Road Cycling - insurance for new bike?

Having just purchased a new bike I'm wondering what people think about insurance. Do I want/need it? I currently have renters insurance, but I guess that would only cover my bike if it was stolen or destroyed while in my house. Any thoughts?

I also have purchased a new bike, and have renters insurance, and have been considering the same question.
Renters insurance covers the bike if it is stolen or destroyed in your rented property. The Auto insurance policy will cover destruction if you are the victim of a car/bike marrage... so I guess my question is...
Do I need additional bike coverage?:confused:

Thanks for bringing this up...:beer:

Which policy covers you if you are involved in a hit-and-run OR if You cause an accident that causes a multi-car pile-up?

The answer to these questions will probably answer your question about the need for bicycle insurance.

Here in PA. my auto policy would cover a hit and run, in my car. I don't know, and I doubt it would cover my bike.
The best way to clear this up, since I am now curious, would be to contact my agent.
Are there any insurance agents out there.:confused:

I don't know if this helps or not, but it is a little information that I checked into about insurance on my bike.

I unfortunately have to travel with my bike on a rack behind my...ahhhhhh car and I was wondering about if it gets stolen what covers it. I was told my homeowners policy would pay for that. Obviously if I was to get rearended the other drivers insurance (if they have any) would pay. I hope they realize my bike is worth about 4 times what my car is!! I have lots of pictures of it plus all the upgrades I have done to it for proof.

It may be worth mentioning here that pictures are a very good thing to have for insurance purposes. Some people don't understand when you say bicycle they think of their old Huffy they had when they were 12. They don't think of a $5000 Colnago

I'd consider looking a specialist bike insurance policies, preferably one with third-party cover.

Richard

I got a copy of MBUK yesterday (seriously, seriously cr@p mag, btw) and a leaflet fell out from a specialist bike insurance company. Fully comp not in London works out at £10 per £1000 per month, ie I'd pay £15 a month for my £1,500 bike which is not cheap but very comprehensive.

What I am worried about is what if the bike is stolen damaged etc... somewhere off my own property? How much would anti-theft insurance cost anyway (usually expressed in $$$ per 100$ of bike)

-- S

I've had renters insurance in the recent past ---- now I'm a home owner. As a renter my policy did include on and off premises theft! I was an active musician at this time --- so I had to travel with my instruments & equipment. I was surprised to learn it also covered loss of jewelry --- the policy wasn't expensive either! Just make sure that you retain your original purchase reciepts for whatever items yoy what to include/claim --- or you will not be reimbursed without them. Please make sure you're in touch with the agent to verify the above.

Dunno, but this company's insurance was fully comp ie Martian attack, fire, theft, damage, third party, act of God, personal liability etc etc

For any bike under 500 ($/£) , bike insurance is not worth the money. You need 3rd party and legal protetction (like the CTC members insurance). Invest the insurance money in a good lock.
Generally you pay 10% of the value every year.

Join a cycling org to get their 3rd party cover. Then investigate your home contents insurance. you may well find that you're covered for theft if the bike is adequately locked even at other premises. adjust home contents cover as necessary.

Buy the best f***-off lock you can get. Locks are rated by their ability to withstand attack. Gold rated locks will hold off an angle grinder for up to 5 minutes. That's a LONG time in angle-grinder terms. Could cost USD 70 and more, but that's OK for a USD2000 plus bike.

Lastly get a road bike, not an MTB. Theives have been known to lift an expensive road bike out of the way to get to the more street desirable MTB behind it.

Stew

The other "forgotten" thing about homeowners or renters policies is that they will cover a specified amount of liability claims. If you get sued for knocking over an old lady on your bike, call your agent for help.

When President Clinton was sued for sexual harassment, his Allstate policy paid the claim.