Road Cycling - Bike Insurance, Do You?

Do you have bike insurance? I'm thinking I'd like to insure my 5k investment but I want to see what a good insurance company is. I know there are a lot out there.

Any thoughts?

My bikes are listed on my homeowner's policy, and registered with the town I live in as required by MA law.

Your homeowner's or renter's insurance should cover your bike.

Be sure to check with your policy/agent.

Your homeowner's or renter's insurance should cover your bike.

Be sure to check with your policy/agent.

I heard that there was another policy available that had nothing to do with homeowners insurance.

You need to check your homeowners/rental. Many will have $ limit on how much they will cover unless you specifically tell them the value. Your average Joe does not have 5k tied up in a bike.

Get it specifically listed and check what incidents its covered for. Some policies only cover it if stolen from inside your garage/home and not while out and about. Peace of mind.

Get it specifically listed and check what incidents its covered for. Some policies only cover it if stolen from inside your garage/home and not while out and about. Peace of mind.

I need the out and about part. I live in a New York City Condo so I have no garage. I am just concerned when I ride in and through certain parts of Harlem & the South Bronx late at night. I can hold my own more than well but you never know. I literally cover the city all the time and want to cover myself but not through homeowners insurance.

I know there is another company. I'll post it when I find it.

I need the out and about part. I live in a New York City Condo so I have no garage. I am just concerned when I ride in and through certain parts of Harlem & the South Bronx late at night. I can hold my own more than well but you never know. I literally cover the city all the time and want to cover myself but not through homeowners insurance.

I know there is another company. I'll post it when I find it.

Lloyds of London will insure anything and anyone on this planet.

I think my homeowners' insurance partially covers my fleet of bicycles. At least I have detailed photos of everything that's hanging in my garage.

On a related note, I don't pay for dental insurance because it's a lot cheaper for me to just outright pay for dental work if and when I need it.

I need the out and about part. I live in a New York City Condo so I have no garage. I am just concerned when I ride in and through certain parts of Harlem & the South Bronx late at night. I can hold my own more than well but you never know. I literally cover the city all the time and want to cover myself but not through homeowners insurance.

I know there is another company. I'll post it when I find it.

What's wrong with bronx? I doubt they even know how much your bike's worth. Last time I rode through a bad neighborhood, as long as I'm acting normal just going down the block, the homies weren't too harsh on me.

What's wrong with bronx? I doubt they even know how much your bike's worth. Last time I rode through a bad neighborhood, as long as I'm acting normal just going down the block, the homies weren't too harsh on me.

Nothing's wrong with The Bronx. I have a lot of friends in bx and am there a lot. Not sure where you reside but riding under the deegan or bruckner at night brings out an entire new breed. Still, nobody bothers me. I'd beat the piss out of anyone that even thinks about snaggin my bike. I'm not worried about anybody overpowering me and If anything I should stop looking for fights. But it's the crackhead waiting around the corner watching for me to be 5 feet away from the bike that I'm worried about. I don't want it being sold for $5.00. They'll take anything and sell it for cheap. Where do you think I got my jewlery. :D

I've never had a bike stolen before and just want to cover it "just in case" ;). I didn't pay much for my bike (my Brooklyn Park Bike) but I had it wrote up for over $5,000.00 from where I purchased it.

Lloyds of London will insure anything and anyone on this planet.

I think my homeowners' insurance partially covers my fleet of bicycles. At least I have detailed photos of everything that's hanging in my garage.

On a related note, I don't pay for dental insurance because it's a lot cheaper for me to just outright pay for dental work if and when I need it.

How are they for claims?

I'm glad I have dental insurance even though it goes pretty quick. I wouldn't buy it if I didn't have it though.

Man..For those who ride in urban areas with crime..Think I would own a good beater bike..

From above-- "I didn't pay much for my bike (my Brooklyn Park Bike) but I had it wrote up for over $5,000.00 from where I purchased it."


Glad to read your trafficking in insurance fraud...Thanks for making everyone else's premiums so much higher.

PJ

I need the out and about part. I live in a New York City Condo so I have no garage. I am just concerned when I ride in and through certain parts of Harlem & the South Bronx late at night. I can hold my own more than well but you never know. I literally cover the city all the time and want to cover myself but not through homeowners insurance.

