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  1. #1
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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.
    *2016 Transition Patrol Carbon (aka: Sweet Pea)

  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
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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.
    *2016 Transition Patrol Carbon (aka: Sweet Pea)

  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
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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.
    *2016 Transition Patrol Carbon (aka: Sweet Pea)

  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
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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.
    *2016 Transition Patrol Carbon (aka: Sweet Pea)

  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
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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?
    *2016 Transition Patrol Carbon (aka: Sweet Pea)

  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.
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  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.
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  21. #21
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    great advice thanks

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    great post, worth looking into.

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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.

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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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    Very informative thanks guys!

  27. #27
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    Yes I also have my wife's bike and mine added to our contents insurance along with other valuable items like my camera body and lenses. It's not a lot extra per year for peace of mind. My bike is built up from parts all online purchases, just keep records of my purchases and photos of the build, If I make any major upgrades down the track only takes a phone call to increase the cover. I damaged a camera lens two years back when my camera bag strap broke the the bag fell onto a hard concrete path, insurance was paid out on the lens minus my excess. There are a number of unlucky families here in the Christchurch area when the Earthquakes hit the region recently, no or inadequate house and contents cover it has cost them big time. Here in my town of Kaiapoi 1 in 5 homes have been red zoned the ground deemed now too unstable. The government has offered a buy out plan to purchase the land in these red zone areas at market value but only if the house owners have house insurance. This event now make me more of a believer to have my valuable items covered with insurance

    Last edited by dereknz; 04-12-2012 at 06:27 AM.
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  28. #28
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    Quote Originally Posted by ShimmerFade View Post
    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.
    ShimmerFade echos my sentiments exactly. Perhaps my use of the phrase "drum up business" was a bit harsh and I should have used the phrase "generate leads" instead. In my opinion, it is a very short hop from starting a thread of this nature for informational purposes only to having people starting to PM the original poster with messages like, "You made a great point. What's your number? I'd like to call you and talk about your business." and we cannot know what intention the person who started threads like that genuinely was. If we go down that path, forums would be inundated with threads with that sort of intention and the atmosphere of the forum would suffer. Now having said that, since this thread is still up, I'd say the moderators have judged that not to be the case with this thread.

    Regarding insuring a bike specifically. I am skeptical like ShimerFade of people touting stuff on the Internet. In addition, in this case I specifically asked two insurance agents, one who is an avid cyclist if I could insure my road and mountain bike against crash damage and was specifically told that type of coverage is not available. Where I live, there are a lot of cyclists so if there was a market for this coverage, it would be where I live.

    I could be incorrect and I mentioned that in my post. However, if I am correct, than in my opinion, which I know could be incorrect, then the inability to obtain coverage for crash damage away from one's home seems to me, to violate the spirit of the reason most mountain bikers and cyclists would obtain separate coverage for their bikes. Indeed, I was told I did not need to purchase any additional insurance and that my bikes were already covered by my home owners policy. As a result of that information, and my general skepticism regarding people touting stuff on the Internet, I felt compelled to respond in the way I responded. Clearly these are my opinion's only. You can draw your conclusions about this subject.

  29. #29
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    I have the piss insured out of my bikes! Full MSRP parts lists for every one of my builds.
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  30. #30
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  31. #31
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    Good advice. I would get renter's insurance if it didn't cost so much in my neck of the woods.
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  32. #32
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    Quote Originally Posted by Kona0197 View Post
    Good advice. I would get renter's insurance if it didn't cost so much in my neck of the woods.
    Seriously? Where do you live? I live IN Los Angeles in a duplex that a history of two prior bike thefts at this address (former residents) plus my bike theft. To insure my bike, my wife's wedding jewelry plus $30K in replacement costs is under $200 per year. The first year it was $185, then the second year it dropped to $150 . . . same coverage, and I've used it with good result when my bike was stolen. Major carrier too.
    Alcohol may lead nowhere, but it sure is the scenic route!

