Bicycle insurance.



MotownBikeBoy

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Nov 24, 2012
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I think I should get this, especially if I get a high end bike. Anyone have any experience with it?
 

Volnix

Well-Known Member
Feb 19, 2011
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No idea if there is such a thing there but here until recently there was no incurance specifically for bikes.

There is a small firm now that advertizes in some local cycling groups that offers insurance for quite a small fee per year, but I dont know up to how much money and what it covers. (if its not a fraud alltogether exploiting the new "cycling" boom)

Basically the bigger insurance firms (which might pay fast with just a document from the police or something) cover the loss of all home appliances if the bike is lets say stolen from your home.

There is also the option of a "general civil insurance" or something like that which covers you in the case of an accident, but I havent checked much on that or what exactly it is that covers. (If covering the bike at all that is and not just damages caused in case of an accident).

But if you get a 3000euro bike... You wont be leaving it with a D-lock on a pole whilst having pints in the pub anyway arent you?
big-smile.png

I wish bikes should have licence plates like cars... That would maybe reduce theft alot.
 

jhuskey

Moderator
Oct 6, 2003
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Do you have home owners and if so it will probably cover a bike loss if not you list it as a scheduled item. If you have no coverage there are a few companies that will cover bikes.
 

steve

Administrator
Staff member
Aug 12, 2001
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In Australia there are insurers that cover your bike for theft and also damage in racing, cost is pretty reasonable most times to.

http://velosure.com.au
http://bikesureonline.com.au
http://cyclecover.com.au

Are some examples.
 

VELOSURANCE

New Member
Jan 4, 2014
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Bicycle insurance is available @ Velosurance The policy starts at $100/year and covers just about anything that can happen to the bike, any where, any time, racing, commuting, or just riding for fun and fitness. All we do is insure bikes. Give us a call any time 888-663-9948 We will answer the phone even if we are riding! We welcome your call. Dave - CEO

PS Your home/renters insurance does a bad job insuring bikes. Velosurance was founded to fix that problem.
 

CAMPYBOB

Well-Known Member
Sep 12, 2005
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Quote from Velosurance:
"Your home/renters insurance does a bad job insuring bikes."

I have had positive experiences with State Farm on multiple occasions and with Grinnell one time.

It took my legal eagle and an arbitration, but even Safe Auto was made to see the light.

Inland Marine policies can also be written if Home Owner's or Renter's Insurance gets all weirded out about writing a rider.
 

Mansmind

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Aug 3, 2004
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I'm considering a separate policy for my bike as well. I realize homeowner's theoretically covers it, but that can get sticky especially regarding the reason for the "loss". I'm into photography pretty deep, and got a separate policy for all my equipment as well. Basically it is covered if I happen to be crossing a stream, climbing a waterfall, etc. and drop it. It is covered at replacement value. The cost is relatively cheap, a 30k policy costs me around 200/yr. I have about 10k in my newest bike, the cost can't be that bad in comparison to looking at a trashed bike after a crash.
 

VELOSURANCE

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Jan 4, 2014
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The most asked question about bicycle insurance is “isn’t my bike covered by my home insurance” and the answer is “possibly, but not very effectively”. Home or renter insurance is not a good deal when you are trying to insure a bicycle.

There are a some very important questions to ask your agent when insuring a bike. Here are the best questions to ask.

When an insurance company says they insure your stuff for "replacement cost" they are only telling 1/2 the story. What they aren't telling you about is the depreciation factor. After 15+ years selling home insurance and many bike claims we never had a happy client when it involved a bicycle claim so we formed Velosurance to give cyclists a better way to insure their bikes with a no depreciation, multi risk, no BS bike policy managed by a company owned by cyclists. All we do is insure bikes.

A Velosurance damage claim is paid in less than 7 days. No BS! Testimonials here.


