Bike insurance?

[gabrielle]

Anybody have experience with bike insurance policies with e.g. Markel or Velosurance (or others I don't know about)?

I live in an area that has increasing bike theft issues, and I would be really sad if somebody lifted one of my rides.

gabrielle

[rebeccaC]

Remember to keep the original receipt and any upgrade receipts, take photos of the bikes and serial numbers and make a police report as soon as possible if you do have one stolen. I made sure my homeowners personal property replacement value policy covers my bikes so I haven’t looked at stand alone policies. Hoping you never have to go through a theft!!!

[Helene2013]

I don't know these insurance companies but I did insure our 4 bikes with our home insurance. It is a premium beside the home insurance. They did require that we send them a copy of the invoice, pictures of bike and serial numbers.

You have to check as every company covers the bike differently (stolen, falls, etc).

For us, I believe we are paying nearly $200 per year for the 4 bikes. Our basic home insurance covers $3000 for bikes. Since our 4 bikes are much more than this it was the logical choice. And the deductible is $100 if we make a claim.

[Irulan]

We have a really good replacement value homeowners policy with State Farm. Every so often I check the limits on our sports equipment to make sure we don't need a rider. Can you get something with your renters policy?

[gabrielle]

Can you get something with your renters policy?

Probably...I've just heard a couple of horror stories from friends whose claims were denied/reduced *even though they had proper documents* because the insurance rep just didn't believe that a bike could cost that much.

Plus there's the whole thing about how long is it going to take them to actually process it. I don't want to wait six freakin' months for them to figure it out.

The propaganda around the bike-specific insurance companies leads me to believe those things aren't an issue.

[Irulan]

I believe it. We've had a very good relationship with the same office for about 25 years, so I'd like to think that our experience will be different. Don't get me thinking otherwise, though maybe you have cause to know. They have been really good with car accidents.

[rebeccaC]

Probably...I've just heard a couple of horror stories from friends whose claims were denied/reduced *even though they had proper documents* because the insurance rep just didn't believe that a bike could cost that much.

I would have started a complaint against the agent/rep/company with Oregon’s Department of Consumer and Business Services, which handles insurance complaints and then found a better company. There can sometimes be a big difference between a market value (can be somewhat subjective) vs replacement cost policy pay-out too, which is why I have a personal property replacement cost policy. I also have separate riders for my photography items and some art I inherited. I researched insurance companies before purchasing my homeowners/auto coverage and on just the couple of instances I’ve used it they have been quick and easy to work with.

Just using their website for a quote veloinsurance said 700+ a year for my bikes and Markel wanted way too much personal info for me to even consider getting a quote from them. Considering I already have strong liability insurance, an excellent health care plan and don’t race so no racing accidents, for me that doesn’t make financial sense. If none of that applied and I did a lot of crazy crit races I might consider it, especially if I lived somewhere I was really worried about my expensive bikes being stolen

[gabrielle]

There can sometimes be a big difference between a market value (can be somewhat subjective) vs replacement cost policy pay-out too, which is why I have a personal property replacement cost policy.

Good info, thanks!

g.