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Old 10-18-12, 03:05 AM   #1
SinX7
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Bicycle Insurance?

Not sure if I posted in the proper section. If not, I can request a mod to move it.

Is it worth it to get a Bicycle insurance? I was searching it and found this.

SPOKE BICYCLE INSURANCE
http://spokeinsurance.com/

Is it legit? Its available in my state (NV).

Thanks!
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Old 10-18-12, 09:30 AM   #2
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Are you looking to insure the bicycle itself, or to insure yourself against liability, or to cover your medical costs in the event of a mishap?
In my case I am covered for loss and liability through my homeowners insurance, and I have separate medical insurance. I'm not sure what circumstance would require dedicated bicycle insurance policy.
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Old 10-18-12, 09:51 AM   #3
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If you have an automobile policy, the uninsured motorist part can cover you while on a bike.
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Old 10-18-12, 10:25 AM   #4
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I called my ins agent some time ago because I thought this was something to look into.

She told me they did cover the loss of my bike under homeowners, and my medical insurance would cover the cost of any medical expenses. Should I hit someones car on my bike and it was my fault, my automobile ins would cover the cost.

I don't know if a supplemental policy is necessary or not, but your home/auto agent should be able to write an additional policy as well...

The important thing to look into would be short and long term disability. I have looked into this and I'll tell you it's not cheap, but it may be worth while.
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Old 10-18-12, 11:50 AM   #5
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I just checked this with my agent a couple weeks ago. Essentially, my auto insurance covers my possible medical expenses. My homeowners covers only theft or fire damage to the bike. I can then add on a "Personal Item" addendum to my homeowners policy that can cover full replacement value of the bike for damages in any circumstance, or theft outside the home/storage area. That addendum is ten dollars per $100 new value per year. All they need is a receipt/record of sale for the full value of the item in order to insure it for full replacement value. That amount will probably vary based on who you go through for insurance, and there may be other ways to go about it as well.
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Old 10-18-12, 12:00 PM   #6
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What if someone doesn't have auto insurance... as in they are car free... What insurance options are available?
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Old 10-18-12, 12:26 PM   #7
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Quote:
Originally Posted by genec View Post
What if someone doesn't have auto insurance... as in they are car free... What insurance options are available?
Riders on either home owners insurance or renters insurance for theft/damage to one's bike. And health insurance should cover any medical expenses incurred by accidents.

Not sure if a cyclist needs liability insurance (to cover damages caused by the cyclist), would depend upon how likely one believes that they will cause accidents/damage...
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Old 10-18-12, 09:36 PM   #8
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I'd be skeptical unless the policy was written by a bonafide mainstream company like State Farm or GEICO. I think others in here have nailed it, you'll probably already covered. Spoke Insurance is also incredibly expensive for the coverage they give, renters insurance is far cheaper.

Last edited by gpsblake; 10-18-12 at 09:40 PM.
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Old 10-19-12, 08:10 AM   #9
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If you live in a home/apartment with a family member driver, there's a good chance you're covered, to some extent, under their auto insurance policy. I am car free, was hit and had SOME coverage under my wife's auto policy. After this incident we expanded that coverage. I had medical as well, though that hasn't been at play yet. Because of the value of a few of the bikes, and the number that I have, I had to add schedules to my home owner's insurance to protect them. I also bought down the deductible.

You do NOT want to be in a position where you are relying on someone else's insurance. As bad as the recent accident was, I had insurance coverage to protect me...I keep thinking, what if it had happened 10 years ago when I was uninsured and what if the driver didn't stop. I'd be totally and completely screwed.
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Old 10-19-12, 08:54 AM   #10
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There is such a thing as an umbrella policy too that will cover liability for situations where specific policies will not. Not sure of the price on these, I think they may be pricey.
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Old 10-19-12, 08:56 AM   #11
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My auto insurance covers me if I'm in an accident involving a vehicle, regardless of fault.

With no auto insurance, I would assume you could get some sort of liability insurance. I'm not sure your homeowner's/renter's policy would cover that if the accident took place away from home.

How much damage could you really cause? I don't know if it's really worth getting extra insurance for. If you hit a car, it's <$1000 of body work, most likely just some scrapes.
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Old 10-19-12, 11:49 AM   #12
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My homeowner's policy covered the theft of my road bike, paying me replacement cost. When the stolen bike showed up two years later on Craigslist and was recovered, I negotiated to buy it from the insurance company for fair market value. FMV on a five-year-old stolen, recovered road bike ain't much.
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