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Living Car Free Do you live car free or car light? Do you prefer to use alternative transportation (bicycles, walking, other human-powered or public transportation) for everyday activities whenever possible? Discuss your lifestyle here.

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Old 06-06-11, 12:33 PM   #1
Roody
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Do you have bicycle insurance?

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Originally Posted by Village Soup
According to the Federal Bureau of Investigation, 183,028 bicycles were stolen in 2009 (average value $318). Bicycles are stolen most often in densely populated areas such as cities and suburbs, but university and college towns are another hot spot; in fact bicycle thefts represent over half of property crimes on campuses.

Bicycles are covered under the personal property section of standard homeowners and renters insurance policies. This coverage will reimburse you, minus your deductible, if your bike is stolen or damaged in a fire, hurricane or other disaster listed in your policy.

If you are purchasing a new bike, keep the receipt and call your insurance agent or company representative immediately. If you own a particularly expensive bicycle, you may want to consider getting an endorsement. Your insurance agent or company representative can review your coverage options with you.

There are two types of coverage for personal property:
•Actual Cash Value
Actual cash value reimburses you for what the bicycle is actually worth given its age. A 10-year-old bicycle, for example, would be valued at the cost of a comparable bicycle minus 10 years depreciation.

•Replacement Cost Coverage
Replacement cost coverage reimburses you for what it would cost to replace your 10-year-old bicycle with one of like kind and quality at current cost. Replacement cost coverage costs about 10 percent more than actual cash value, but it is a good investment.
Homeowners and renters insurance policies also provide liability protection for harm you may cause to someone else or their property. If you injure someone in a bicycle accident and he or she decides to sue, you will be covered up to the limits of your policy. Your homeowners or renters insurance also includes no-fault medical coverage in the event you injure someone. This coverage usually ranges from $1,000 to $5,000.
Read more at Village Soup
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Old 06-06-11, 07:05 PM   #2
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My insurance company wanted $5 a month to cover two bicycles as some kind of rider on my house insurance. They also wanted serial numbers and photos.

I declined the opportunity and went for locks (actually cable locks... so sure me!) instead. That was 5 years ago and I haven't had a bike stolen yet. I figure when it does, I'll probably be in a few dollars... especially considering that my main commuter only cost me $75 (although there are many upgrades.)
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Old 06-06-11, 07:30 PM   #3
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I use to have specific bicycle insurance in the '70s. But then they stopped offering it.

I do have renter's insurance, so if they are covered now, that's how.
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Old 06-06-11, 07:53 PM   #4
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The only way I see to get us "bicycle insurance" is to get renter's insurance, which will be done this month. Even then I was told that IF you have 2 bicycles stolen in 2 years, they will cancel your renter's insurance and you'll be "banned" from obtaining other renter's insurance for 2 years?????
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Old 06-06-11, 08:32 PM   #5
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It is covered by my home owners, the bikes and the liability.
They just need the numbers and a picture. No deductible.
You have to declare the value of older bikes.

I was told by a police officer that of the two hundred bikes
stolen in the last year, only two people had the serial number
of their bike.

Most were kids bikes that they left some where and when
they came back, next day some times they were gone.
None were stolen from bike racks at stores, only a few
from the schools and one or two out of the back of a
pick up.
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Old 06-07-11, 04:06 PM   #6
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I have mine covered on a separate rider for Replacement Cost, a couple of them are for Declared Value because they are unusual and you aren't going to find a replacement. I don't know recall what the cost is, something like $75 a year? At last check I probably have around $15,000 worth of bikes at replacement cost . I maintain a file with pictures and serial numbers as well as keep a log of upgrades and repairs along with ALL my receipts.

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Old 06-08-11, 04:34 PM   #7
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I think My Geico Umbrella policy and/or renters covers damage caused by me to others when riding bike, don't remember which one. But none of my bikes is worth more than $1,000 so don't have them insured. Although that policy may cover them too, not sure.

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The only way I see to get us "bicycle insurance" is to get renter's insurance, which will be done this month. Even then I was told that IF you have 2 bicycles stolen in 2 years, they will cancel your renter's insurance and you'll be "banned" from obtaining other renter's insurance for 2 years?????
State Farm dropped me after two minor burglaries in 5 years and I had no problems opening another policy with Geico. As an added benefit I took my car insurance from State Farm to Geico too and it was like 30% cheaper.
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Old 06-08-11, 07:57 PM   #8
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Originally Posted by AdamDZ View Post
I think My Geico Umbrella policy and/or renters covers damage caused by me to others when riding bike, don't remember which one. But none of my bikes is worth more than $1,000 so don't have them insured. Although that policy may cover them too, not sure.



