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Thread: Bike Insurance?

  1. #1
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    Bike Insurance?

    Anyone have a rider on their insurance to cover their bike?

    Picked up my new one tonight. Hate to see someone like it more than me...

  2. #2
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    I found it really wasn't worth it unless my bike was a blacksheep ti bike. Otherwise the increase in my premium and the increase in my premium if I made a claim would easily cover the cost of a replacement anyway.

    Sad to say but home insurance is crafted towards replacing $10k plus of stuff IMO, anything less is just extra money you will pay in the long run whether you lose something or not.
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  3. #3
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    personal articles policy = $100.00 per year. well worth it.
    "Everyone has a plan 'till they get punched in the mouth"
    Mike Tyson

  4. #4
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    I've got one on the collection. With a garage of respectable bikes and related gear it was worth the extra ~$35 a year to take out a rider.

  5. #5
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    Ok I need a new insurance agent ASAP.
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  6. #6
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    In Australia I have a specific bike insurance…this covers the bike at home, locked up with suitable lock at the Mall etc, but most importantly for me - when riding or racing. Part of the policy covers damage during rides and races - this sold it for me as I have a $3500 bike that I would not really like to see damaged, but am now happy to ride harder as I know that if I should fall over and stuff the frame, I will be covered.
    (This of course is not covered at all in my normal household contents policy.)
    Worth looking around for!

  7. #7
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    haha i was JUST thinking about this on my ride to work!

  8. #8
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    Mine is covered under off premises theft or something like that. 300 dollar deductible.
    I like turtles

  9. #9
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    I think mine is covered by my auto insurance if it is stolen from my vehicle, and covered by homeowners if stolen from the house (both of which are with the same carrier), but now you got me thinking I should check my deductible. I did have to specify it on a [very short] list of higher-value items so that they know before hand that it wasn't a Wal-mart bike. I'd hate to test out my coverage, though.
    Shoot. Now you got me all worried. I gotta go call them.

    -F

  10. #10
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    I'm an insurance agent.

    Best advice: talk to your agent ( and get things in writing)

    If you own a home...inquire if, where and how your bike is covered( there will be a deductable and there may be a cap on value ( you could only collect $2k on a $10k bike!)

    Same with your car insurance.Will and how will your bike be covered if stolen from your vehicle. Also...if you are hit by an uninsured driver...what happens?

    It all varies by state....and carrier.

    And if you're agent won't help you.....find one who will!

  11. #11
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    Quote Originally Posted by rockcrusher
    I found it really wasn't worth it unless my bike was a blacksheep ti bike. Otherwise the increase in my premium and the increase in my premium if I made a claim would easily cover the cost of a replacement anyway.

    Sad to say but home insurance is crafted towards replacing $10k plus of stuff IMO, anything less is just extra money you will pay in the long run whether you lose something or not.
    Generally this is true but some companies have personal property floaters that don't stick you with those big deductible pinches and premium jacks.

    Shop around, read the fine print. It helps to have a good insurance broker who can shop your coverage needs among various carriers.

    Of course, there's the related problem of finding a carrier who will issue a floater/rider but the carrier is sketchy, fly-by-night in nature -- and therefore the coverage is illusory, because it is hard to collect on a covered claim.

    Also, remember this: at this point in American socioeconomic history, we are in an era of fraudulence, something-for-nothing in tension with nothing-for-something. Derivatives, high-risk 3d tier mortgage markets, all sorts of financial chicanery... these things are commonplace now. There's a lot of fiscal thievery going on. Be careful what company you trust with your hard-earned money and be sure to double-check the company's financial solidity and its reputation for claims handling.

    (I have a couple decades in the insurance world, in-house and outside)

    Finally: the best insurance against bike theft is to be smart about what kind of bike you own, how you "show" it (i.e. do you own a blingy bike to show it off for impressing Gomers and Bettys?) , and how you store it.

    Blingy bikes are thief-attractors. Bikes left on car racks are thief-attractors. Bikes left anywhere they can be noticed by passers-by, they are thief-attractors too.

  12. #12
    West Chester, PA
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    That other thread about the stolen s works prompted me to call my agent. My homeowners covers full replacement subject to a $1000 deductible. I can itemize anything i want at $2 per $100 per year and it won't be subject to the deductible. That would be $240 a year based on the value of the bikes in my garage. I'm just leaving everything on the regular policy, if all the bikes get stolen I can afford to pay $1000 to replace them all.

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    My bike is only outside if I'm on it. It's hung in my garage or in the basement. Garage has blinds on the windows. If it's stolen from my garage, they are taking other stuff too. Which I need to see if I can get that covered somehow via insurance (fishing gear, etc.)

  14. #14
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    Quote Originally Posted by dnale
    My bike is only outside if I'm on it. It's hung in my garage or in the basement. Garage has blinds on the windows. If it's stolen from my garage, they are taking other stuff too. Which I need to see if I can get that covered somehow via insurance (fishing gear, etc.)
    Again...talk to your agent with a total of this stuff.
    Find out about how a theft occurs ( what if your garage door is open and someone grabs your stuff vs locked door)
    Keep your receipts and take pictures
    There is only one thing worse than paying too much for insurance....and that's paying anything for a policy that will never cover you.

  15. #15
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    Quote Originally Posted by dnale
    My bike is only outside if I'm on it. It's hung in my garage or in the basement. Garage has blinds on the windows. If it's stolen from my garage, they are taking other stuff too. Which I need to see if I can get that covered somehow via insurance (fishing gear, etc.)

    Put 3M Security Laminate on that window. And lock the bike. And lock up any power tools they can use to get the bike down. Blinds...
    I like turtles

  16. #16
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    Quote Originally Posted by NYrr496
    Put 3M Security Laminate on that window. And lock the bike. And lock up any power tools they can use to get the bike down. Blinds...
    Defend your house as best possible.
    My homes have been hit a couple of times over the years. Aside from a foolish amount of high end bicycles....I have several very expensive motorcycles. On one hit....they walked past all that stuff and took a $400 laptop. On another hit....they wanted the bikes and/or motos, but the alarm system scared them away

    And you have to decide how much you want to self insure. If you have a $1000 bike...you have very different needs than some one with several $10,000 bikes

  17. #17
    West Chester, PA
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    My garage door has no windows and no handle on the outside. Only way in is if you're in the house first or you have the opener. If somebody is in the house or has my opener i got bigger problems than my bikes i guess.

  18. #18
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    Quote Originally Posted by 92gli
    My garage door has no windows and no handle on the outside. Only way in is if you're in the house first or you have the opener. If somebody is in the house or has my opener i got bigger problems than my bikes i guess.
    You are probably correct. Most thieves are not looking for bicycles during a break in.
    I had a client who just bought a foreclosed vacant house and spent a lot of money on new doors, including a garage door like yours. Lots of money invested in a workshop for motos in the garage as well as new furniture in the house.
    A week after moving in, some one used a vehicle to push in the garage door. They went past the motos, bikes and tools...used a pry bar to break the h/d door into the house....and stole a lap top and a big jar full of pocket change.
    Thieves are not that bright and just want fast fencables. Neighborhood kids will steal bikes....and bikes on roof racks are a big target.

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