Bike Property Insurance

Discussion in 'Road Cycling' started by Tom McIntire, Mar 16, 2003.

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  1. Tom McIntire

    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.
     
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  2. On Mon, 17 Mar 2003 00:01:05 GMT in rec.bicycles.misc, [email protected] (Tom McIntire) wrote:

    > 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.
    >
    it does --- i used to insure my cameras with no deductible (or maybe $100, it was so long ago).
    because i was still in college and living at home during the summers, i had no homeowners
    insurance, but i got a "personal articles floater" from fireman's fund through a local independent
    insurance agent.

    i suggest you call around and tell independent agencies that you'd like to get a personal articles
    floater on your bicycles, and ask for rates with no deductible as well as whatever levels of loss
    you think you could afford ($100, $500, etc). the difference in premiums might amaze you.

    you just need an independent agent that knows enough.
     
  3. What you may want is commonly called a "renter's policy", that insures your personal property when
    you don't own your residence and aren't covered for it by the landlord's insurance for the
    structure. It's not usually expensive and it's a good idea to cover all your possessions. If you had
    a very expensive bike, you might want to give it itemized special coverage, but for anything under
    $2,000. or so, a blanket policy for everything would likely be adequate.

    Steve McDonald
     
  4. Hunrobe

    Hunrobe Guest

    >[email protected] (Tom McIntire

    wrote:

    >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.

    Your agent is full of it. If you have $2k coverage and suffer a $2k loss on any but specifically
    excluded items you receive a $2k check from the insurance company. That's $2k minus deductible and
    depreciation of course. The real question is why insure *just* your bike? Homeowners' or renters'
    insurance will cover your bike plus all your other property too.

    Regards, Bob Hunt
     
  5. David

    David Guest

    This is just a little off topic, but as well as property insurance you may want to look for
    liability insurance, too.

    I'm not sure of other bicycling clubs, but the Saskatchewan Cycling Association (
    http://www.saskcycling.ca ) provides medical & dental coverage for its members, as well as general
    liability coverage.

    Something to think about.

    David. David's Cycling Journal http://www.virtualsky.net/cycling

    [email protected] (Tom McIntire) wrote in message news:<[email protected]>...
    > 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.
     
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