  33. #33
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    I use this one alot but it applies

    setting aside 5 dollars a day is 1825 dollars per year.
    Now we all piss away 5 dollars a day on coffee, fast food, or other garbage so why not just set that money aside to use for whatever you may need?
    What makes more sense? giving an insurance company more cash in the event something probably will not happen at your home, or setting aside your own money so within a couple of years you could simply buy another brand new bike


    To the Op Im sorry, but Insurance is a Racket, there are people who still have not received money way back from Katrina regarding their home, many were flat out swindled using compnies horrible clauses, or simply paid a small amount to move on.

  34. #34
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    I totally agree Blurr, hence my post. A lot of people spend too much on insurance.

  35. #35
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    Seriously? Where do you live? I live IN Los Angeles in a duplex that a history of two prior bike thefts at this address (former residents) plus my bike theft. To insure my bike, my wife's wedding jewelry plus $30K in replacement costs is under $200 per year. The first year it was $185, then the second year it dropped to $150 . . . same coverage, and I've used it with good result when my bike was stolen. Major carrier too.
    I live up here in Oregon. Adding renter's insurance would cost around $40 a month. We live off less than $700 a month.

    Now we all piss away 5 dollars a day on coffee, fast food, or other garbage so why not just set that money aside to use for whatever you may need?
    Not all of us.
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  36. #36
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    You don't need insurance... until you need it.

    I have 2 bikes covered on rider policies to my homeowners.

    Correct me if I'm wrong, but I believe it was explained to me thusly...

    If you make a homeowners claim b/c your bike is stolen, you have to pay the deductible, and the value of your bike is depreciated, depending on it's age.

    If you use a rider policy, you pay no deductible, and you get full, new replacement value.

    Is this correct?

  37. #37
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    Quote Originally Posted by d365 View Post
    You don't need insurance... until you need it.

    I have 2 bikes covered on rider policies to my homeowners.

    Correct me if I'm wrong, but I believe it was explained to me thusly...

    If you make a homeowners claim b/c your bike is stolen, you have to pay the deductible, and the value of your bike is depreciated, depending on it's age.

    If you use a rider policy, you pay no deductible, and you get full, new replacement value.

    Is this correct?
    Completely dependent upon the type of policy you have (e.g., current cash value vs. replacement costs). Replacement policies are usually more expensive, but not always.
    Alcohol may lead nowhere, but it sure is the scenic route!

  38. #38
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    Quote Originally Posted by OO7 View Post
    Completely dependent upon the type of policy you have (e.g., current cash value vs. replacement costs). Replacement policies are usually more expensive, but not always.
    This is pretty much dead on here. For myself as an agent, I truly will not write a policy unless it has the contents/personal property insured at replacement cost. There are two ways to insure property.....Replacement Cost and Actual Cash Value. ACV is defined as replacement cost less depreciation. That D word can be a nasty one, so pay the little extra and get RC.
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  39. #39
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    2wheels, thank you for your clarification on your stance. I have no issues with folks that are against insurance based on principle, as that is your choice completely. At the same time, I can't tell you how many times that I have had a client with that same mindset, only to be so thankful that they had the covereage when something happened. Typically, they have a different attitude after a claim than before. I think it is a Murphy's Law kind of thing......if you have the coverage, nothing will happen. The moment you are without it, that is when bad things happen.But really 2wheels, I do appreciate your explanation, and I apologize for calling you names. Honestly, I just wanted to help folks out on this board, with some information that not everyone is familiar with.

    Frankly, you guys are not the type of clients I want anyways!!! You guys scare me! Nah, I'm just playing!
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  40. #40
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    I feel like we should all sing Kum-bay-ya . . . .
    Alcohol may lead nowhere, but it sure is the scenic route!

