CdaleNike21

Does anybody use stand-alone insurance policies, or do you just use homeowners/renters policies for your bikes?
I googled bike insurance, and Velosurance came up. Have any of yall used this company? Thoughts? Thanks for your time.

gianfri

I have the same question. Another site that sells this kind of insurance is

Bicycle Insurance | Bike Insurance Coverage | Markel

Prices seem to be comparable.

It is not cheap....

ltxi

I wouldn't/don't/have never stand alone insured bikes. For any major, above my deductible, theft from home, homeowner's insurance covers it. Otherwise I'll just take the risk and eat the loss if anything happens. For context, no bike I own is worth more than $1K, depreciated.

Gresp15C

Personally, I wouldn't pay to insure anything that I could afford to replace out of my funds. You get house and liability insurance because the risk could exceed your assets and wipe you out. By being self insured, you pocket the profit that the insurance company would have made -- on average.

Tony Marley

I specifically checked with my homeowners' insurance company, and mine are included in my homeowner's insurance.

indyfabz

+1. Fortunately, I own and have HOI. If someone cleaned out my place, including all the bikes in the house, I would certainly file a claim as I have a replacement cost policy and the replacement cost of my custom ti alone is way up there. On the flip side, my Surly LHT was stolen from my house back in 2010. Replacement cost was about $1,300. IIRC, my deductible is $750. No way I am filing a claim for the difference. The premium increase would probably come close to wiping out any benefit. As my agent put it, "If you are going to file a claim, make sure it's a big one."

CdaleNike21

Did you get a quote?

gianfri

Yes. For a $1,500 coverage of theft or sudden damage due to impact with an object it is about $120 a year. Deductible $100. Coverage for medical and liability is additional.

Elvo

Don't ride bikes you can't afford to replace

MMLC

Maybe it's just me, but if you can't replace your bike out of pocket maybe you have too much bike?

ltxi

^ In my case that's true, but I'm a recreational/fitness rider. For truly serious folk that may not be the case.

Gresp15C

That's a good point. I have HOI too (because I can't afford to replace my house out of pocket) but I wouldn't pay extra for bike insurance if it weren't covered by the policy. And sitting in my house is probably the lowest risk. The highest risk is probably covered by everybody else's car insurance.

ganchan

I'm pretty sure my renters insurance bike deductible is almost as high as the cost of my bike, LOL. So not worth filing a claim.... Wouldn't want to be without renters insurance, though.

yayforebikes

I have velosurance on my ebike.

Gresp15C

Definitely. Once upon a time, my apartment got cleaned out while I was on a trip. Thank goodness for insurance.

bikejrff

I have an add on option on my homeowner's policy that they call an "Adventure Package" that covers all my bikes & accessories, skies, canoes, misc sports equipment for ANY loss, ie stolen, crash, etc. Cost of the package is $100/annually, there is no deductible. I have had one claim in 7 years, that was for a stolen bike. $600 bike stolen, policy paid approx $1300. Policy pays replacement cost up to $5K per loss. I think it is well worth it, I don't freak out like my friends at gas stations in the tiny towns I SAG at.

CdaleNike21

Just because you can replace them, doesn't mean you want to keep replacing them.

CdaleNike21

How do you like it so far?

yayforebikes

Well luckily I haven't had the need to use it but it seems pretty solid. Customer service has answered all my questions before and after purchase. I pay about 11 per month but I'm fine with that, I'd rather pay that than the actual cost upfront.

MMLC

Has this thread turned into a commercial or was that the original intent?

Stucky

Holy crap! That is ABSURD. I can't believe ANYONE would pay such a premium AND a deductible, for such little coverage. One would have to be REALLY bad at math!

mtballday

What does it cover?
What I'd like a stand alone insurance policy to cover is:
1) theft
2) crash damage
3) liability coverage
4) medical coverage
5) spare parts coverage (lets say only my powermeter gets stolen , is it covered?)

Also, how pricey it is given that I have a 2,000$ bike?

Thanks in advance

erig007

And having an insurance will change what exactly? Your bike won't reappear just because you have an insurance.
Unless you plan to give up cycling and invest into another mean of transportation.

yayforebikes

It covers everything you have listed. Obviously price will be different per person. For basic coverage with no medical coverage I pay 11 per month for about 900 dollar bike.

CdaleNike21

Not sure what this even means. My bike might not reappear, but my insurance policy would mean that how much I had insured minus the deductible would appear.