Bike Insurance

[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?

[TxDoc]

I don't think you can get a policy for wrecking it yourself. Maybe Lloyd's of London?

Hee-hee that would be nice!

I think you can though. Not sure how it works but I think it has to do with having comprehensive coverage on your car insurance and adding something like an umbrella policy to cover incidentals and legal expenses even when no other vehicle or drivers are involved, and then add the bike as line item - or something like that.
The premium becomes way higher though, so I guess you would have to do some math and figure out replacement cost vs insurance cost... don't know.

[aicabsolut]

I think all of my sporting equipment is covered under my general renter's policy. They have extra add-ons that I can get for certain high dollar valuables (jewelry, etc.) and then another one for computers (covering a wide variety of damage), but I don't think that a bike with replacement value of $6k is eligible for special, individualized coverage (not what I bought it for, but if I had to replace it today at retail). I suppose I should call them up and make sure I've got enough coverage but I haven't. I use USAA.

[Grog]

I had add-on insurance for an expensive laptop computer. It was insured against my own foolishness, such as forgetting it in the metro, or my cats destroying the LCD panel. "All risk" was what it was called. and it was quite expensive, like almost $150 for a $3000 computer, the first year, and then a bit less every year until after the 3rd year I didn't insure it anymore.

I don't think intentionally wrecking your bike would be insurable, but maybe it would be insurable for accidents, but at a steep cost probably.

[Bluetree]

My State Farm insurance includes coverage for my two road bikes. I've submitted itemized copies of all receipts to cover replacement value ($12k). If the bike(s) are inside my car and something happens, my auto insurance covers it. If it is on the outside of my car (on the rack), or in a different place, renters covers it. The deductibles are different.
I'm also considering additional CA earthquake insurance... just to cover my bases.

[aicabsolut]

I don't think intentionally wrecking your bike would be insurable, .

I think that would be insurance fraud.

[fidlfreek]

God this is so annoying. I think I'm going to call back and see if I can just get it covered an endorsement for sporting goods or hobbies. This shouldn't be so stupid and difficult. I have to remember that these insurance agents may not be the brightest bulbs....

Thanks for the advice about auto policy things btw, and also how the insurance industry basically incentivizes non-payment.

[Mr. Bloom]

also how the insurance industry basically incentivizes non-payment.

Oh...we just scratched that surface! We've only talked about agent incentives

[OakLeaf]

I think that would be insurance fraud.

Intentionally wrecking your bike and claiming it was an accident would be fraud. And the reason someone would do that is because... intentionally wrecking your bike is not insurable.

[Mr. Bloom]

I can hear the question now:

Well Ma'am, can you please explain how the frame of your bike could be split in two, but you didn't receive a scratch?