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  1. #1
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    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.

  2. #2
    Have bike, will travel Barrettscv's Avatar
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    I would like to know , also.
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    Senior Member NOS88's Avatar
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    Have you all visisted this blog? http://bicycleinsuranceblog.com/
    A conclusion is the place where you got tired of thinking. - S. Wright

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    Humvee of bikes =Worksman Nightshade's Avatar
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    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?

  5. #5
    You gonna eat that? Doohickie's Avatar
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    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."

  6. #6
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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.

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    Senior Member Mort Canard's Avatar
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    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.
    "The future's all yours, you lousy bicycles" Butch Cassidy

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    feros ferio John E's Avatar
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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.
    "Early to bed, early to rise. Work like hell, and advertise." -- George Stahlman
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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.

  10. #10
    Senior Member Garfield Cat's Avatar
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    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?

  11. #11
    Senior Member Garfield Cat's Avatar
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    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 ?

  12. #12
    Humvee of bikes =Worksman Nightshade's Avatar
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    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?

  13. #13
    Humvee of bikes =Worksman Nightshade's Avatar
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    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?

  14. #14
    Senior Member Bikey Mikey's Avatar
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    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.

  15. #15
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    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.

  16. #16
    Old Road Racer Cleave's Avatar
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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

    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
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  17. #17
    Senior Member Bikey Mikey's Avatar
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    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.

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