Bike Insurance

[fidlfreek]

Hey ladies! I need help. I need bike insurance on my two bikes. So, I am trying to get a separate endorsement on my renter's policy to cover them (mainly worried about road bike here) if something happened "off premises" aka bike stolen from cafe, or stolen out of my car, or I get mugged and my bike is taken.

AAA rep says no endorsement exists so I'll just have to be happy w/ the blanket off premises coverage which would give me a max of $3200 if the road bike were stolen. However, I'd be out like 6k+ to replace it.

Ideas? I'd prefer a policy that would cover things like a motorist destroying the bike too, but thats asking for the moon.

I'm fed up and annoyed and am hoping someone has options...or at least can commiserate.

[msincredible]

Seems odd, I've always been able to get scheduled personal property insurance on my violin with every renter's or homeowner's policy. Usually this is offered for things like musical instruments, jewelry, art, and sports equipment. You'd think the bike would be included under sports equipment.

You might want to call around to different insurance companies and see who will offer a renters policy with it.

[fidlfreek]

See, I have had insurance on my violin as well through my renters policy...you would think...

[Blueberry]

Ask about an inland marine policy. At least in NC, you can get one to cover a bike. I don't have one, though. They tend to be $$$...

[batsheva]

i called my renters insurance people and my bike seems to be covered for both on and off premises theft like outside a cafe etc for full replacement value ($3500). think it is also covered under renters policy for being damaged as i recall. this required no extra endorsement payment. this is with 'assurant' renters insurance

https://w2.assurant.com/agm/rentersinsurance/campaignstart?jobnumber=generic&accountId=OVR&cmsJobnumber=187511

batsheva

[Aggie_Ama]

I have a lot of trouble getting my Allstate agent to really say what is covered. They say theft but not wrecks but then get iffy. It is EXTREMELY frustrating. We have a homeowners policy but really other than the structure the only thing worth anything is those bikes. I asked about a rider for it like my jewelry policy but they seemed to not do that. Good luck.

[Mr. Bloom]

Aggie, see if the agent will send you a copy of the agent's manual pertaining to bikes.

I have "enthusiasts coverage" on my Mercedes and this was the only way I could truly understand what the permitted use/coverage was.

For bike coverage, I don't have the concern with theft as much as damage...and I'm assuming that if I wrecked it I could swap the components to a replacement frame to "minimize loss" if I wasn't covered...

[TxDoc]

AAA rep says no endorsement exists so I'll just have to be happy w/ the blanket off premises coverage which would give me a max of $3200 if the road bike were stolen. However, I'd be out like 6k+ to replace it.

This seems odd. Were the bicycles included in the calculation of your overall property value for the renters insurance? If yes, then their value should be covered. Most renters insurance policies cover 10% of your property value when off premises. So for example if your personal property is worth $150k, then the maximum off-premises coverage would be 15k. It seems strange that your insurance would value your personal property at like $32k - or maybe they have a lower % coverage for off-premises. Either way this should be described in the contract and in their policy manual.
You could always shop around for better renters insurance: there are so many cheap companies now that only insure the minimum and really do not provide good coverage. I use Allstate and I am very happy with it. If the bike is damaged in a crash, or by an uninsured motorist, the car insurance policy covers it. If it is damaged, vandalized or stolen (on or off the premises) then the renters insurance covers it. I think it goes up to 7.5k or 9.5k, cannot remember now on top of my head. But either way, I guess you need to find out what is the policy of your insurance company regarding bicycles. Apparently some companies treat bikes like boats and kayaks, others like motorcycles, others like hobby equipment (like scuba equipment or cameras). You may also want to ask if there is any provision that allow you to place an addendum to your policy - in order to fully insure the bike - for a slightly more expensive premium. Most policies allow you to insure extra equipment of about 9-10k value for like less than $100 per year, and it is totally worth it!
Good luck!
:)

[tantrumbean]

Don't know how different this is in the US, but I used to have my bike insured through a specialist bike insurance company, however, once I got the roadie, this would have worked out rather expensive. Now, I just have both bikes as named items added to my home contents insurance, both are insured at home and away and also for accidental damage (once thing less to worry about when I fly over the handlebars). It worked out a lot cheaper than having them insured seperately, only added a couple of pound a month to my policy. It's worth checking out different insurers tho, some are more bike-friendly than others...

