who insures their bikes?- Mtbr.com
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  1. #1
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    who insures their bikes?

    like the title says, who here insures their bikes? what companies/brokers do this-i know my current broker doesn't...

  2. #2
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    hmm. I'm definitely a home owner. I'll have to be more persistant with the broker. My guess is they don't want to spend the time for what I'm guessing is a very modest premium hike$$$. i'll call again tomorrow

  3. #3
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    Insuring your bike, if it is worth more than $500, is a no-brainer. If you have an insurance policy for your house or apartment, you should be able to get an endorsement (ie an addition to your policy) to cover your bike for full replacement value. It will cost you a little extra premium, but is likely the best money you will ever spend on your bike.

    I am a little perplexed that your insurance broker can't offer you this insurance. I am guessing the only reason why this might be is because you don't have a home insurance policy in the first place.
    Strava made me do it....

  4. #4
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    If you get a full replacement cost insurance policy on your bikes, it's not that modest a premium, it's about 5% of the bike value per year.
    I'm a member of NSMBA and IMBA Canada

  5. #5
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    I have $4600 worth of insurance on my bike through RBC for a cost of $133 a year. This is an add-on to my home insurance policy.

  6. #6
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    I just went though this with my insurance, and it is included in my contents coverage (I only rent) and the basic package I had before would cover up to $1500 for my bike but the last time I was talking to them I increased the package which included way more coverage for everything that I have and then it also increased my bike coverage for up to $5000
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  7. #7
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    Be sure to check with your insurance company where they cover your bikes, mine will only cover it if its stolen from the house.

    It all blurrs together at this point but at the end of the day, when I would need insurance the most, traveling with my bike, it was either unavailable or would cost 100 bucks a month.

  8. #8
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    yeah, my experience was similar

    with both home and auto insurance... i chose limited coverage that made the most financial sense....

    very good thread - everyone should think about insuring their bikes...


    Quote Originally Posted by swabag
    Be sure to check with your insurance company where they cover your bikes, mine will only cover it if its stolen from the house.

    It all blurrs together at this point but at the end of the day, when I would need insurance the most, traveling with my bike, it was either unavailable or would cost 100 bucks a month.

  9. #9
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    I'm insuring my EPIC once I've got it in hand (hopefully pd off in 3 more wks) the replacement value is $6500. tax in with the upgrades I'll have on when I pick it up.

    I found insurance through IMBA Canada (OASIS Ins.), and the quote I got on the above amt. was about $350/year so about $30 a month. with only a $500 deductible, anywhere else I went wanted a $1000. deductible. This covers fire, theft, car hitting you, bad crash on the trail etc. This doesn't cover racing / competition, but for an additional $50/yr or so, you can add that coverage.
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  10. #10
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    I have never insured my bikes.Dollars spent on insurance per year =a lot of nice new parts at the end of the year.
    Invest in some really good locks and keep them locked while they are stored in your house or garage.
    Invest in a security system/surveillance cameras.
    Don't flash your sweet bikes to everyone and their brother that drives by your house with your garage door left open and bikes just sitting there unlocked while you are in the backyard mowing the lawn.
    keep them out of sight
    While out an about always keep locked up and within your sight if possible.
    FAT since 09.
    Fatties are year round bikes!

  11. #11
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    Quote Originally Posted by Big Hustler
    Don't flash your sweet bikes to everyone and their brother
    Hmm, I wonder if the pictures everyone posts here still have their EXIF data attached? You could get the GPS co÷rdinates and make a nice little database with Google Maps interface. Need an Ibis Tranny? Here's an Apple Green in large thanks to raganwald's vanity picture...

  12. #12
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    I enquired about insurance after acquiring one of my SC Blur's. My wife has a corporate rate as a Bell employee and it covers unlimited bikes up to $3000/each.

    I never asked about a deductible though...perhaps I should call back?
    "I love being on a bike. It helps me feel free. I get it from my dad", by Guillaume Blanchet

  13. #13
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    I insure through Aviva. I have $3400 on my bike at a cost of $72 per year. That gives me full replacement value in the event of theft .... no deductible. To be honest, its gone up a lot in the last two years. It was $55 in 2009 and $62 in 2010. Probably because of my claim in fall 2009.

