail from let's say, hitting a rock and destroying your rim or cracking your frame. That essentially is wear and tear, and no policy covers that, period.

    My suggestion is to check with your own agent that provides your homeowners or renters insurance and ask them in regards to the company you are insured with. So there you go, I guess I am drumming up business for your own agent. Hell, maybe I should ask for a referral fee, huh 2wheelsnotfour? Plus, theft away from your home is absolutely covered, and I'm not sure why it wouldn't be. If a camera was stolen when you are on vacation, even out of the US, it can be covered. Theft, a covered peril. But 2wheelsnotfour, maybe your crap company you are insured with doesn't cover it, and in that case, I am happy to even direct you to a fair company that can provide better coverage. But hey, if esurance is all you need, have at it.

    So again, just trying to help people out by telling you about something I have done for my bike as I felt it was worth it. If you think it is a "waste of money", don't buy the coverage then. Simple as that. Again, thank you to the people with legit questions and comments, and sorry to the same for my rant. This idiot calling me out like that really fired me up, as I truly was just trying to help.
    - "The true object of all human life is play" - GK Chesterton
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  9. #9
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    Quote Originally Posted by Giant Chachi View Post
    First off, thanks to the people who are friendly and considerate on this forum and specifically this thread.

    Second, 2wheelsnotfour, your a prick. Sorry man, but you are with your comment about me being an "insurance agent trying to drum up business". Ok, maybe not a prick, but a troll at minimum, and a stupid one at that. For one, how would I drum up business for myself on an international, internet forum? Insurance is governed by each state, and you have to be licensed in that state to sell insurance there. I am licensed in my state, and no others. So, there is no way I am drumming up business, d0uche. Also, how much commission do you think I would make off a $49 endorsement to a policy? I'll tell you.....the AGENCY, not the agent, would bring in $7.35 per year. Yeah, drumming up business alright.

    In addition, I can speak to the companies that I represent, which are quality companies. Damage to your bike would be covered by the policies of the companies I represent. Now, when I say damage, I am speaking to the damage that would occur in my example in my original post. I said nothing about damage on the trail from let's say, hitting a rock and destroying your rim or cracking your frame. That essentially is wear and tear, and no policy covers that, period.

    My suggestion is to check with your own agent that provides your homeowners or renters insurance and ask them in regards to the company you are insured with. So there you go, I guess I am drumming up business for your own agent. Hell, maybe I should ask for a referral fee, huh 2wheelsnotfour? Plus, theft away from your home is absolutely covered, and I'm not sure why it wouldn't be. If a camera was stolen when you are on vacation, even out of the US, it can be covered. Theft, a covered peril. But 2wheelsnotfour, maybe your crap company you are insured with doesn't cover it, and in that case, I am happy to even direct you to a fair company that can provide better coverage. But hey, if esurance is all you need, have at it.

    So again, just trying to help people out by telling you about something I have done for my bike as I felt it was worth it. If you think it is a "waste of money", don't buy the coverage then. Simple as that. Again, thank you to the people with legit questions and comments, and sorry to the same for my rant. This idiot calling me out like that really fired me up, as I truly was just trying to help.


    Calling names? The whole thing could have been avoided with a simple disclaimer in your original post.

  10. #10
    Tactical Nightmare
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    A disclaimer that I wasn't trying to drum up business? i kind of assumed that would have been taken for granted, considering I didn't post up my business card asking for you to call me for the policy.

    Well, sorry for the name calling, I suppose I deserve the negative rep. But, my point still stands, he is what he is.
    - "The true object of all human life is play" - GK Chesterton
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  11. #11
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    Well, it sure does not sound like he was trying get business at all. I think he was really just trying to help and I had planned to do this anyways but now I am sure to do it.

    Question though, let's say I pieced my bike together and I really don't know what it is worth, but to buy one with that frame would cost $5000, can I get a policy for that and be paid the $5000? Or will they need to see some quote by a bike shop and only cash me out that amount? This would be renters insurance BTW. I am sure it varies from company to company, but, on a whole, what would happen?

    Wow, scratch $5000, try $6300 before tax.

    Thanks

  12. #12
    Tactical Nightmare
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    Thanks pablo4429, I appreciate the feedback, support, and the question. Yes, just trying to help.

    I think you would be fine with proper documentation of what was on the bike and the frame itself. A detailed list would help, pictures, and receipts for the parts should be plenty of documentation. That sounds like a lot of work, but you could scan it to a disc, or even email it to your agent for them to keep with your file. Even if you just kept that info stored somewhere so you could provide when the time comes, you should be good. Again, check with your agent to see what they would require in this case, but they shoudl eb able to insure it with no problems. And, the value shouldn't be an issue at either, you just need a way to substantiate the value. They don't want to insure the WalMart special bike for $5000 if you see what I mean. Typically the company will require some form of documentation to insure any item this way, whether it is jewelry, a bike or fine art. Also, a renters policy is basically the same as a homeowners policy, but it just doesn't cover the structure of the house. So you should be fine with your renters policy too.

