I've read some of the "search" on this but still have questions. Kind of a reality check. What do you have that would cover a liability issue if you damaged anothers property ($10000 Madone)while riding in a club or tour and it is ruled your fault. Also what about your $5000 new bicycle that is stolen or totaled? Even tho it is several years old, the replacement cost may be $7000.
Paranoid in SC.
I would be checking with your home insurance provider. Each company is different. You may want to ask about a "rider" if the basic coverage doesn't suit your needs.
See all the other threads for my rants regarding why you don't want to carry property insurance on a bike.
As for liability, it's likely covered on your homeowner's and possibly on your automobile liability policy. You should read the policies and talk to your insurance agents. And if you have much in the way of assets, or future ability to earn income, you should also consider purchasing an umbrella policy.
EPO all in my veins
Lately things just don’t seem the same
Actin’ funny, but I don’t know why
‘Scuse me while I pass this guy
Yea, but I some times become one of the stick my head in the sand and hope nothin happens types Are there any horror stories that we can we can share? I will do my home work and since there appears to be some concern here, share whatI find out.
My main question is "What are yall doin"?
^^^ I just called my insurance carrier.
The above would be covered under my home owners policy (condo/apartment insurance policy) to my maximum personal property amount, $25K. Hey I have a small condo with nothing of value in it. I would have to pay the deductible of $500. I hope I don't take out more than three Madone's or I am screwed.
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My homeowners cover it, except for my $100 deductible.
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Some sort of pithy irrelevant one-liner should go here.
This policy also covers theft or loss of person property.
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I talked to a lawyer about stuff similar, but not exactly, like this. For example, say it's not just a bike. Say the guy is paralyzed and can't move anything except his left eyelid. It'll cost, say, $10 million to support the person for the next whatever years. Now what?
Well, there's a certain amount of assumed risk when you do something like a group ride, ride a bike on public roads, enter a race, stuff like that. There's some notion of a reasonable amount of caution, a reasonable reaction to a bad situation. There's also some notion of "one in a million chance", like if you get really hurt doing something really innocuous. So if someone bumps someone else a bit, and one crashes, and they get road rash, that's kind of expected. If one gets paralyzed, that's not (or destroys a bike or whatever serious thing).
I'm not a lawyer so I may be misinterpreting this a bit, but I came away with the idea that unless someone basically sticks a pump through your spokes (or vice versa), there is no "liability", i.e. it's not necessarily a single person's fault.
A real lawyer should pipe up. And don't make any decisions based on my post.
cdr
if you're paranoid, your homeowners insurance can carry a rider or something that will cover a $10k bike. See Merlin's excellent posts about how you are paying for peace of mind, but essentially running your money through a paper shredder
self-insured ftw
Originally Posted by mr_tom
what he ^^ said
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