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Thread: Bike Insurance

  1. #1
    Just Keep Pedaling Beachgrad05's Avatar
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    Bike Insurance

    Looking into this now thanks to my current situation. Anyone have? Spoke Bike Insurance is one company I have found.
    http://www.tofighthiv.org/site/TR/Events/AIDSLifeCycleCenter?px=2914622&pg=personal&fr_id=1770

  2. #2
    Senior Member goldfinch's Avatar
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    Homeowners insurance may cover for bike damage, but deductibles can be the problem. IIRC, you can get a rider on homeowners/renters insurance to cover the full loss on bicycles that are damaged or stolen. You might ask you agent about it. Heck, I should ask mine.

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    DRF aka Thrifty Bill wrk101's Avatar
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    Quote Originally Posted by goldfinch View Post
    Homeowners insurance may cover for bike damage, but deductibles can be the problem. IIRC, you can get a rider on homeowners/renters insurance to cover the full loss on bicycles that are damaged or stolen. You might ask you agent about it. Heck, I should ask mine.
    Been trying to get a special rider from State Farm, as I have more than the regular home owners covers. I know it will require quite a bit of documentation: serial numbers, models, descriptions, etc. Certainly not a big deal if you only have a couple of bikes.

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    Just Keep Pedaling Beachgrad05's Avatar
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    I called SF already. Bike not covered unless stolen....not crash damage. Read up and it appears SF does not cover bikes in the same way they cover motor vehicles.
    http://www.tofighthiv.org/site/TR/Events/AIDSLifeCycleCenter?px=2914622&pg=personal&fr_id=1770

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    Senior Member FlatSix911's Avatar
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    Forget specialty bike insurance ... you are already covered with your homeowners policy
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    Senior Member goldfinch's Avatar
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    Quote Originally Posted by FlatSix911 View Post
    Forget specialty bike insurance ... you are already covered with your homeowners policy
    Apparently not if it is State Farm in CA.

  7. #7
    Just Keep Pedaling Beachgrad05's Avatar
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    Quote Originally Posted by FlatSix911 View Post
    Forget specialty bike insurance ... you are already covered with your homeowners policy
    I have State Farm. Already called them to see if covered under homeowners...it is covered IF STOLEN.....NOT COVERED in the case of damage due to crash. Hence looking at alternatives so when I get the new frame or new bike, I can ride it knowing if something happens again, I am not talking about putting out for damn near the full price of a new bike.
    http://www.tofighthiv.org/site/TR/Events/AIDSLifeCycleCenter?px=2914622&pg=personal&fr_id=1770

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    Climbers Apprentice vesteroid's Avatar
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    Why did you decide not to have the frame repaired?

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    Senior Member magohn's Avatar
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    I had All State in CA - my bike was stolen form the garage. The guy called asked me what components were on it and they sent me a cheque for $3000!!!! Zero hassle. I had to spend the $ on a bike though - all of it. I wasnt really into biking at the time (8 yrs ago) and the stolen bike was a gift from my brothers store he worked at. They gave him two bikes for a couple of hundred bucks a piece as long as he'd ride them (and I was to ride one too). We lived in the UK and "Brave" cycles was trying to get a foothold in the MTB arena.

    http://mombat.org/MOMBAT/Bikes/1989_Brave_Warrior.html (but mine had campag!)

    I had no idea what I had

  10. #10
    Just Keep Pedaling Beachgrad05's Avatar
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    Quote Originally Posted by vesteroid View Post
    Why did you decide not to have the frame repaired?
    Cost of repair (including repair, tear down, shipping of frame and rebuild) and lack of warrant on frame overall from Trek and only warranty on repair from repair place. Bike is too knew to be w/o warranty on frame for possible defects. If it were to fail unrelated to current issue, There would be no recourse thru Trek.
    http://www.tofighthiv.org/site/TR/Events/AIDSLifeCycleCenter?px=2914622&pg=personal&fr_id=1770