    Which gets to the next point..... In Sept 2009, my bike was stolen off the roof of my car (note to self: the Thule locks are a deterrent... .you need to add a ubolt and other protection when the car is parked in an unmonitored church parking lot near a large low income housing project!!!). Insurance responded brilliantly. They had a cheque to my LBS within 3 working days of the theft and I was on my new bike within 4. It was very impressive service and saved me the emotional angst of having to fork out $3400 for a new bike.

    Now to the economics .... I had been paying about $55 a year for over ten years ... Recognizing that it is now $72 .. I'll probably pay another $800 to $900 in insurance over the next 10 years. Total = around $1500 over a twenty year period .. which is about as often as I'd expect to lose a bike (assuming I don't stupidly leave it with skimpy locks in a church parking lot again). $1500 feels like a lot .. but I'm happily staying the course as I hate the prospect of the one-time economic hardship if the bike disappears again.

    Realistically, I think all this depends on teh risk tolerance of the individual. I'm risk averse .. hence, the insurance.

  14. #14
    namagomi
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    Lock it up inside the house with a concrete anchoring bolt... Do not use car racks or leave it unattended at parks or parking lots. I think that is where most thefts happen.

    I guess it is a problem... but I don't consider the risk/loss high enough for my bicycle.

  15. #15
    namagomi
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    Quote Originally Posted by raganwald
    Hmm, I wonder if the pictures everyone posts here still have their EXIF data attached? You could get the GPS co÷rdinates and make a nice little database with Google Maps interface. Need an Ibis Tranny? Here's an Apple Green in large thanks to raganwald's vanity picture...
    Haha, that is far too complicated for a bicycle thief... it's always a good practice.

    right-click -> Properties -> details -> Remove personal information.

  16. #16
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    I checked out insurance for my bikes and it was going to be around $1000 per year so I decided against it and am really careful about leaving the bikes un atteded. Although I really ought to lock them up better at home. That being said I live in an area that is pretty safe and not know for theft.
    it tied the room together man!

  17. #17
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    Mine are 60 to 80 dollars each and I have a 3,000 deductible = no insurance for me

  18. #18
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    Doesn't matter how well you lock them up or hide them in your house.. when you bust it up on the trail, or get hit by a car, a lock / security systems not going to save you... my ins. will...
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  19. #19
    namagomi
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    Quote Originally Posted by K-OS
    Doesn't matter how well you lock them up or hide them in your house.. when you bust it up on the trail, or get hit by a car, a lock / security systems not going to save you... my ins. will...
    Lets see your math on that...?

  20. #20
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    Math that a lock won't save you from getting hit by a car ?????
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  21. #21
    namagomi
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    Quote Originally Posted by K-OS
    Math that a lock won't save you from getting hit by a car ?????
    Hmm... no. Nevermind.

  22. #22
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    Insured value: $6300. / Premium: $298/yr (just under $25/month)

    I don't plan on having the same bike for more than 3 years, so max I'd pay out on this bike would be $900 over 3 years.

    On the other hand, say I'm commuting to work (about 1/3 of my ride HAS to be road, no choice) and a car nails me... or I lose it on a nice rock garden and crack the carbon frame... or get jumped by a couple hoodlums on the trail, and have my bike stolen...

    I'd much rather have the coverage, than the extra $25. in my pocket that month.


    I likely won't bother insuring the Flash though, the value will only be about $2500. so it probably won't be worth it.... however if it's only an extra $10 a month or less... I would.
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  23. #23
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    I try to carry the smallest amount of insurance I feel I have to have. I have given them more than I will likely collect.
    So what is my 3 year old mountain bike worth, really and I have to be honest new it was 5000 maybe replacement 6000 but put it for sale hmmm......1500??? If i lost it I could probable buy another one used like it for 1500-2000 how much insurance should I put on it???
    Insurance isn't a lottery to me..... or maybe it is lottery a place to spend money with no real chance of winning. and if you do win sometime they will raise your rates until you have paid it back double.

