Insuring your bikes

I talked to my insurance agent, and wondered if my bikes would be covered if stolen or wrecked. She replied "of course your homeowners will cover it" and I mentioned that I had paid $1200 for the frame, wheels and parts on my Surly, and then there were other parts, (Brooks saddle, some shimano 105 components moved over, computer) that weren't even a part of the $1200. She could not believe that the bike was worth that much! She said that no, the company would NOT pay that much. I'm currently in the process of getting my lbs to give me an appraisal and I have to add it to my homeowners.

Do you insure your bikes separately? Doesn't seem to be very common around here, but I had a friend have her bike stolen out of her garage and I want to make sure I'm covered.

We just decided to insure our bikes because our house insurance coverage was minimal ($1500 max I think?). It was going to cost $800 a year to cover them with a rider so we changed insurance companies and now have unlimited bike coverage for the same as our previous policy. It is only for theft and damage if was parked (ie on the bike rack on the car) but not collision if we're riding them.

My bikes and camera gear are covered by my renters insurance, which would pay the replacement costs for a new equivalent. I have State Farm and specifically asked if I needed special coverage. Make sure you speak with someone who knows what they're talking about. With State Farm there were a couple things that would cause you to need to buy special insurance, but they were along the lines of expensive jewelry and art, not bikes.

I can't remember if I have a $500 or $1000 deductible. I did once have a mountain bike stolen off my front porch. It was worth less than the deductible, so I just had to suck it up. Also, the deductible is per theft not per year or anything.

Sometimes you have to get a seperate rider. I just recently verified coverage for $5k worth of mountain bikes (2 bikes) and I printed out the verification and put it with my receipts. We've got state farm also.

DON'T FORGET TO WRITE DOWN YOUR SERIAL NUMBER!!!!!!

Read your original policy. You may need a rider, but don't take your agent's say-so. Our policy requires riders for jewelry, art, computer equipment, but NOT sporting equipment.

You're smart to be talking to your insurance agent now so that you can understand your coverage and purchase extra insurance in case you need it.

I was lucky when my first Rodriguez was stolen, that it happened to be covered by my homeowner's insurance. It also really helped to have the serial number, which took a bit of work to track down. Since I was the second owner of the bike and didn't have sales receipts, the serial number served as my proof of ownership.

As with your other valuables, it also helps to have pictures! It seems like every other day I see a post on craigslist about a stolen bike, but without pictures, I can only be so helpfl as another pair of eyes on the street.

I got some $$ back for the stolen bike -- essentially replacement value minus depreciation minus deductible. I don't know whether it would have made a difference to have it listed as a separate rider. Come to think of it, I should probably ask my insurance agent about that . . .

Yes my bikes are insure with the same company that insures my car and home, Allstate. They cover replacement costs if stolen, damaged, crashed.

Take pictures of your bike too.

My State Farm guy said homeowners covers it - and - he was also surprised that a bike would cost over $4K. My bike is custom, so no serial numbers. I have the original sales invoice that describes the components. He said that would suffice. I have replacement insurance.

One thing we;ve done with our newer bikes is gone to the manufacturer's website and printed out the spec sheet. This will always have an image with it too. Then I staple the receipt to the printout, and write the serial number down. Voila, great record, no having to figure out what components were on it.

We recently had a bike theft - my son. I got a great tip. If you don't have your serial number, many times the shop you purchased from will have it on record.

I gotta shop for a different insurance co. :mad:

When my namesake Trek420 was stolen it was not covered. I found out the hard way that the DPITA (my ex) never put me, my stuff on our insurance. :mad: I also found out that Allstate does not recognize Domestic partners. If we'd reported that a casual acquaintance had dropped by, parked the bike in the garage for a house party and it had been stolen that would have been covered. But DP's of 11 years? No, not covered. We were going through the break up at that time and I recall being almost as mad at this and the theft as being dumped :o it just made a bad situation worse. She paid me back, fast forward, life moves on.

A few years later in the idiot move of the century I came home tired from a ride and parked the car in the carport with my custom Mondonico on the roof rack :eek: My LBS sent it to the village smithy for repair and about $800.00 later she is as good as new. I have house, car, earthquake insurance with Allstate. So you'd think if an object that's on my car hits my house ..... nope.

Yet every time I call them to ask "are my bikes covered? I have 4, I have records and photos ...." they assure me, yes, they are.

Every once in a while I call around, price quote insurance and I can't beat their price for all 3, house, quake, car.

I will say while both these instances left a bad taste in my mouth for my insurer, my agent heavily advises all the time to document, document, document. Keep records of your house and valuables, photos, file receipts etc. In a major emergency like quake, flood, fire you can't go from memory.

