Scottswnsn

Any have it? Know of the best way to get it?

I'm currently riding a Cannondale CAAD8 105 which I got for $1,200. It'd be a loss to have it damaged or stolen but I would manage.

However, later this year I have my eyes set on the Cannondale SuperSix Ultegra Di2 which is $5,000. If it where to get severely damaged or stolen I wouldn't be able to afford a new bike for a long time. Which partially makes me not want to get it unless I knew I was covered. Being stolen isn't to much of a concern as I keep it in the house, not the garage. Mostly looking for damage insurance.

I've tried browsing Google but only get websites that don't seem to legit. Curious if any BF members have an ideas?

diverguy

I added my bike to a "personal articles" policy through State Farm. It's separate from homeowners, has no deductible, and is "all risk," meaning it doesn't matter what happens to it, it's still covered. Surprisingly cheap.

Carbonless

State farm will insure a road bike under a personal articles policy in CA if it's worth around $4000+, but the cost is about $100 per $1000 of coverage per year. Personal Articles covers non-competition bikes and has $0 deductbile, but covers all damage to the bike while on it. Regular homeowners/renters insurance will cover any bike at the policy limits for comprehensive, etc., but you'd need to pay your deductible. I just bought a Cervelo R5 and talked to the insurance agent this week about all the options and decided to just keep it under my homeowners policy...Personal Articles didnt seem worth $500/year for me to only gain the extra coverage of possible damage while on route.

MegaTom

If you can't afford to replace a $5k luxury hobby item, then perhaps you should consider a cheaper bike. Insuring a too-expensive-to-replace bicycle is throwing good money after bad... I'm sure Merlin will be around soon enough to post the full lecture.

StanSeven

There are several threads on this subject. Do a search and you'll find lots of info. In addition to what MT said about Merlin's advice, most homeowners policy covers them without the need for riders.

Mansram01

My homeowners policy covers by bikes. Interesting read though about State Farm and placing it separately under "personal articles"

Juan Foote

fixed

Really, isn't that kind of what insurance is all about anyway? You pay a fee to have the piece of mind in knowing that should certain unlikely events occur that you don't take a loss on said item. I don't think it is a bad idea for a person of any financial status to think twice about 5 grand.

thomr

Got mine covered on State Farm renter's insurance, $150 deductible and it covers anything that happens to it. Agent just told me to make sure to document all numbers and keep receipts. Should be the same on home owner's also.

StanSeven

Which means most insurance covers bikes but State Farms requires added protection?

Mansram01

That's what makes it interesting.

triumph.1

Thanks for the life lesson Dad.

Jsiegs

When I investigated, my renters was waaaay to expensive. I got a separate policy through peerless that covers up to $10,000 of tri/bike stuff for a little over $200 a year with a $250 deductible. Well worth it IMHO.

DropDeadFred

throw it under homeowners...if you break it, throw it away (after stripping useable parts) then call the police...claim it stolen...pray they believe you

yeah I know it's wrong...but insurance companies are a bunch of crooks anyways.

rbart4506

Nice advice....Your drivel never ceases to amaze me...

Bent Bill

Following that reasoning then anybody with a new Corvette shouldnt have anything more than liability insurance on them ?

HokuLoa

Thanks for making US pay for YOUR fraud

triumph.1

Perfect response

DropDeadFred

david58

Scott..check with your local agent. I have SF here in Oregon, and my agent didn't think there was anything like a rider to cover the bike. However, I am going to check tomorrow myself. There are state-to-state differences. But I will take a look - if the cost is $30 a year like it is for my guns and jewlery, I will jump at it for my bikes. Theft is my biggest concern, since if a thief made off with the bikes my wife and I have - even tho not individually terribly expensive - it would hurt. If nothing else, I need to know what is covered.

I'm slowly getting to know some of the cyclists in Albany - PM me if you are interested in connecting at some point. There are a couple of us on the board here from this here little burg.

pgjackson

I have USAA for auto and renters insurance. My bikes are covered if stolen under the renters policy (I actually used it a while ago) minus the deductible. Stolen from anywhere, not just my house. If I'm carying it on the back of my car and have an accident it would be covered onder the auto policy. I asked the agent about what happens if I'm riding my bike and crash it...he said there isn't any policy for that.

StanSeven

Check other policies. I have Allstate and they cover everything as personal property.

david58

Be slow to change insurers if you have any time in with your current insurance company - you may have significant discounts you would sacrifice in making a change. In my case, just auto alone would more than double, even if I went to that 15 minute place or with the ditzy gal's company. I would lose the value of my bike very quickly in the lost discounts.

dphins

I have SF here in Illinois and they told me it would cost $10 for every thousand for your bike using a personal articles policy. FWIW

banerjek

Note the real product in bold. From an economic point of view, insurance is economically inefficient so you should only get it in situations where you can't afford to sustain the loss. I'm with those who think it's better to get a bike you can afford as expensive bikes also cost a lot more to maintain/use -- do you plan to file a claim if you wreck a wheel? I guarantee you can't file a claim for the rapidly plummeting value of your bike from normal aging as well as wear and tear.

Cars are a bit different because the amounts are much higher (i.e. you actually can't sustain the loss) and the insurance company represents your interests in disputes.

Having said that, a lot of people who buy flashy cars can't really afford them. The news in the US is always full of sob stories where people driving vehicles worth well over $30K report they can't afford gas because the price went up a few cents. Anyone who actually believes the gas price is the main cause of their economic hardship is truly an idiot.

Nachoman

Insurance coverage is cheap but you could also consider investing in better security.