  24. #24
    namagomi
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    Quote Originally Posted by K-OS
    Insured value: $6300. / Premium: $298/yr (just under $25/month)

    I don't plan on having the same bike for more than 3 years, so max I'd pay out on this bike would be $900 over 3 years.

    On the other hand, say I'm commuting to work (about 1/3 of my ride HAS to be road, no choice) and a car nails me... or I lose it on a nice rock garden and crack the carbon frame... or get jumped by a couple hoodlums on the trail, and have my bike stolen...

    I'd much rather have the coverage, than the extra $25. in my pocket that month.


    I likely won't bother insuring the Flash though, the value will only be about $2500. so it probably won't be worth it.... however if it's only an extra $10 a month or less... I would.
    $300 a year plus the deductible for any potential claim...?

  25. #25
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    That's the nice thing about the insurance lottery tho, if you do somehow "lose" your bike, you don't have to settle for someone else's used bike. Instead you'll get a brand spankin' new $6000 "value" one.

    I know it's a preference thing, but I'm done with buying used bikes and other peoples problems, I'd rather buy new, then sell people my problems... lol.

    I know what you mean about the lottery thing though... you could pay thousands of dollars to a company and never get anything back. (Kinda like EI) Just like them silly scratch tickets I never win more than $20 on but keep buyin' (wife's gp's just won $50Gs tho... lucky bastards)

    But my bike is my only mode of travel, I don't drive anymore, and have no desire to, so I don't have to pay $100 to $300 a month for insurance on a gas guzzler + gas etc. so $25 a month is nothing comparatively.
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  26. #26
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    Quote Originally Posted by electrik
    $300 a year plus the deductible for any potential claim...?
    Yeah, deductible's only $500 though.. (home ins. wanted $1000.ded.)

    I'd rather pay $800. to get my $6000. bike back if something happened after a year... than pay another $6000. all over again.

    Figure... you could always cancel your insurance after 2 years if nothing's happened and you no longer think your once shiny new bike is worth it anymore.
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  27. #27
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    Hmmm... yeah not sure it would be worth insuring the Flash though, now that you remind me of the $500. deductible.

    Considering the deductible, you have a point, prob. not worth insuring much under $3gs...
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  28. #28
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    Quote Originally Posted by K-OS
    Hmmm... yeah not sure it would be worth insuring the Flash though, now that you remind me of the $500. deductible.

    Considering the deductible, you have a point, prob. not worth insuring much under $3gs...
    Pop $500 into an account and add in $300 yearly... i bet that cover's any bicycle issues. Since you're paying for theft/damage only you can get the money back if nothing is stolen or broken(which just might happen). I don't really see the insurance company adding any value in this case... Of course this depends on how cost-sensitive you are to such a loss and it requires you actually make the deposits!

    Of course, this is going on the fact the insurance co has properly rated your risk.

  29. #29
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    I have had one bike stolen and it was a horrible feeling, it was my first real bike, I put a lot of money into it. We put it though my parents house insurance and had it replaced with the $500 deductible, my dad had tryed to guilt me into the fact that the insurance went up drastically but really it only changed like 20 a year, and now 5 years later it is lower then it was before.
    So now when I look at what my insurance covers definitely worth what I pay into it not just as a lottery win but also as a piece of mind that if anything happened I would be ok, I have enough school dept to worry about let alone trying to replace anything that I have worked hard for.
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  30. #30
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    Come to think of it my $500. deductible is totally eaten by the LBS anyway so it doesn't cost me a dime.

    For example... insured value. $6367.55... what I actually paid.. $5731.64

    Insured valued less deductible $6367.55 - $500 = $5867.55


    Deductibe ??? What Deductible !?
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  31. #31
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    Lets be honest, some of you are probably getting the wool pulled over your eyes because the insurance co is still making money. Insurance companies work off one emotion - fear - and in itself that never leads to great financial decisions(that "peace of mind" isn't priceless and is probably over-priced)... So, if you've been forking over $300 a year for years it might be too late to pull the plug, but i think total bicycle loss is not a concern unless you want to be careless about flashing your ride or driving it into parking garage roofs.