Typical claim: A 5 year old $3,100 bicycle is stolen and a claim placed with your insurance company.
BTW a 2010 bike is now a 5 year old bike.
Here’s the home insurance math: $3,100 x 50% depreciation = $1,550 less $1,000 deductible = $550 payment to replace the bike. Out of pocket expense = $2,550
Here’s the Velosurance math: $3,100 less $300 deductible = $2800 payment. Out of pocket expense $300.
That’s a $2,250 difference of out of pocket expense, or 12 years of Velosurance premiums at $186 a year.
 

Mansmind

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Aug 3, 2004
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Originally Posted by VELOSURANCE
The most asked question about bicycle insurance is “isn’t my bike covered by my home insurance” and the answer is “possibly, but not very effectively”. Home or renter insurance is not a good deal when you are trying to insure a bicycle.

There are a some very important questions to ask your agent when insuring a bike. Here are the best questions to ask.

When an insurance company says they insure your stuff for "replacement cost" they are only telling 1/2 the story. What they aren't telling you about is the depreciation factor. After 15+ years selling home insurance and many bike claims we never had a happy client when it involved a bicycle claim so we formed Velosurance to give cyclists a better way to insure their bikes with a no depreciation, multi risk, no BS bike policy managed by a company owned by cyclists. All we do is insure bikes.

A Velosurance damage claim is paid in less than 7 days. No BS! Testimonials here.


Typical claim: A 5 year old $3,100 bicycle is stolen and a claim placed with your insurance company.
BTW a 2010 bike is now a 5 year old bike.
Here’s the home insurance math: $3,100 x 50% depreciation = $1,550 less $1,000 deductible = $550 payment to replace the bike. Out of pocket expense = $2,550
Here’s the Velosurance math: $3,100 less $300 deductible = $2800 payment. Out of pocket expense $300.
That’s a $2,250 difference of out of pocket expense, or 12 years of Velosurance premiums at $186 a year.
Actually I'm not so sure how good that policy is. Granted my current policy is on photography equipment, but in that policy replacement cost is the cost to replace it TODAY, whatever that may be. A $3000 Zeiss lens will get more expensive over time not less...so that's helpful. I suspect the same can be said for replacing a 2010 $3100 bicycle. That's likely to cost you $4000 today (that's a guess). Also, there is no deductible. I might find I can't get the same kind of policy on my bike, but if I can that sounds a little better than what you're offering.

I used to be an agent, so I hear where you are coming from, but for the premiums you are charging it sounds as if there might be better options.
 

VELOSURANCE

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Jan 4, 2014
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You have some amazing photography on your website. My daughter is a photographic plate maker in Savannah if you ever need plates of your work.

Velosurance may not be for everyone but it is a great alternative to dealing with an adversarial insurance company claims department adjuster whose car cost less than your bike. Let me know how you fare with the insurance for your bike now you have the right questions to ask. Regards, Dave.... [email protected]
 

Mansmind

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Aug 3, 2004
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Originally Posted by VELOSURANCE
You have some amazing photography on your website. My daughter is a photographic plate maker in Savannah if you ever need plates of your work.

Velosurance may not be for everyone but it is a great alternative to dealing with an adversarial insurance company claims department adjuster whose car cost less than your bike. Let me know how you fare with the insurance for your bike now you have the right questions to ask. Regards, Dave.... [email protected]
Thanks for the compliment! :) Savannah is a neat town with even neater history, I'm sure your daughter enjoys living in the area. I agree with you vs. most insurance companies.
 

RudyB

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Jan 9, 2014
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I just purchased renters insurance with GEICO the other day. It covers everything I own and they will replace it if it gets stolen or destroyed for whatever price you paid for it. If your bike gets stolen in the street, they will replace it. Make sure you file a Police report. Also, very important, take pictures of everything you have in your house as proof.
 

