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Insurance for Road Bikes - Options

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Insurance for Road Bikes - Options

Old 02-03-15, 01:43 PM
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Insurance for Road Bikes - Options

I just purchased a second roadbike, a higher end model, and I am researching options for insurance. I contacted my renter's insurance agent and my policy will not provide the type of coverage I need for a high end bike. In fact, they won't even cover a bike of this caliber. As I was researching, this appears to be common, and it appears some renterís policies will cover a bike, but they will only cover theft and not damage on the road. Some only cover theft while the bike is in your home. And if they do cover damage on the road, it is limited or with a lot of exceptions. Basically, these companies donít want to insure a $10,000 carbon frame bike, and I donít blame them.

So below is what I came up with on bike insurance companies, quotes, deductibles, etc. Veloinsurance appears to be very popular with cyclists, but Spoke insurance is new and will be available in a month. Actually, they are not new but a rebranding and launch of a prior, well-established company. They are the first company to launch in the United States (under a prior name) and have been around for 5 years, but are rebranding and will be distributing thru Marsh & McLennan Agency, the largest broker in the US. They are also endorsed by the League of American Bicyclists, Pedigo, etc. etc.

Am I missing any? Any experiences with any of these? At the moment I am inclined to go with Spoke. Bigring is the right prices but they tap out at $10K for coverage.


https://www.bigringinsurance.com/
$10,000 coverage
$250 deductible
$665 a year

https://velosurance.com/
$10,900 coverage
$300 deductible
$951 a year ($896 for $500 deductible)



Markel Specialty Insurance | Motorcycle, Bicycle, Event, Wedding, ATV
$10,900 coverage
$300 deductible
$1163 a year

Home - Spoke Insurance
$11,000 coverage
$100 deductible
$703



Kris
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Old 02-03-15, 01:46 PM
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I looked into it also and the cost is just too Mich.
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Old 02-03-15, 01:51 PM
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You have to look at component replacement in a crash only. After a crash, most of the group set, will still be OK. So if it is a frame only, or a wheel, that needs replacement that insurance gets a bit steep.

Theft is something else of course.
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Old 02-03-15, 01:56 PM
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Those premiums are exhorbitant. I won't own a bike I can't afford to replace.
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Old 02-03-15, 02:07 PM
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Originally Posted by rpenmanparker View Post
Those premiums are exhorbitant. I won't own a bike I can't afford to replace.
+1. Don't live beyond your means. [strike]Especially while you are renting.[/strike]
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Old 02-03-15, 02:19 PM
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Call your agent and/or investigate another carrier and ask them about what is known as a "floater policy." Liberty Mutual and a few other insurers offer this, which is the equivalent of buying a "rider" on your homeowners insurance.

Your agent was probably just trying to explain that traditional renter's insurance won't cover an item that valuable. But you can buy additional coverage through your primary insurer for much less than the specialty products that cater cyclists.

As far as the rent/own debate, that's subjective. Home ownership has basically become a tax shelter since homes don't rise in value as quickly as they historically did and the fact that people move more frequently. Those factors have conspired to change home ownership from the financial "slam dunk" that it once was. People who bought in 2005 had to wait almost 10 years on average before getting even. My wife and I own and it's worked OK for us, but I wouldn't say everyone should.

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Old 02-03-15, 02:30 PM
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Yeah, I shouldn't have brought that up. People rent for all sorts of valid reasons and in many different stages of life. Even though that part caught my eye, I really had no business going there with a comment.

+1 on double-checking about a rider/float policy attached to renter's. My wife's ring (for example) is basically a line item in our homeowners. Otherwise - at the rates quoted - I'd lean towards self-insurance.
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Old 02-03-15, 02:38 PM
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Originally Posted by dtrain View Post
Yeah, I shouldn't have brought that up. People rent for all sorts of valid reasons and in many different stages of life. Even though that part caught my eye, I really had no business going there with a comment.
Every time tax reform is discussed, the idea of removing the mortgage interest deduction is bandied about. If you took that away, which will likely not happen anytime soon, there's very little financial incentive to buy a home unless you know you'll be there for a long time. And these days, relatively few can say that.
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Old 02-03-15, 02:41 PM
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Does the manufacturer have a crash/damage replacement policy that offers a replacement frame at a reduced price.

