Bike Insurance
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Bike Insurance
I was just wondering if others on here have purchased bike insurance? I recently purchased a carbon frame road bike and with all the accessories, the total bill is a few thousand out of pocket so a loss or total loss accident would be financially painful to replace. I also know of a person that collided with a pedestrian on a bike path and got sued over it but luckily their homeowners covered it. then that premium went up. I'm also not sure if they covered damage to the bike. Either way, I am just curious to know whether others use it or not and what their thoughts are...
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I looked into it and decided it was not worth the cost.
#3
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I'd see if Your Renters or Homeowners Policy covers it..
Yea they are not a charity and a claim can result in a rate boost to claw back what they paid out.
I dont worry about it I spent My Money Up front on Locks.
Yea they are not a charity and a claim can result in a rate boost to claw back what they paid out.
I dont worry about it I spent My Money Up front on Locks.
Last edited by fietsbob; 11-01-16 at 01:51 PM.
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I was just wondering if others on here have purchased bike insurance? I recently purchased a carbon frame road bike and with all the accessories, the total bill is a few thousand out of pocket so a loss or total loss accident would be financially painful to replace. I also know of a person that collided with a pedestrian on a bike path and got sued over it but luckily their homeowners covered it. then that premium went up. I'm also not sure if they covered damage to the bike. Either way, I am just curious to know whether others use it or not and what their thoughts are...
I briefly used a different agent/underwriter and had a major medical rider added to my policy. When I actually used the major medical, I was pleased with the service....until renewal, when they wanted to excluded paying for anything that involved X leg indefinitely....made the decision whether to renew the major medical coverage or not an easy decision, lol. So, if you have a particular insurer in mind, I'd probably do some sleuthing to find out how there are in paying out in the event of a wreck, for example.
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IME - specialized insurance policies are a great deal ----- for the insurance company and agent.
Otherwise, because it's hard to estimate and spread risk evenly, and the cost of administration is high, the costs will be higher than otherwise. Also keep in mind that these policies generally attract higher risk buyers, since low risk buyers won't see them as worth it.
Adding a bike to an existing policy is generally a much better bargain. Or you can roll the dice, save what you would pay in premiums to a sinking fund, and if the force is with you, have the dough needed if something happens, plus some change.
That said, consider that I'm an insurance skeptic, and know that I can generally beat the odds, and reserve insurance for "unaffordable" losses, like homeowners and auto liability. I tell you this, so you can judge my post fairly.
Otherwise, because it's hard to estimate and spread risk evenly, and the cost of administration is high, the costs will be higher than otherwise. Also keep in mind that these policies generally attract higher risk buyers, since low risk buyers won't see them as worth it.
Adding a bike to an existing policy is generally a much better bargain. Or you can roll the dice, save what you would pay in premiums to a sinking fund, and if the force is with you, have the dough needed if something happens, plus some change.
That said, consider that I'm an insurance skeptic, and know that I can generally beat the odds, and reserve insurance for "unaffordable" losses, like homeowners and auto liability. I tell you this, so you can judge my post fairly.
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FB
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An ounce of diagnosis is worth a pound of cure.
Just because I'm tired of arguing, doesn't mean you're right.
“One accurate measurement is worth a thousand expert opinions” - Adm Grace Murray Hopper - USN
WARNING, I'm from New York. Thin skinned people should maintain safe distance.
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Thank you everyone for the input, i think I will try and see if my homeowners has any type of rider that can be added. The stuff that i found was between $150 and $200 per year depending on deductible.
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I had two bikes replaced under my homeowner's policy. Total payout was $14k+
You really should read your policy...
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Keep in mind that when we speak about insurance we are really talking about two different things.
There is coverage against loss of the bike and there is liability in case riding the bike causes injury to another person's property or body.
These are two different things.
-Tim-
There is coverage against loss of the bike and there is liability in case riding the bike causes injury to another person's property or body.
These are two different things.
-Tim-
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Keep in mind that when we speak about insurance we are really talking about two different things.
There is coverage against loss of the bike and there is liability in case riding the bike causes injury to another person's property or body.
These are two different things.
There is coverage against loss of the bike and there is liability in case riding the bike causes injury to another person's property or body.
These are two different things.
Again, folks need to read their policy...
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My renters insurance would have covered loss/damages to bikes, but certainly would NOT have covered any sort of incident I caused riding them, unless on the property I controlled. Liability did not extend off my property.
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If you quote something, it is great to provide a source.
My renters insurance would have covered loss/damages to bikes, but certainly would NOT have covered any sort of incident I caused riding them, unless on the property I controlled. Liability did not extend off my property.
My renters insurance would have covered loss/damages to bikes, but certainly would NOT have covered any sort of incident I caused riding them, unless on the property I controlled. Liability did not extend off my property.
Again, read your policy. Every policy that I have had (which mirrors the policies reflected in the link above) includes liability insurance that is not limited to my property.
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If you quote something, it is great to provide a source.
My renters insurance would have covered loss/damages to bikes, but certainly would NOT have covered any sort of incident I caused riding them, unless on the property I controlled. Liability did not extend off my property.
My renters insurance would have covered loss/damages to bikes, but certainly would NOT have covered any sort of incident I caused riding them, unless on the property I controlled. Liability did not extend off my property.
Again, read your policy. Every policy that I have had (which mirrors the policies reflected in the link above) includes liability insurance that is not limited to my property.
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LMGTFY Plenty of different policies to read there. Basic insurance 101 stuff regarding liabilty coverage.
Again, read your policy. Every policy that I have had (which mirrors the policies reflected in the link above) includes liability insurance that is not limited to my property.
Again, read your policy. Every policy that I have had (which mirrors the policies reflected in the link above) includes liability insurance that is not limited to my property.
On the bright side, most auto policies allow you to buy "other vehicle" coverage, which is designed to extend the protection with you when you rent or borrow a car. I don't know the specific language in all policies, but mine in NYS said "vehicle" and did extend both PIP and liability to the bicycle (but, not the collision and comp).
So, it's never a mistake to take the time and READ the entire policy, and if in doubt asking the agent for a rider or addendum clarifying the finer points.
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An ounce of diagnosis is worth a pound of cure.
Just because I'm tired of arguing, doesn't mean you're right.
“One accurate measurement is worth a thousand expert opinions” - Adm Grace Murray Hopper - USN
WARNING, I'm from New York. Thin skinned people should maintain safe distance.
FB
Chain-L site
An ounce of diagnosis is worth a pound of cure.
Just because I'm tired of arguing, doesn't mean you're right.
“One accurate measurement is worth a thousand expert opinions” - Adm Grace Murray Hopper - USN
WARNING, I'm from New York. Thin skinned people should maintain safe distance.
#14
Its Freakin HammerTime!!!
The Erie Insurance HE7 homeowners policy covers your bike. Race it or not, its covered.
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