Originally Posted by
urbanknight
Most home owners policies have a $1000 deductible, and they often require you to pay for a rider in order to cover things such as your bike if they are damaged or stolen while outside the home.
Merlin explained it pretty well before. Insurance companies are profit companies, so they collect more in premiums than they pay out in claims. That means anything you buy insurance for is a way of betting against yourself.
True. I have a $500 deductible on my renter's insurance. I was covered when my bike got stolen. I have over $75,000 in coverage for my household goods and the insurance costs about $30 a month. Was well worth it when they handed me $1100 for the lost bike. However, I asked them about accident coverage and they said it's not covered. If I wreck my bike out on the road, I'm SOL. I'm surprised there isn't some company offering comprehensive bike insurance. If I had wrecked my bike instead of it being stolen I would probably not have a bike at all right now. Just don't have that kind of $$$ lying around.