Some of those rates are more than I pay to insure my house and the replacement value of its contents.
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Old 02-03-15, 02:42 PM
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Comments stating that if you shouldn't own a bike that you can't replace are a bit misguided and naive, not to mention unhelpful and avoiding the question. If my bike is stolen, then it stands to reason that I would prefer to pay a $100-300 deductible to have it replaced, and the same if someone crashes into me. This has absolutely nothing to to do with whether I can afford to buy a replacement, and everything to do with risk mitigation. One could make the same naive argument on cars, jewelry, dirt bikes, sportbikes, and it would be just as ridiculous. Why the hell insure your home, if you can't replace it when it burns down? Absurd.
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Old 02-03-15, 02:44 PM
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Funny you should bring up Liberty Mutual. That is my renter's insurance and the agent said they wouldn't insure it.

I totally agree on the renter thing. It's none of anyone's effing business whether I rent or buy, and why. It's just a factor to consider.


Originally Posted by cafzali View Post
Call your agent and/or investigate another carrier and ask them about what is known as a "floater policy." Liberty Mutual and a few other insurers offer this, which is the equivalent of buying a "rider" on your homeowners insurance.

Your agent was probably just trying to explain that traditional renter's insurance won't cover an item that valuable. But you can buy additional coverage through your primary insurer for much less than the specialty products that cater cyclists.

As far as the rent/own debate, that's subjective. Home ownership has basically become a tax shelter since homes don't rise in value as quickly as they historically did and the fact that people move more frequently. Those factors have conspired to change home ownership from the financial "slam dunk" that it once was. People who bought in 2005 had to wait almost 10 years on average before getting even. My wife and I own and it's worked OK for us, but I wouldn't say everyone should.
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Old 02-03-15, 02:58 PM
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Originally Posted by krispenhartung View Post
One could make the same naive argument on cars, jewelry, dirt bikes, sportbikes, and it would be just as ridiculous. Why the hell insure your home, if you can't replace it when it burns down? Absurd.
No, not absurd and not the same. People are making a decision on car insurance. Many drive inexpensive cars and carry liability-only...self-insuring part of the risk. Covering my home for nearly half a million is cheaper annually than these bike insurance quotes you provided (and the bank requires it - which makes sense). This isn't a bad idea, those are just horrible rates.
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Old 02-03-15, 03:00 PM
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Originally Posted by indyfabz View Post
Does the manufacturer have a crash/damage replacement policy that offers a replacement frame at a reduced price.

Some of those rates are more than I pay to insure my house and the replacement value of its contents.
I do think they are too high. I have a sportbike (a race superbike, in fact), and full coverage insurance on that is less than these quotes. And I think I am a lot more likely to crash my motorcycle than my bicycle, knee dragging around corners and going 160mph on straight aways.
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Old 02-03-15, 03:01 PM
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Originally Posted by dtrain View Post
No, not absurd and not the same. People are making a decision on car insurance. Many drive inexpensive cars and carry liability-only...self-insuring part of the risk. Covering my home for nearly half a million is cheaper annually than these bike insurance quotes you provided (and the bank requires it - which makes sense). This isn't a bad idea, those are just horrible rates.
The general argument is absurd, namely don't insure something unless you can't afford to replace it. It makes no sense. It's not even an argument at all, for not insuring something. But I agree that the quotes are too high...but that is not an argument for the general claim you shouldn't own and insure something if you can't afford to replace it.

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Old 02-03-15, 03:02 PM
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Originally Posted by krispenhartung View Post
Funny you should bring up Liberty Mutual. That is my renter's insurance and the agent said they wouldn't insure it.
Can your agent represent/sell other carriers? ...if not, can you shop around?
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Old 02-03-15, 03:04 PM
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Originally Posted by dtrain View Post
Can your agent represent/sell other carriers? ...if not, can you shop around?
Good question. But I am going around my agent and asking corporate
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Old 02-03-15, 03:19 PM
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The rates you quoted from specialty insurers are outrageous. I recommend you call a local agent that deals with multiple insurers, and discuss your needs. Yes, some homeowners and renters policies limit the dollar recovery for items stolen away from home. But if at the home, it would be at the limit of the policy. None that I have ever seen (and I handled claims like this for 35 years), limit damage at the home, as long as it is due to a covered cause. As far as other common problems, the most likely serious damage is due to vehicles, and most policies will cover it. A floater attached to a renters policy is just a fraction of the rates you were quoted, and provides for many more covered causes of loss, and also covers the item anywhere in the world.
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Old 02-03-15, 03:21 PM
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Originally Posted by krispenhartung View Post
The general argument is absurd, namely don't insure something unless you can't afford to replace it. It makes no sense. It's not even an argument at all, for not insuring something. But I agree that the quotes are too high...but that is not an argument for the general claim you shouldn't own and insure something if you can't afford to replace it.
Sorry if I've offended you. But that ain't my argument - that's way further than any point I was trying to make. Just weigh the risks, the rates, and what coverage the policy actually provides. I think insurance makes all the sense in the world in some situations, and can be a waste of money in others.

