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-   -   I n s u r a n c e (http://www.bikeforums.net/general-cycling-discussion/680098-i-n-s-u-r-n-c-e.html)

xizangstan 09-13-10 11:59 PM

I n s u r a n c e
 
What are you guys and gals doing for bicycle insurance? I have a renter's policy (like a homeowner's policy, but for a guy who constantly moves around with my work) that I had my bike included. But I'm wondering if anyone has found a more effective way of covering the bikes from loss by theft, etc.

wahoonc 09-14-10 03:48 AM

Keep them locked up. Most insurance has a deductible and they will claim that your bike has depreciated by a standard amount every year. I have had several bikes stolen over the years and in most cases the total value (according to the insurance company) was less than the deductible. One theft the insurance company changed the rules 6 months prior and required that bicycles be covered on a separate rider, but we never go the notice...screwed on that one! Unless your bikes are very high end and very expensive insurance is going to be your last resort.

Aaron :)

cs1 09-14-10 04:57 AM

Quote:

Originally Posted by wahoonc (Post 11460993)
Keep them locked up. Most insurance has a deductible and they will claim that your bike has depreciated by a standard amount every year.
Aaron :)

True only if the bike is covered as contents. If the bike is scheduled separately on an inland marine rider then no. You can use a $0 deductible and agreed value. That way there's no depreciation. It cost more but it's worth it on a nice bike.

hairytoes 09-14-10 06:37 AM

Bike-specific insurance. The bike is insured for a value (which can't be more than purchase price). If stolen or destroyed in an accident, that is the amount paid out.

Also includes 3rd-party insurance, in case I cause an accident. IMO, all adult cyclists should have this.

RonH 09-14-10 06:57 AM

Insurance for bikes? I've never had a bike stolen. Never thought about getting it.

hairytoes 09-14-10 08:32 AM

Count yourself lucky, then.
I live in a city of 80 000. Six bikes per day stolen. I've had 1 of mine stolen, my son (who locks his bike in the city centre) has lost 2 bikes in 2010.

Velo Gator 09-14-10 08:33 AM

Quote:

Originally Posted by xizangstan (Post 11460790)
What are you guys and gals doing for bicycle insurance? I have a renter's policy (like a homeowner's policy, but for a guy who constantly moves around with my work) that I had my bike included. But I'm wondering if anyone has found a more effective way of covering the bikes from loss by theft, etc.

You want it covered twice? If it's on your renter's policy, it's covered.

RonH 09-14-10 04:05 PM

Quote:

Originally Posted by hairytoes (Post 11461750)
Count yourself lucky, then.
I live in a city of 80 000. Six bikes per day stolen.

80,000? Is that all? I live in metro Atlanta -- metro population 5.8 million. :eek: Too many people for me. That's why I want out.

Nightshade 09-14-10 05:53 PM

I have both my bike & my trike (both custom made to my order) insured as named items on my home owners policy which cost me $50 a year for both (.13 cents a day)


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