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Thread: Bike insurance

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    Can you donate today? jdcii's Avatar
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    Bike insurance

    Is there such a thing as bike insurance? If you are riding your bicycle and you are involved in an accident, let's say it's your fault, is there insurance for something like that? How about if your bike is stolen? Have you ever heard of such a thing?
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    The Site Administrator: Currently at home recovering from a couple of strokes,please contact my assistnt admins for forum issues Tom Stormcrowe's Avatar
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    Homeowners policy, I believe, or perhaps renters insurance in certain conditions.
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    Talk with an insurance agent. You can get bicycle theft insurance, but I'm not sure if it's worth getting unless your bike is very pricey. Your bike should also be covered under your home insurance, but once again, claiming on a stolen bike might not be a great idea. Your home insurance is best used for those things you can't afford, not for the ones you can.
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    Senior Member wahoonc's Avatar
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    Quote Originally Posted by jdcii View Post
    Is there such a thing as bike insurance? If you are riding your bicycle and you are involved in an accident, let's say it's your fault, is there insurance for something like that? How about if your bike is stolen? Have you ever heard of such a thing?
    My bikes are covered under my homeowners' policy for theft, but I don't think any of them would make the deductible In some states if you own a car the liability will cover you regardless of what vehicle you are operating, in some others it would fall under the general liability on your homeowners/renters insurance.

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    Can you donate today? jdcii's Avatar
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    Quote Originally Posted by Tom Stormcrowe View Post
    Homeowners policy, I believe, or perhaps renters insurance in certain conditions.
    Doesn't your home owners / renters insurance only cover theft if your bike is stolen from your house? The same with liability issues? Aren't they only covered if it's on your property?
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    According to the book Bicyling and the Law by Bob Mionske there is no bicycle insurance in the United States although it is available in the U.K. and other countries. If you are found at fault in an accident your home owners or renters insurance may cover the damages. In the case of an uninsured or underinsured motorist your car insurance or health care insurance would come into play. Although check the policy to make sure bikes are covered. The lack of available bicycle insurance in the U.S. is an unfortunate reflection of the car centric culture we live in.

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    jim anchower jamesdenver's Avatar
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    My homeowners insurance covers my bike - even off site. Renters insurance would probably do the same. Unfortunately the deductible is around $500 I think - and like a lot of insurance policies if you actually USE it repeatedly they'll cancel you.

    So if my bike go stolen I probably wouldn't use it.

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    Senior Member kf5nd's Avatar
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    I pay extra for a $1 million general liability protection umbrella. It costs $173.20 per year, and it will cover all kinds of things that the original poster alludes to. I think it's money well spent.

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    Long Distance Cyclist Machka's Avatar
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    I got mine through CAA (Canadian Automobile Association) under my content insurance policy. Content insurance covers my bicycles for $1000 with a $500 deductable, so I had to get the additional bit to cover my bicycle, and my bicycle is covered for accident or theft, etc. as long as I'm not riding it in a race when something bad happens to it. And I'm covered for what I paid for my bicycle.

    You might talk to your insurance agent, or ... I don't know ... does AAA have insurance coverage?

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    In the right lane gerv's Avatar
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    Quote Originally Posted by jamesdenver View Post
    My homeowners insurance covers my bike - even off site. Renters insurance would probably do the same. Unfortunately the deductible is around $500 I think - and like a lot of insurance policies if you actually USE it repeatedly they'll cancel you.

    So if my bike go stolen I probably wouldn't use it.
    My insurance company wanted what amounted to $10 a month to insure the bikes against theft with a $100 deductible. But since I am basically sick of paying insurance premiums every month and seeing no return, I decided to take my chances.

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    Quote Originally Posted by gerv View Post
    My insurance company wanted what amounted to $10 a month to insure the bikes against theft with a $100 deductible. But since I am basically sick of paying insurance premiums every month and seeing no return, I decided to take my chances.

    Better to have a special bank account for "insurance" against theft. Deposit the premimun in the account once a month. Soon you will have enough for another bike should you need it-or not. You will also have control over something else mostly overlooked. When you pay the insurance company, you will probably never see the money again. It is out of your control. But if you have your own bank account and want to use the money for another bike, well......

  12. #12
    Senior Member wahoonc's Avatar
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    Quote Originally Posted by folder fanatic View Post
    Better to have a special bank account for "insurance" against theft. Deposit the premimun in the account once a month. Soon you will have enough for another bike should you need it-or not. You will also have control over something else mostly overlooked. When you pay the insurance company, you will probably never see the money again. It is out of your control. But if you have your own bank account and want to use the money for another bike, well......
    That is basically what I do with just about all of my insurance(s) We take the highest comfortable deductible choice, put that amount (and more) in the bank and get on with our lives. Most people think insurance is for every little thing...small wonder that is what the warm and fuzzy advertisement wants you to think. We plan to use it for catastrophic events only, however even in those cases you will need to be prepared to battle them tooth and nail for payout. We had had a small business totally wiped out by a fire in an adjacent building, they settled on the inventory portion of the settlement pretty easily, but 4 years later we are still battling them over the loss of income and having to relocate the business. Insurance is a gamble... you are betting you will need it and they are betting you won't.

    Aaron
    Webshots is bailing out, if you find any of my posts with corrupt picture files and want to see them corrected please let me know. :(

    ISO: A late 1980's Giant Iguana MTB frameset (or complete bike) 23" Red with yellow graphics.

    "Cycling should be a way of life, not a hobby.
    RIDE, YOU FOOL, RIDE!"
    _Nicodemus

    "Steel: nearly a thousand years of metallurgical development
    Aluminum: barely a hundred
    Which one would you rather have under your butt at 30mph?"
    _krazygluon

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