Does anybody put insurance coverage on their bikes?
09-06-11 | 09:19 PM
#1
Thread Starter
King Hoternot
Joined: Jun 2010
Posts: 5,255
Likes: 0
From: Oregon City, OR
Bikes: 2015 Cannondale Evo Hi mod
Does anybody put insurance coverage on their bikes?
Edit: I'm talking specifically about adding your bike to your home owners coverage
My bike aint cheap, but not a top dollar bike by any means. Enough to know that if something happened to my bike, i wouldn't be able to walk into a bike shop and replace it for a while. my wife and I just switched car/home insurance and when i aksed about how much it would be to add my bike and it was an additional $60/year. Which when you break it down, it really isn't much but the reason we switched was to save money because we are trying to save as much as we can right because of future events (kids starting school, sports...etc.).
plus the agent told me if I crashed it wouldnt' be covered. My bike would have to be damaged in a house fire or if someone broke in and stole it. If I did crash, I'm not the kind of person to lie and just hide it and say someone stole it.
So it made me think, with all the people on here who have some SERIOUS money into their bikes, how many people have them covered with insurance?
My bike aint cheap, but not a top dollar bike by any means. Enough to know that if something happened to my bike, i wouldn't be able to walk into a bike shop and replace it for a while. my wife and I just switched car/home insurance and when i aksed about how much it would be to add my bike and it was an additional $60/year. Which when you break it down, it really isn't much but the reason we switched was to save money because we are trying to save as much as we can right because of future events (kids starting school, sports...etc.).
plus the agent told me if I crashed it wouldnt' be covered. My bike would have to be damaged in a house fire or if someone broke in and stole it. If I did crash, I'm not the kind of person to lie and just hide it and say someone stole it.
So it made me think, with all the people on here who have some SERIOUS money into their bikes, how many people have them covered with insurance?
Last edited by bianchi10; 09-06-11 at 10:56 PM.
09-06-11 | 11:44 PM
#4
Junior Member
Joined: Jul 2011
Posts: 3
Likes: 0
I am pretty sure it is claim-able under homeowners insurance if it disappears from the garage. Check with your insurance company.
Also, I am pretty sure you can find someone to insure just about anything if the price is right...
Also, I am pretty sure you can find someone to insure just about anything if the price is right...
09-07-11 | 01:48 AM
#6
Senior Member
Joined: Mar 2010
Posts: 1,204
Likes: 1
Bikes: Colnago C59 Italia Di2
I have a specific bike policy. I got it when i got a $15k colnago. So far I only claimed for my rain bike which was 2k and that will be recovered from 3rd party insurance - having my own policy meant i got my money in 2 weeks instead of 6 months that it took my friend to claim when he was hit.
Its well worth getting if your bikes are expensive or you rely on your bike
Be careful of the home policies becasue they often have low limits on bike claims and lots of small print.
Its well worth getting if your bikes are expensive or you rely on your bike
Be careful of the home policies becasue they often have low limits on bike claims and lots of small print.
09-07-11 | 01:53 AM
#7
Senior Member
Joined: Jun 2009
Posts: 493
Likes: 0
From: Huntington Beach
I have a specific bike policy. I got it when i got a $15k colnago. So far I only claimed for my rain bike which was 2k and that will be recovered from 3rd party insurance - having my own policy meant i got my money in 2 weeks instead of 6 months that it took my friend to claim when he was hit.
Its well worth getting if your bikes are expensive or you rely on your bike
Be careful of the home policies becasue they often have low limits on bike claims and lots of small print.
Its well worth getting if your bikes are expensive or you rely on your bike
Be careful of the home policies becasue they often have low limits on bike claims and lots of small print.
09-07-11 | 08:40 AM
#13
Senior Member
Joined: May 2009
Posts: 3,685
Likes: 0
Bikes: S5 VWD & SL-7 S works Red.
09-07-11 | 09:31 AM
#14
Senior Member
Joined: Sep 2010
Posts: 67
Likes: 0
From: CT
Bikes: Trek Series 6 P1 & Cronux CX Flatbar
Looked into it. Covered under homeowners but not crashes. If I want crash protection it was going to run me $160 yr. Opted not to get it because if I did crash it would be a claim which means all my policies go up.
