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/rentersi...bnumber=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?