  11. #11
    Just Keep Pedaling Beachgrad05's Avatar
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    Quote Originally Posted by magohn View Post
    I had All State in CA - my bike was stolen form the garage. The guy called asked me what components were on it and they sent me a cheque for $3000!!!! Zero hassle. I had to spend the $ on a bike though - all of it. I wasnt really into biking at the time (8 yrs ago) and the stolen bike was a gift from my brothers store he worked at. They gave him two bikes for a couple of hundred bucks a piece as long as he'd ride them (and I was to ride one too). We lived in the UK and "Brave" cycles was trying to get a foothold in the MTB arena.

    http://mombat.org/MOMBAT/Bikes/1989_Brave_Warrior.html (but mine had campag!)

    I had no idea what I had
    Stolen my homeowners would cover my bike.

    My issue is I want coverage for damage in case of accident such as I am currently dealing with.
    http://www.tofighthiv.org/site/TR/Events/AIDSLifeCycleCenter?px=2914622&pg=personal&fr_id=1770

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    I added a rider to our home owners insurance to cover all hazards for our Madones. Cost about $5/month/bike bought on an annual basis. Insurance company is the home Owners side of Auto Owners Insurance.

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  13. #13
    Lover of Old Chrome Moly Myosmith's Avatar
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    Where are you finding bike insurance? I contacted my insurance agent and he told me that my bikes were covered against theft, but he then added "but the last thing you want is a theft claim on your homeowners insurnance" as it can result in a bump in your premium for up to 10 years. I figured it out based on his estimates and even if I lost both bikes and they paid me full replacement, I'd be down about $200 by the end of the 10 years. I asked about getting a bike specific rider on the policy and my company will cover firearms, duck boats, jewelry, and golf clubs, but specifically excludes bicycles. I checked with several other companies and the only one I found that offered bicycle coverage wanted $10 per year / per $100 of the current value of the bike and would only cover actual value, not replacement costs, and would not cover upgrades that I did myself. All upgrades had to be done by a dealer with documentation to prove that the parts purchased were actually installed on the bike. Again I'm back to a position where I should just assume I'm going to lose one bike every 10 years and budget that way rather than paying for insurnace.

    So, if you get a bike stolen check carefully with your agent before filing a claim. Some policies might bump your rate after the claim, so make sure it is in your best interest to file one. Sucks, but it is apparently legal and common practice.
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  14. #14
    Just Keep Pedaling Beachgrad05's Avatar
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    Quote Originally Posted by Myosmith View Post
    Where are you finding bike insurance?
    http://www.spokeinsurance.com/html/s...ce_contact.php

    I mentioned the company in my original post. Again, I am looking specifically for coverage in case of damage to bike.
    http://www.tofighthiv.org/site/TR/Events/AIDSLifeCycleCenter?px=2914622&pg=personal&fr_id=1770

  15. #15
    Humvee of bikes =Worksman Nightshade's Avatar
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    Quote Originally Posted by Beachgrad05 View Post
    Looking into this now thanks to my current situation. Anyone have? Spoke Bike Insurance is one company I have found.
    I've found that the best way to insure your bicycles, computers, etc. is to add a "rider" to either your homeowners or renters policy that is "all hazard" to cover anything and everything.


    This what I have costing me about $55 a year for the bikes (3) and $30 for our computers. The key here is to specify "all hazard" coverage.
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    2 Fat 2 Furious contango's Avatar
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    Quote Originally Posted by Myosmith View Post
    ... would not cover upgrades that I did myself. All upgrades had to be done by a dealer with documentation to prove that the parts purchased were actually installed on the bike ...
    Daft policy. Even if the upgrade is done by a dealer there's nothing to stop you upgrading your Sora parts to Ultegra, getting the receipt, then going home and putting the Sora parts back on.
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  17. #17
    Just Keep Pedaling Beachgrad05's Avatar
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    Update: I just spoke to my State Farm office and they do not have any such riders that cover a bicycle in the manner I am seeking (I want it covered for replacement or repair if I choose in the case of an accident). So will most likely go with Spoke Bicycle Insurance.