  32. #32
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    Quote Originally Posted by electrik
    ...or driving it into parking garage roofs.
    That happened to a friend of mine two years ago. She totaled two brand new Treks, her rack, the roof of her car and the garage door on her condo building. Holy cow that was expensive!
    Please enjoy seeing this terrible collection of me - something wonderful is about to happy.

  33. #33
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    i guess you are not the poor sucker

    whose $6,000+ Ellsworth was stolen during Summer Solstice, while he was grabbing a hamburger.

    Your logic applies to home insurance as well. I will leave auto insurance out, as it is mandated by law. All of "you people" that insure your homes, take that wool off of your eyes and stop wasting money. Percentages are merciless. Majority of "you people" that insure your homes never claim any insurance anyway - hence insurance companies keep making billions of dollars...

    Given that I believe that insurance business is one huge SCAM, I understand people who try to MITIGATE risk of losing their valuable property.

    Those of us with bike racks on the back of our vehicles risk being rear-ended every time we go out on the road... Auto insurance may cover a portion of the cost of the bike... Is it enough???

    So dude, this is not platforms vs clipless. Consider not making general statement about "wool over eyes" if you don't agree with what others are doing. Try to UNDERSTAND why they are doing it.

    Fear is a human feeling. Don't know if you are married - but if you are - you probably got married out of FEAR of being alone. If you are alone, it is probably out of FEAR of relationship, or you just couldn't fool anyone into it. Fear is not an issue - it is how you manage it.

    Out of FEAR you don't disclose your identity around here... Is your fear substantiated - absolutely not - but IT IS FOR YOU. And that is all that matters TO YOU.

    Out of that same FEAR, you will miss meeting many of us. Which is one of the purposes of this site...

    I hope you are enjoying your day. Just because, today you saved $0.80 for not having your bike insured. You can save till Friday and get yourself a brand new ZIP TIE. Ain't that something worth celebrating?


    Quote Originally Posted by electrik
    Lets be honest, some of you are probably getting the wool pulled over your eyes because the insurance co is still making money. Insurance companies work off one emotion - fear - and in itself that never leads to great financial decisions(that "peace of mind" isn't priceless and is probably over-priced)... So, if you've been forking over $300 a year for years it might be too late to pull the plug, but i think total bicycle loss is not a concern unless you want to be careless about flashing your ride or driving it into parking garage roofs.

  34. #34
    namagomi
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    Quote Originally Posted by osokolo
    whose $6,000+ Ellsworth was stolen during Summer Solstice, while he was grabbing a hamburger.

    Your logic applies to home insurance as well. I will leave auto insurance out, as it is mandated by law. All of "you people" that insure your homes, take that wool off of your eyes and stop wasting money. Percentages are merciless. Majority of "you people" that insure your homes never claim any insurance anyway - hence insurance companies keep making billions of dollars...

    Given that I believe that insurance business is one huge SCAM, I understand people who try to MITIGATE risk of losing their valuable property.

    Those of us with bike racks on the back of our vehicles risk being rear-ended every time we go out on the road... Auto insurance may cover a portion of the cost of the bike... Is it enough???

    So dude, this is not platforms vs clipless. Consider not making general statement about "wool over eyes" if you don't agree with what others are doing. Try to UNDERSTAND why they are doing it.

    Fear is a human feeling. Don't know if you are married - but if you are - you probably got married out of FEAR of being alone. If you are alone, it is probably out of FEAR of relationship, or you just couldn't fool anyone into it. Fear is not an issue - it is how you manage it.

    Out of FEAR you don't disclose your identity around here... Is your fear substantiated - absolutely not - but IT IS FOR YOU. And that is all that matters TO YOU.

    Out of that same FEAR, you will miss meeting many of us. Which is one of the purposes of this site...

    I hope you are enjoying your day. Just because, today you saved $0.80 for not having your bike insured. You can save till Friday and get yourself a brand new ZIP TIE. Ain't that something worth celebrating?
    Insuring a house makes more sense, your bicycle... meh not so much. There is a point where your risk sensitivity to it makes no sense to blow extra cash. Wool is always being pulled over eyes, sure is comfy! The insurance industry isn't depositing your cash by the dump-truck load and then raising their hands to the sky and forcing you to choke it outta them when u need to claim.

