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  1. #1
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    One of those days....(Bike Insurance)

    Just have to vent...

    I have been saving my pennies for about 3 months to get a new, faster bike. I ordered a Specialized Sectuer Elite Disc a few weeks back and it finally got in last week and the LBS got it assembled. I picked it up today and even though the LBS is only a few miles from my office, the damn thing *fell*off*the*bike*rack* on the road while pulling away from a stoplight.

    Fricken $1300 bike I haven't even ridden and it falls off the damn rack. I have driven hundreds/thousands of miles with my $400 Schwinn on that rack and it never f-ing fell off...

    This happened around 2pm. It took until now (8pm) that I could talk about it without almost throwing up. The person behind me stopped before they mowed it over and the damage appears fairly minor (cut tape on handlebar, saddle cut up, scratch on fork). I haven''t tested the shifting yet, the brakes seem to work fine. There might be some runout in the rear wheel, but I was switching to my "good" (clyde) wheels anyway. Hopefully it is all well tomorrow when I look closer.

    This does bring up the subject of insurance -I realize that $1300 isn't that expensive for a bike, but I couldn't replace it on my own within a year. If it had the clyde wheels on it, that would be another $400~. Do you guys add these things to any of your regular insurance or anything?

    DaveW

  2. #2
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    I'm sure not an insurance expert, but isn't there some coverage for contents or property with full insurance? I imagine it comes out of the deductible, though.

  3. #3
    Senior Member MRT2's Avatar
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    That sucks. Any idea how it happened?

  4. #4
    Senior Member MattFoley's Avatar
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    Even if you could get it covered under your existing insurance, the deductible + potential premium increase after making the claim would probably end up costing you more. Bikes are pretty tough, so I wouldn't think a simple fall would be catastrophic, so just embrace the cosmetic damage. It adds character.......or something.
    Cars man, whyyyyyy?!?!?!?!

  5. #5
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    I own a number of fairly expensive bikes. I made sure that my my homeowner's insurance policy would cover their replacement if they ever got stolen. Not sure what would happen if I were in the OP's shoes. Makes me think it might be time to give my insurance agent a call...

  6. #6
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    To think, there was a time when people didn't feel they had to insure everything........

  7. #7
    KJL
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    I asked my insurance guy about insuring my bikes and asked what if... When he found out how much I had in bikes he said why would anyone spend that much on a bike. I no longer insure through him. I now have them under my home owners policy.

  8. #8
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    Homeowners or renters insurance. If the bike is pricey (i.e. more than a couple hundred) go in and specifically schedule it on your insurance.

  9. #9
    SuperGimp TrojanHorse's Avatar
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    Quote Originally Posted by nesteel View Post
    To think, there was a time when people didn't feel they had to insure everything........
    What's that supposed to mean? It's a simple financial hedge.

    I guess we could all long for the glory days of a tornado hitting granny's farm and losing everything because people didn't insure their belongings back in the way back. Right?

    Depending on your policy, most expensive single items would have to be specially called out and the extra fees may not be worth while. I "self-insure" all my camera gear and my bikes.

    My daughter's braces just came off and they were trying to pimp "appliance" insurance to me for her retainer... $95 a year, but you can buy the retainer at half price if she breaks or loses it. $300 for a new retainer otherwise. So I looked at her and said, "so what you're telling me is that if I need to get a new retainer under this program, it's $250 or $300 otherwise" and she looked at me like I had three heads. "No, it's only $150". Le Sigh.

  10. #10
    Senior Member spdracr39's Avatar
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    My homeowners insurance automatically covers my bikes, even if they are stolen away from home, at no extra cost as long as the value doesn't exceed the personal belongings ceiling. However, the deductible would disqualify using it unless something happened to several of them.

  11. #11
    Just Plain Slow PhotoJoe's Avatar
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    Quote Originally Posted by DWhitworth View Post
    ....and the damage appears fairly minor (cut tape on handlebar, saddle cut up, scratch on fork).
    Saddles and bar tape can be found pretty cheap, if it's necessary. Please have the shop look at the "scratch" on the carbon fork. If it is just a scratch, you'll be fine. If it's a deep gouge, that may need to be replaced.

