Bicycle insurance for dream bike.

Discussion in 'Bike buying advice' started by wifeh8sbikes, Apr 11, 2006.

  1. wifeh8sbikes

    wifeh8sbikes New Member

    Joined:
    Mar 10, 2006
    Messages:
    8
    Likes Received:
    0
    I am in the midst of purchasing my dream bike; This even comes with the support of my beautiful wife. A C50/ full Record. With the cost of the bike in the $9000 range, does anyone have experience with bicycle insurance?
     
    Tags:


  2. gclark8

    gclark8 New Member

    Joined:
    Apr 13, 2004
    Messages:
    3,522
    Likes Received:
    3
    Mine are covered for all risks as seperate items and added on to my house and contents insurance. It was about $45 for both bikes.
     
  3. Mulligan Al

    Mulligan Al New Member

    Joined:
    Apr 12, 2006
    Messages:
    14
    Likes Received:
    0
    Yea, that's what I'd do also. I have some expensive trumpets and they are all insured under my home owners insurance. They're covered even if they're taken from my car.

    HEY, this is my first post!!!! :D
     
  4. jamesdemien

    jamesdemien New Member

    Joined:
    Apr 17, 2006
    Messages:
    90
    Likes Received:
    0
    I was always wondering about this...so home owners/renters insurance will cover things outside of your home...Like if the bike is in the garage and the garage falls down i know thats covered, but are you telling me I can have my policy pay for the bike when it's away from the house?
     
  5. toadfly

    toadfly New Member

    Joined:
    Apr 19, 2006
    Messages:
    2
    Likes Received:
    0
    Hi George. How did you get such good pricing? My agent told me it would be 6% of the bike value per month! What type of coverage did you buy? Thanks
     
  6. buckybux

    buckybux New Member

    Joined:
    Jul 14, 2005
    Messages:
    227
    Likes Received:
    0
    I used to be an insurance broker, licensed until last year. Every Homeowners contract is different, so you have to review the coverage to know specifically how it is handled. Generally, Homeowners has a 10% of contents value extension which covers off premises. So if you have coverage for $90,000 of Contents, then you have up to $9000 available off premises. Most people have contents coverage which only covers for specified perils. Theft is usually one of the specified perils. However, if you spill bleach (or acid) on the bike and it becomes ruined, that it not covered, since that peril is not specified in the contract.

    Some agents will try and sell you the "Floater" coverage for a bike. The perils are much broader than those listed in under Contents. However, unless there is an "Agreed Amount" clause, the coverage is actual cash value, while under contents it is replacement cost. So you could end up paying more for the coverage, but receive less on the insurance payment.

    My recommendation is to just make sure it is covered under the Household Contents, that is how I have my bicycle covered (worth about $3,000).
     
  7. buckybux

    buckybux New Member

    Joined:
    Jul 14, 2005
    Messages:
    227
    Likes Received:
    0
    You need to check with another agent My rates were in the 1-2% range when I sold the coverage.
     
  8. snaps10

    snaps10 New Member

    Joined:
    Apr 26, 2006
    Messages:
    153
    Likes Received:
    0
    im an agent in california, your bike should be covered under the contents portion of your homeowners/renters policy. i would recommend calling your agent and upping your contents coverage by the amount of the bike, and make sure that you have contents replacement cost on your policy. this would pay you off for the price new instead of actual cash value (street value). an example i just got my wife a new grand piano (26000 value) rather than buying coverage from the dealer, i raised the contents coverage of my HO policy by 15000 (ill eat the difference if someone walks away with my piano). and yes, it will cover the policy even away from your house, say for example you were driving a 15 passenger van full of guys with 8 road and 8 mt. on a rack on top and it flew off the van at 65mph. covered (guess how i know):D if you have any other questions, ask up.

    and as bucky stated, make sure you have a broad form policy with all-peril coverage.
     
