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Old 03-23-06, 06:57 AM   #1
StanSeven
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Insurance for bikes

I saw several posts here over the past few months on whether homeowners insurance covers bike thefts. I called my insurance company (Geico - Travelers) and they told me yes. Everything you have in your house is covered up to the monetary limitation of your policy. All you need is receipts showing the value.

So if you have expensive bikes at home or in your apartment and have insurance, you should rest easier.
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Old 03-23-06, 07:18 AM   #2
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That's right. Terms and Conditions may vary from one insurance to another, so it's important to check like you did and read the fine prints.

Most policies have a minimum deductible that the insurance will not refund, this deductible allows for a discounted premium, and a saving on the long run. If the deductible is $500 and the replacement value $600, the insurer will only pay $100. Usually it's a better idea to save a couple of hundred dollars a year on premium with a higher deductible rather than having the option to place a small claim and being totally reimbursed and have insurance for the big stuff (thousands of $ on burglary or fire damage to your landlord's appartment for example).

As for receipts, some insurers will accept photographs, this is commonly done for old furnitures and other items where receipts simply are not available (or burned down with the rest of the house ).

So it's not all peace of mind no matter what happens, and it is better to keep a bike secure.
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Old 03-23-06, 07:28 AM   #3
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Try making a claim in South Carolina. You'll get your money, but never get insurance again.
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Old 03-23-06, 07:50 AM   #4
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Try making a claim in South Carolina. You'll get your money, but never get insurance again.
Exactly. In today's insurance market, you want to be very careful about making minor claims. In the end you are likely to cost yourself more money in premiums, or lose coverage all together. A better strategy is to buy the highest deductible insurance policy you can. ( at least $1000) and then only use the policy to cover major losses, such as the house burning down.
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Old 03-23-06, 04:21 PM   #5
CastIron
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Don't forget that if you have a high-buck ride, you may need a specific insurance rider.
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Old 03-23-06, 10:48 PM   #6
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And don't expect full or fair compensation from your insurance company. After a theft, you'll probably get some adjuster, who has no idea of the value of your bicycle, to give you some ridiculous low ball offer. Then when you make your very reasonable "counter offer", the adjuster will expect you to "split the difference", because they'll treat it as a negotiation, instead of trying to treat you fairly. (Sorry for the ranting).
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Old 03-23-06, 11:22 PM   #7
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Here in Canada, the homeowners insurance WILL cover your bicycles as long as each bicycle is not worth more than $500 - that would be the most you'd get back for each of them.

When I bought my current bicycle, which is worth a little bit more than $500, I decided that it might be a good idea to have it insured. I went to the place where I had my homeowner insurance and was told about the $500 thing, and was also told that if I wanted to insure my "toy" (yes, they called it that ... in fact, they LAUGHED when I said I wanted to insure my bicycle and said, "What would you want to insure a child's toy for?") it would cost me $10 for every $100 of insurance.

I decided that was way too much, and called around to several other insurance providers in the city .... only to discover there is some sort of insurance cartell (?) in that city!! If you have your insurance with one company, other companies won't take your business! Interesting!

Then I went to CAA, which is a Canada-wide company, not just a local city one, and got Machak insured there for much less, and with no hassles (or laughter) at all. I had to provide the receipt for my bicycle and that is the exact amount he is insured for.
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