  41. #41
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    Quote Originally Posted by OO7 View Post
    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.
    Same story, stolen bike away from home, full replacemnet value (msrp) in my hand in a week (and i had only paid 50% of msrp on sale originally)....had to pay a deductible but was able to find a similar deal again, so i ended up making a bit of cash in the long run
    i pay about $15 a month for renters thru state farm

  42. #42
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    What companies are you guys insured through? I tried to add me and my wife's bikes to our homeowners policy and they wanted a number north of $1,000 a year for what I estimated to be about $12,000 in replacement costs. I live in a rural area and my other insurance costs are cheaper because of it (homeowners, auto, even health), so I was floored by the cost. I gave up looking after the quote. Maybe it's time to find a new homeowners policy.

  43. #43
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    Quote Originally Posted by Giant Chachi View Post
    2wheels, thank you for your clarification on your stance. I have no issues with folks that are against insurance based on principle, as that is your choice completely. At the same time, I can't tell you how many times that I have had a client with that same mindset, only to be so thankful that they had the covereage when something happened. Typically, they have a different attitude after a claim than before. I think it is a Murphy's Law kind of thing......if you have the coverage, nothing will happen. The moment you are without it, that is when bad things happen.But really 2wheels, I do appreciate your explanation, and I apologize for calling you names. Honestly, I just wanted to help folks out on this board, with some information that not everyone is familiar with.

    Frankly, you guys are not the type of clients I want anyways!!! You guys scare me! Nah, I'm just playing!

    Perhaps my choice of language was off a bit. Its unclear at times when folks are trying to generate business for themselves or when they are, as in this case, being informative. I honestly wanted to explore insuring my bikes a while back, but I was informed it was not possible to insure against trail or road crashes as apposed to losses of the bikes related to my house, like theft or fire.

    I'm not against insurance per se. Rather, as most things, there is a reasonable level of insurance. We all know that insurance companies make money by receiving more premiums then what they pay out in claims. I don't have a problem with that. I am a free market capitalist type. But it does mean that consumers need to spend their money wisely which means insuring at a reasonable level. Also, I'm not against sales people either. My father was a sales person. A good sales person won't sell customers something they don't need or over sell them. Like I said before, regarding my response to this thread, its just quite unclear what people's intent is, at times, on the internet. Peace. Sorry for the tension.

  44. #44
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    USAA... if you can get it. If you can't... I feel bad for you.

    /thread

  45. #45
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    have you guys seen the imobi tags they do, they sit in your seat tube, and when your bike gets nicked, it comes up on the police database, and activates a beacon, so that they can track where it is, so youve got more of a chance of getting back if it gets taken...

  46. #46
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    That would be great if the thieves didn't know about it aswell. If they know the beacon is in the seat tube I wonder if pouring water on it renders it useless.
    It's the stopping and starting part that will get ya!

  47. #47
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    Quote Originally Posted by Whatbrakes View Post
    That would be great if the thieves didn't know about it aswell. If they know the beacon is in the seat tube I wonder if pouring water on it renders it useless.
    Doubt water would kill it. They are pretty simple to waterproof.

    I have a piece of paper rolled up with my name, birthday and cell number written on it that is tucked away in a spot where you'd have to be taking the bike apart to find it. No, it won't help me locate the bike if it were stolen, but if it did get swiped and I saw one like it for sale someplace, it would be easy for me to find it and check . . . slim chance, but possible.
    Alcohol may lead nowhere, but it sure is the scenic route!

  48. #48
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    they are waterproof and have been tested in all types of scenarios.

    I could see putting the paper down the tube being a good idea, but;
    1.they could get rid of it, might be easy to notice,
    2. even if they didnt destroy it, its still a slim chance that you will find the bike again.

  49. #49
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    Yup I have the business card of my LBS in the seat tube.

    I doubt most thieves know about it, but really, why would they care? Its not like anyone is going to pull the tube out and look.

  50. #50
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    Quote Originally Posted by Brandon, View Post
    they are waterproof and have been tested in all types of scenarios.

    I could see putting the paper down the tube being a good idea, but;
    1.they could get rid of it, might be easy to notice,
    2. even if they didnt destroy it, its still a slim chance that you will find the bike again.
    Quote Originally Posted by Blurr View Post
    Yup I have the business card of my LBS in the seat tube.