I know there is another company. I'll post it when I find it.

My home owner's policy is with Traveler's, a subsidiary of GEICO. Before I bought my bike, I called to see if it would be covered. They said it was covered. I said what if I am riding across town and some scallawag knocks me on the head and steals it. They said "covered." All they want is it to be registered with the local police, a procedure which takes up to three months in my county!

My home owner's policy is with Traveler's, a subsidiary of GEICO. Before I bought my bike, I called to see if it would be covered. They said it was covered. I said what if I am riding across town and some scallawag knocks me on the head and steals it. They said "covered." All they want is it to be registered with the local police, a procedure which takes up to three months in my county!

Three months! That's crazy. It took me all of 5 min to register my bikes with the police. My homeowners insurance covers my bikes with a $200 deductable.

I didn't pay much for my bike (my Brooklyn Park Bike) but I had it wrote up for over $5,000.00 from where I purchased it.

WHY? It makes no sense to do this. The insurance company doesnt just give you what the bike is written up for. They find what price the same item could be obtained for in your area, and give you that, if you are LUCKY.. most of the time they will give you fair market value for the item if it is over a couple years old.

By taking out a $5000 policy, you are only hurting yourself- you pay for $5000 of coverage on a $2000 item, and then if/when it needs to be replaced by the insurance company, they only back you up with $2000.. Insurance companies arent stupid.. they do their homework when it comes to paying out, but they definitely wont prevent you from over-coverage up front.. it just costs you more in the end.

WHY? It makes no sense to do this. The insurance company doesnt just give you what the bike is written up for. They find what price the same item could be obtained for in your area, and give you that, if you are LUCKY.. most of the time they will give you fair market value for the item if it is over a couple years old.

By taking out a $5000 policy, you are only hurting yourself- you pay for $5000 of coverage on a $2000 item, and then if/when it needs to be replaced by the insurance company, they only back you up with $2000.. Insurance companies arent stupid.. they do their homework when it comes to paying out, but they definitely wont prevent you from over-coverage up front.. it just costs you more in the end.

I think it's hard to dispute a receipt of purchase (no matter if it's fake or if the buyer paid WAY too much). In either case, I'm curious to know if a bike, like a car, is subject to depreciation in the eyes of the insurance company. If it is, then a policy that takes "relacement cost" into account is the best way to go.

-mark

If you read the fine print on most policies, when it comes to things like jewelery, electronics or other expensive items (such as an expensive bike) the insurance company has the right to attempt to find the replacement for you. Normally this means, they find what it would cost to replace the item at a retail store in your area (or something equivilant if the item being replaced is obsolete), and that amount of money is what you end up with.

I had a laptop stolen a few years ago. It was a 300mhz Mac laptop, and at the time I purchased it, it was $3000 or so. 2 years later, when it was stolen, computers had become much faster, and even though I had $3000 of insurance on it, they would only pay for replacing it with an equivilant (300mhz) laptop, so I got a nice, $450.00 check from the insurance company to replace my $3000 laptop. I started looking for another policy, but almost every one I looked at had the same fine print. In the end, the insurance company will do everything in its power not to pay out..

If you read the fine print on most policies, when it comes to things like jewelery, electronics or other expensive items (such as an expensive bike) the insurance company has the right to attempt to find the replacement for you. Normally this means, they find what it would cost to replace the item at a retail store in your area (or something equivilant if the item being replaced is obsolete), and that amount of money is what you end up with.

I had a laptop stolen a few years ago. It was a 300mhz Mac laptop, and at the time I purchased it, it was $3000 or so. 2 years later, when it was stolen, computers had become much faster, and even though I had $3000 of insurance on it, they would only pay for replacing it with an equivilant (300mhz) laptop, so I got a nice, $450.00 check from the insurance company to replace my $3000 laptop. I started looking for another policy, but almost every one I looked at had the same fine print. In the end, the insurance company will do everything in its power not to pay out..

While I'm not sure, maybe computers, like cars are the exception because of the rapid rate of depreciation. I'm trying to envision a claims adjuster finding a comparable replacement bike for me if mine were stolen ... would he go by weight? component group? I have to think that bikes don't depreciate as rapidly, thereby reducing the risk of overcoverage. Then again, maybe I'm just being naive.

