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Old 11-20-10, 02:04 AM   #1
jrich179
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Let's talk insurance policies!

With the exception of real-life insurance agents that surely post at BF, I think I can safely assume that most people are as initially befuddled by their insurance policies as I am.

I was speaking with my auto insurance agent today, and getting a better rate with a new provider. I took the "any questions?" opportunity to ask if I was in any way covered if I got into a collision while on my bicycle. She wasn't entirely sure, but presumed that the "pedestrian coverage" under the umbrella of "uninsured/under-insured driver" coverage would in fact cover me on a bike as it would on foot. I was skeptical, since every other piece of legalese out there wants me/us to be vehicular in nature (until we make what's-his-name "late for work," of course).

She went ahead and telephoned someone higher up, or at least more entrenched in dealing with claims, and it was confirmed- pedestrian coverage on my auto insurance policy covers me on a bicycle- in my policy's case, bodily harm only (not comprehensive).

Further, I presume it comes into play only with a hit & run or an uninsured driver, being as that's the coverage type it falls under...or perhaps if I'm at fault? (these presumptions occurred to me only after I'd left the office)


So I have no particular heavy questions, am happy to better understand my policy, and happy to learn that I have a potential safety net even on my bike, but am curious to know other people's experiences with this, whether you've found the same means of coverage through your provider, whether you've ended up screwed, and when, if ever, did you have to rely on your own insurance rather than the other party's.


Like my agent pointed out, it's probably good that I didn't fully understand every facet of my coverage, as that would suggest that I've had to fall back on my insurance before!
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Old 11-20-10, 04:54 AM   #2
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In general, your homeowners policy covers you on your bike in terms of property and collision. I effectively totaled a car with my bike last January. It was 100% my fault. My homeowners policy paid the lady $3900 to fix a $3300 car. I didn't even have to pay a deductible since fell under the "personal liability" portion of the policy.

The damage to my bike was only about $300. Had it been more, my policy would have covered it as well.

The good thing was that my rates only went up by about $100 a year for five years max. And that was only because I had another claim a few years ago for a broken fence. I don't think my auto policy would have been so kind to me.
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Old 11-20-10, 10:15 AM   #3
John E
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My primary concern is liability coverage when driving a motor vehicle. I have health insurance to pay for injuries to me.

To me, the big open question is my family's ability to collect on uninsured motorist coverage if I am killed or disabled while cycling, rather than driving. Thanks for bringing this up.
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Old 11-20-10, 01:15 PM   #4
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Quote:
Originally Posted by John E View Post
My primary concern is liability coverage when driving a motor vehicle. I have health insurance to pay for injuries to me.
oh, absolutely. That was actually the reason I was at the office in the first place. I've gone from having the minimum legal requirement, to having substantial, meaningful coverage, for what comes down to like $3.50 more per month. Can't complain!

Quote:
To me, the big open question is my family's ability to collect on uninsured motorist coverage if I am killed or disabled while cycling, rather than driving. Thanks for bringing this up.
My coverage, while covering bodily harm, also accounts for lost wages attributed to the accident. Is this what you're considering?
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Old 11-20-10, 09:34 PM   #5
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This summer, my racing bike worth a few thousand flew off the top of my car in a major wind storm. It is also possible that I did not lock the fork in tight enough. The frame, fork, rear wheel, and several other parts were trashed. Much to my chagrin, I found that neither my house insurance or my car insurance covered this loss. Had I driven the bike into the garage, I would have had coverage because it would have been as "accident".

After this debacle, I attempted to find an insurance policy that would cover this type of loss in the future. I am convinced there is no such product on the market,
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Old 11-21-10, 01:23 PM   #6
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If your hit while riding a bike or walking your uninsured motorist coverage will cover you if the driver is uninsured and at fault of course. The only other coverage you have is your medical payment option on the policy which will cover you regardless if your at fault or not. In order for either portion of the policy to cover you you have to be hit by a motor vehicle. Of course if you use your personal medical insurance as well your personal medical may demand repayment from your auto medical and or uninsured motorists funds, because you can't legally collect for medical bills from more then one source.

Your not covered if you bike is damaged due to neglect from the owner to properly secure it. It would have been better to wack the top of the garage with a bar of some sort and took pics of the broken bike on the driveway then said you hit the top of the garage when you forgot the bike was up there. But of course that's illegal.

Most insurance companies offer floaters for bicycles on your homeowners policy that would have covered the bike flying off due to neglect. But you need to have a recent value of the bike to get it covered, also there's no deductible with floaters but you only have value at time of loss NOT replacement value like your regular contents coverage has. Thus if the bike becomes several years old and only worth a couple of hundred dollars it's not going to be worth it to pay for a floater on it.

Last edited by rekmeyata; 11-21-10 at 01:30 PM.
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Old 11-21-10, 10:17 PM   #7
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Thanks all for bringing this up. I carry a comprehensive only policy on my car since I don't drive it; the only driving I do is to take a disabled friend across the state for medical treatments and I rent a nice car for that. When I need to drive I just call my agent and he turns on the rest of the coverage. The discount I receive on my homeowner's insurance for also having the auto insurance is actually more than I pay for the auto insurance, even counting the times I turn on the full coverage. However, if I can have my medical bills (when I get hit) paid by my auto policy, I might have to look into expanding my coverage.

My agent is just going to hate me for making him dig into such details and crunch the numbers for me. Oh well, since I have brought him several clients I'm sure he will do it with a smile.
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