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Bike Insurance

Old 06-02-14, 09:42 AM
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krusej23
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Bike Insurance

Hi, I'm new to biking. My wife and I just bought bikes this weekend(2014 Trek 7.2 FX-Me, 2014 Trek Verve 2-Wife). I am just wondering what people do for insurance or have any advice. Are they covered much under a normal home owners insurance policy? They both cost around $600 and our deductible is $500. We use State Farm. Thanks!
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Old 06-02-14, 10:10 AM
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In your case, you generally won't benefit much from filing a claim because of your deductible.

Generally, people do cover their bikes via homeowners, although those who have expensive bikes often have to add a "rider" that covers the value that their traditional homeowners does not cover.
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Old 06-02-14, 12:39 PM
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Originally Posted by cafzali View Post
In your case, you generally won't benefit much from filing a claim because of your deductible.

Generally, people do cover their bikes via homeowners, although those who have expensive bikes often have to add a "rider" that covers the value that their traditional homeowners does not cover.
Your deductible will lower payout in case of a loss. However, it's far better to insure your bike,computer,anything of extra value with a "rider" to cover just those items.

I carry our bikes (5) on a seperate rider that cost me just $50 a year for all with NO deductible at all!! Same thing for our 5 computers.....$65 to cover any and all damage to them.

Talk to your agent for the best info for you.............
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I dislike clipless pedals on any city bike since I feel they are unsafe.

Originally Posted by krazygluon
Steel: nearly a thousand years of metallurgical development
Aluminum: barely a hundred, which one would you rather have under your butt at 30mph?
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Old 06-02-14, 12:39 PM
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It's been probably a decade or so but I once asked my long time insurance man about putting a rider on my bikes and told him what the replacement cost would be (among others I had a $7,000 tandem at the time). He advised me not to bother. So I haven't.
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Old 06-02-14, 12:45 PM
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Originally Posted by Retro Grouch View Post
It's been probably a decade or so but I once asked my long time insurance man about putting a rider on my bikes and told him what the replacement cost would be (among others I had a $7,000 tandem at the time). He advised me not to bother. So I haven't.
And you have the same agent after this bit of bad advice??

I've needed rider to cover 3 lighting fried computers, one stolen bike, and one run over ,and bent, bike that would have been out of pocket loss otherwise.

Your agent gave you penny wise and pound foolish advice.
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My preferred bicycle brand is.......WORKSMAN CYCLES
I dislike clipless pedals on any city bike since I feel they are unsafe.

Originally Posted by krazygluon
Steel: nearly a thousand years of metallurgical development
Aluminum: barely a hundred, which one would you rather have under your butt at 30mph?
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Old 06-02-14, 02:04 PM
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Originally Posted by Nightshade View Post
Talk to your agent for the best info for you.............
Originally Posted by Nightshade View Post
And you have the same agent after this bit of bad advice??
**********?
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Old 06-02-14, 02:14 PM
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Double check what your coverage on State Farm is... I got screwed by them several years ago. Lost a bunch of tools and bicycles in a break-in, they claimed I needed separate riders to cover them. SF is no longer has my business. I have about $7,000 in bicycles I have a separate rider to cover them and it is a replacement cost insurance not ACV.

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"Steel: nearly a thousand years of metallurgical development
Aluminum: barely a hundred
Which one would you rather have under your butt at 30mph?"
_krazygluon
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Old 06-02-14, 04:19 PM
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You are going to find out that homeowner's insurance is designed to protect you in a high-dollar loss like a major theft, fire, or major storm damage. As soon as you use it, your identity and loss data goes into an insurance industry database. If you use it for frequent low-dollar losses you will end up having a very hard time obtaining insurance at reasonable prices. Yes, the agent will probably issue you a special rider for bikes but self-insurance might still be better in the long run.
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Old 06-02-14, 10:41 PM
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For $600, I wouldn't bother with extra insurance. Just store them inside, get some decent locks, and don't let them out of your sight when you're out and about.