  9. JTE83

    JTE83 Member

    Joined:
    Jan 28, 2004
    Messages:
    1,390
    Likes Received:
    9
    My bikes are insured as Sporting Goods on my mom's house policy from Allstate. It'll only pay me a max of $3000 per bike.
     
  10. jamesdemien

    jamesdemien New Member

    Joined:
    Apr 17, 2006
    Messages:
    90
    Likes Received:
    0
    Ok I finally got a rider on my renters policy to cover my ride... thanks
     
  11. Ronja Zigler

    Ronja Zigler New Member

    Joined:
    Nov 9, 2011
    Messages:
    2
    Likes Received:
    0
    So I just moved to California. I don't have a car (so no auto insurance), and I don't rent or own (my boyfriend pays for the renters insurance), so I can't add coverage to my current non existent insurance. What options do I have to protect myself while I ride and that will cover my bike (it's only worth a few hundred, but that's a lot of money to me)? I don't want to get hit by a car and end up with insane hospital bills because the car didn't bother to pay their insurance or get enough coverage.
     
  12. An old Guy

    An old Guy Member

    Joined:
    Feb 12, 2011
    Messages:
    1,380
    Likes Received:
    21
    A $300 bike is not worth insuring - to the insurer.

    If you want heath insurance, an HSA is a good idea. But if $300 is a lot of money to you, you can neither afford heath insurance or the deductibles/copays of the policy.

    Find an insurance broker and tell him your desires. He may be able to suggest something.

    ---

    My bike is insured on my homeowner's policy. $1000 deductible. I have an HSA (health insurance and savings plan) with $10K deductible. The cost of my health insurance is reasonable.

    In my last car/bicycle accident - bike frame destroyed, front wheel destroyed, large crank ring broken, crank shaft bent, and I had some pretty badly broken bones:

    My homeowner's policy paid $2500 on my year old $3500 bike (cost included my PowerTap wheel). I got to keep all the parts. So I broke even.

    My auto insurance paid $5K health costs and $100K in compensatory damages (uninsured motorist portion). My health insurance paid well over $100K. The state uninsured fund paid me $25K. I paid $3K in deductibles and $10K for temporary accommodations - ramp, hospital bed, and paved driveway, while I was recovering.

    Insurance is nice. My insurers were very nice. Everyone paid what was asked as soon as the paperwork was done correctly. And everyone was very helpful in saying what was filled out improperly.
     
  13. Ronja Zigler

    Ronja Zigler New Member

    Joined:
    Nov 9, 2011
    Messages:
    2
    Likes Received:
    0
    Thanks! Glad you were able to come out of your accident alive.
     
  14. justwannaride

    justwannaride New Member

    Joined:
    Mar 10, 2012
    Messages:
    1
    Likes Received:
    0
    I live in Hanford. Can you sell me insurance for just my bike?
     
  15. tchaix

    tchaix New Member

    Joined:
    May 1, 2012
    Messages:
    1
    Likes Received:
    0
    Has anyone seen Spokeinsurance.com? It's comprehensive Bicycle Insurance for you and your bike. So for those cyclists that don't have homeowners or auto insurance, here is your alternative or priority. The policy contains liability coverage, Uninsured and Underinsured coverage, medical payments, physical damage and theft coverage for you and your bicycle. There is only a $100 deductible so you won't lose a lot of money. Check it out - www.spokeinsurance.com.
     
  16. Que Adams

    Que Adams New Member

    Joined:
    Feb 5, 2013
    Messages:
    1
    Likes Received:
    0
    There's a new cyclist-specific product on the market: Velosurance. It's a multi-risk policy geared specifically towards people who ride their bikes a lot. The policy covers bike losses in a broad number of situations (such as racing), most of them wouldn't be covered under home owners or renters insurance. Those without health insurance can add medical payments to the policy, which makes perfect sense if you just lost your job but dodging trees and rocks on your mountain bike is what keeps you sane :)
     
Loading...
Loading...