[Aggie_Ama]

Aggie, see if the agent will send you a copy of the agent's manual pertaining to bikes.

I have "enthusiasts coverage" on my Mercedes and this was the only way I could truly understand what the permitted use/coverage was.

For bike coverage, I don't have the concern with theft as much as damage...and I'm assuming that if I wrecked it I could swap the components to a replacement frame to "minimize loss" if I wasn't covered...

There is actually a reason my agent from College Station isn't going to be my agent much longer. They aren't helpful at all! When my husband wrecked our truck in 2007 is was less than $1k from being totalled. My friend worked for Allstate and said the agent she worked for would go to bat for people because that was so close. Our agent wouldn't even help us understand the adjuster's nonsense, we aren't in good hands for sure. Until that wreck is gone (another year) Allstate is cheaper than anyone else and I call every year just to check. ;)

[Becky]

This is an interesting discussion, and I admit to not knowing whether or not our bikes would be covered under our homeowner's policy. I need to make that call.

So, what questions do I need to ask, and what terms or words do I need to use/understand when I call? Help me sound like I know what I'm talking about ;)

[Mr. Bloom]

There is actually a reason my agent from College Station isn't going to be my agent much longer.

I'm not a fan of AllState at all. But most companies have a model that leads to this evasiveness:
- they have bonuses paid based on loss experience, so
- if they manage to talk you out of filing a claim, then they stand to make money.

The goal is to incent agents to avoid "high risk" clients...the unintended consequence is a divergence between the caring ads and the harsh reality.

Big agents can get past that with diversification...but one with a small book of business will struggle with the balancing act.

[NbyNW]

We have Allstate.

While we have considered changing our insurance provider -- for similar reasons as state above, like them not going to bat for us on certain matters . . .

. . . they did pay for the replacement of my Rodriguez when it was stolen last year. Granted, I did max out my deductible, which was roughly 25% percent of the replacement value, but I do think I got a better replacement bike for what I spent vs. not having filed a claim.

My insurance agent gave me a pretty balanced opinion on whether to file claim or not. Our premium did increase a little, that's the downside. If I factor that increase into the cost of the bike, it was still worth filing the claim.

The upside is that I had a new bike about 5 weeks after I filed the claim.

I'll also add that I had no idea whether my bike would be covered or not. I was a bit naive about my first road bike, and hadn't thought to confirm whether it was covered.

I have since added my Rodriguez and Dahon as line items to our policy.

[Blueberry]

What my Allstate agent told me (and the policies vary from state to state, so ymmv...)

Bikes are covered if they are stolen. Bikes might be covered if they are damaged by you (but probably not). If bikes are damaged by the airlines, no claim exists (I was trying to insure our Bike Fridays when we flew to San Diego). Allstate said there was no way within their model to get that coverage. In NC, a bike cannot be a line item on a policy.

CA

[Aggie_Ama]

I'm not a fan of AllState at all. But most companies have a model that leads to this evasiveness:
- they have bonuses paid based on loss experience, so
- if they manage to talk you out of filing a claim, then they stand to make money.

The goal is to incent agents to avoid "high risk" clients...the unintended consequence is a divergence between the caring ads and the harsh reality.

Big agents can get past that with diversification...but one with a small book of business will struggle with the balancing act.