However, you might inquire at AAA (I'm guessing you're American). I got extra bicycle insurance through CAA (Canadian Automobile Association) ... they were the only insuring organisation that did not laugh at me and tell me not to bother, and the cost of insurance was comfortably low.
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Old 06-03-14, 10:44 PM
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I don't have homeowner's insurance, but I do have renter's insurance. After explaining to the agent on the phone that I don't have any belongings valued above $500, she was able to lower my deductible from $500 to only $100. The yearly cost did go up a little, but not by that much.

When talking to your insurance company, play your cards right. If they think you're about to switch companies or cancel your insurance they'll give in more than you think.
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Old 06-04-14, 09:22 AM
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I had the papers for my new bike close by and thought I'd share what the costs are over here (in Holland).

In February of this year I bought a bike that cost €4,339. The insurance, theft only, (Enra, offered through the dealer) for a complete replacement came to a one time payment of €457 for 36 month coverage. In three years when the insurance runs out I'll probably not opt to renew coverage.
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Old 06-04-14, 09:48 AM
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I purchased a specific policy to cover my bike through Velosurance. It covers it no matter where it is and also covers crashes (including during a race). In fact it will cover kit/clothing replacements and also race fee reimbursement if you can't do an upcoming race because of damage to your bike. My home owners insurance company didn't have specific coverage for my bike (unless something happened to it inside my home), which is what prompted me to go with Velosurance.
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Old 06-04-14, 01:53 PM
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Originally Posted by ttusomeone View Post
I purchased a specific policy to cover my bike through Velosurance. It covers it no matter where it is and also covers crashes (including during a race). In fact it will cover kit/clothing replacements and also race fee reimbursement if you can't do an upcoming race because of damage to your bike. My home owners insurance company didn't have specific coverage for my bike (unless something happened to it inside my home), which is what prompted me to go with Velosurance.
Most home insurance companies will insure anything not auto related on what is called a "rider" just for that item. Riders cost extra but the cost is tiny when compared to a separate policy.

One MUST ASK FOR a rider then insist that the agent write the rider added to your home owners policy. Agents don't like riders 'cause they don't make any money on them.
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My preferred bicycle brand is.......WORKSMAN CYCLES
I dislike clipless pedals on any city bike since I feel they are unsafe.

Originally Posted by krazygluon
Steel: nearly a thousand years of metallurgical development
Aluminum: barely a hundred, which one would you rather have under your butt at 30mph?
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Old 06-04-14, 01:59 PM
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Originally Posted by Nightshade View Post
Most home insurance companies will insure anything not auto related on what is called a "rider" just for that item. Riders cost extra but the cost is tiny when compared to a separate policy.

One MUST ASK FOR a rider then insist that the agent write the rider added to your home owners policy. Agents don't like riders 'cause they don't make any money on them.
I talked to my insurance company about it and they said they didn't do it, but then again I was talking to one of the analyst and not my actual agent. I'll talk to my actual agent about it before my velosurance policy expires.
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Old 06-04-14, 07:44 PM
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Got a reply back from my insurance agent.

"If the bikes you mentioned are stored in the house, they are covered in the event of a theft inside the home."

"
Your bike would be covered in that situation (chained up at work) as you stated under your homeowners. Homeowner deductibles would apply.

State Farm does insure bikes under a personal article policy but one bike would have to cost $700 or more to insure that way."
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Old 06-04-14, 11:14 PM
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Originally Posted by krusej23 View Post
Got a reply back from my insurance agent.

"If the bikes you mentioned are stored in the house, they are covered in the event of a theft inside the home."

"
Your bike would be covered in that situation (chained up at work) as you stated under your homeowners. Homeowner deductibles would apply.

State Farm does insure bikes under a personal article policy but one bike would have to cost $700 or more to insure that way."
That's why I said, "For $600, I wouldn't bother with extra insurance."
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Old 06-05-14, 12:21 PM
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And when looking at a bike rider, look at the terms to see whether they'll give you replacement value, or actual cash value, in event of a loss. Because, well, you know, bikes do depreciate.
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Old 06-05-14, 12:29 PM
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Originally Posted by krusej23 View Post
Got a reply back from my insurance agent.

