insurance

Discussion in 'Mountain Bikes' started by Chickenbomb, May 25, 2003.

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  1. Chickenbomb

    Chickenbomb Guest

    how do you guys with expensive bikes go about covering yourself for insurance

    i am looking to renew my h+c insurance but they all seem to have limits of £500 for push bikes

    trouble is my bike is worth approx £800 and so far touch wood i been lucky

    thanks

    JC
     
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  2. Technician

    Technician Guest

    In article <[email protected]>, [email protected] says...
    > how do you guys with expensive bikes go about covering yourself for insurance
    >
    > i am looking to renew my h+c insurance but they all seem to have limits of £500 for push bikes
    >
    > trouble is my bike is worth approx £800 and so far touch wood i been lucky
    >
    > thanks
    >
    > JC
    >
    >
    >

    I checked with my parents homeowners a little while back. it covers 95% of the estimated resale
    value of the bike.
    --
    ~Travis

    travis57 at megalink dot net http://www.megalink.net/~farmers/
     
  3. Penny S.

    Penny S. Guest

    Chickenbomb thoughtfully penned:
    > how do you guys with expensive bikes go about covering yourself for insurance
    >
    > i am looking to renew my h+c insurance but they all seem to have limits of £500 for push bikes
    >
    > trouble is my bike is worth approx £800 and so far touch wood i been lucky
    >
    > thanks
    >
    > JC

    see if you can purchase a rider for the excess value, should be cheap.

    Penny
     
  4. Penny S.

    Penny S. Guest

    Technician thoughtfully penned:
    > In article <[email protected]>,
    > [email protected] says...
    >> how do you guys with expensive bikes go about covering yourself for insurance
    >>
    >> i am looking to renew my h+c insurance but they all seem to have limits of £500 for push bikes
    >>
    >> trouble is my bike is worth approx £800 and so far touch wood i been lucky
    >>
    >> thanks
    >>
    >> JC
    >>
    >>
    >>
    >
    > I checked with my parents homeowners a little while back. it covers 95% of the estimated resale
    > value of the bike.

    hmm, my homeowners covers replacement value. resale value only, that's scary.

    Penny
     
  5. Technician

    Technician Guest

    In article <[email protected]>, [email protected] says...
    > Technician thoughtfully penned:
    > > In article <[email protected]>, [email protected]
    > > says...
    > >> how do you guys with expensive bikes go about covering yourself for insurance
    > >>
    > >> i am looking to renew my h+c insurance but they all seem to have limits of £500 for push bikes
    > >>
    > >> trouble is my bike is worth approx £800 and so far touch wood i been lucky
    > >>
    > >> thanks
    > >>
    > >> JC
    > >>
    > >>
    > >>
    > >
    > > I checked with my parents homeowners a little while back. it covers 95% of the estimated resale
    > > value of the bike.
    >
    > hmm, my homeowners covers replacement value. resale value only, that's scary.
    >
    > Penny
    >
    >
    >

    and it's not like it is the full resale value either. maybe i could convince them it is worth over a
    thousand in frame and parts ;-) maybe it actually is, i don't really know. i'll have to research it
    i guess. an estimate would be around what, $300 for a low side, and $600 for a high side? as i have
    never really had a quality bike until now i have no way of really estimating it's insurable value by
    looking at it.
    --
    ~Travis

    travis57 at megalink dot net http://www.megalink.net/~farmers/
     
  6. Penny S.

    Penny S. Guest

    Technician thoughtfully penned:
    >>> I checked with my parents homeowners a little while back. it covers 95% of the estimated resale
    >>> value of the bike.
    >>
    >> hmm, my homeowners covers replacement value. resale value only, that's scary.
    >>
    >> Penny
    >>
    >>
    >>
    >
    > and it's not like it is the full resale value either. maybe i could convince them it is worth over
    > a thousand in frame and parts ;-) maybe it actually is, i don't really know. i'll have to research
    > it i guess. an estimate would be around what, $300 for a low side, and $600 for a high side? as i
    > have never really had a quality bike until now i have no way of really estimating it's insurable
    > value by looking at
    > it.

    it depends on your agent. Most require you to submit proof of value... original invoice or
    something. For a used bike you'll probably have to do all sorts of "research" to prove your value.

    P.
     
  7. Penny says:

    >see if you can purchase a rider for the excess value, should be cheap.

    An extra rider? He'd need a tandem in that case...

    ;-P

    Steve
     
  8. Mx-Pilot

    Mx-Pilot Guest

    just go out and attempt to buyt hte bike from parts and build a estimate list, lol.

    "Penny S." <[email protected]> wrote in message news:[email protected]...
    > Technician thoughtfully penned:
    > >>> I checked with my parents homeowners a little while back. it covers 95% of the estimated
    > >>> resale value of the bike.
    > >>
    > >> hmm, my homeowners covers replacement value. resale value only, that's scary.
    > >>
    > >> Penny
    > >>
    > >>
    > >>
    > >
    > > and it's not like it is the full resale value either. maybe i could convince them it is worth
    > > over a thousand in frame and parts ;-) maybe it actually is, i don't really know. i'll have to
    > > research it i guess. an estimate would be around what, $300 for a low side, and $600 for a high
    > > side? as i have never really had a quality bike until now i have no way of really estimating
    > > it's insurable value by looking at
    > > it.
    >
    > it depends on your agent. Most require you to submit proof of value... original invoice or
    > something. For a used bike you'll probably have to do all sorts of "research" to prove your value.
    >
    > P.
     
  9. "Chickenbomb" <[email protected]> wrote in
    news:[email protected]:

    > how do you guys with expensive bikes go about covering yourself for insurance
    >
    > i am looking to renew my h+c insurance but they all seem to have limits of £500 for push bikes
    >
    > trouble is my bike is worth approx £800 and so far touch wood i been lucky
    >
    > thanks
    >
    > JC
    >
    >

    Most insurance policies will cover replacement value up to a specified
    limit. Read the fine print because that limit is usually only $500 or $1000 (an exception sometimes
    exists in group policies obtained through a professional association (eg. lawyers through
    their law society, etc).

    The best approach is to purchase an excess coverage rider for your bike. Purchase the replacement
    value amount on your bike. It will cost you x$ per thousand of coverage and usually has zero
    deductible.
     
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