-mark

Three months! That's crazy. It took me all of 5 min to register my bikes with the police. My homeowners insurance covers my bikes with a $200 deductable.

The registration is handled by mail by the Crime Prevention Unit, which was recently hit with budget cuts.

The registration is handled by mail by the Crime Prevention Unit, which was recently hit with budget cuts.

Still, I can't see how it would take that long. For me it was a simple form, make model serial number etc. A copy for me and off I went. Filled it out at the front desk. Seems too long for such a little thing to do.

The registration is handled by mail by the Crime Prevention Unit, which was recently hit with budget cuts.

When my Trek 2200 got stolen last month, Met life said they' pay replacement for a new Trek 2200 - $1,000 deductable! Eek

WHY? It makes no sense to do this. The insurance company doesnt just give you what the bike is written up for. They find what price the same item could be obtained for in your area, and give you that, if you are LUCKY.. most of the time they will give you fair market value for the item if it is over a couple years old.

By taking out a $5000 policy, you are only hurting yourself- you pay for $5000 of coverage on a $2000 item, and then if/when it needs to be replaced by the insurance company, they only back you up with $2000.. Insurance companies arent stupid.. they do their homework when it comes to paying out, but they definitely wont prevent you from over-coverage up front.. it just costs you more in the end.

What? who said a 5k policy? I have no insurance yet. I used to run an autobody shop part-time and have a lot of friends in the business. Insurance companies (the adjusters) are easily fooled but that isn't the point.

I can understand how you took "written up". All I meant was that I have a detailed receipt for all parts on my bike (including frame) that add up to 5k.

I requested information on a good insurance company for a bicycle similar to my laptop insurance company that insures only computers.

I guess there are none...

If you read the fine print on most policies, when it comes to things like jewelery, electronics or other expensive items (such as an expensive bike) the insurance company has the right to attempt to find the replacement for you. Normally this means, they find what it would cost to replace the item at a retail store in your area (or something equivilant if the item being replaced is obsolete), and that amount of money is what you end up with.

I had a laptop stolen a few years ago. It was a 300mhz Mac laptop, and at the time I purchased it, it was $3000 or so. 2 years later, when it was stolen, computers had become much faster, and even though I had $3000 of insurance on it, they would only pay for replacing it with an equivilant (300mhz) laptop, so I got a nice, $450.00 check from the insurance company to replace my $3000 laptop. I started looking for another policy, but almost every one I looked at had the same fine print. In the end, the insurance company will do everything in its power not to pay out..

And they wonder why people commit insurance fraud :rolleyes:

I added a rider on my homeowners policy specifically for my bikes. It was about $20 extra (per year) and it covers a loss that occurs anywhere. I listed the exact bikes with the insurance agent so there are no questions if anything happens. I did the same thing for jewelry. The peace of mind is worth a little extra money.

Nothing's wrong with The Bronx. I have a lot of friends in bx and am there a lot. Not sure where you reside but riding under the deegan or bruckner at night brings out an entire new breed. Still, nobody bothers me. I'd beat the piss out of anyone that even thinks about snaggin my bike. I'm not worried about anybody overpowering me and If anything I should stop looking for fights. But it's the crackhead waiting around the corner watching for me to be 5 feet away from the bike that I'm worried about. I don't want it being sold for $5.00. They'll take anything and sell it for cheap. Where do you think I got my jewlery. :D

I've never had a bike stolen before and just want to cover it "just in case" ;). I didn't pay much for my bike (my Brooklyn Park Bike) but I had it wrote up for over $5,000.00 from where I purchased it.

Heh I'd worry about getting shot. How'd you get such a good scam going, I'd love to insure my OCR2 for $5000 heh.

Still, I can't see how it would take that long. For me it was a simple form, make model serial number etc. A copy for me and off I went. Filled it out at the front desk. Seems too long for such a little thing to do.

Same thing, filled out the form and dropped it in the mail. There is apparently only one or two people working the Crime Prevention Program now and bike registry is not too high on their priority list. Plus, they check all surrounding states to see of the bike has been stolen.

Heh I'd worry about getting shot. How'd you get such a good scam going, I'd love to insure my OCR2 for $5000 heh.

Sorry. I can't reveal that information at this time. :)

I just got renters insurance $25000 for a $100 a year. With the new bike, new computer etc. I figured I needed it. Got a $250 deductable.