T
Tom McIntire
Guest
Does anyone have insurance just for their bike?
I called one insuance agent and was told that a bike is treated like any other possesion in your
household, rather than separately like a car or boat. I wanted to insure just my bike (with
essentially full coverage) and was told that personal property insurance doesn't work that way.
For instance, if I own $10k in personal belongings, and my bike is worth $2k, and I get $2k worth of
coverage (to cover the bike), then if my bike is stolen the insurance company will only reimburse me
1/5th of my loss (less any deductible) because the bike only represents 1/5th of my total
possessions. The agent gave a term for this which I don't recall, but I was given the impression
that this is standard insurance industry practice.
I called one insuance agent and was told that a bike is treated like any other possesion in your
household, rather than separately like a car or boat. I wanted to insure just my bike (with
essentially full coverage) and was told that personal property insurance doesn't work that way.
For instance, if I own $10k in personal belongings, and my bike is worth $2k, and I get $2k worth of
coverage (to cover the bike), then if my bike is stolen the insurance company will only reimburse me
1/5th of my loss (less any deductible) because the bike only represents 1/5th of my total
possessions. The agent gave a term for this which I don't recall, but I was given the impression
that this is standard insurance industry practice.