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I was just reading about Cassandra's terrible crash (I hope you are up and riding soon) and many of you have had bike-totalling crashes. I am sure in many cases the driver's insurance will cover replacement, but what about an uninsured driver or a crash that involves a walker, dog, or other hazard?
Do insurance companies offer policies that cover bike replacement? Have any of you insured your bikes?
Good question.
I made a copy of my bike receipt and am going to try to have it added to our homeowner's insurance umbrella- the same added policy that covers my musical instruments if they are stolen. Not going out today in the heat, but will post back later this week with what they say about insuring a bike. It will be interesting to see whether they cover theft as well as damage. For example, my policy will cover theft of my instruments from my house or traveling, or from another location where I am, but will NOT cover theft if I left them in my car (which I would never do anyway!)
Our homeowner's insurance covers us for replacement cost of contents, including bikes.
We have actually used it once ..
when someone lifted a new trek off our hollywood rack on the back of our car.
That is my understanding also. I checked with my insurance agent (State Farm) years ago when I was doing a cross-state tour on my custom bike. He made the following suggestions:Quote:
Originally Posted by mimitabby
1. Take pictures of your bike. (My advice - get close up pictures of expense bits, e.g., Campy gearing, expense rims, etc.)
2. Keep receipts.
Also, I have replacement-value on my policy. That means, if it is beyond repair or gets stolen, they have to buy me a new one. I can't imagine having to hassle depreciation on a bike. We all know they are PRICELESS no matter how old they are!!
For all you oldies but goodies -
My bike has a lugged steel frame. Replacing that would be difficult, if not impossible. You need to make sure that a qualified bike shop certifies that these special bikes are irreplaceable - well - except maybe with a Lightspeed or Orbea :p Hey - we all have our prices!!
The insurance company of the driver who totalled my bike paid up, but my insurance company told me that I would have been covered under my renter's insurance had he been uninsured or if the accident had been deemed my fault. I would assume that homeowner's policies might provide the same coverage.
Susie
Bike's are covered by Homeowner's insurance - but subject to the policy's deductible which in some cses now adays is $1,000, so just be aware. I know my deductible is $500.
Even so bikes are expensive to replace. As mentioned before its always best to have a fire proof box for receipts and even better to take photos of all valuables including the bikes. Alot of people keep a list of the bike and all its components on Excel or some other tabuating software but just a WORD list of everything is fine.
Most policies come with replacement cost but alot of companies will first pay you the actual cash value of the bike and then when the bike is replaced will pay the difference. Typically there won't be too much hassel if the bikes are comparable but I can't replace steel with Ti and expect the carrier to pay for it all. I would be responsible for the reaonable difference.
read your policy ladies!! call your insurance companies if you are not sure!Quote:
Originally Posted by bcipam
and you can change the policy if you want too!
Speaking from experience, I strongly concur with Mimtabby on checking your policy and calling your agent. Our LAST policy specifically limited bicyle (amoung other items) replacement to $500, however, the deductible was $1,000. Lot of good that did when we needed it:mad: . We called our agent/broker and asked him to look into new coverage and he acted like we were from Mars for wanting bikes covered. Needless to say, we have a new agent and policy with vastly improved coverage.
I've been meaning to do this so I am glad the post came up.
I called my insurance agent today and she said it would be covered under homeowners but like alot of others it has a $500 deductible. She is checking on a rider for me.
Now I need to find the receipt :(
I'm lucky!
My BF and I just moved out to rent an apartment together so we just went through all this insuring our contents.
We talked about the bikes. The lady behind the counter asked us whether we'd like to insure anything, for instance if we took a camera outside the house and it was broken or stolen it would be covered. Immeadiatley we thought of the bikes. So our three bikes are covered on our policy which includes ACCIDENTAL cover... (If any other QLD'ers are on the board we're insured through RACQ... If you are a member already (like I am for my car) you get a discount too)
Plus we've just registered with bicycle queensland which includes public liability insurance and personal accident insurance.
Hey Deena :)
Unfortunately, today I found out my bike is a goner, at the LBS. Frame is bad so it wont steer straight, plus a crushed wheel etc etc - bottom line - cost to repair the bike is more than what it costs me, and that was a pretty penny to begin with.
Like everyone has said, check your insurance policies or maybe make an addition. It is a terribly sad thing to see a nice, well-loved bike go to pieces and be out 4 figures in the $$ department.
Most homeowners policies I know of can cover bikes, though deductibles may apply.
Cassandra - Talk about adding insult to injury.... Sorry about your bike.
First thing tomorrow I am calling my agent to have my bike added to our policy. It was a gift from a friend who upgraded and I could never afford to replace it.
Now I'm thinking about my kids' bikes. They are the "blue light special" variety, but replacing three or four of them would be a big hit. And a kid can't go bikeless during the summer - it's just not allowed. :p
If you are having a custom build, you could have your LBS do a very specific list of the componentry as they put it together and store that list with your policy info.
In NZ>>>
Our bikes (I think about 12 road race bikes) have been listed , with upgrades (like wheels etc) for the insurance company.
We are covered in training rides and in club rides, but not in organised race events or charity/fun-rides.
Of course, we are covered against theft also
I just called my insurance company. Our bikes (1 mtn, 2 road, 1 hybrid) are covered for theft or damage from fire but not for accidents while riding. :confused: :confused:
An old friend of mine had his and his roommate's MTB's stolen out of a locked (and opaque) storage locker in their shared basement (they figured it had to be an inside job as no one could have known the bikes were in there). Turns out even though neither bikes were listed on the homeowners insurance policy, both bikes were covered at replacement value. It turned out to be a great deal for my friend who got a crazy discount when originally buying his bike, only paid $1000 for it and replacement was over $4000. He made out like crazy on that deal.
But still ever since that I've been insuring everything of value in my apartment under renters insurance...you just never know.
Emily
Our insurance company tried the same thing on - we said whats the point? We want them covered for at least training rides, then we argued for club rides as they weren't prize/money races...Quote:
Originally Posted by PAP103
Eventaully they agreed to cover us for everything as long it wasn't a race that involved prize money, or prizes.
They were reluctant but we said if they couldn't be more accomodating we would find someone else who was willing to cover us (quite a big policy, farm, house, vehicles)... so they pulled finger and we came to an agreement.