Sldrvr

I was just wondering if others on here have purchased bike insurance? I recently purchased a carbon frame road bike and with all the accessories, the total bill is a few thousand out of pocket so a loss or total loss accident would be financially painful to replace. I also know of a person that collided with a pedestrian on a bike path and got sued over it but luckily their homeowners covered it. then that premium went up. I'm also not sure if they covered damage to the bike. Either way, I am just curious to know whether others use it or not and what their thoughts are...

GlennR

I looked into it and decided it was not worth the cost.

fietsbob

I'd see if Your Renters or Homeowners Policy covers it..

Yea they are not a charity and a claim can result in a rate boost to claw back what they paid out.

I dont worry about it I spent My Money Up front on Locks.

Craptacular8

A home owner's/renters policy rider can usually be added to cover loss in the event of the bike being stolen. That's what we use for our tractor's etc. Liability for an accident while biking, for example, is also typically only covered under home owners or a special umbrella policy, not typically with a specialty underwriter for a bike. I've not insured any of my bikes, but carry theft/mortality insurance on a show horse which operates on a similar principle to bike insurance. If my animal were to get loose on the highway and cause an accident, it would be my farm owner's umbrella policy that kicked in, not my horse policy. I know for my horse insurance, there are in reality only a very few underwriters, despite there being multiple agents representing multiple insurance companies. Buyers of this insurance of course talk amongst themselves and go with really a couple of agents more so than any other, at least in my sphere of the horse world. Rates for our particular niche in the horse world are pretty set, typically 3.2% of declared value. What is important is knowing how difficult this particular company/underwriter is to deal with on claims. Do they pay out, or do they make it more trouble than it's worth to actually get reimbursed for your loss?

I briefly used a different agent/underwriter and had a major medical rider added to my policy. When I actually used the major medical, I was pleased with the service....until renewal, when they wanted to excluded paying for anything that involved X leg indefinitely....made the decision whether to renew the major medical coverage or not an easy decision, lol. So, if you have a particular insurer in mind, I'd probably do some sleuthing to find out how there are in paying out in the event of a wreck, for example.

FBinNY 

IME - specialized insurance policies are a great deal ----- for the insurance company and agent.

Otherwise, because it's hard to estimate and spread risk evenly, and the cost of administration is high, the costs will be higher than otherwise. Also keep in mind that these policies generally attract higher risk buyers, since low risk buyers won't see them as worth it.

Adding a bike to an existing policy is generally a much better bargain. Or you can roll the dice, save what you would pay in premiums to a sinking fund, and if the force is with you, have the dough needed if something happens, plus some change.

That said, consider that I'm an insurance skeptic, and know that I can generally beat the odds, and reserve insurance for "unaffordable" losses, like homeowners and auto liability. I tell you this, so you can judge my post fairly.

Sldrvr

Thank you everyone for the input, i think I will try and see if my homeowners has any type of rider that can be added. The stuff that i found was between $150 and $200 per year depending on deductible.

pholuvr

Many quality insurance companies include bikes as part of your personal property overage (renter's or homeowner's) so no rider needed.

I had two bikes replaced under my homeowner's policy. Total payout was $14k+

You really should read your policy...

TimothyH

Keep in mind that when we speak about insurance we are really talking about two different things.

There is coverage against loss of the bike and there is liability in case riding the bike causes injury to another person's property or body.

These are two different things.


-Tim-

pholuvr

"Most homeowners policies provide a standard amount of liability coverage (usually $100,000) per occurrence"

Again, folks need to read their policy...

jefnvk

If you quote something, it is great to provide a source.

My renters insurance would have covered loss/damages to bikes, but certainly would NOT have covered any sort of incident I caused riding them, unless on the property I controlled. Liability did not extend off my property.

pholuvr

LMGTFY Plenty of different policies to read there. Basic insurance 101 stuff regarding liabilty coverage.

Again, read your policy. Every policy that I have had (which mirrors the policies reflected in the link above) includes liability insurance that is not limited to my property.

pholuvr

LMGTFY Plenty of different policies to read there. Basic insurance 101 stuff regarding liabilty coverage.

Again, read your policy. Every policy that I have had (which mirrors the policies reflected in the link above) includes liability insurance that is not limited to my property.

FBinNY 

As you point out, he personal liability coverage may not be limited to property related events, but it's rarely, if ever blanket and has numerous specific exclusions, such as occupational liability (ie medical malpractice) and some sort of vehicle exemption, which is why you buy car insurance separately. The exact wording of the vehicle exclusion is critical because a bicycle is a vehicle, and unless they use words like motor vehicle, what you do on the bicycle is not covered.

On the bright side, most auto policies allow you to buy "other vehicle" coverage, which is designed to extend the protection with you when you rent or borrow a car. I don't know the specific language in all policies, but mine in NYS said "vehicle" and did extend both PIP and liability to the bicycle (but, not the collision and comp).

So, it's never a mistake to take the time and READ the entire policy, and if in doubt asking the agent for a rider or addendum clarifying the finer points.

C_Heath

The Erie Insurance HE7 homeowners policy covers your bike. Race it or not, its covered.