robortiz59

I'm just curious how folks protect their investments. Many people spend thousands of dollars on their bikes. How do you protect your investment? I think mine would be covered under my homeowners policy if it were stolen. But, I'm sure it would not be protected if I crashed it. And, given that carbon fiber can fail catastrophically in a crash, I was wondering if anybody has specific insurance.

Machka 

I suspect you think wrong! Or partially wrong. Check your policy, it should be written in the booklet you got. Chances are it says something like that your bicycle is insured for $1000 but that you've got a $500 deductable. That would be fine if your bicycle is only worth $500, but if it's anything more than that ......

However, the good news is that you can get extra insurance to cover your bicycle, in the same way you would cover a grand piano, fur coat, or painting. Contact your insurance company to see how much more such a policy would be.

I went with CAA (Canadian Automobile Association) for quite a few years (total ~$250.00 a year for both general homeowners insurance and the bicycle rider), and am now covered under All State.

The only qualification on the bicycle rider on the insurance in both plans is that my bicycle is not covered if I race. Otherwise it is covered in my home, in my car, on the road, and even in other countries.

spinnaker

Well first, if you can't afford to loose it then don't buy it in the first place.

You can usually get a rider on your home or apartment insurance but can be very expensive. For me it was worth taking a chance rather than paying the premiums.

You would only be protected by homeowners if the loss occurred in your home. You will need a rider for loss on your bicycle outside the haome.

No pun intended.

gldrgidr

What about liability if your are involved in a crash with a car? Does anyone carry any? Is there such a thing as bike liability insurance?

I-Like-To-Bike

How do you figure that would be fine? He would be out the $500 bike and wouldn't get a dime back from the insurance company.

spinninwheels

Just out of curiosity, what's your deductible?

In my hunt for good insurance, I found Meloche Monex covered the bike, with a low deductible...<$50. Basic package plus bicycle coverage ~$340.

deraltekluge

Yes...there is personal liability insurance. I have automobile liability + renters insurance + an umbrella policy that applies to and increases the automobile and personal liability limits.

deraltekluge

Yeah, the poster seems to misunderstand the meaning of deductible. If you lose a $500 bike, you get nothing from the insurance company...if you lose a $1500 bike, you get $1000. My insurance company (State Farm) was very prompt getting the $1000 to me when my $1500 tricycle was stolen 4 days after I bought it. They even paid for the lock that the thief destroyed.

MMACH 5

What does this mean? Just curious how you reason this into a valid statement.

apricissimus 

That's just silly.

dmac49

I have an additional rider on my homeowners for it. If you rent you can usually add it to your renters insurance if you have it.

Tabagas_Ru

Personally I think insuring a bike is not that good of an idea. I think that you would end up loosing in the end. Once you make a claim your insurance rates go up, and you end up having to pay what the insurance ended up paying you for your bike and more.

I could understand if you house gets cleaned out and you claim your bike along with the other stuff, but to claim a bike alone would seem to be more costly in the end.

spinnaker

See Someday RNs post above and it explains my reasoning.

Unless you are competing, a $500 dollar bicycle is going to work as well as a $5,000 bicycle. If you can afford to lose $5,000 and just want the bike or need the bike to compete, by all means buy it. If you don't need it and can't afford to have a $5,000 bike winding up on the junk pile or in the hands of a thief then it doesn't make any sense to buy it in the first place. By the time you get finished with the depreciation and your delectable, you most likely won't come out ahead with insurance.


Buy a bicycle you can afford to lose, take reasonable security, don't insure it and you will come out ahead.

Dr.Deltron

All my bikes have the $1/each policy........

A buck for the little sticker that says;

"THIS BIKE INSURED BY SMITH & WESSON"

..and I've only ever had one person want to review my "629 policy".

MMACH 5

Okay, except that I can't afford to lose my $600 bicycle.

wahoonc

My bikes are covered under my home owner's policy, however they would have to steal several of them before the deductible would cover them. I just make sure to keep them secured when not riding, spend money on a good lock and USE IT. If I have to lock it for a long period of time, I chose my places wisely and don't lock a bike up that I don't want to risk. Folders are a great alternative to locking, if you get one of the better small ones a quick fold, stuff it in a bag and take it with you.

I was out riding this weekend and saw an expensive carbon wonder just leaned up against the wall at a local store. A quick grab and toss into a vehicle and it would have been gone. I locked up my $175 utility bike to the sign post next to it. (makes theirs just that much more attractive)

Aaron

apricissimus 

There are all manner of price points between $500 and $5000, and it's just flat out wrong to say that a $500 is "just as good" as a more expensive bike unless you're racing. For you that is clearly the case, but other people have other preferences.

Or maybe you're just not very discriminating when it comes to bicycles.

Garfield Cat

Risk management. Buy the bike that you can afford, not the bike that you can afford to lose.

Losing a bike by theft is one thing. Losing a bike by an accident is another. Some high end bike manufacturers have different kinds of warranties. Some have a replacement policy for physical damage. It may not be the best, but it does give an owner something.

alanbikehouston

Talk to your insurance agent. Many home owner's policies and renter's policies required that certain items be listed on an itemized schedule to be covered, and scheduled items sometimes require paying an extra premium. And, check on the deductible. The way the insurance company does the math, the bike you bought for $2,000 three years ago has a "used" value of $600...and you have a $500 deductible. So, they will pay you $100, but then raise your premium rates for having filed a claim.

The best insurance for bikes is having good locks. Even in the garage or back bedroom, your bikes should be locked.

franmatt

Could I ask what policy you had? My mum just got an electric tricycle, and after a few months of dithering, State Farm says they cannot insure it.

Looigi

I have a $2,500 deductible to keep my premiums low. I keep and save the money rather than pay it to insurance company. That way if my stuff doesn't get stolen or damaged by a covered hazard, I have my stuff and my money. If my stuff does get stolen, I'm out the $2500, but I saved many times $2500 in lower insurance premiums over the years.

fuji86

Not a single bike I have I paid over $ 356 for. I rarely leave them out of sight, locked anywhere for very long. And I figure if I wreck it, chances are it'll be fine, probably have to replace a broken or bent handlebar and/or lever. But for the most part unless another totals it out, that falls on them and insurance is unnecessary. Don't get me wrong, I take care of those bikes as if they were $ 3,000-8,000 bikes. They are worth that to me, even though they are $ 356 or less. I bought mine, expect it to last a lifetime of my personal use, even replacing worn out parts.

Nightshade

I added a rider to my home owners policy that covers "all hazard" with no deductible. Cost me $50 a year extra per bike.

NightShift

How do you get a used/upgraded bike appraised?
I would consider insurance for my bikes if the insurance company would go by what they're worth and not what I paid.

apclassic9

I'm thinking that the additional rider on my State Farm homeowners for $10,000 worth of bikes cost me about $6/year... but I live in the middle of nowhere and have a couple of large german shephard dogs running around.