    I am also lol'n a bit(sorry but it's too funny) at the idea of you stuffing a fresh cheeseburger into your mouth when a nefarious theif scopes your ride and tippy toes over... Queue up some appropriate tunes!



    Was there a "Free cheeseburger" in here sign? That should set off alarm bells... Those bastards. Maybe I will secure my bicycle to a nearby tree with zip-ties from all the money i'm saving!

    Honestly, i'm sure it sucks losing $6000 bicycle to a thief but you can still lose it while it's insured - you're just amortizing your loss which is sorta pessimistic!

  35. #35
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    thanks for ths reminder to check with my insurance

    company-- I have an expensive home policy on a large old house and I decided to accept the brokers suggestion that I live with a $5,000.00 deductable. I thought this was in case the house burned down but because of this thread I called to check about my six bikes and they said that on each bike there is a $5,000.00 deductable. (theft) Now each bike is probably worth 2-3 grand but someone would have to steal all of them before I get to claim, and there would still be a $5,000.00 deductable. Kinda sucks considering I am paying almowt 3 grand for insurance a year.

  36. #36
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    Quote Originally Posted by electrik
    Insuring a house makes more sense,
    why?


    Wool is always being pulled over eyes, sure is comfy! The insurance industry isn't depositing your cash by the dump-truck load and then raising their hands to the sky and forcing you to choke it outta them when u need to claim.
    they do that with the money they take away from you for home insurance too. how is it any different from bike insurance?

    I am also lol'n a bit(sorry but it's too funny) at the idea of you stuffing a fresh cheeseburger into your mouth when a nefarious theif scopes your ride and tippy toes over... Queue up some appropriate tunes!
    quite appropriate to poke fun at someone who got his bike stolen... someone is watching from above - you just put a spell on you...


    Honestly, i'm sure it sucks losing $6000 bicycle to a thief but you can still lose it while it's insured - you're just amortizing your loss which is sorta pessimistic!
    at least you are getting it covered by the insurance, if you have it. if you don't - oops... sucker.... much less pessimistic compared to forking your own cash to cover for the loss...

  37. #37
    namagomi
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    Quote Originally Posted by osokolo
    why?




    they do that with the money they take away from you for home insurance too. how is it any different from bike insurance?



    quite appropriate to poke fun at someone who got his bike stolen... someone is watching from above - you just put a spell on you...




    at least you are getting it covered by the insurance, if you have it. if you don't - oops... sucker.... much less pessimistic compared to forking your own cash to cover for the loss...
    Why is after the comma! A comma is not a period. A House is not bicycle. The situations are different.

    You're succumbing to your fear/worst case thinking and assuming the theft occurs, if not? I wonder how those companies make money with all those people winning the "lottery".

    Why bemoan your old bicycle, how many years ago? Certainly the image is quite funny no matter how stiff your upper lip! I can't feel too sorry you because apparently you carelessly left $6000 worth of bicycle unattended, things must be a bit too good! At least you have a new ride... is it insured?

  38. #38
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    Quote Originally Posted by electrik
    Why is after the comma! A comma is not a period.
    are you ok?

    A House is not bicycle.
    no doubt. after observing a bike and a house - i agree with you.

    however, that is not the point. why is wasted money on house insurance better than wasted money on bike insurance?


    You're succumbing to your fear/worst case thinking and assuming the theft occurs, if not?
    is it not the same reason you are insuring your house? that is if you have a house?



    I wonder how those companies make money with all those people winning the "lottery".
    with the money you pay for house insurance that you never have any claims with...


    Why bemoan your old bicycle, how many years ago? Certainly the image is quite funny no matter how stiff your upper lip! I can't feel too sorry you because apparently you carelessly left $6000 worth of bicycle unattended, things must be a bit too good! At least you have a new ride... is it insured?
    not mine. you wish.

    i take a good care of my bikes, making sure that anyone who puts a hand on it with an idea to steal it - would make the worst decision in his life.

    in my mind the insurance is the least about theft, the most about various damages during transport and riding.

    try to answer question from the top of the post. don't ignore them. when you are not focused, it is hard to understand any of your statements...

