Insuring your bike
Had a meeting with my insurance agent yesterday, and after the claim issues were all taken care of (not cycle related), I brought up the topic of bicycles. My insurance company is State Farm, in Oregon, so this may or may not be of value to you (you get to decide). Here is what I learned:
> My bike is covered as a possession under my homeowner's policy. So if I go to the coffee shop and it is stolen, it will be replaced after the deductible. Replacement cost, so that helps a bit since my deductible is $1000.
> If my bike is crashed, tough. Homeowner's doesn't extend to crashes. I guess if I threw it in the woods and lied, it could be stolen. But not the recommended approach...
> If I get hit by a car and the bike trashed, the driver would pay. Unless the driver were uninsured. In that case, I am likely SOL.
> If I cause or am at fault in the crash, my insurance will do nothing for me, unlike if I am driving the car.
> There are no riders available for bicycles. Wish there were - my $1k deductible represents the full cost of my commuter, and about half of the replacement cost of my road bike.
I have good medical from my employer to fall back on for doctor bills, but I was disappointed that my fault would mean no claim would be honored. I was pleased to learn that my homeowner's would pay for the stolen bike, but the agent was careful to emphasize that I need to lock the bike, even at work (I have never locked my bike at work, and in the summer don't lock my car since the windows are down - I will "take that suggestion under advisement", but will get a U-lock to tote in case I want to detour on the way home from work.