    I hope that helps, and if I can help further, feel free to let me know.
    - "The true object of all human life is play" - GK Chesterton
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  13. #13
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    Gosh. You're quite defensive. Generally it is frowned upon to discuss business proposals and selling stuff and the like in these forums. To me, and perhaps others, it seemed possible this discussion was a subtle way to gather up some leads.

  14. #14
    Tactical Nightmare
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    Well, sorry for your misunderstanding. No where was there a solicitation for a sale, and I really don't see where I implied as such. In fact, you must not have read my post where I explained how there is no way I would be selling said policies, so I don't see how that would be confused with discussing business proposals. It was completely on topic, about bikes, and a way to protect your investment. Period.

    Defensive? Only when personally attacked, to which I was. I suppose I would say that I apologize for my name calling if you can retract your accusation. Fair?
    - "The true object of all human life is play" - GK Chesterton
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  15. #15
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    pulls up chair


  16. #16
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    Quote Originally Posted by 006_007 View Post
    pulls up chair

    Me too!

  17. #17
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    I've worked in Insurance Property Claims for 25 years and Giant Chachi is correct on most everything he has said - and I don't think he's trying to drum up business. Not all companies will "schedule" a bike but I think most would. The cost will vary based on company, location, etc., but it would be relatively cheap. As he said, for the insurance company (and for your sake) you will need to document the cost of the bike to determine what amount of insurance it should have. Keep those receipts - for the original purchase AND for upgrades. Also consider increasing the insured amount for expensive upgrades. If you buy a $2000 bike, insure it for that amount, but then add $2000 in upgrades, your bike is still only insured for $2000 and that's all you would get. In that case you would want to increase the insured amount to $4000.

    The only thing to be somewhat cautious of, or at least aware of, is that not all scheduled policies/endorsements will automatically pay the stated/insured value. Read the language because many (most?) of them give the insurance company the right to pay the lesser of the replacement cost or the stated value. That's not really a bad thing as you would still get enough money to repurchase what you had, but if you overpaid for the bike you'll be out some cash, or if you try to "inflate" the insured amount thinking you'll get an extra windfall if it's stolen - you probably won't. The bottom line is that you want to insure it for what it's really worth. This is a problem with jewelry - people pay inflated prices or get inflated appraisals, insure it for that amount, but then the insurance company finds a replacement for half that amount and that's what the customer gets. I don't think this would be much of a problem with bikes as the range of prices is relatively small.

    My bike is not insured separately (scheduled) and I should know better. I think I'll look into it with my agent. Good post Giant Chachi.
    The beatings will continue until morale improves.

  18. #18
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    Dont worry Giant, us with common sense know you were just trying to help, props given!!! What do you suggest for a non home owner?

  19. #19
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    Quote Originally Posted by socalMX View Post
    Dont worry Giant, us with common sense know you were just trying to help, props given!!! What do you suggest for a non home owner?
    Renters insurance! My bike isn't scheduled, though I should add it because the value is beyond the policy limit for a bike. I have renters here in SoCal and when my bike was stolen 2 months after moving in (and starting the policy), I was cut a check within 14 calendar days for replacement value.

    Also, my policy covers theft of my bike whether I am at home, at work, at Starbucks or on the beach . . . makes no difference. It also covers any and all damage not associated with "reasonable and customary wear" . . . in other words, damage from anything other than riding it (e.g., gets smashed by a car, etc.)

    I agree that scheduling specific pieces of property may be a good idea, but may not always be necessary. Some policies have very generous limits on bikes already, but best to ask your agent.
    Alcohol may lead nowhere, but it sure is the scenic route!

  20. #20
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    Quote Originally Posted by 2wheelsnotfour View Post
    (A) I think we are seeing an insurance agent trying to drum up business and (B) you will find that an insurance policy won't protect you against damage to your bike or theft away from your home.
    A) You clearly have no idea how insurance sales work. If you did, you'd know this is an absurd assumption. Had this been posted in a region-specific forum, I might think otherwise.

    B) Also wrong. My bike is covered on my renters policy for theft regardless of where I am, even if I am out of state.
    Alcohol may lead nowhere, but it sure is the scenic route!

  21. #21
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    great advice thanks

  22. #22
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    great post, worth looking into.

  23. #23
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    I personally think it is good someone points out that this sort of insurance doesn't cover crash damage. Not all of us are insurance sales people, and maybe we don't know how the industry works. So what?

    I am always leery of people touting things like this online because rarely do people do so out of the goodness of their hearts. In this case the OP seems like he was just trying to inform people, which I respect, but being a D-bag when 2wheelsnotfour was also trying to help out is not so cool.

    For me this type of insurance is worthless because my bike sits in my office area, and while traveling it is also locked away inside somewhere safe. Some sort of crash/damage insurance would be more interesting.

  24. #24
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    Just bought a new bike, carbon Merida 96. Added it to my home contents insurance in Australia for less than $20/month. It is covered for all theft and damage except when actually riding. Good piece of mind considering I have been known to do idiotic things like forgetting about the bike on the roof of the car when rushing home to get the car into the garage to beat a storm.

  25. #25
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    Great advise

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