VELOSURANCE

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Jan 4, 2014
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Originally Posted by RudyB
I just purchased renters insurance with GEICO the other day. It covers everything I own and they will replace it if it gets stolen or destroyed for whatever price you paid for it. If your bike gets stolen in the street, they will replace it. Make sure you file a Police report. Also, very important, take pictures of everything you have in your house as proof.
Rudy, please take my response with all sincerity. In 15 years selling home insurance I always checked on my competition and heres the skinny on GEICO, and most other home insurance policies. GEICO is a great company with a good product but their policy is a "named perils" policy that covers theft, hail, flood, and fire, all as "named perils" but it does not cover much else that can or will happen to you bike. The Velosurance policy is an "All Risk" policy meaning that it covers "all risks". I could fill a page of what can damage my bike, GEICO covers only a few "named perils", so if all you are concerned about is theft then GEICO might be for you.

Velosurance was founded because after 15 years of upset clients when there was a bike claim we decided cyclists deserved better insurance that covered all the risks associated with cycling.

All we do is insure bicycles and we are very good at what we do. Dave - CEO
 

VELOSURANCE

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Jan 4, 2014
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Real life from today's race.... In August Velosurance sponsored a local MTB race. Today we raced in a local MTB 6 hour race. Two riders came to us with stories about bike claims with their home and renter insurance.

Bike #1 was a road bike damaged in a race related crash in December. The renters insurance company denied the claim because they said racing was "puting the bike in harms way" and they do not pay for claims where the rider damages his/her own bike.

Bike #2 asked for a Velosurance quote in August but decided to stick with his home insurance policy because the premium was cheaper. The bike was stolen in October. Last week he finally settled with the home insurance company (90 days later) for a depreciated value so low that he said it wasn't even worth making a claim.

These examples are from Florida that is a very tough insurance market but they are both great reasons why we formed Velosurance, to give cyclists a stand alone bicycle insurance policy with a company that doesn't BS around when it comes to claims.

Our damage claims are paid in days, not weeks or months. Submit your claim on Monday and have a check in your hand by Saturday. Dave - CEO Velosurance
 

MotownBikeBoy

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Nov 24, 2012
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I absolutely believe in quality insurance, always read policies in full, don't skimp on premiums. I can give you an example. Last dog got cancer, cheap pet insurance paid out about $3k on $14k of 3 years of chemo. Current dog had a diabetic crisis last March better insurance, about $100 month vs $60. Better company paid $11,600 of a $13,000 bill.
 

An old Guy

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Feb 12, 2011
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Originally Posted by MotownBikeBoy

I think I should get this, especially if I get a high end bike.

Anyone have any experience with it?
Insurance is to pay for consequenses that you cannot afford to pay for.

On average you will pay more for insurance than you will recover in claims. (That is how the insurer makes money.) But a few will recover more than they pay.
 

MotownBikeBoy

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Nov 24, 2012
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Well, of course it is a gamble, just like Vegas, the House must pay out less than it takes in long term, if it is for-profit, it at least break even if a non-profit. But, the customer also buys some peace of mind.
 

An old Guy

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Feb 12, 2011
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Originally Posted by MotownBikeBoy

Well, of course it is a gamble, just like Vegas, the House must pay out less than it takes in long term, if it is for-profit, it at least break even if a non-profit. But, the customer also buys some peace of mind.
Originally Posted by MotownBikeBoy

Well, of course it is a gamble, just like Vegas, the House must pay out less than it takes in long term, if it is for-profit, it at least break even if a non-profit. But, the customer also buys some peace of mind.

It seems you have a non-standard view of insurance.
 

MotownBikeBoy

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Nov 24, 2012
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OK, if you say so ... just my opinion based on my experiences as a consumer. All I know is I've never regretted buying the best policies I can afford, from auto to medical to pet insurance.

It definitely buys me peace of mind.
 

An old Guy

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Feb 12, 2011
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Originally Posted by MotownBikeBoy
OK, if you say so ... just my opinion based on my experiences as a consumer. All I know is I've never regretted buying the best policies I can afford, from auto to medical to pet insurance.

It definitely buys me peace of mind.
But the question is about insuring a bicycle.

People who cannot afford to replace their bicycles generally cannot afford to insure them. For them insurance is not giving them peace of mind. It is giving them an out of pocket obligation.

The answer to the insurance question is generally to make due with a cheaper bike.