jontg428

Was just wondering if anyone has insurance on their bike or bikes. I contacted State Farm whom I have car and home owners insurance with and they will cover my road bike and soon to be mountain bike with a direct replacement policy. I also see there are companies out there that specialize in bike insurance and may go with one of them. Any advice would be helpful, even more so if you have ever had to make a claim. Thank you for your input!

blue192

I have insurance on my electric bike only but this is mainly to offset any civil liability in a crash.

Ald1 

I have my Domane SL9 insured with Markle mainly because I plan to travel with it a lot with it and it covers everything. Not cheap. Believe it was about $500.00 a year but, because I built the thing and "saved" a ton of money my feeble mind rationalizes I can insure it for a decade and still be even. At my age it's probably all I'll need.........

indyfabz

My H.O. insurance covers my bikes from at least theft. But as my agent told me, if you make a H.O. claim, make sure it's a big one because your premium is going to increase. When my LHT was stolen from inside my house I did not file a claim. Between the deductible and threat of increased premiums, the $1,200 to replace it made filing a claim not worth it.

Koyote

I can easily afford to replace any of my bikes, so I don't feel a need for insurance.

Skipjacks

This.

Unless insurance is like $1 a month it's probably not worth it, even for a really expensive bike.

It's a cost benefit analysis.

Let's say it's $10 a month.

Yes. If your bike is stolen the month after you get the insurance it costs you $10 to replace it because you have spent 1 month's premium payment.

But if you are spending $10 a month that's $120 a year. If you have a $600 bike you have paid as much insurance as you paid for the bike after 5 years.

If you have a $2000 bike...sure...the $600 in premiums after 5 years is better than spending $2000 out of pocket on a new bike. You theoretically save $1400 IF and ONLY if your bike is stolen / destroyed.

What is the real risk of that? If there is a 1% chance your bike might get stolen in 5 years then you are spending $600 to protect you against something that has a 99% chance of not happening. Is that worth it to you? This is a personal question. To some people that helps them sleep better at night and feel safer so yeah...it's worth it. If that seems like a waste to you, it's not worth it. The purpose of all insurance is NOT to protect against your losses. It's to help you feel more secure TODAY. That is what you are buying, is peace of mind. No matter if it's bike insurance, car insurance, home owner's insurance, cancer insurance, or what. Insurance buys you peace of mind knowing that you aren't one problem away from financial hardship. (Health insurance is a different animal because you are guaranteed to use it)

So you have to figure out what the odds of a bike being stolen are and how much you are willing to spend to make you feel better about the possibility of loss.

Think about how you treat your bike too. If it's a $500 bike maybe you leave it chained to a fence post, thus increasing the risk of theft. If it's a $2000 bike I'll bet you don't do that often, store it inside your locked house, and are rarely more than arm's length from it.

Disclaimer...I have never sold a bike insurance policy. I have no idea what they cost. My numbers are all made up for illustration purposes. If you can insure a bike for $1 a month, go for it. If it's $10 I think it's a highly questionable price.

jefnvk

+1. My two most expensive bikes have a retail value around $1300. I'd barely collect once a deductible was paid for, and the likely increase in premium would offset any savings.

I wouldn't even think about it until I bought a bike at least at the $5k mark. Even my motorcycle and toy Corvette are only insured for liability, both costing me well under that mark.

TimothyH

Homeowner's insurance covers theft from my home which is my biggest concern.

I have every receipt from two custom builds - a high end Di2 gravel bike and custom fixed gear.


-Tim-

dim

I have a Trek Emonda SL6 which I use as my daily commter bike aswell as longer fast rides

I live in Cambridge UK and we have high bike theft in our area .... I have taken out a Wiggle Elite bike insurance .... bike is valued at £5149.00 and it is now fully covered for:

Theft
Accidental Damage
Global Travel Cover
Active / Sports Cover
Transition Cover
Replacement Cycle Hire
Taxi Fare Reimbursement
Personal Accident
Public Liability
Emergency Private Medical & Dental Treatment
Emergency Physiotherapy
Free Legal Advice
£10 000 life insurance

I pay £35 a month for this, but I have peace of mind

cyccommute 

You need better home owners insurance. Over the last 25 years, I've had 3 bicycles stolen in two incidences. I made claims for all 3 at replacement value and never saw my premiums increase. I do keep detailed records of what is on the bike and as many receipts as I can for the equipment on the bikes. Each time the claims went smoothly and I was given what I consider a very fair value for the bikes.

sdmc530

I don't see the need. My bikes total value in the house with wife and kids bikes are probably less than $4000 of that 1/2 is my "good" road bike. My homeowners insurance covers it from theft as other has stated. If its ever stolen or whatever I would make the claim on my homeowners without even thinking about it. BUT like others had said I could get a new bike without too big of a strain on the savings account so the insurance at 10-20 a month just for a bicycle seems unneeded. HOWEVER if I do ever get my "dream bike" I would be more willing. I would probably insure a 8-10K bike.

Sy Reene

I've had 12 bikes stolen.. seems to happen every 2 years. I just change insurance companies if they want to change the rates...

jk.. seriously, what's up with the multiple theft experiences.. what happened to live n'learn?

mstateglfr 

No i dont have specific insurance for my bikes. They are possessions and if stolen they will be covered.
Same as a wedding ring or my collection of 1000 cds!

speedevil 

Homeowners insurance will usually cover property stolen from your home, and in many cases while you are away from home. But different types of personal property have varying limits. Jewelry, firearms, and bicycles have separate limits in most homeowner policies. You can usually add stated value coverage for items that exceed the base coverage, but it gets expensive fast.

jontg428

Really good points made here. To give an idea of what I ride I have a 17' Cannondale CAAD12 which I recently put HED Belgium wheels on, total value around $3000. I just recently purchased a Santa Cruz 5010, value is $5600 (in US dollars.) I am tempted to get insurance not just for theft, but for accident damage, either by myself or if somebody crashes into me during a century ride, and of coarse theft. My main concern is that if something happens to either of them I will not be able to replace them for a long while. Keep the comments coming, they are super helpful!