I can't quite relate to the original question, because my bikes aren't worth much (so I can just self-insure). But you're right - that's none of my effing business. I've tried to be a little bit helpful. Anyway, best of luck to you and ride safe.
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Old 02-03-15, 03:52 PM
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Originally Posted by trailrnr View Post
But if at the home, it would be at the limit of the policy. None that I have ever seen (and I handled claims like this for 35 years), limit damage at the home, as long as it is due to a covered cause. As far as other common problems, the most likely serious damage is due to vehicles, and most policies will cover it. A floater attached to a renters policy is just a fraction of the rates you were quoted, and provides for many more covered causes of loss, and also covers the item anywhere in the world.
My renter's policy limits bicycle replacement value to a maximum of $500. You have to pay more to increase the limit. I inquired about adding a rider for bicycle damage incurred away from home and they told me they could not write a policy/rider for that. The bike specific insurance company I got a quote from was too expensive ($375/yr. for $5k of coverage.)
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Old 02-03-15, 04:02 PM
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Originally Posted by dtrain View Post
Sorry if I've offended you. But that ain't my argument - that's way further than any point I was trying to make. Just weigh the risks, the rates, and what coverage the policy actually provides. I think insurance makes all the sense in the world in some situations, and can be a waste of money in others.

I can't quite relate to the original question, because my bikes aren't worth much (so I can just self-insure). But you're right - that's none of my effing business. I've tried to be a little bit helpful. Anyway, best of luck to you and ride safe.
No offense taken :-)
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Old 02-03-15, 04:05 PM
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Originally Posted by Dunbar View Post
My renter's policy limits bicycle replacement value to a maximum of $500. You have to pay more to increase the limit. I inquired about adding a rider for bicycle damage incurred away from home and they told me they could not write a policy/rider for that. The bike specific insurance company I got a quote from was too expensive ($375/yr. for $5k of coverage.)
This is so messed up..just another case of our culture not supporting cycling as a legitimate form of transportation. A guy can insure a $15K sport bike, do wheelies all day long and ride with his friends through dangerous twisties, but we can't insure our high end bikes for the same price with good coverage. Geico should totally jump on this and provide bike insurance.
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Old 02-03-15, 04:09 PM
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Most insurance would not cover a bike for crash damage, but as pointed out, most crash damage is usually components and is significantly less than a total loss.

The reason your bike would be a total loss:
1) Collision with car. If you aren't at fault, its covered by their insurance or your un-insured motorist coverage (state dependent).

2) Theft. Get a rider for your renter's insurance, it will only cover theft though.

The problem with bike specific insurance is that the only people who buy it are people who continually crash their bikes. That makes the risk pool very very bad, so the premiums are a fortune. Look at it this way, for 3-4 years of premiums you can buy a very nice new bike. Most crashes won't even get over the deductible, so you'll still be paying out of pocket.
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Old 02-03-15, 04:13 PM
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Originally Posted by krispenhartung View Post
I do think they are too high. I have a sportbike (a race superbike, in fact), and full coverage insurance on that is less than these quotes. And I think I am a lot more likely to crash my motorcycle than my bicycle, knee dragging around corners and going 160mph on straight aways.
Does that policy specifically cover racing, or is it a racing only policy?. If you look at car insurance, the vast majority of the insurance risk is personal liability not the replacement cost of most vehicles. A $30k car is nothing compared to $300k in medical costs from a car accident.
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Old 02-03-15, 04:17 PM
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Originally Posted by gsa103 View Post
Does that policy specifically cover racing, or is it a racing only policy?. If you look at car insurance, the vast majority of the insurance risk is personal liability not the replacement cost of most vehicles. A $30k car is nothing compared to $300k in medical costs from a car accident.
Good point. I don't even know what it takes to insure a sportbike to race. That certainly increases the risk.
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Old 02-03-15, 04:17 PM
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Originally Posted by krispenhartung View Post
This is so messed up..just another case of our culture not supporting cycling as a legitimate form of transportation. A guy can insure a $15K sport bike, do wheelies all day long and ride with his friends through dangerous twisties, but we can't insure our high end bikes for the same price with good coverage. Geico should totally jump on this and provide bike insurance.
Motorcycles & cars have mandatory insurance requirements, while most cyclists self-insure. Would I add my bike to my auto policy if it were $50/yr probably, but much more than that and it's not worth it. I'd rather just replace it with a newer model.

The only way to have affordable cycling insurance is to ensure that most cyclists have it. That likely means requiring licensing and insurance for bikes...that's going to be popular policy alright...
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