    Of course, once I am covered, I probably won't need it.
    http://www.tofighthiv.org/site/TR/Events/AIDSLifeCycleCenter?px=2914622&pg=personal&fr_id=1770

  18. #18
    Senior Member zonatandem's Avatar
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    In case of accident that is not your fault, the party that caused the damage must pay.
    In case of theft, some homeowner policies cover it, possibly with a deductable over original cost.

  19. #19
    Just Keep Pedaling Beachgrad05's Avatar
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    Quote Originally Posted by zonatandem View Post
    In case of accident that is not your fault, the party that caused the damage must pay.
    In case of theft, some homeowner policies cover it, possibly with a deductable over original cost.
    As has been said in the thread: My homeowners covers theft. I'm covered in the event of theft.

    Sure if someone else causes the accident they should be responsible and should be made to pay for repair/replacment costs HOWEVER what if they are uninsured? That is a gray area from what I have read.

    I am seeking to be covered in the event my bike is damaged and not by someone else...as I recently fell/crashed w/o anyone else's involvement and thus I am the sole responsible party. Homeowners does not cover damage to the bike. The cost to replace/repair falls to me completely. So having bought my bike less than 60 days ago...and paying about $1800 for it...I am having to pay another $1200 for a replacement frame out of pocket.

    Since there is risk in riding and something could cause me to go down and damage my frame despite my best efforts for that not to happen....I want coverage so I am not forking out another $1200 out my pocket.

    So I did some searching and found Spoke Bicycle Insurance and I can cover my bike for DAMAGE only if I choose. They also offer liability and roadside assistance. I don't need those tho I might consider the liability one to protect my home/property just in case.
    http://www.tofighthiv.org/site/TR/Events/AIDSLifeCycleCenter?px=2914622&pg=personal&fr_id=1770

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    Quote Originally Posted by Beachgrad05 View Post
    SNIP...
    So I did some searching and found Spoke Bicycle Insurance and I can cover my bike for DAMAGE only if I choose. They also offer liability and roadside assistance. I don't need those tho I might consider the liability one to protect my home/property just in case.
    Im not sure how it works in CA, but you might look into putting your home / assets / property into a trust.

  21. #21
    2 Fat 2 Furious contango's Avatar
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    Quote Originally Posted by Beachgrad05 View Post
    As has been said in the thread: My homeowners covers theft. I'm covered in the event of theft.

    Sure if someone else causes the accident they should be responsible and should be made to pay for repair/replacment costs HOWEVER what if they are uninsured? That is a gray area from what I have read.
    The fact another person is legally responsible to pay doesn't mean they will ever actually pay. It may be they don't have insurance and don't have the means to pay, it may be that they leave the scene and can't be traced, it may be that they hire a clever lawyer and avoid paying.

    I am seeking to be covered in the event my bike is damaged and not by someone else...as I recently fell/crashed w/o anyone else's involvement and thus I am the sole responsible party. Homeowners does not cover damage to the bike. The cost to replace/repair falls to me completely. So having bought my bike less than 60 days ago...and paying about $1800 for it...I am having to pay another $1200 for a replacement frame out of pocket.
    In the UK I believe some credit cards provide temporary insurance for major purchases that would cover this kind of thing. Don't know if that's any help to you - if your card does provide temporary insurance you might be able to claim on it.
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  22. #22
    Senior Member adrien's Avatar
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    Quote Originally Posted by Beachgrad05 View Post
    http://www.spokeinsurance.com/html/s...ce_contact.php

    I mentioned the company in my original post. Again, I am looking specifically for coverage in case of damage to bike.
    Appears they only provide coverage in a few states.
    "how do you know you can't swim until you have drowned?"

  23. #23
    Just Keep Pedaling Beachgrad05's Avatar
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    Quote Originally Posted by adrien View Post
    Appears they only provide coverage in a few states.
    Yes...looks as if it is just the western U.S. for now. I have a feeling they will be expanding but they area new company from what I have gathered.
    http://www.tofighthiv.org/site/TR/Events/AIDSLifeCycleCenter?px=2914622&pg=personal&fr_id=1770

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