Cycling and bicycle discussion forums. 
   Click here to join our community Log in to access your Control Panel  


Go Back   > >

Fifty Plus (50+) Share the victories, challenges, successes and special concerns of bicyclists 50 and older. Especially useful for those entering or reentering bicycling.

User Tag List

Reply
 
Thread Tools Search this Thread
Old 05-08-12, 10:34 AM   #1
gtragitt
Senior Member
Thread Starter
 
Join Date: Aug 2009
Location: Houston, TX - Energy corridor
Bikes: 2011 Trek SOHO Deluxe, and 2010 Specialized Roubaix Expert
Posts: 868
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
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.
gtragitt is offline   Reply With Quote
Old 05-08-12, 10:39 AM   #2
Barrettscv 
Have bike, will travel
 
Barrettscv's Avatar
 
Join Date: Feb 2006
Location: Edwardsville, Illinois
Bikes: Colnago Nuova Mexico, Eddy Merckx Corsa Extra, Pinarello Gavia, Schwinn Paramount, Motobecane Grand Record, Peugeot PX10, Serotta Nova X, Simoncini Cyclocross Special, Origin8 monstercross, Pedal Force CG2 and CX2
Posts: 10,484
Mentioned: 2 Post(s)
Tagged: 0 Thread(s)
Quoted: 31 Post(s)
I would like to know , also.
__________________
When I ride my bike I feel free and happy and strong. I'm liberated from the usual nonsense of day to day life. Solid, dependable, silent, my bike is my horse, my fighter jet, my island, my friend. Together we will conquer that hill and thereafter the world.
Barrettscv is offline   Reply With Quote
Old 05-08-12, 11:45 AM   #3
NOS88
Senior Member
 
NOS88's Avatar
 
Join Date: Mar 2006
Location: Montgomery County, Pennsylvania
Bikes:
Posts: 6,490
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Have you all visisted this blog? http://bicycleinsuranceblog.com/
__________________
A conclusion is the place where you got tired of thinking. - S. Wright
Favorite rides in the stable: Indy Fab CJ Ti - Colnago MXL - S-Works Roubaix - Habanero Team Issue - Jamis Eclipse carbon/831
NOS88 is offline   Reply With Quote
Old 05-08-12, 11:58 AM   #4
Nightshade
Humvee of bikes =Worksman
 
Nightshade's Avatar
 
Join Date: May 2004
Bikes:
Posts: 5,363
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by gtragitt View Post
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 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).
__________________
My preferred bicycle brand is.......WORKSMAN CYCLES
I dislike clipless pedals on any city bike since I feel they are unsafe.

Originally Posted by krazygluon
Steel: nearly a thousand years of metallurgical development
Aluminum: barely a hundred, which one would you rather have under your butt at 30mph?
Nightshade is offline   Reply With Quote
Old 05-08-12, 12:14 PM   #5
Doohickie 
You gonna eat that?
 
Doohickie's Avatar
 
Join Date: Sep 2008
Location: Fort Worth, Texas Church of Hopeful Uncertainty
Bikes: 1966 Raleigh DL-1 Tourist, 1973 Schwinn Varsity, 1983 Raleigh Marathon, 1994 Nishiki Sport XRS
Posts: 14,360
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 13 Post(s)
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.
__________________
I stop for people / whose right of way I honor / but not for no one.



Originally Posted by bragi "However, it's never a good idea to overgeneralize."
Doohickie is offline   Reply With Quote
Old 05-08-12, 03:10 PM   #6
gtragitt
Senior Member
Thread Starter
 
Join Date: Aug 2009
Location: Houston, TX - Energy corridor
Bikes: 2011 Trek SOHO Deluxe, and 2010 Specialized Roubaix Expert
Posts: 868
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Nightshade your post was quite helpful. Thank you!

I would much prefer having one really nice bicycle than a few cheapies.
gtragitt is offline   Reply With Quote
Old 05-08-12, 07:17 PM   #7
Mort Canard
Senior Member
 
Mort Canard's Avatar
 
Join Date: Oct 2011
Location: Kansas
Bikes:
Posts: 650
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
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.
Mort Canard is offline   Reply With Quote
Old 05-08-12, 10:04 PM   #8
John E
feros ferio
 
John E's Avatar
 
Join Date: Jul 2000
Location: www.ci.encinitas.ca.us
Bikes: 1959 Capo; 1980 Peugeot PKN-10; 1981 Bianchi; 1988 Schwinn KOM-10;
Posts: 17,053
Mentioned: 3 Post(s)
Tagged: 0 Thread(s)
Quoted: 65 Post(s)
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.
__________________
"Early to bed, early to rise. Work like hell, and advertise." -- George Stahlman
Capo [dschaw'-poe]: 1959 Modell Campagnolo, S/N 40324; 1960 Sieger, S/N 42624
Peugeot: 1970 UO-8, S/N 0010468
Bianchi: 1981 Campione d'Italia, S/N 1.M9914
Schwinn: 1988 Project KOM-10, S/N F804069
John E is offline   Reply With Quote
Old 05-09-12, 05:47 AM   #9
gtragitt
Senior Member
Thread Starter
 
Join Date: Aug 2009
Location: Houston, TX - Energy corridor
Bikes: 2011 Trek SOHO Deluxe, and 2010 Specialized Roubaix Expert
Posts: 868
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
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.
gtragitt is offline   Reply With Quote
Old 05-09-12, 06:19 AM   #10
Garfield Cat
Senior Member
 
