c_mingus

I've just moved to San Francisco from Australia and am looking for an insurance policy which covers my bikes. Back home i had a policy which covered my bikes against theft and accidental damage (through my own fault or others) at home or anywhere in australia. This policy also covered my home contents. Are there any similar policies availalble in the US? Any advice on good companies to consider or bod one to avoid would be appreciated.

The total value of my bikes and cycling equipment is not huge, maybe around $3000. Thouhg i am thinking of buying a new road bike while i'm here which could roughly double that.

Rowan

I can't help on the US side of things, but back here in Australia, Machka and I are mullling over our insurance options right now. What insurer did you use for the policy you outline in your post, and what's the ballpark figure for the premium?

commo_soulja

Renters insurance will cover you bikes.

caveat - if you've got a lot of money tied up in your bikes and/or have several of them, then you may want a rider on your insurance that will specifically cover your bikes. That's what I have with USAA. And take lots of pics and document your bikes to the "T" in the event your bike(s) get stolen.

Any insurance company should be able to cater to your needs, just give them a call and discuss options.

edit: be sure to get replacement cost/value coverage vs. actual cash value/

Machka 

What company did you use here in Australia, and would you recommend them? Did they offer a decent price for good coverage?

Nightshade

To insure your bikes for full value just list them on a rider to your home/renters policy that list them as a covered item.

c_mingus

Thanks for the replies guys, does listing your bike on renters insurance typically protect against theft from outside your home (i.e. when locked up at work or elsewhere)? In Aus, renters insurance (or home/contents etc) would only cover theft from the insured property, once you take your bike out then you're on your own! I'll chekc out a few policies anyway, will hopefully find what i need.

As for insurance in australia, i used Cycle Safe insurance which Bicycle Victoria advertises. It seems pretty robust, i have claimed twice against it, once for some damage due to crash, then again when my glasses (as in, spectacles) fell out of my bag and were run over by a car! Is itsn't cheap though, about $600 for $40,000 worth of coverage (including any bike you own plus all your normal home contents). I think that's about twice what you'd pay for normal home contents insurance but it covers everything you own, anyhwere in the country and for up to 90 days overseas, so if you lose your camera while travelling you're covered (though you might have travel insurance anyway of course).

I have heard of another product, can't remember the name of it now but i seen to recall that both of them are underwritten by QBE, so i expect the cost will be similar.

JanMM

Depending on the details of your homeowner or renter policy (higher deductible equals lower premiums) , it may be cheaper just to eat the cost of replacing a bike.

tsl

Coverages vary by company and by state--even by state within a company. So you need to check with the company.

I switched companies for my tenant's insurance specifically because of my bikes. My old company, State Farm, wouldn't cover any bike over $100. Wouldn't add it as a rider, or as a named insured item, nothing. I carry a $500 deductible, so essentially, all my bikes were uninsured.

My new company Amica Mutual (does business in California too) not only reduced my premiums by 40% for the same coverage, but it covers bikes as plain old ordinary items. No need for riders, no need to specifically add add them to the policy. Best of all, as a mutual insurance company, every policyholder is also an owner. That means when the company profits, dividends are paid back to the policyholders. It takes a few bucks off my premiums every year.

Nightshade

When you insure the bike request "all hazard with no deductible" coverage which means just that ALL hazards.

Bike fall over and gets damaged..it's covered. Bike gets run over in a parking lot.....it's covered. Someone low life steals your bike.....it's covered.

One other point....
You'll need to declare a value for each bike to get full coverage. So be ready to prove what you paid for each bike. If you can't the ins co. will pro-rate the value and screw you bad.

P.S. I am insuring both my custom built bike and my custom built trike for $3,000 at a yearly cost for full coverage of $53.00 for both or .145 cents a day per year.

I_like_cereal

I called my insurance agent re this. Apparently in Oregon my auto insurance policy covers me in case I am hit by an under insured or uninsured motorist. It also covers my bike, however I have to pay my deductible. Oddly if I am cycling in Washington state the coverage may be out the window. I would have to call my agent to make sure that I am covered. Check with your insurance agent about UIM/UM coverage and your bike. If the bike is in your house it is covered by renters/homeowners policy as would be your blender.

rdtompki

I'm paying 1% a year on a $6,000 tandem. Theft would be covered by my homeowners policy, but perhaps not while on the roof of my car nor in front of a restaurant. The advantage of the rider is that coverage is no questions, no receipt required, etc. If you have a $300 bike stolen from a garage you'll need receipts, etc. (not that I don't have a ton of bicycle and "upgrade" receipts).

DogBoy

State Farm is also a mutual company.

apclassic9

Whether State Farm will issue a rider for expensive bikes - or not - depends upon where you live. In rural WV, there's no problem with this sort of coverage. You just have to ask whatever company you plan to deal with what thier policy is for your area.

rjc100

This discussion had me wondering and I called my home owners ins agent. They refused to cover my bike equipt, even with an additional rider. After explaining my bike and value I wanted to cover, they said my type of road bike I ride is for racing, and too high liability.
My bike is a Lemond road bike and value at $2000.00 max. What a brush off. I will now be looking for another ins company for my home since this indicated they are full of XXXX, and if I ever needed them for a claim on my home, there is no telling what they would try to pull.