Insuring your bike against damage, theft

[channlluv]

Hi, all,

I'm considering a road bike, and the ones I'm looking at are $2k+ - I'm in love with the Cannondale Synapse Carbon Feminine 3. I know I'll need to go to clipless pedals with this bike, but with the recent threads about falling while unclipping (or not unclipping, as the case may be), and crashes, and bikes that don't match their riders (stolen?), and unwary drivers and other cyclists who don't know what they're doing causing crashes on group rides, and someone who was hit by a car while taking her Madone out for the first time within a few minutes of leaving home...and Mr. Silver warned someone looking for a bike rack that carbon frames are fragile...I just wonder, with all that can happen to this very expensive bike, is there a way for me to insure it?

Is it just a personal property policy? Do I need to take photos and keep copies of the receipts for my insurance agent? Is there a special policy rider for high-end bikes?

I want to protect my investment here.

Thanks!

Roxy

[TrekWSDmechanic]

VeloNews had this come up a while back:

http://www.velonews.com/article/71286

As for clipless pedal usage, just remember my two rules:

1) Anticipate your stops. Don't wait until you are at the stop sign to come out of the pedals. Physics doesn't stop just because you aren't clipped in, so just put your foot on the pedal and keep turning the cranks if you need to, which is helpful for rule #2:

2) Don't try to clip in after you get going from a stop until you are going fast enough to coast for a long way. Most people try to clip in, can't, and lose momentum and have a zero-speed fall. Just put your foot on the pedal, and get going. Most of the time your foot will clip in on it's own. If not, you can get some speed built up, then worry about clipping in later.

[abejita]

Our insurance agent said that if someone hit the back of the truck while we were carrying the bikes, that the truck insurance wouldn't cover the bikes because it is not a factory installed option. She said that our home owners insurance would cover it...but out deductible is 3K, so it wouldn't really do us any good since we only have about $2300 of bikes. You could probably lower your home owners deductible, but that probably wouldn't be cost effective.

check out this article...they discuss insurance for cyclists at the bottom...

http://bicycling.com/blogs/roadrights/2009/06/22/why-we-need-cycling-insurance/

mary

[Ana]

I just purchased renter's insurance this week :) It covers all my personal belongings, even when I'm traveling! I have $20,000 of coverage--items that are stolen too--(I added a little more coverage for my nice bike) and it covers medical expenses of anyone who gets injured on my property and weather or accidental damage (flood, water pipe break, fire). It also covers interim living expenses if anything happens to my residence. My deductible is $250 but sometimes the rates are marginally less expensive for a larger deductible. My premium is only about $100 per year.

Check out what your homeowners or renter's insurance will cover.

[Miranda]

I have mine on the homeowners' insurance as a scheduled endorsement. We do have a lower dedect for the H/O. Any $ to replace would help though. Unfortunately like w/anything, it makes your premiums go up if you do have a claim. You also might check out the brand you are considering for warranty. My frame has a lifetime for manufactured defect. Plus, a 20% discount crash replacement policy. Every little bit helps. Lastly, whatever ins you end up getting they will be able to tell you what proof /paperwork is required to ins it.

[channlluv]

Awesome information, everyone, thank you. These are some great resources for researching.

Miranda, what brand bike do you ride that offers a 20% crash replacement discount?

Roxy

[MtnBikerChk]

Awesome information, everyone, thank you. These are some great resources for researching.

Miranda, what brand bike do you ride that offers a 20% crash replacement discount?

Roxy

I know Trek does......

[MartianDestiny]

Mine (all of them) are covered under my renters insurance.

Theft (in or out of the house), destruction, etc. Even if some uninsured idiot runs me over, it's covered. It's not covered if it comes off a bike rack on a car going down the highway (is covered if I run it into a garage).

Talk to your renters/homeowners. Mine did not require an extra rider for what I wanted, but with some companies I think it might.

[CyborgQueen]

As the above posters -

It also depends on your insurance carriers. I have Allstate and my bike is covered under homeowner's insurance. My ring is insured separately (Rider I believe it's called). Since I have Allstate Auto insurance as well, saves you money if you have coverage for both your car and house.

It would make sense to take pictures, save receipts for anything related to the bike such as pedals/shoes/gadgets. Or anything you have in the house. My mom does this for everything that is over $200 such as microwave, TV, stereo, computer, etc etc, all in one binder so there's no dispute on how much was paid, the warranty infos, receipts, etc. Wish i could be more like Mom!

I should do the same for my bike as that's probably the most expensive thing I ever owned, next to my car.

[spindizzy]

This can be a huge problem (as I am finding out) A lot of insurance companies will cover it if you purchase a separate rider ( I have one for one of my rings).
The insurance company (that I have been with since 1981) will not even let me purchase a rider.....harumph! Needless to say, I may be changing carriers. So much for loyalty:confused:

I wish our insurance companies were as progressive as they are in the UK..there appear to be plenty of companies there that offer options just to purchase bike insurance....