Garfield Cat's Avatar
 
Join Date: Oct 2004
Location: Huntington Beach, CA
Bikes: Cervelo Prodigy
Posts: 6,018
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 39 Post(s)
Quote:
Originally Posted by Nightshade View Post
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).
I am curious about the loss of the two computers. Do you use any kind of surge protection coupled with the uninterrputed power supply?
Garfield Cat is offline   Reply With Quote
Old 05-09-12, 06:20 AM   #11
Garfield Cat
Senior Member
 
Garfield Cat's Avatar
 
Join Date: Oct 2004
Location: Huntington Beach, CA
Bikes: Cervelo Prodigy
Posts: 6,018
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 39 Post(s)
Quote:
Originally Posted by Nightshade View Post
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).
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 ?
Garfield Cat is offline   Reply With Quote
Old 05-09-12, 11:03 AM   #12
Nightshade
Humvee of bikes =Worksman
 
Nightshade's Avatar
 
Join Date: May 2004
Bikes:
Posts: 5,363
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by John E View Post
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.
Sadly, this it all to true. That said, filing a claim under $500 is usually the floor for nuisance claims that will get you cancelled. This makes it tough to insure a bike that cost under $500 TOTAL (add all the changes to the bikes basic cost so keep your receipts )
__________________
My preferred bicycle brand is.......WORKSMAN CYCLES
I dislike clipless pedals on any city bike since I feel they are unsafe.

Originally Posted by krazygluon
Steel: nearly a thousand years of metallurgical development
Aluminum: barely a hundred, which one would you rather have under your butt at 30mph?
Nightshade is offline   Reply With Quote
Old 05-09-12, 11:08 AM   #13
Nightshade
Humvee of bikes =Worksman
 
Nightshade's Avatar
 
Join Date: May 2004
Bikes:
Posts: 5,363
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by Garfield Cat View Post
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 ?
Yes, I did. The lightning came in on the cable taking the modem and the computer out. I made the cable company install a ground rod and a surge break so that the cable couldn't carry the over voltage of a lighting strike again. Be damned if the next month we had bad storms and I took another hit that fried the computer and the stuff the cable company put in. Finally had to drive a solid copper rod 6 ft into the ground hooked to a #9 solid copper wire to get enough ground to stop the cable hits (for now)
__________________
My preferred bicycle brand is.......WORKSMAN CYCLES
I dislike clipless pedals on any city bike since I feel they are unsafe.

Originally Posted by krazygluon
Steel: nearly a thousand years of metallurgical development
Aluminum: barely a hundred, which one would you rather have under your butt at 30mph?
Nightshade is offline   Reply With Quote
Old 05-09-12, 03:35 PM   #14
Bikey Mikey
Senior Member
 
Bikey Mikey's Avatar
 
Join Date: Oct 2011
Location: Newport News, VA USA
Bikes: Diamondback Edgewood LX; Giant Defy 1
Posts: 3,325
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by gtragitt View Post
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.
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.
Bikey Mikey is offline   Reply With Quote
Old 05-09-12, 04:07 PM   #15
gtragitt
Senior Member
Thread Starter
 
Join Date: Aug 2009
Location: Houston, TX - Energy corridor
Bikes: 2011 Trek SOHO Deluxe, and 2010 Specialized Roubaix Expert
Posts: 868
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by Bikey Mikey View Post
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.
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.
gtragitt is offline   Reply With Quote
Old 05-09-12, 04:14 PM   #16
Cleave
Old Road Racer
 
Cleave's Avatar
 
Join Date: Jan 2006
Location: SoCal
Bikes: Bicycle Transportation: 2013 Ford Focus Electric, 2010 Toyota Prius
Posts: 5,250
Mentioned: 3 Post(s)
Tagged: 0 Thread(s)
Quoted: 2 Post(s)
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

Quote:
Originally Posted by NOS88 View Post
Have you all visisted this blog? http://bicycleinsuranceblog.com/
Yes, and there really isn't a US company that provides separate theft insurance for bicycles. I found two companies in the UK and one in Australia. Interestingly, it appears that one of the UK companies will insure people in the US but I'm not comfortable working with a company that is that distant and that may not be covered by US laws.

Quote:
Originally Posted by Nightshade View Post
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).
Quote:
Originally Posted by Mort Canard View Post
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.
I am insured by a large insurer for auto and homeowner's (including earthquake). When I started using them in the mid-1990s I was able to purchase a rider for the value of the bikes that was above their normal coverage. Now I can't do that. My agent scoured her sources and couldn't find anyone that covers bicycles separately. She looked at me switching companies but with two teenage drivers (one whom has already had an accident that was his fault), my rates would go up dramatically since I get a discount for homeowner's and auto together and we otherwise have a pretty stellar record (no claims except the one for my son).

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.
__________________
Thanks.
Cleave
"Real men wear pink."
See my cycling photos at http://www.pbase.com/cleavel/bicycling
See my bikes at http://www.pbase.com/cleavel/mybicycles
Visit my blog at http://cleavesblant.wordpress.com/
Lightning Velo Cycling Club: http://www.lightningvelo.org/
Cleave is offline   Reply With Quote
Old 05-09-12, 04:26 PM   #17
Bikey Mikey
Senior Member
 
Bikey Mikey's Avatar
 
Join Date: Oct 2011
Location: Newport News, VA USA
Bikes: Diamondback Edgewood LX; Giant Defy 1
Posts: 3,325
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by gtragitt View Post
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.
I'm only based this on what happened to a friend of mine.
Bikey Mikey is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -6. The time now is 08:35 AM.