"If the bikes you mentioned are stored in the house, they are covered in the event of a theft inside the home."

"
Your bike would be covered in that situation (chained up at work) as you stated under your homeowners. Homeowner deductibles would apply.

State Farm does insure bikes under a personal article policy but one bike would have to cost $700 or more to insure that way."
$700 A YEAR FOR ONE BIKE!! I never paid more than $50 a year for all 5 of my bike full coverage!!

Do you need a different insurance company??
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My preferred bicycle brand is.......WORKSMAN CYCLES
I dislike clipless pedals on any city bike since I feel they are unsafe.

Originally Posted by krazygluon
Steel: nearly a thousand years of metallurgical development
Aluminum: barely a hundred, which one would you rather have under your butt at 30mph?
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Old 06-05-14, 12:30 PM
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Originally Posted by Nightshade View Post
$700 A YEAR FOR ONE BIKE!! I never paid more than $50 a year for all 5 of my bike full coverage!!

Do you need a different insurance company??
Pretty sure he's saying the value of the bike would have to exceed $700 not that the insurance would cost $700.
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Old 06-05-14, 12:33 PM
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Originally Posted by ttusomeone View Post
pretty sure he's saying the value of the bike would have to exceed $700 not that the insurance would cost $700.
poppycock!!! Sounds like your insurance agent doesn't want to sell you this low profit insurance. YOU set the value for the bike not the agent!!
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My preferred bicycle brand is.......WORKSMAN CYCLES
I dislike clipless pedals on any city bike since I feel they are unsafe.

Originally Posted by krazygluon
Steel: nearly a thousand years of metallurgical development
Aluminum: barely a hundred, which one would you rather have under your butt at 30mph?
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Old 06-06-14, 08:42 AM
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It has been about 10 years ago now, but State Farm homeowners ins paid for a new bike and the tools I had in my trunk pack. The bike was stolen out of the back of my garage while my wife was watering her plants. I suggest you check with your Ins agent.
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Old 06-06-14, 08:51 AM
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Interesting thread. It never once occurred to me to worry about insurance on my bicycles. That's probably because the most I've ever spent on a bike was around $900. Hardly worth insuring something of that value that's pretty unlikely to be stolen from my garage.

Now, if I had $7k worth of bikes, where any one of them was in the couple grand range of value, I'd probably think about it. I wouldn't remotely bother for a couple of $600 bikes. But good thread and useful info here.
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Old 06-06-14, 10:05 AM
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I carry high deductible insurance (all types) to protect myself from catastrophic loss. I assume the risk myself for smaller losses.

If my $1000 bike got stolen, I would be upset. I wouldn't be happy that I suffered the loss. I wouldn't be glad that I had to figure out how to come up with the money to replace the bike. But I wouldn't go so far as to purchase insurance to try and mitigate a loss that (in the grand scheme of things) just isn't that great. And yes, I have had three bikes stolen over the course of the last 45 years.

That's just my opinion. Everyone has to figure out where their comfort level is for assuming risk. But remember, the insurance company is willing to sell you insurance on your bicycle because the odds are greatly in their favor that they will make more money than they will have to pay out.
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Old 06-06-14, 12:35 PM
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Tundra_Man summed it up perfectly.
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Old 06-07-14, 04:41 PM
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We were State Farm clients for decades. We filed a $15k claim when we bought our home in 2011 (busted water pipe). A year later someone stole $6k worth of bicycles (2) out of our garage. We debated filing a claim, given the risk of them canceling our policy. We decided to go for it, since our agent told us we had "rider" in place for this kind of thing, and we would get replacement value minus $500 deductible. Six months later, we got a letter from SF that our homeowner's insurance policy was being canceled because of "too many claims." It was a nightmare finding another company to insure our home; The Hartford came through for us. We will never file another claim for a "low-ticket" item like a couple bikes.
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