    I doubt most thieves know about it, but really, why would they care? Its not like anyone is going to pull the tube out and look.
    My little note is not inside the seat tube. Its tucked down inside the stem, behind the bar and faceplate (Thomson stem).

    Again though, this doesn't change the fact that a stolen bike is very unlikely to ever be recovered.
    Alcohol may lead nowhere, but it sure is the scenic route!

  51. #51
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    Quote Originally Posted by cmdrpiffle View Post
    Dion's new avatar scares me.
    That is all
    I don't have insurance on my bikes. I just print out that picture and tape it to my bikes.

    I park that fcuker unlocked on the East Side and those vatos don' do sh|t.

  52. #52
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    Quote Originally Posted by SkaredShtles View Post
    USAA... if you can get it. If you can't... I feel bad for you.

    /thread
    USAA is actually one of the top 5 insurers in North America by ratings. I work for one of the other 4. But you're right - take advantage of that if you can. Teachers and educators, look into TIA CREF. Fraternal Insurance, non-profits and mutual companies are usually pretty good.

  53. #53
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    i am not getting it...

    and the sorting through the pissing match posts didnt help answer this for me either...

    my current home insurance policy includes a portion for contents.

    if the total value of my content insurance coverage does not exceed the value of my contents which would include my bikes, why do i need to put additional insurance on my bikes? are they not already covered?

  54. #54
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    honkonbobo, this was addressed somewhere in the "pissing match", but I'll answer it for you here. Let me take it in a couple of steps......

    1) Under your contents or personal proeprty coverage, you would have a deductible involved. So, if you bike is value at $4000 and is stolen, then the company would potentially give you $3500. Under this coverage, most companies are going to insure your property only against the perils (causes of loss) of fire and theft. Certainly, those are going to be the most common situations to happen to it.

    2) Where you want to be careful, is that most homeowners/renters policies will ahve internal limits within that blanket coverage of contents/personal property. This means that for certain types of property, there are amounts that they will not pay more than for certain kinds of property. For example, if someone broke in your home and stole $10,000 of jewerly, and even though you have a contents limit of $50,000, there could be an internal limit on the category of jewelry of $5,000. This means that even though you had $10,000 of jewelry stolen, your company will only give you $5,000. Sure this would piss you off, but it is written in your policy, to which you have a responsibility to read yourself, or ask your agent.

    3) If you list the items seperately, you a) avoid the deductible, b) are insured for additional causes of loss, and c) you wouldn't have an internal limit that could prevent you from gettting full replacement cost on your item, in this case a bike.

    So to answer your question with a short answer, yes it would be covered. It just wouldn't be covered in the same way. Of course if you are ok with that and understand the risk that you are taking on yourself, then more power to you. For myself, paying $49 per year to have it insured for the value I set it at, and insured against other perils than fire and theft, it was worth it to me. But to each their own.

    I have checked further with the underwriter at the company where my home is insured, and here was a statement that he provided me about how my bike will be covered in the event of me damaging it myself on the trail:

    Normal wear & tear like scratches etc would be excluded but if you hit the rock, crumple the forks and go ass over hat that would be covered.
    Again, some of this could vary between the various insurance companies, so it is best to check with your agent directly and see how your specific company addresses this topic.
    *2016 Transition Patrol Carbon (aka: Sweet Pea)

  55. #55
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    4sure going to itemize my bike and schedule it for insurance! Honestly it's worth more than my car

  56. #56
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    I have all my bikes covered. The insurance questions were funny.

    "do you want to insure any jewelry, furrs or fine clothing" No
    "do you want to insure any fine art, or family heirlooms" No
    "do you want to insure any electronics" No
    "do you want to insure any Firearms" No
    "do you want to insure any sporting equipment" YES!!!!

    I have over 30K in insurance for my sporting goods = $18 a month renters insurance.

