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Old 11-02-06, 09:41 PM   #1
Old Hammer Boy
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Theft insurance

Howdy,

I'm planning a solo Southern Tier crossing in March and feel pretty good about it, except for one thing. Since I'll probably be alone a lot of the time, I'm a bit concerned about securing my valuables, including my most valuable items, my bike and trailer. I won't have anyone to keep an eye out for me, and visa versa. I have studied how to best secure them with cable locks, etc. and know all the suggestions to minimize the possibility of theft. BUT, the best laid plans!!!...

Does anyone know if one can purchase insurance for such a possibility? My home owner's will cover theft from my garage for example, and I have personal liability in case I hurt someone or cause an accident, etc. But what if my possessions get lifted? Is that just the chance I have to take, or can I reasonably insure this stuff? Suggestions, please.
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Old 11-02-06, 09:44 PM   #2
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I think you can get a rider for your homeowner's to specifically cover your bike/trailer. Check your policy as well, some homeowner's and renter's insurance can cover you posessions outside the home. I.E. something stolen from your car.
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Old 11-02-06, 10:37 PM   #3
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You pose a good question of interest to many here. I suggest you call your insurance agent, tell him your plans, and report back here with what you learn. It may be that your existing policy will cover theft of your household belongings (including your bike and trailer) while away from home. There may be a relatively low limit on the value of these items covered without purchasing a specific rider. Your agent should help you understand your existing coverage and any gaps you need to cover.

Other important things to ask are, in the unhappy event of a loss on the road, how you go about filing a claim. How long will it take to be reimbursed? And what provisions may be in place to assist you in the near term. i.e., are hotel costs, other transportation, incidentals reimbursed to you while you are stuck without a bike? What about camping equipment and other belongings you are carrying along with you?

And what other losses besides theft are covered? If you crash (your fault) and wreck the bike or trailer, are you covered? If you damage someone else's property (or person) due to the crash, are you covered by your homeowner's liability policy?
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Old 11-02-06, 10:45 PM   #4
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Thanks guys. I'll call my agent next week and let you know what he says. I do know that I have general liability coverage up to $3 million if I cause harm to others, and of course health insurance, but I don't know about my equipment. I'll let you know what he reports.
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Old 11-03-06, 03:44 PM   #5
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check your policy for sure - they probably cover theft of property while you are on vacation. I had a bike covered once by my auto policy because I was using it to commute when I crashed and destroyed it (deep potholes here in NYC).
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Old 11-04-06, 12:24 PM   #6
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Just renewed my policy and discussed this my agent. Very expensive for the coverage. Mine was somthing like $35/year, not bad but it only covered to a max of $1500.00 with a $1000.00 deductable. You could buy more for way more money. And I live in rural Ontario, it would be much more in the city. I passed.
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Old 11-04-06, 10:28 PM   #7
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That sounds reasonable, I think a person might get away with a claim, but I doubt this kind of insurance is offered. It might be offered through a touring group though. The other fun part is you might find that if you leave your house for three months that, yes, they will cover your bike, they just won't cover your house while you are away for three months!
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Old 11-04-06, 10:47 PM   #8
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Quote:
Originally Posted by Peterpan1
That sounds reasonable, I think a person might get away with a claim, but I doubt this kind of insurance is offered. It might be offered through a touring group though. The other fun part is you might find that if you leave your house for three months that, yes, they will cover your bike, they just won't cover your house while you are away for three months!
My wife and our two guard cats will be on duty!
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Old 12-09-06, 12:53 PM   #9
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I finally contacted my insurance agent. I was pleased to find out that, through my home owner's policy, my equipment is indeed insured against theft while on tour. However, my deductible is currently $2,500, and my bike, BoB trailer and equipment just about total $2,500 in replacement value, so things would not (in reality) be covered. However, my agent suggested I lower my deductible just during the time I'll be gone on my tour. So, for about $25 per month I can lower it to a $500 deductible. I can live with that. They suggested I have documentation handy for a quick settlement if the worse happens. I do have full-current-value replacement, so things wouldn't be depreciated, and I do have receipts and photos of everything. Hope this is helpful information.
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Old 12-09-06, 01:44 PM   #10
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But how quickly will the insurance take to write out a check if your stuff does get stolen?

mind you, the odds of it getting stolen are very low. I'd more check into coverage for the bike in case it is wrecked.

Health insurance is a much greater concern.
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Old 12-09-06, 11:38 PM   #11
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Quote:
Originally Posted by gpsblake
But how quickly will the insurance take to write out a check if your stuff does get stolen?

mind you, the odds of it getting stolen are very low. I'd more check into coverage for the bike in case it is wrecked.

Health insurance is a much greater concern.
It won't bother me if the insurance company takes some time to make things right. They certainly deserve detailed documentation, copies of invoices, etc. and I wouldn't be able to provide those until I got back home. I'm concerned about the ultimate outcome, and I'm a bit releived that I can obtain such insurance.

Health insurance is absolutly necessary, unless a person doesn't have any assets, then let the government pay, I guess. I think it would be difficult to find collision insurance for the equipment, and I won't worry about that.
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Old 12-11-06, 02:26 AM   #12
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If you must fly to the beginning of the tour and you charge the airfare on your credit card you may be able to claim any theft while on tour under the credit card's automatic travel insurance program.
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