    Sorry to hear about this.
    If at first you don't succeed, Skydiving is not the sport for you!

  12. #12
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    Quote Originally Posted by MattFoley View Post
    Even if you could get it covered under your existing insurance, the deductible + potential premium increase after making the claim would probably end up costing you more.
    +1. My deductible is $1,000. That, plus a probably premium increase for several years, would likely make a claim for a $1,300 loss a money loser. For that very reason I did not make a claim when someone stole my LHT from my house even though it was fitted with a custom rear rack. As my agent explained, if you are going to make a claim under your H.O. policy, make sure it's for something big.

  13. #13
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    Quote Originally Posted by MRT2 View Post
    That sucks. Any idea how it happened?
    I have(had) a clamp type rack and it didn't get a good bite on the oddly shaped top tube on the bike. I ordered a platform type rack last night on Amazon...

    Saddles and bar tape can be found pretty cheap, if it's necessary. Please have the shop look at the "scratch" on the carbon fork. If it is just a scratch, you'll be fine. If it's a deep gouge, that may need to be replaced.
    I just looked it over again - it is barely a scuff on the fork, I am good there. Saddle is usable (anbd I might like my other one better anyway) and handlebar wrap can be patched for now. I think it will be OK, I am going to switch the wheels and ride after work today and will know for sure.

    Regarding the insurance - I was just asking to see if anyone had any experience. I am not one to try to milk insurance claims. $1300 isn't the end of the world and wouldn't make sense to file under homeowner with $1000 or 1% deductible. It just made me think of what would happen if the bike was a total loss. In retrospect, I probably should have paid with my Amex card, it probably has some kind of coverage built in.

    Thanks all!

    DaveW

  14. #14
    Senior Member mrodgers's Avatar
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    No info for you on the insurance thing, but have an almost similar story. Now you stated your $400 bike as if it's chump change, but that isn't just chump change to me. I bought a $600 bike this spring. That $600 is almost priceless to me as I would not be able to replace it if something happened to it.

    I traveled around to the bike trails all around western PA last year with an 8 year old worn out piece of junk Walmart mountain bike on the bike rack on my Jetta. It was a full suspension piece of junk so that it was difficult to get up onto my particular rack. I would have to wiggle and wedge it on. I traveled 70 mph on the interstate with that thing on the back. I traveled miles of 60 mph 2 lane roads with that thing on the back.

    I picked up my new Giant Escape which is extremely light compared to that Walmart junk and put it up on the rack. I drove through town and jumped on a 4 lane highway to head home. As soon as I get up to speed, I'm looking in the rear view mirror and see my bike sailing along almost parallel to the ground on it's side hanging on the rubber mounts of the bike rack! I immediately pulled over and hunted around in the car and found a small bungie cord so I could tie down the lower end of the bike to the rack frame.

    I would have been heartbroken to see my bike fly off the rack had one of the straps given way with it streaming out behind my car like it was. I think it was a close call as all that attaches the bike to the rack is some rubber straps, which I didn't even really need with the heavy Walmart bike wedged onto the rack. I wasn't planning on ever using the rack again as now that I have a quick disconnect on the front wheel, I had plans to fit it in the trunk with the back seat folded down, but I didn't know if it would or how it would fit yet when I picked it up at the shop, hence using the rack to get it home.
    Ride no faster than your Guardian Angel can fly!

  15. #15
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    Good point, the $400 Schwinn isn't exactly a throw away either

    DaveW

  16. #16
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    Quote Originally Posted by nesteel View Post
    To think, there was a time when people didn't feel they had to insure everything........
    Thanks for the snide comment! If you owned a bike that was worth as much as a car, like I do, perhaps you'd think differently about the need for insurance...

  17. #17
    Senior Member MikeRides's Avatar
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    Bike insurance aside, how the heck does a bike "fall off a rack at a red light"? I think you need to invest in some rope or durable bungee cords or even practice putting a bike on a car rack. I've hauled bikes (4 on one rack on our mini van) with no problem. Once it up there and tied down, tug on it, it shouldn't move, if it does you need to tighten the ropes.