  57. #57
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    Good post GC

    Today I got quotes to schedule the bikes (2 mtbs) with my insurance company amica and I thought the amounts were pretty reasonable. $47 for $3k or $80 for $5k per year. The coverage is replacement cost not depreciated value. They are currently covered with a $500 deductible under the homeowners policy. I'm thinking about it but I tend to roll the dice on items like bikes. The $500 deductible minus replacement value seems pretty reasonable to me considering they are used. The only claim I would ever make would be for fire or theft.

  58. #58
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    First of all, I appreciate opinions. I may not agree w them but i respect people who share their feelings (as opposed to politicians who say whatever will offend the least amount of people...)

    Second of all, when I read Giant Chachi('s) original post I was disappointed that he didn't list what insurance company(s) he works for- however, I understand his reluctance to do so just gives his opinions more credibility because he's sharing info to enlighten cyclists, not just trying to sell them something. Well done Chachi.

    Thirdly, I laughed my a** off when he called the guy a prick for questioning his integrity and sincerity. I personally have no problem with a guy going out of his way to enlighten us all only to be questioned about his motives and then defending his honor. Although calling him a prick is a bit juvenile (I have to admit that even at 49 years of age Weird Science is still my favorite movie...) it sure does get the point across!

    And finally,
    I have State Farm homeowners insurance (CA) and they do not schedule bicycles. They consider it "personal property" and w a deductible of 2K (to keep premiums lower) I'm disappointed and am actively researching which reputable insurance companies will schedule bicycles. I would sure appreciate some feedback and referrals to which companies in California will do so (and thank you 2ridealot for sharing your experience w Amica).
    Take care all and ride safe.
    ...I just pedal

  59. #59
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    I'm not an insurance agent but I think I'm well qualified to speak on the topic of insurance and bikes.

    I had a stretch of bad luck back over about a 5 year period in the 90's when I had two bikes stolen and needed to replace most of a third when I had a brain fart and drove into my garage with the bike on the roof (that's pretty much the worst sound in the world). I had renters insurance back then and in each case my insurance company was great about writing me a check for the replacement cost (less deductible). The last time it happened I got nearly $4,000 and this was back when there werent that many $4,000 bikes around. I didnt have any special coverage for it other than the basic renters policy.

    I just saved all my receipts for everything and never had a problem with reimbursement.

    Thanks Allstate.

  60. #60
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    Except that in the US it is not possible to get bike insurance if you do not have home owners or renters insurance. I live on a boat and it my yacht insurance will not cover anything that is not on my boat. Some companies offer insurance to college students in certain states.

    I know I am the minority but bike insurance is available in many other countries.

  61. #61
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    Quote Originally Posted by likeaboss View Post
    Except that in the US it is not possible to get bike insurance if you do not have home owners or renters insurance. I live on a boat and it my yacht insurance will not cover anything that is not on my boat. Some companies offer insurance to college students in certain states.

    I know I am the minority but bike insurance is available in many other countries.
    The Nicholas Hill Benefit Group offers IMBA members "Markel Cyclist"...basically a policy to protect your bike, components, apparel, and accessories. I have it on my MTB and the wifes roadie. It is a bit more than a rider on a Homeowners/rental ins. policy but it covers wrecks, too!!!

  62. #62
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    Just moved to a new place, and updated the insurance. New renter's policy covers all four of our bikes at their replacement values. That's nice, because we have 3 bikes that would cost in excess of $2,000 and one of those would be in excess of $6,000 to replace. No special riders were needed. USAA.

  63. #63
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    Quote Originally Posted by BlackMoBomber View Post
    The Nicholas Hill Benefit Group offers IMBA members "Markel Cyclist"...basically a policy to protect your bike, components, apparel, and accessories. I have it on my MTB and the wifes roadie. It is a bit more than a rider on a Homeowners/rental ins. policy but it covers wrecks, too!!!
    Thanks. I will check that out. I am surprised I had not heard of this before. I did some pretty extensive searching last year and found nothing like this.