09-07-11 | 09:46 AM
#15
pan y agua
Joined: Aug 2005
Posts: 31,812
Likes: 1,235
From: Jacksonville
Bikes: Willier Zero 7; Merlin Extralight; Calfee Dragonfly tandem, Calfee Adventure tandem; Cervelo P2; Motebecane Ti Fly 29er; Motebecanne Phantom Cross; Schwinn Paramount Track bike
Originally Posted by merlinextraligh
The most basisc principal of insurance is: Do not insure against risks you can afford to absorb. Given that no one should own a bike that is so expensive in relation to their means that they could not afford to absorb its loss, no one should pay money to insure their bike. ( If you spent so much money on your bike that you could not afford its loss, then you have greater financial planning issues.)
The reason you do not insure against risks you can afford to absorb is that it costs money to buy insurance. Insurance companies when they agree to underwrite your risk do so at price that is( with investment earnings) more than they will pay out to the policy holders they will insure. If that were not so, they would not make a profit and would not be in business. Thus, on average over time, it will always be more expensive to buy insurance than it will be to forgoe insurance, and effectively self insure your own risk.
Now there are certain things for which you need insurance, either because the risk is so great you cannot afford to absorb it (such as your house) or because it is required for you to do so by contract. (such as collision insurance on a financed car). In these cases you don't insure because it's good bet, but because you can't afford not to do so. That's not the case with the bike.
The reason you do not insure against risks you can afford to absorb is that it costs money to buy insurance. Insurance companies when they agree to underwrite your risk do so at price that is( with investment earnings) more than they will pay out to the policy holders they will insure. If that were not so, they would not make a profit and would not be in business. Thus, on average over time, it will always be more expensive to buy insurance than it will be to forgoe insurance, and effectively self insure your own risk.
Now there are certain things for which you need insurance, either because the risk is so great you cannot afford to absorb it (such as your house) or because it is required for you to do so by contract. (such as collision insurance on a financed car). In these cases you don't insure because it's good bet, but because you can't afford not to do so. That's not the case with the bike.
Moreover, your cost of insuring a $5,000 bike on your homeowner's is not just the cost of the rider, it's the cost of carrying that low of deductible.
__________________
You could fall off a cliff and die.
You could get lost and die.
You could hit a tree and die.
OR YOU COULD STAY HOME AND FALL OFF THE COUCH AND DIE.
You could fall off a cliff and die.
You could get lost and die.
You could hit a tree and die.
OR YOU COULD STAY HOME AND FALL OFF THE COUCH AND DIE.
09-07-11 | 09:47 AM
#16
Administrator
Joined: Feb 2005
Posts: 13,655
Likes: 2,707
From: Delaware shore
Bikes: Cervelo C5, Guru Photon, Waterford, Specialized CX
09-07-11 | 09:58 AM
#17
Senior Member
Joined: Nov 2010
Posts: 507
Likes: 0
From: North of Mayo Clinic Minnesota
Bikes: Trek 820 Madone 6.2. Trek 2.1
09-07-11 | 10:02 AM
#18
Senior Member
Joined: Apr 2010
Posts: 6,341
Likes: 326
From: Mountain View, CA USA and Golden, CO USA
Bikes: 97 Litespeed, 50-39-30x13-26 10 cogs, Campagnolo Ultrashift, retroreflective rims on SON28/PowerTap hubs
And depreciation if you neglect to buy replacement cost coverage or exceed the maximum difference between depreciated value and replacement cost.
09-07-11 | 10:11 AM
#19
Senior Member
Joined: Feb 2009
Posts: 1,971
Likes: 0
From: FFLD CTY, CT
Homeowner's covers it, but this makes me curious about the limits for this. With a $500 or $1k deductible you still have a benefit if your bike is like $8k replacement cost (if that's your coverage). But I wonder if you need a floater for that sort of limit on a bike. (Talking about theft or fire, etc.)
Thread
Thread Starter
Forum
Replies
Last Post
jontg428
General Cycling Discussion
14
02-01-19 01:58 AM
