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Old 06-03-13, 09:43 AM   #1
rms13
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Bike insurance

Do you have it? With all the threads about security I've seen this mentioned. I never really thought about it in the past but now that I have my first bike that cost more than $500 I want to know more. For those with insurance is it covered by home owners or renters or a bike specific policy?
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Old 06-03-13, 01:29 PM   #2
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I would think that it would be cheaper to keep that as part of your emergency fund instead of paying some company to cover the variable potentiality. Maybe you get your money's worth in a big metro area (NYC, Chicago, etc), but it's not like insurance companies are losing money on the deal...

But then again, I park my bike in my locked office behind a fence with trigger happy 18 year olds guarding it...

I saw this on the forums a few days ago - educational and entertaining: http://www.streetfilms.org/hal-grade...-bike-locking/
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Old 06-03-13, 01:40 PM   #3
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My auto policy covers any damage in an accident involving a motor vehicle, and my homeowner's covers any property loss. No need to buy an extra policy just for the bike.
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Old 06-03-13, 01:42 PM   #4
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Originally Posted by spivonious View Post
My auto policy covers any damage in an accident involving a motor vehicle, and my homeowner's covers any property loss. No need to buy an extra policy just for the bike.
Same here.
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Old 06-03-13, 02:15 PM   #5
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Actually this reminded me to renew my renters insurance. Speaking to the person, renter's insurance (or homeowners) they said would usually cover up to $1000, anything more from this you would need to put on separately. I would probably call to double check.
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Old 06-03-13, 02:23 PM   #6
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I imagine they'd cover any value up to your limit as long as you have the price documented. Otherwise then yes I'd imagine their standard "bicycle" price maxes out at $1000.
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Old 06-03-13, 02:49 PM   #7
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I had a $450 bike stolen a few weeks after I got it. I regretted buying it and was secretly happy it was gone. I decided to "eat" the loss, rather than look into claiming it on my home insurance, as I thought they might jack up the rate.

THe theft was probably the result of a moment of innattention. I had a cable lock and I may have locked it to the end post of a freestanding rack, so all the thief had to do was lift the rack and work the cable around the T-shaped base. I knew better but had a one-time lapse.
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Old 06-03-13, 03:05 PM   #8
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I figured for me it might not be worth the cost to insure. I just bought my first "expensive" bike for about $1000. But the reality is that since I'm replacing my truck with payments, insurance and gas at 15mpg this $1000 bike will pay for itself in less then 3 months so as long as I have the bike that long it wouldn't really be much of a loss after that. Hopefully I will have it for years to come but I guess it would be hard to justify paying monthly insurance on it just in case
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