  39. #39
    namagomi
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    Quote Originally Posted by osokolo
    are you ok?



    no doubt. after observing a bike and a house - i agree with you.

    however, that is not the point. why is wasted money on house insurance better than wasted money on bike insurance?




    is it not the same reason you are insuring your house? that is if you have a house?





    with the money you pay for house insurance that you never have any claims with...




    not mine. you wish.

    i take a good care of my bikes, making sure that anyone who puts a hand on it with an idea to steal it - would make the worst decision in his life.

    in my mind the insurance is the least about theft, the most about various damages during transport and riding.

    try to answer question from the top of the post. don't ignore them. when you are not focused, it is hard to understand any of your statements...
    I'm alright, thanks! The money for sure is also wasted on a house in the objective sense if you never make a claim... insurance is an imaginary product cooked up in actuarial tables. Just like the idiot tax(lottery) you may one day get all your money back, but most likely not. I have been hit by lightning, but never drawn a winning lotto ticket(that a clerk hasn't surreptitiously stolen). These insurance and lottery companies are making quite a bit of money and will continue to as fear is quite profitable. It really pays to have smart people assess risks properly(the joke is they can't predict big stuff - witness 9/11 and failure to pay out insurance claims). In the real world, the House always wins, even if the gov't has to back them with your taxes so they can actually pay out claims to the victims of al-qaeda.

    Bicycle insurance compared to home insurance is probably a waste because it comes down to risk exposure. Your house has a far higher dollar value than your bicycle(hopefully) and as a result any exposure to, say, fire or tornado greatly increases the risk you face. So you'd take out insurance as you can't afford to lose one house and purchase another, but a new bicycle you can swing. Consequences x Exposure = Risk. Further, can you handle that risk on your own, or do you need a corporation to secure it? You are being taxed on something you already own.

    So, I don't think it's worth it, the worst you're generally out is a new frame. If it is somebody else's fault you can just goto small claims court.

  40. #40
    Evil Jr.
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    Don't forget that a lot of mortgage lenders (like mine) absolutely require proof of house insurance. No ifs, ands or buts (butts?).
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  41. #41
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    Insurance for house is good mmmmkay. Bike not really worth the cost to risk ratio.





    When you loose EVERYTHING you own aside from the clothes on your back when you run out of the burning building you are damn thankful to have house insurance.

    Our insurance co has now paid almost 3.5x the value of the policy.

    I am a little stunned that it's costing some people $300/yr for a bike. We paid less than that for our contents insurance.

  42. #42
    Evil Jr.
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    I've seen this scenario before in Vancouver. Incense left unattended sets yoga mats aflame...

    Seriously though, that's quite a mess! How long ago did that happen?
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  43. #43
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    Quote Originally Posted by shirk
    I am a little stunned that it's costing some people $300/yr for a bike. We paid less than that for our contents insurance.
    Yes but content insurance doesn't cover theft from anywhere but home, and doesn't cover a crash or car accident !

    Those 2 are more important than theft, as the person would have a hard time stealing my bike, first they'd have to get past my dogs, and the they'd have to try and ride with a broken leg. .... or two !
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  44. #44
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    Happened in January 2009. Whole building 3 floors 45 units destroyed. Fire started across the hall from our unit on the 3rd floor. The elderly lady that lived in the unit where it started died, she was a smoker. Fire department was never able to determine a final cause.

    It's been a long process getting the building rebuilt but it's finally getting very close to completion. The building should be complete mid June. In the rebuild we put a 4th floor on and getting the approvals from the City of North Van took some time. The last crazy hurdle is moving from a Real Estate corp to regular Strata ownership structure.

    We'll likely sell and not move back in, better to sell it when it's fresh and new instead of after dragging wet dirty bikes in and out for a season. We are ready to move up from one bedroom place to a townhouse.

  45. #45
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    Quote Originally Posted by K-OS
    Yes but content insurance doesn't cover theft from anywhere but home, and doesn't cover a crash or car accident !