State Farm dropped me after two minor burglaries in 5 years and I had no problems opening another policy with Geico. As an added benefit I took my car insurance from State Farm to Geico too and it was like 30% cheaper.
I was told by a public adjuster years ago to avoid any insurance company with "farm" in the name. I have more than one run in with State Farm and would rather do without insurance than deal with those crooks.

Aaron
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RIDE, YOU FOOL, RIDE!"
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Which one would you rather have under your butt at 30mph?"
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Old 06-09-11, 06:42 AM   #9
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I have homeowners insurance which would cover it but I keep a pretty high deductible so it's unlikely I would ever exercise it. My most expensive bike is a recumbent I got for $350 on Craigslist that would probably cause double to triple that to replace, however that's barely my deductible.
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Old 06-09-11, 01:13 PM   #10
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I think its more than $500 per bicycle on my policy to need to have a separate rider. But seeing as we live somewhere we don't even need to lock up bikes its rather moot. Back when we lived in Toronto I would generally not lock up for any length of time out of sight my touring bike, and I would ride a relatively cheap bike as my main commuter. Managed to not get any bikes stolen in the 10 years I lived there, just a rusty front wheel and a taillight, oh and one damaged top tube on a cheap bike from attempted theft.
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Old 06-09-11, 05:29 PM   #11
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Quote:
Originally Posted by wahoonc View Post
I was told by a public adjuster years ago to avoid any insurance company with "farm" in the name. I have more than one run in with State Farm and would rather do without insurance than deal with those crooks.

Aaron
Interestingly though they gave me absolutely no hard time with either claim. They gave me more money back that I'd ever expect and it was all quick and smooth.
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Old 06-10-11, 09:19 PM   #12
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Nope. I have had bikes stolen in the past, but since there were only two in the last 16 years, it's probably not worth paying insurance premiums when I could have that money in the bank earning interest until I need it to replace the bike. Besides, how do you explain to an insurance company that your lighting system is worth almost as much as the bike itself?
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Old 06-10-11, 11:30 PM   #13
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Does my Kryponite U-Lock count? It's insured to something like $1500, I think.
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Old 06-11-11, 07:38 AM   #14
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Quote:
Originally Posted by Chris L View Post
Nope. I have had bikes stolen in the past, but since there were only two in the last 16 years, it's probably not worth paying insurance premiums when I could have that money in the bank earning interest until I need it to replace the bike. Besides, how do you explain to an insurance company that your lighting system is worth almost as much as the bike itself?
My problem is that many of the bikes I have are long out of production and there aren't really any comparable bikes on the market today. Plus at current interest rates...

Aaron
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Old 06-11-11, 07:58 AM   #15
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Interest rates? You must live in a different country than me. With interest less than half a percent, any money gained will be negligible.
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Old 06-11-11, 12:45 PM   #16
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I once had a POS mountain bike stolen, and the thief left behind a beautiful old Fuji 10 speed. That's better than insurance!
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Old 06-11-11, 09:45 PM   #17
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If omeone stole my bike, I have the cash to get another. Really, I don't think the risk is worth the cost of insurance.
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Old 06-12-11, 04:45 PM   #18
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While I have never had a bike stolen, I don't have bicycle insurance. But I don't leave my bike poorly locked either, like I have seen other cyclists do.
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Old 06-12-11, 04:49 PM   #19
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Quote:
Originally Posted by wahoonc View Post
I was told by a public adjuster years ago to avoid any insurance company with "farm" in the name. I have more than one run in with State Farm and would rather do without insurance than deal with those crooks.

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Old 06-17-11, 10:50 AM   #20
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My insurance is parking my old crappy Cannondale T500 commuter rig next to the Rivendell Atlantis on the racks at the train station. I'm hoping the thieves are smart enough to choose the better bike when they're looking for a new ride.
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Old 06-17-11, 12:34 PM   #21
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My insurance is parking my old crappy Cannondale T500 commuter rig next to the Rivendell Atlantis on the racks at the train station. I'm hoping the thieves are smart enough to choose the better bike when they're looking for a new ride.
I wouldn't count on it. I think a lot of thieves don't really know much about the value of bikes. To them the old Cdale might be preferable to the custom bike because it's easier to pawn or just more like the bikes they're used to wtealing.

If anything, I would park next to another bike that's unlocked or poorly locked. Thieves will sometimes go for the low hanging fruit.
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