Bike insurance
 

Hi everyone,

I am looking to get some info on bike insurance. I currently have state farm renters insurance and they have told me that they will not cover bike race crashes only stolen or if i am hit by a car. Does anyone have insurance that is reasonable, that will cover everything from a stolen bike to crash in a race? I am talking full coverage!!!!! And maybe if you have had experience with a company that doesn't try to pull one over on you once you really need them.

I live in Chicago, IL if that helps at all.

Check these guys, they are supposed to cover all of it: https://velosurance.com/

Check with some local cycling clubs or groups in your area. They may already have group rate insurance that covers losses and injuries.

Also check your region's ambulance or emergency medical response company to see if they have a discount for prepaid service. For example in our area the official ambulance contractor has prepaid options that cost $75-$150 per year. A single uninsured ambulance call can cost a minimum of $1,500. I found out about this only after I was hit by a car this spring. Now I'm waiting for the driver's liability insurance settlement to cover my ambulance, ER and medical bills. But I'm getting the prepaid service to cover future needs.

I have been wondering who this is especially made for (couriers?), and whether it's something all cyclists should get. I'm looking into doing Uber Eats, and am thinking maybe some extra insurance could ease some potential problems with theft and injury.

You might try markel here www.markelinsuresfun.com . I got a quote from them on a new bike and it was pretty reasonable , I thought. $165.00 for a year.

Velosurance is actually also done by Markel.

You might also look at your coverage needs.

It is quite possible that the race would cover general liability issues during the race. Thus, you'd be most responsible for your own bumps and bruises which should be covered by your personal health insurance policy.

Of course, things like the value of your own bicycle may fall through the cracks.

I'm not a financial adviser, but you might consider being self insured. In a nutshell: Whatever you'd pay the insurance company, just put that money aside to cover damage to your bike.

Did that quote include any liability?

It's good idea. I've seen so many frames completely destroyed. Even more wheels, and they were all nice ones.

If you're not racing, I don't think you'd be taking the risks that trash bikes.

Upkeep on a relatively delicate but expensive machine is a chore.

​​​​​​You need to see what is covered and how often.

Instead of relying on second hand info, I would suggest you go to their website and get it straight from them. Would hate to steer you in the wrong direction or give incorrect info. Here is the link
https://www.markelinsurance.com/bicy...ance-for-bikes

Not trying to be snarky, just saying you get it firsthand you can ask additional questions if necessary.

I've heard that some racers choose to ride second tier bikes in Crits, especially if not riding in the elite levels.

This.

Rather than repeating all this, see https://www.bikeforums.net/road-cycl...insurance.html

Insuring a bike for property loss is a losing bet.

The basic principle is " Never insure against a risk you can afford to absorb" If you can't afford to absorb the loss of a bicycle frame in a crash, you need to look at how much your spending on your bike in the context of your financial circumstances.

Get another insurance company. At the very minimum they should have offered you a rider (no pun intended) policy.

But my thinking is, don't ride what you can't afford to lose. Any policy and you won't get anywhere near replacement anyway.

Howdy All;

That Green Lizard has been mentioning bikes alot in the past few weeks ...
perhaps that's why the enquiry???

hank

Wut?? :foo: :foo:

Does your motor vehicle insurance cover damage to your vehicle sustained while you are using it participating in a motor vehicle race?:rolleyes:

I have ATV insurance through Markel. It's $85 per year for a $5000 ATV and it includes liability. I valued a bicycle at $2000 per year through Markel and without liability it was $135 per year. The only real reason I'd want bicycle insurance is for liability. I wonder why bicycle insurance is comparatively so much higher. Greater likelihood of theft?

If I get such a rider then yes. :rolleyes:

A good agent is going to work with you to get the coverage you need.

My life insurance did not cover me for SCUBA but the company was willing to offer a rider policy in the event of such accident. I declined. If I died in a SCUBA accident, they would not pay.

You just answered your own question. Plus higher chance of full loss in an accident. Plus probably not near enough metrics on chances of accident and/ or theft based on age, region, sex etc like insurance companies do for automobiles. If they don't have complete data then you can bet they will error on their side.

If you can get a "rider", and are willing to pay an astronomic premium, you can probably insure anything for anything.

Let me know if you are aware of ANYBODY who has ever paid for an insurance rider for his personally owned car or truck for damage incurred while participating in racing events. Or ever been covered for such damage. SCUBA insurance does not count.:rolleyes:

No kidding. The point is it can be done. You can insure anything. If you have Again the point is a good agent would have been able to help with insurance for the OPs bike to add to his or her renters insurance. . Any agent worth his or her salt is going to see what they can do to help the customer, even if the service costs a bit more. You just don't answer no not covered and walk away. That is the time to find a new agent.

And yes a rider for SCUBA does count as far as life insurance goes. . Just like a rider for skydiving or any other high risk sport. It is extremely expensive so most people take the chance and opt out. They usually need to sign that if they die in these activities the company does not pay.

Perhaps there is more competition for ATV insurance.

The poster is looking to insure the bicycle, not his life. No regular insurance company agent is going to write a policy for bicycle damage incurred while the owner was involved in a bicycle race; get real!