Yeah I kind of got it but when you have been with them a while and never had a wreck in your life (except when I was 17 I hit a deer), DH never. You would like help sorting through the mucky mess. We couldn't even get an adjuster to look at it for a week to make a call on whether it was totalled. But the bikes are covered for theft, I don't think you can get a policy for wrecking it yourself. Maybe Lloyd's of London? :p

[TxDoc]

I don't think you can get a policy for wrecking it yourself. Maybe Lloyd's of London? :p

Hee-hee that would be nice!
:D
I think you can though. Not sure how it works but I think it has to do with having comprehensive coverage on your car insurance and adding something like an umbrella policy to cover incidentals and legal expenses even when no other vehicle or drivers are involved, and then add the bike as line item - or something like that.
The premium becomes way higher though, so I guess you would have to do some math and figure out replacement cost vs insurance cost... don't know.

[aicabsolut]

I think all of my sporting equipment is covered under my general renter's policy. They have extra add-ons that I can get for certain high dollar valuables (jewelry, etc.) and then another one for computers (covering a wide variety of damage), but I don't think that a bike with replacement value of $6k is eligible for special, individualized coverage (not what I bought it for, but if I had to replace it today at retail). I suppose I should call them up and make sure I've got enough coverage but I haven't. I use USAA.

[Grog]

I had add-on insurance for an expensive laptop computer. It was insured against my own foolishness, such as forgetting it in the metro, or my cats destroying the LCD panel. "All risk" was what it was called. and it was quite expensive, like almost $150 for a $3000 computer, the first year, and then a bit less every year until after the 3rd year I didn't insure it anymore.

I don't think intentionally wrecking your bike would be insurable, but maybe it would be insurable for accidents, but at a steep cost probably.

[Bluetree]

My State Farm insurance includes coverage for my two road bikes. I've submitted itemized copies of all receipts to cover replacement value ($12k). If the bike(s) are inside my car and something happens, my auto insurance covers it. If it is on the outside of my car (on the rack), or in a different place, renters covers it. The deductibles are different.
I'm also considering additional CA earthquake insurance... just to cover my bases.

[aicabsolut]

I don't think intentionally wrecking your bike would be insurable, .

I think that would be insurance fraud.

[fidlfreek]

God this is so annoying. I think I'm going to call back and see if I can just get it covered an endorsement for sporting goods or hobbies. This shouldn't be so stupid and difficult. I have to remember that these insurance agents may not be the brightest bulbs....

Thanks for the advice about auto policy things btw, and also how the insurance industry basically incentivizes non-payment.

[Mr. Bloom]

also how the insurance industry basically incentivizes non-payment.

Oh...we just scratched that surface! We've only talked about agent incentives:p

[OakLeaf]

I think that would be insurance fraud.

:D Intentionally wrecking your bike and claiming it was an accident would be fraud. And the reason someone would do that is because... intentionally wrecking your bike is not insurable. :p

[Mr. Bloom]

I can hear the question now:


Well Ma'am, can you please explain how the frame of your bike could be split in two, but you didn't receive a scratch?

[TxDoc]

I can hear the question now:


Well Ma'am, can you please explain how the frame of your bike could be split in two, but you didn't receive a scratch?

Hee-hee!
:D

[Running Mommy]

I'm going to fwd this thread to my friend who is an Agent- and an EXCELLENT one at that. She will know!
Tho I must say, every state is different.

[erint]

Sorry to hear that your agent has been less than helpful. I am a personal lines insurance broker in CA but, in general, all policies in the US are the same. Your bike should be covered under your personal property limit (minus your deductible) if it is stolen. You should be able to add an inland marine endorsement for "Sports equipment" to your policy (depending on which company you are with). I have been in contact with a broker in TX for another one of my clients so let me know if you'd like me to ask her &/or put you in contact with her : )

[erint]

