Bicycle insurance.

[MotownBikeBoy]

Yes, I know the original question is about insuring a bike, an expensive bike, because it's my bike and I asked the question. Sorry if it ruffled your feathers in some way. I didn't ask to have a discussion about the insurance industry, its practices, or the theories behind it. I wanted some real world input about personal experiences with bike-specific policies that would give better coverage than homeowners. I had this dumb notion that someone on a bike forum frequented by avid riders, many of whom ride something a little nicer than a $189 Mongoose from Wal-Mart might possibly have some experience. Stupid me. Sorry too if I offend you in some way because I didn't have to "make due" with a cheaper bike. Or because I can afford to insure it, or because I have been glad in the past I've had good coverage on various types of standard and specialty policies. Geesh. If you can't add something constructive to the discussion, can't answer the question as asked, then why chime in with snotty remarks? That is what the Soapbox forum is for, go knock yourself out.

 

[An old Guy]

I am sorry. I thought that no insurance was an option for people who might be considering insurance.

As for practice:

I have car insurance that covers things taken from my car and homeowners insurance that covers my bicycling stuff.

I often have 2 bicycles, 6 spare wheels, a bunch of spare parts in my car. Maybe $8K to replace.

My car was broken into when I only had a few hundred dollars of parts in my car. I paid for the 2 broken windows and the parts out of my pocket. About $1K total.

In another incident my bike was destroyed in a car accident. My home owner's policy paid replacement cost - $3K, and let me keep the parts.

---

If I had a $10K bicycle, I would treat it like any other bicycle and not have a policy just for it. If I had coverage for the bike under a general policy, great. I might file a claim. But I might not.

 

[CAMPYBOB]

"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"

Premium "No questions asked!" service is worth paying the premium IMO.

When I have a policy written, it's almost always an "actual replacement value" policy. I do not want to hear any ****, fine print this, exclusionary that. As long as both parties are on the same page with the ground rules, there's rarely any surprises.

Firearms, high performance vehicles, business insurance, key man policies,multiple properties or bicycles...cover thine ass.

 

[An old Guy]

Originally Posted by CAMPYBOB
"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"

Premium "No questions asked!" service is worth paying the premium IMO.

While getting the matter settled quickly is good, it is not worth paying extra for claims being paid in days.

If I pay with a credit card, I can wait until the credit card bill is due for the claim to be processed. So several weeks.

If I pay in cash, interest rates are so low that I can wait for 6 months before there are any economic consequences.

---

On the other hand if I am 100 miles away from home when I file a claim, I can walk home in the 5 days it takes to have a claim paid. So even being paid in days is too slow.

---

And of course, for anyone who needs a bike to get around in life and does not have enough resources to pay for a new bike at the time of the claim, even days is too long to wait for payment.

 

[CAMPYBOB]

Quote by OBC:
"...it is not worth paying extra for claims being paid in days."

No, but avoiding having to send my pit bull after their pit bull is worth paying more for. I'm like you, OBC. My physical damages are restored by myself long before the last of the paperwork is filed. I am in no hurry for the money due for damages caused. Subrogation isn't my problem. If you're like me, you have a spare bike or twelve you can jump on 5 minutes after the police finish writing up their report. Not everyone has that going for them.

I have never had an insurance company try to depreciate a bicycle or any of the trashed clothing I was wearing...right down to the expensive ground down watch and cheap, bloodied socks. Maybe I've been lucky after the unlucky incident.

And one last bit of advice to those in an accident with injuries, NEVER sign a medical release. EVER.

 

[RonSwanson]

I think it could be worth it, depending on how much your bike is. Shopping around first is best, do some research into the best companies. Hope you find something that fits you.