  64. #64
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    Quote Originally Posted by ScubaM View Post
    I just saved all my receipts for everything and never had a problem with reimbursement.
    I can't overstate just how important this is. Without receipts, its an uphill battle to say the least (and to be honest, understandably so). But with receipts, however, it should be a painless process. My new carrier (Liberty Mutual) does not schedule bikes until they exceed $10K. My bike is very custom and if it gets stolen (knock wood), all the upgrades will also be reimbursed (including my CK wheels) as long as I can produce receipts. I even keep the receipts for things like tires, brake pads, cables, etc.

    One thing my agent suggested is to use paypal to purchase everything as they keep itemized invoices and all you have to do is download your purchase history in the event of theft. I don't personally do this because i'm good about organizing my receipts, but for someone who doesn't want to deal, PayPal (as much as I loathe them) could be a useful tool.
    Alcohol may lead nowhere, but it sure is the scenic route!

  65. #65
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    Giant, great advice. Even if you were trying to get business, its good advice. Repped.

    For those who have USAA, how do you go about doing this?

  66. #66
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    Insure your bike! Itís inexpensive and worth doing!

    Quote Originally Posted by FastBanana View Post
    Giant, great advice. Even if you were trying to get business, its good advice. Repped.

    For those who have USAA, how do you go about doing this?
    I just asked an agent on the phone. I got confirmation that I did not need to do anything special on my policy.

  67. #67
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    I got a quote from Markel and for 2 bikes of approximate $6,000 combined value in Maine it costs about $250 annually. This also provide worldwide coverage. Normal coverage area is US and Canada.

  68. #68
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    Just curious. For those of you who did file claims, did your rates go up the next year?

  69. #69
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    Quote Originally Posted by bigt94550 View Post
    Just curious. For those of you who did file claims, did your rates go up the next year?
    Yes, but barely. I will be dead before the increase in premium would equate to the cost of replacing the bike.
    Alcohol may lead nowhere, but it sure is the scenic route!

  70. #70
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    I've never had insurance on any of my bikes and in the +20 years or so that I've been mountainbiking I've never had one stolen. What's my secret?

    I always store them inside my apartment. If I take them out of the apartment I always keep two eyes on them. And that's pretty much the extent of it.

    Insurance got such crappy rates anyway, a 1-2 year old bike is barely worth anything to them anymore.

    Granted I don't have any $6000-8000 mountainbikes. My most expensive one probably cost me $3000 to build.

  71. #71
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    Chachi, I really donít see how your OP was anything but informative. If anything it was telling us to use our current insurers but in a different manner. I appreciate the part about ďScheduled Personal PropertyĒ. I never knew about that. I have home owners with USAA, ill be hitting them up tonight for a rethink. so cheers to that.

  72. #72
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    After reading this entire thread I insured my bikes with Velosurance because of all the unanswered questions the thread generated. The Velosurance premium was only a few $$'s more than the renters policy add on and it covers everything that can happen to my bike anytime, anywhere.

  73. #73
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    Quote Originally Posted by DH_WILL View Post
    After reading this entire thread I insured my bikes with Velosurance because of all the unanswered questions the thread generated. The Velosurance premium was only a few $$'s more than the renters policy add on and it covers everything that can happen to my bike anytime, anywhere.
    Thanks for the additional info DH_WILL! Markel is a great company, which I think you mentioned in the other thread is who provides the coverage for Velosurance. Again, thanks for the info!
    *2016 Transition Patrol Carbon (aka: Sweet Pea)

  74. #74
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    After my bike was rammed by a Cadillac and then stolen last year I have gotten insurance for my replacement bike.

    It was difficult to get coverage on my homeowners for the new bike as a scheduled personal property because of what happened last year. So I got the coverage available through Markel. It's not inexpensive but it's less than I spend on an annual basis on wear-and-tear items on the bike like pads, bleeds, Stan's, tires, grips, etc.

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