Oddly I have to have a rider for my engagement and wedding rings (value approx $5k) but not the bikes (value of $10k combined). We have pictures, receipts and SN on all the bikes. Except my Craigslist Mountain Bike where I have SN and pictures.

I asked my agent specifically would it cover these high end bikes and told him I we paid about $2,000 EACH for the bikes. This is Texas where people spend a ton on guns, bows (my friend has a $1,800 one) and who know what else my agent didn't even bat an eye. It covers replacement cost minus deductible. I think it varies by state and even company. Talk to your agent and be very specific on what you are asking.

Thanks for all the great advice. I'm going to read my policy. Taking pics is a great idea, and I have already taken them. I also registered with the National Bike Registry, and I think it's good for something like 10 years. Printing out the spec sheet won't help since I moved some of my Shimano 105 components over from another bike and he built the rest up, including the wheels. That's part of my concern, I just can't call up someone and replace the parts I chose!

Thanks again! I can always count on TE.

I have also read some LBS will help write up the specs and how much the bike would cost to build. In the case of the Surly I wouldn't think this would be a big issue to do since they can be sold as frame and build?

I'm at my LBS so much they could probably write an estimate of my bike from memory:rolleyes::rolleyes:

Seriously, I have lots of pictures. And serial numbers (except for my cannondale - which requires deconstruction to get it).

CA

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Originally Posted by uforgot

Thanks for all the great advice. I'm going to read my policy. Taking pics is a great idea, and I have already taken them. I also registered with the National Bike Registry, and I think it's good for something like 10 years. Printing out the spec sheet won't help since I moved some of my Shimano 105 components over from another bike and he built the rest up, including the wheels.

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The standard spec sheet does not help in your case, but you can always write down the specs for your bike (with the components you used to build it) and give it to your agent with the pictures (take some close ups showing the components too). This is what my agent asked me to do, just to make sure that mor expensive components would not be replaced with a standard build.
Hope this helps. Also she said to take a picture where the bike registry # shows, one with the serial #, and one of the bike license # if you city has registration.

My renter's insurance covers my bike and all my expensive sporting equipment. It even covers it when it is in my car and stolen or damaged due to an accident where I'm at fault (which my auto insurance won't cover--my liability insurance only covers other people's property in/on my car in that case).

SGTiger was quite specific about ensuring both of our bikes were covered on our homeowners policy. Get this, they cover actual cost of replacement.

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Originally Posted by Dogmama

My State Farm guy said homeowners covers it

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That's good...my deductible is $2,500 ($40,000 for earthquakes)...how much is yours?

That's a big deductible for someone in the mid-west. Do you live anywhere near New Madrid?

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Originally Posted by boy in a kilt

That's a big deductible for someone in the mid-west. Do you live anywhere near New Madrid?

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Yep...with lots of unfavorable and unshielding geology in between...

Ahh. So you live in a place where if you do get an earthquake, it's gonna make a horrible mess. We studied that in my Geological Oceanography class in Grad school. Prof wanted to show us that the big, messy quakes don't always happen where you think. Also, I watched one of those alarmist science shows a while back that showed what might happen if the New Madrid fault cuts loose again. Things weren't looking good for Kansas City or St. Louis.

Given where we live, I would be interested to see what our deductible is. We do have the Cascadia Subduction zone sitting about 100 miles off the coast and when that thing lets go, it's gonna be a monster. I hope my bike survives if it does.

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Originally Posted by boy in a kilt

I hope my bike survives if it does.

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Me too...it will be the only way to get around.

Because of the unconsolidated soils in the east (e.g., Mississippi River system floodplains), the effects of an earthquake are felt much further away than most earthquakes in the west.

In the PNW I'd probably be more worried about lahars coming off Rainier when it blows or even a tsunami from the Cascadia subduction zone if you live on the coast.

Not worried about the Lahars coming off Rainier. I don't live anywhere near it. For that matter, I'm not worried about any Lahars coming off anything. Next closest lahar producing place is Mt. Hood and I have the hills west of Portland between me and it.

The Cascadia subduction tsunami is a slightly higher possibility. I've thought it through but I don't have a clear answer about whether a tsunami of that magnitude would flow 100 miles upriver against the Columbia river. Again though, I live at about 250 feet above sea level so if the tsunami gets that high, it's because god hates me.

What seems more likely is an earthquake. Either from the subduction zone or one of the other faults in the Portland area.

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Originally Posted by boy in a kilt

The Cascadia subduction tsunami is a slightly higher possibility. I've thought it through but I don't have a clear answer about whether a tsunami of that magnitude would flow 100 miles upriver against the Columbia river. Again though, I live at about 250 feet above sea level so if the tsunami gets that high, it's because god hates me.

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I did get the "earthquake" rider when renewed our insurance recently. I think we'll see it during our lifetime...