And, just to clarify for all- if your bike is stolen from your vehicle, your renter's insurance or homeowner's insurance would cover that (minus your deductible if not "scheduled"-usually if it is scheduled on a floater, there is no deductible). Auto insurance does NOT cover personal property inside unless it is permanently affixed.
An umbrella policy was mentioned above as well. A personal liability umbrella policy is extra personal LIABILITY above your home & auto policies. So, for example, you cause an auto accident & someone dies, the attorneys may sue you for your policy limit of $300,000 or $500,000. Your umbrella would cover $1 mill to $5 mill above those limits (depending on how much you purchased).
This is totally separate from personal property that you, personally, own such as furniture, clothing, dishes (a bicycle), etc.
This is why it is a good idea to review your insurance policy every year. HOPEFULLY, your agent calls you on a regular basis to do this.:rolleyes:

[smurfalicious]

Hmmm, I've had State Farm since I got my pickup a few years back and they've been aw-ha-mazing. Step one was adding a renters insurance policy. Multiple policies gave me a discount of $10 a month, making my $10 a month renters policy freeeeee!!! Then I got a new camera, expensive lens, etc. I got another policy for my camera gear exclusively. I told them flat out I used my cameras to make money doing freelance from rodeo to portraits to newspapers. The best part is, they cover comparable replacement. So if my old medium level SLR gets jacked/dropped/whatever, I get the funds to buy something new of comparable value. So if my EOS 1N suffers an unfortunate fate, I get the money for an EOS 1V. And all of this for $8 a month with a deductible of $100 per incident. So if my whole camera bag goes, it's $100.

I actually need to call and make changes to my policy because the $1200 lens was sold in favor of a $3300 bike, but if you lay it out to them honestly what you do with your gear they give you a fair policy.

[kelownagirl]

Hey ladies! I need help. I need bike insurance on my two bikes. So, I am trying to get a separate endorsement on my renter's policy to cover them (mainly worried about road bike here) if something happened "off premises" aka bike stolen from cafe, or stolen out of my car, or I get mugged and my bike is taken.

AAA rep says no endorsement exists so I'll just have to be happy w/ the blanket off premises coverage which would give me a max of $3200 if the road bike were stolen. However, I'd be out like 6k+ to replace it.

Ideas? I'd prefer a policy that would cover things like a motorist destroying the bike too, but thats asking for the moon.

I'm fed up and annoyed and am hoping someone has options...or at least can commiserate.


We bought 2 bikes, worth a total of about $7000 last year and it was going to cost us about $700 a year extra for a 'rider' to cover them. Our insurance broker did some looking around and found a company that has no limit on bikes. We double-checked to confirm, then switched companies. The rest of our house coverage was the same or better, all for about $10 a year less than we had previously paid. Look around.

[Running Mommy]

She is the "friend" I told you that I would consult on this.
She knows her stuff, so if you have any ??'s I wouldn't hesitate to throw her a pm. I know she's new here. But like I said, she's a good friend. So don't worry, she's not a scammer.
cheers!
denise

[fidlfreek]

Awesome! Mainly I just don't want to be out like $3000 if my bike is stolen while I'm eating pancakes and bacon.

I will PM erint. It just seems like there are so many rules that there's no way that one little consumer can possibly figure it out.

I used to have a violin worth like $16000 that I could insure w/ an endorsement for $45 a year. See, thats why I think its worth looking into for the bikes...you never know whats possible!

[Running Mommy]

thats why I trust erin to take care of it for me. She also brings up things I would have never thought about!

[TxDoc]

Wonderful info, thanks Erint and welcome to TE!!!

[Irulan]

Sorry to hear that your agent has been less than helpful. I am a personal lines insurance broker in CA but, in general, all policies in the US are the same. Your bike should be covered under your personal property limit (minus your deductible) if it is stolen. You should be able to add an inland marine endorsement for "Sports equipment" to your policy (depending on which company you are with). I have been in contact with a broker in TX for another one of my clients so let me know if you'd like me to ask her &/or put you in contact with her : )

How could one expect this to vary state by state? Also, shouldn't one examine an policy for limitations? I've had friend with situations where they've had to explain the difference between a $150 BSO ( Bicycle Shaped Object) and a "real" bike.