General Cycling Discussion - Bicycle Insurance?

I've been looking high and low for bike insurance to cover me in case my bike is stolen or I get in an accident. Found a ton of companies in the U.K. that offer it, but does anybody know of any here in the U.S.?

Seems like a smart idea, but apparently not -- nobody is offering it that I can see.

Thanks

I *think* you can get it added to a homeowners insurance policy .... assuming you own your home.

Your renters or homeowners insurance should in many cases cover theft; if you've got an auto insurance policy, the Personal Injury Protection (PIP) coverage should pay medical expenses 'no fault' if you're hurt while bicycling.

While they are primarily applicable to Oregon cyclists, there are some articles here http://www.stc-law.com/bikearticles.html that cover issues related to insurance.

If you all ready have Ins your all set, if not just purchase home owners or a renters policy you don't need specfic "bike Ins" dumb dumb.

Are you insured for third party claims?

Separate bike insurance is hardly worth the money, its 10% of the value each year. Your better of using a piggy bank.

As Randya said your covered for theft is you have homeowners, renters, condo, or mobile home coverage; but you are responsible for the deductable and most people have a $500 deductable. If you have replacement coverage on the contents (most modern policies have this) then you don't have to worry about depreciation. You are also covered for injuries if you have auto insurance and if you have medical coverage on that policy, up to the limit of the medical coverage.

BUT if the bike is in an accident most of time your screwed unless the person that hits you is at fault and they have insurance, but then their insurance will depreciate the value of the bike to mere pennies on the dollar. However, I have heard that some homeowners etc insurance companies were covering for accidents, you would need to contact your insurance company's CLAIM's department and not the agent, because the agent usually does not know anything about the finer parts of a policy!

Some insurance companies also offer a floater or scheduled property coverage for bikes. These work seperate from the main policy but is attached to it. A floater will cover your bike regardless what happens to the bike according to an appraised amount at the time the floater is purchased with no deductable. But these coverages can be expensive at about $150-$200 per year.

For any claim to be resolved make sure you have proof of purchase and pictures of the bike helps too. The picture thing works good for all your contents in your home; you can take a video of all your stuff then keep the tape seperate from the house along with any receipts of valuable, or semi valuable, or unusual stuff that a claims adjuster may question like: 2 big screen TV's when most people only have 1. But the receipts show that you did own the item in question and the value at the time of purchase.

Yes, bike loss is covered by most (if not all) homeowners and renters policies, but if you make a claim on your homeowner's policy for a bike (or anything else), you could find your rates go up or your policy canceled. The risk is especially high if you've had another claim or two. Even if you made a claim, as froze pointed out, you'd have to deal with the deductable and possibly depreciation. It's just not worth it for "small" claims.

I think the better option is to buy a good lock and then self-insure. Each month put aside the money you'd be willing to spend on an insurance policy until you have enough to replace your bike. It would be a bummer if your bike got stolen early in the process, but not as much of a bummer as losing your homeowner's coverage.

BUT if the bike is in an accident most of time your screwed unless the person that hits you is at fault and they have insurance, but then their insurance will depreciate the value of the bike to mere pennies on the dollar. When I got t-boned, the perp's insurance company paid me the full replacement price for the bike (even though I bought it at half price, and bought a replacement at a wee bit more than half price), plus the helmet, gloves, a day's lost wages, etc. And they didn't ask for the remains of the bike, so I frankensteined all the usable parts onto other bikes.

Does renter's insurance cover bike theft anywhere? Say someone nicked my bike from school, it'd still be covered? or only on residence..

I have renters insurance from Allstate. I believe I have a $250 deductible. I was very careful with asking the questions- my policy covers theft, accidents, loss, etc. It even covers me if I take my bike(s) out of town, and it also covers any new bikes I may get too. If you have an apartment or house you rent, and you want renters insurance, just tell them exactly what you want to have covered and see what insurance they have that will cover what you want. The good insurance companies will have a policy for most situations.

Koffee

My homeowners insurance covered my bikes up to a certain value but I had to increase it. It didn't add much to the premiums.

If your bike is more than 2K then I would get a bike specific rider attached to your homeowners/renters insurance. The cost of the additional insurance is based on the value of the bike, as substantiated by receipts or a replacement value estimate from a reputable bike shop. This is the same as a jewellry rider that is purchased for pieces of real value.

If you count on the contents insurance of your policy you will be in for a rude surprise in the event of a loss. Sure they cover your bikes. After you pay your $500 deductible there is a maximum relacement cap on bikes. Typically $500 per bike. If that dream bike of yours is not separately insured then all you get after deductible is $500. Most agents/companies will assure you that your bike is covered, which it is. What they are not are cycling enthusiasts and they do not realize how much a good bike now costs. BTW, the annual cost for the additional coverage is expensive because of the portability of a bike.

Kryptonite offers isurance if your bike gets stolen when using a Kryptolok

Does renter's insurance cover bike theft anywhere? Say someone nicked my bike from school, it'd still be covered? or only on residence..

No, it does not! It only covers the bike inside your home. You need a marine rider policy added to your homeowners/renters policy. I pay 12% of the value of my bike. The rider policy will cover it anywhere I am.

What is covered varies state to state. Check with your insurance agent and if in doubt, get it in writing.

There's no way for us to know if your policy covers any specific loss. You need to read the insurance policy you purchased. If you can't find a copy, then ask your insurance agent to get you another copy.

Keep in mind that you policy may cover only the 'fair market value' of the bike, or may provide for 'replacement coverage'. Check your policy to see what you have.

No, it does not! It only covers the bike inside your home. Every property insurance policy I've had, from basic "fair-market value" renter's insurance to full-blown homeowner's, in two different states, covers your property in case of theft, regardless of the location. I would think most policies follow this; otherwise, people would be afraid to take anything valuable anywhere, such as on vacation. But as has been said, it's best to check your policy.

Kryptonite offers isurance if your bike gets stolen when using a Kryptolok
Yes but you have to have proof that it was the lock's fault and they won't cover except for under VERY specific circumstances.