    Since the damage has already been done, take your bike back to the shop BEFORE you ride it and have a professional look it over. You just bought the damn thing, they'll work with you to get it back to the "new" status. Your wheels probably had to be trued after the first 100 miles anyway, and most LBS' include one free "adjustment" with the purchase so that and cable tension shouldn't cost you anything. Bar tape is what, $6 give or take?
    "Just ride it until the wheels fall off!"

  18. #18
    Senior Member IBOHUNT's Avatar
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    Quote Originally Posted by sstorkel View Post
    Thanks for the snide comment! If you owned a bike that was worth as much as a car, like I do, perhaps you'd think differently about the need for insurance...
    Yeah. Folks have wheel sets that are worth more than the beater truck I drive...
    Wonder how jsigone is doing

  19. #19
    Senior Member mprelaw's Avatar
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    Don't forget that bikes also depreciate. Falling off the rack right after pick-up is one thing, but after a few months, most insurance companies won't give you full replacement value for theft or damage. So if you're considering bike insurance, you have to do a cost/benefit analysis. How much are the premiums? Deductible? Zero deductible usually means higher premiums. How reputable is the company you buy from? Bike insurance may make more sense the more expensive the ride. Getting it for a $1000-$1500 bike might not be cost effective, when you roll depreciation, premium outlay, and any deductible into your analysis.

  20. #20
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    Quote Originally Posted by sstorkel View Post
    Thanks for the snide comment! If you owned a bike that was worth as much as a car, like I do, perhaps you'd think differently about the need for insurance...
    'Twas not meant as snide, no matter how you took it. Indeed, if I owned a bike worth as much as I spent on cars, I would CERTAINLY insure it. I was trying to hark back images of simpler time.

  21. #21
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    Quote Originally Posted by nesteel View Post
    To think, there was a time when people didn't feel they had to insure everything........
    Insurance is a scam, second only to credit card interest. I self insure including my vehicles to the extent allowed. The problem is being able to replace a loss if you suffer one.

    I can sympathize with the OP, I dropped a very expensive, beautiful wooden item on a trip to Africa but it could be considered patina. Getting a new bike banged up has to hurt....maybe the bike scars will be a story to tell one day.

  22. #22
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    Quote Originally Posted by MikeRides View Post
    Bike insurance aside, how the heck does a bike "fall off a rack at a red light"? I think you need to invest in some rope or durable bungee cords or even practice putting a bike on a car rack. I've hauled bikes (4 on one rack on our mini van) with no problem. Once it up there and tied down, tug on it, it shouldn't move, if it does you need to tighten the ropes.
    Yes, obviously I made a mistake when mounting it. It is a clamp type mount and the new bike has a square-ish top tube - I was a little uncomfortable cranking down super tight on the tube and it doesn't really sit down in the groove like a round tube would.

    I fixed the problem by getting a platform rack.

    DaveW

  23. #23
    SuperGimp TrojanHorse's Avatar
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    Quote Originally Posted by Weatherby View Post
    Insurance is a scam, second only to credit card interest. I self insure including my vehicles to the extent allowed. The problem is being able to replace a loss if you suffer one.
    I hope you don't get hit with a big personal injury type lawsuit... ever. Got a couple million laying around? Insurance protects your assets, nothing more. It's not a scam but it's not designed to be a money maker either.

  24. #24
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    Quote Originally Posted by TrojanHorse View Post
    I hope you don't get hit with a big personal injury type lawsuit... ever. Got a couple million laying around? Insurance protects your assets, nothing more. It's not a scam but it's not designed to be a money maker either.
    Personal injury is a different animla than insuring for theft, which is what we are discussing here.

    The big box office store tried to sell me a $59 insurance policy for a $300 desk chair that unbeknownst to me already a lifetime warranty on the frame and 10 years on the rest. Scam.

    Medical insurance is even a bigger scam post Obamacare.

  25. #25
    SuperGimp TrojanHorse's Avatar
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    Extended warranties are a scam, I agree.

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