6thElement

Figured I might as well ask as it's up for renewal

I've got several bikes at home, I also occasionally fly with a bike packed in a hardcase. Are there any insurers who will cover the bike while it's being flown and while I'm on vacation etc?

Currently with Travelers through Geico but not sure if they cover the bike while at the mercy of baggage handlers.

akatsuki

Is there something preventing you from calling Travelers/Geico and asking them before paying for possibly redundant coverage?

aham23

a bike is normally considered personally property and thus covered like your other personally property. most policies cover personal property anywhere in the world. some policy cover all listed perils. some cover everything that is not specifically excluded. so, you really should call your agent or an agent for region specific information. later.

0_o

+1 on calling the agent and asking...
+1k on aham23's post,& to add to his post .... See if you can add additional coverage for the more expensive bikes.

6thElement

Geico say mine are covered anywhere in the US for theft etc, but not for loss. So I questioned whether it's a theft or a loss if my bike doesn't make it to the other end of a flight. That's suddenly a loss which I'm not covered for. The only option I was given to have a bike covered for loss was a separate policy, for my 4 bikes they wanted another $1000 per year...

jupiter422

I have State Farm for my cars, condo, and umbrella policies, and my condo policy covers loss or theft of my personal property wherever I am in the world. They even covered my laptop and digital camera when they were stolen from my office a few years ago, and covered my bike (and subrogated) when I was hit by a car 2 years ago. I like that kind of customer service. They make it easy for me.

soccerun8728

I got my bike insured on homeowners insurance. The bike is insured for replacement cost. I believe I pay an extra $130 for it, our wave runner is cheaper to insure.

merlinextraligh

You don't want to be filing claims for bicycles on your Homeowner's insurance policy. The Unfortunate reality is that making small claims against your Homeowners policy can 1) increase your rates, 2) lead to the cancellation of your insurance, and in extreme cases, 3) has lead to the property itself becoming uninsurable.

Of course it sucks not to be able to access the coverage you paid for. To avoid this, carry a high deductible (i.e. $5,000-10,000) and only make claims against your Homeowners for big things like the house burning down.

And what do you do when your bike is lost or destroyed? You insure against that risk yourself.

The first rule of insurance is to never insure against a risk you can afford to absorb.

And everyone can afford to underwrite that risk. (either buy a new one or go without until you can buy a new one.) By pocketing the premium, (which includes a profit component for the insurance company) you come out ahead on average in the long run.

6thElement

It's only renters insurance, so 3) above certainly isn't a concern. I appreciate that claiming increases your rates come renewal time. But I wouldn't class a $4000 bike a small claim.

merlinextraligh

You've got a little less of a concern with Renters insurance. However, I still wouldn't be paying extra to insure my bike.

Whatever they charge you is more than the cost of the bike divided by the odds it will be stolen or damaged, adjusted for the time value of money. This has to be true, or the insurance company would not make a profit and would not offer the coverage.

So as the one poster said the coverage was $130. You pocket the $130, invest it at a reasonable rate of return, and on average you will have more money in your pocket over time than if you boughtextra insurance coverage.

And if you can't afford the loss of a $4,000 bicycle, then you shouldn't be spending $4,000 on a bicycle.

To get someone to underwrite your risk, it costs money. People don't do that for free. In some cases you have to pay that money because you have no choice, the law requires it (auto liability), the bank requires it (Homeowners) or the loss is so big you couldn't absorb it. (Life insurance.) So unless you're in a unique situation where you are being cross subsidized by people with lower risk, buying insurance when you don't have to is just giving profits to an insurance company for something you don't need.

UniversalFrost

ok, just got off the phone with my insurance folks (USAA) they insure my home owners policy, a high value assets policy (jewelry, guns, anything over 2k in value basicly) and my auto insurance and they said that my bike (allez elite triple plus all the goodies on it) are covered for theft or loss (if the air line loses it is a loss or if I get hit by a car or I hit a car etc..). They just said to make sure and have all documentation on it (sale receipt, serial numbers, etc...) for the bike and all components that would add to it's price.

Glad you had this thread because I am traveling back to Arizona from Denver and will most likely be bringing the bike with me through the airline and I specifically asked if the airline loses the bike would I still be able to claim it on my insurance (had this happen with a gun a few years back on a hunting trip to alaska). USAA said that it would be considered a theft at that point and I would be able to claim it.

So, go and call your insurance company, they will either say the bike is covered or no it is not. If not then get the extra insurance for it. I was ready to sign up for more insurance, but now I don't need to pay extra $$ since my existing policies cover the bike.

JOE