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Curious - bike insurance these days

Old 01-30-20, 08:26 AM
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newbie20
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Curious - bike insurance these days

Hey , I was just curious, bike insurance ... what would prompt you guys to say, I need to consider additional insurance. What's important to you ? What are you looking for these days? I mean I know , if its lost or stolen or maybe if you were hit by a car, but what else? Maybe someone out on a Sunday afternoon in the summer time wouldn't consider it. That would be me. I do ride but not avidly. Back in the day, when I bought my bike, it was just a leisurely thing. Didn't cost much. But my eyes are open now. I see that there are so many different biking groups out there . So many disciplines . Ranging from hard core riders to not so hard core. So , was just curious.
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Old 01-30-20, 11:15 AM
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When I recently added a new bike to the stable, I checked with my State Farm agent about insurance - $0 deductible, replacement cost, coverage for anything that could possibly happen to a bike (theft, crash damage, etc.). For $17k worth of bikes it was going to be about $1100 per year. I skipped it. I figure some loss or damage is probably covered under my homeowner's policy, albeit with a large deductible.

Other companies may be cheaper.
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Old 01-30-20, 11:25 AM
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wow ... thx.
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Old 01-30-20, 11:30 AM
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My homeowners insurance says my bikes are covered, even if damaged or stolen on a ride. I hope I never have to make a claim...
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Old 01-30-20, 12:37 PM
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knock wood ... no claims. I hear that.

thx.
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Old 01-30-20, 12:57 PM
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... and if the cost , for whatever reason , got out of control. In this day and age, would you be open to something like online insurance? I mean personally, I like being able to pick up my cell and talk to someone. But online , seems you wouldnt really be dealing with a person , a voice ... however I'm guessing that would translate maybe into some savings? So is online ins an option?
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Old 01-30-20, 04:41 PM
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My son's mountain bike was stolen about 5 years ago. Only a $500 bike and some accessories and upgrades to make it if I remember around $600. My homeowners paid all but the $100 down payment I had at time.

Problem is, this insurance company raised rates at the next insurance period. Enough so, that they would have gotten their money back after about 18 months. Then wanted to continue the higher rates stating I had now lived in a high theft area.

Quickly switched insurance companies. But with a higher deductible now.
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Old 01-30-20, 05:46 PM
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https://velosurance.com/quote/

IMHO it is not very expensive and gives a peace of mind.
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Old 01-30-20, 10:30 PM
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I'm self insured. What I mean is that I bank the money that I would otherwise spend on insurance, and can cover the cost of repairs or replacement if necessary. The amount of money that I've saved over the years by not buying insurance and similar instruments (extended warranties, service contracts) would pay for several bikes. I figure that if insurance is a profitable business, then by being self insured, I pocket the profit.

I wouldn't feel or behave any differently if my bikes were insured. I'm still a cautious rider, and would still be sad and inconvenienced if one of my bikes got crunched.
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Old 01-30-20, 11:38 PM
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I do have Velosurance and in my case it'll take more than 14 years to "save" on insurance premiums for one insured bike (and insurance covers more than just bike replacement cost).

I also have a renters, car, medical, disability and life insurances - even though I'm not planning to get sick and will be living forever.
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Old 01-31-20, 07:45 AM
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I think for most people, getting insurance on a bike is a bad financial decision. It makes little financial sense to pay to insure something you can self-insure, or live without for a little while.

Insurance makes sense for scenarios where an event would cause a financial lost of a magnitude that you cannot handle or will entail sacrifices you are unwilling to make.

In the case of a bike, chances are you could replace the bike with something acceptable if you really needed to. And if you take whatever premiums an insurance company would charge and put that away in your bike fund, chances are you would have a lot of the funds needed already.

It is an insurance companieís specialty to figure out what coverage and premiums will make them likely to break even.... and then charge more than that to make a profit. So if they are any good at what they do, then the odds are against you. Thatís fine if it insures you from financial ruin. But that is not what bike insurance does.

I can imagine situations where bike insurance makes sense, like for a poor professional (or aspiring) cyclist. They may have a very expensive bike they need to be competitive (particularly in MTB), and their livelihood will be in danger if the bike gets stolen, as they may not have the finances to immediately afford a bike to keep them competitive.

Outside of that, I think it makes little sense.
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Old 01-31-20, 08:02 AM
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I dont have specific insurance for my bikes. Someone could open my garage and steal a dozen bikes worth...i dont know...$13000 or so to replace is a guess? Everything from a few kid's bikes that cost $300-500 to build up to a road bike I built in a framebuilding class thats thousands(i added it all up once and quickly decided to forget the exact amount).
It would suck to have to replace them and I wouldnt be able to replace any of them quickly because they are all limited either due to size(very large), age(many from the 80s), or because all have been built up by me with specific components.

While it would suck, it wasnt a good financial decision to specifically insure them when I once discussed costs. It was actually a really bad financial decision to insure them.
I would need to live in a high crime area with a lot of super expensive bikes in order to make it worth considering.
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Old 01-31-20, 10:14 AM
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Doesn't a bike depreciate pretty rapidly.. Ie. a 1yr old used bike that originally sold for $2K, has a current value of ~$1K? Do the premiums with Velosurance or whatnot decline at the same pace? The referenced $1100/yr for $17K in bikes.. would it drop to $550 in year 2, etc?
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Old 01-31-20, 10:39 AM
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I have it on my homeowners as well. Being there are 6 bikes in the house and most of 'higher' purchase cost it was a no brainer for us I guess. I don't know what the cost was, wife did tell me but must have been cheap or she would of denied the request.
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Old 01-31-20, 11:20 AM
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My bikes when ready to ride but without GPS would cost me $2000 and $1200 to replace. They would be covered by my homeowner's insurance. But there is a deductible. However, carrying a deductible is a decision we all make, and we carry whatever deductible we deem an acceptable level of risk. So I guess I've already accepted that risk, and carrying additional, separate insurance would only be worthwhile if I decide the deductible is too much risk. But if that were to be an issue, there would be some research to be done whether it is better to add specialty insurance, or pay to reduce deductibles on the homeowner's policy.

I'd be pretty sad if one of my bikes got stolen. I actually lock them within my garage, though it would be easy to defeat the locks (just basic cable locks bolted to the wall). The idea is that these will slow down a thief, which, combined with my video surveillance in the garage area may be enough to deter opportunist theft. Of course I keep the garage closed most of the time, but the deterrents are there to discourage an opportunist for those few minutes here and there where the garage door is open and out of line of sight.

For my commuter bike, I also pay for bike parking at the office. It has some positive characteristics that I think make it seem safe:
  • Key-card access chain-link cage in the basement level of the office parking garage. Not visible from street, but people are coming and going so it's also not secluded from people noticing what's going on.
  • Regular security patrol (they have to scan a barcode inside the cage every 20 minutes).
  • Video surveillance.
  • A set of racks inside the cage to which we lock our bikes. We leave our heavy duty locks there overnight.
I think these are sufficient that throughout the day I'm not worried my bike will go missing. There was one break-in a few years ago, but it was when a bike was left overnight.
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Old 01-31-20, 01:00 PM
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A lot of bikes wouldnt qualify for a homeowners claim to be worthwhile.
After a common $500 deductible and the increased insurance rates, many(most?) bikes arent worth the total out of pocket cost.
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Old 01-31-20, 01:30 PM
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My homeowners includes the bikes. It was not any additional cost.
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