Options for Insuring Bicycles
Often times homeowner's insurance is inadequate for covering the loss of a bicycle due to deductibles being set at 1% of a home's value. As posted in another thread some means of theft deterrent should be utilized when a bicycle is unattended, but there is no totally secure method of preventing theft.
Other posts have mentioned bicycles being destroyed by vehicular collisions. I am hopeful that an alternate form of insurance exists for replacing a lost or damaged bicycle. I have not found a suitable alternative and hope that somebody else has discovered an good alternative. |
I would like to know , also.
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Have you all visisted this blog? http://bicycleinsuranceblog.com/
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Originally Posted by gtragitt
(Post 14196005)
Often times homeowner's insurance is inadequate for covering the loss of a bicycle due to deductibles being set at 1% of a home's value. As posted in another thread some means of theft deterrent should be utilized when a bicycle is unattended, but there is no totally secure method of preventing theft.
Other posts have mentioned bicycles being destroyed by vehicular collisions. I am hopeful that an alternate form of insurance exists for replacing a lost or damaged bicycle. I have not found a suitable alternative and hope that somebody else has discovered an good alternative. I've lost two computers to lighting in the past 5 years with the insurance company paying for a new replacement 100%. This is what would happen if I had a claim for a bicycle also. So talk to your insurance agent and be mindful of the terms I used above to get the right coverage (it's insurance speak). |
My insurance policy is N + 1. If I lose a bike, I have another one ready to replace it. All of my bikes are relatively cheap; the most expensive one would probably be about $1000 to replace ($100 used hybrid converted to drop bars, rack added, Brooks saddle, upgraded wheelset with dynohub). My single speed was about $300 new and I built my own wheel for the back with a flip-flop hub to convert it to fixed gear. The rest were pulled from dumpsters, garbage piles, pawn shops and garage sales. If I lost one of the first two, it would hurt, but it would also be an excuse to start a new build to replace it. Having multiple bikes in the stable ensures I won't be stranded.
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Nightshade your post was quite helpful. Thank you!
I would much prefer having one really nice bicycle than a few cheapies. |
You can up the coverage on most any of your possessions beyond the standard maximums. All you have to do is talk to your insurance agent. It's not a bad idea to provide your agent with an inventory with values. Be prepared to back up the claims you claim with either replacement values or market values depending on how you insure them.
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I strongly advise against filing small claims against one's homeowner insurance -- save it for the big one, such as the house burning down. Otherwise, you risk not being renewed or having your premiums increased. AAA loves me because I have not cost them a dime in 30 years -- home, cars, umbrella.
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It would take several years of premium increases to equal the reimbursement for an expensive bicycle. If a company raised my premiums for filing a claim for a bicycle, I would switch companies. Companies have no loyalty toward customers; therefore, I have no loyalty to companies.
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Originally Posted by Nightshade
(Post 14196361)
I've successfully insured my bikes and my computers as a "rider" to my home policy declared as "all hazard" coverage. My bikes (3) & our computers cost about $120 a year to cover.
I've lost two computers to lighting in the past 5 years with the insurance company paying for a new replacement 100%. This is what would happen if I had a claim for a bicycle also. So talk to your insurance agent and be mindful of the terms I used above to get the right coverage (it's insurance speak). |
Originally Posted by Nightshade
(Post 14196361)
I've successfully insured my bikes and my computers as a "rider" to my home policy declared as "all hazard" coverage. My bikes (3) & our computers cost about $120 a year to cover.
I've lost two computers to lighting in the past 5 years with the insurance company paying for a new replacement 100%. This is what would happen if I had a claim for a bicycle also. So talk to your insurance agent and be mindful of the terms I used above to get the right coverage (it's insurance speak). |
Originally Posted by John E
(Post 14198822)
I strongly advise against filing small claims against one's homeowner insurance -- save it for the big one, such as the house burning down. Otherwise, you risk not being renewed or having your premiums increased. AAA loves me because I have not cost them a dime in 30 years -- home, cars, umbrella.
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Originally Posted by Garfield Cat
(Post 14199534)
I am curious about the loss of the two computers. Do you use any kind of surge protection coupled with the uninterrputed power supply unit ?
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Originally Posted by gtragitt
(Post 14199463)
It would take several years of premium increases to equal the reimbursement for an expensive bicycle. If a company raised my premiums for filing a claim for a bicycle, I would switch companies. Companies have no loyalty toward customers; therefore, I have no loyalty to companies.
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Originally Posted by Bikey Mikey
(Post 14202166)
You can switch companies, but the fact you filed a claim will effect the premium or even the ability to get insurance with another company.
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Hi,
By coincidence, I started looking for theft insurance on Monday and also by coincidence the LA Times published this article yesterday: http://www.latimes.com/news/local/la...,1579820.story
Originally Posted by NOS88
(Post 14196303)
Have you all visisted this blog? http://bicycleinsuranceblog.com/
Originally Posted by Nightshade
(Post 14196361)
I've successfully insured my bikes and my computers as a "rider" to my home policy declared as "all hazard" coverage. My bikes (3) & our computers cost about $120 a year to cover.
I've lost two computers to lighting in the past 5 years with the insurance company paying for a new replacement 100%. This is what would happen if I had a claim for a bicycle also. So talk to your insurance agent and be mindful of the terms I used above to get the right coverage (it's insurance speak).
Originally Posted by Mort Canard
(Post 14198156)
You can up the coverage on most any of your possessions beyond the standard maximums. All you have to do is talk to your insurance agent. It's not a bad idea to provide your agent with an inventory with values. Be prepared to back up the claims you claim with either replacement values or market values depending on how you insure them.
My homeowner's will only cover up to two (2) bikes per theft at up to $1,500 per bike ($3,000 per theft). I am definitely interested in anyone's experience and success with getting bikes insured for theft on a separate policy. |
Originally Posted by gtragitt
(Post 14202344)
I have had claims in the past and not had an issue switching companies. I understand it is harder to switch auto policies with recordable accidents or moving violations.
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