    Those 2 are more important than theft, as the person would have a hard time stealing my bike, first they'd have to get past my dogs, and the they'd have to try and ride with a broken leg. .... or two !
    You are very correct. To me that kind of coverage is not worth the expense it costs to attain it. But I certainly respect your right to choose it.

  46. #46
    X-Ray Guy
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    Just got a quote from my house/car insurance company and they would schedule it as a seperate poilcy. $3000 coverage with $25 deductible for about $152 a year

  47. #47
    namagomi
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    Quote Originally Posted by garage monster
    I've seen this scenario before in Vancouver. Incense left unattended sets yoga mats aflame...

    Seriously though, that's quite a mess! How long ago did that happen?


    Not to mention all those scented massage oils... kaboom!

  48. #48
    ez5
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    i know this is an old thread but i thought this would be useful info.

    a friend of mine had his bike stolen and he said claiming the bike as a whole is the wrong way to do it because most insurance caps how much you can claim.

    if you keep all your receipts and take pics of your individual parts you can get around the cap and get most of your money back without paying extra to insure it.

    this only applies if its stolen from your house of course but he was able to recoup all his money this way. it is a painful process though and my experience with insurance is it takes weeks or months of haggling to get your money.

  49. #49
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    More than months sometimes, just a hint about insurance co(and the big book of stall tactics they use against customers) i've heard people whose homes have burnt down and the marshall can't find a cause are left years without a place to live. That should be illegal.

  50. #50
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    I have 3 bikes worth insuring. I contacted our insurance company, and they wanted details on the 3 bikes when I told them I would need about 10k worth of coverage. I was quoted almost $500.00 per year. That would not include insuring my second road bike or my winter ride. I was rear ended while my mtb was on the hitch mount rack. There was little damage to the bike or rack. My car insurance covered the repairs to the bike and replaced my rack and the hitch with no issues or hassles. I keep my bikes in the basement and it would be a bit of stretch to think someone would go for a bike before the stereo equipment, computer and other easy to sell stuff; but who knows. I never let a bike out of my sight. If I was commuting, I would have a piece of crap bike not worth insuring.

  51. #51
    GAME ON!
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    i think my insurance company wanted an extra $50 or so a year to cover up to $2500 with a $500 deductible. the gf vetoed it because if i were to make a claim, it would count against the insurance and ultimately raise the premium for everything else.
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    Well, you guys have me thinking about this so I made the phone call. We're insured with Security National via Meloche Monnex (Alumni group deal) and with the package I already have I am insured up to $6000 per bike for theft with a $500 deductible. This was already set up. I enquired about the bikes getting hit if rear-ended and he said no, not covered. That would be another $350/yr with a $250 deductible, but I could choose my deductible and the rate would go up or down based on that. In the end he confirmed the bikes and I chose to not get the collision.

    Not too bad, and better than a kick in the pants!

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  53. #53
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    Quote Originally Posted by electrik View Post
    More than months sometimes, just a hint about insurance co(and the big book of stall tactics they use against customers) i've heard people whose homes have burnt down and the marshall can't find a cause are left years without a place to live. That should be illegal.
    That would be major le suck. Our fire the official report from the Fire Marshall was "undetermined", they could not with 100% certainty nail down a cause.

    Our dealings with insurance was pretty good actually. We lost much more than we were actually insured for so they just cut us a cheque for the full value of the policy. Had we lost less than the value of the policy we might have had to replace item for item and submit receipts then get paid after replacing items. That would have been a HUGE suck.

    On the whole topic of insurance I recommend everyone keep a detailed inventory of everything you own and what you paid for it along with receipts. A nice excel spreadsheet and a fire proof box with the receipts will make your life 10 billion times happier should you ever have a catastrophic loss event. As someone that has been through the mess trust me it's worth the time.

  54. #54
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    My experience since I just was discussing this with my agent.

    My bikes are currently insured under my home insurance for their replacement value, however subject to the deductible. To schedule the bikes on an all-risk personal article policy with a 0 deductible it would be ~100/month and would also have very strict guidelines that would need to be followed (registering with police, used exclusively for personal recreation - no races, etc.)

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