Bike Insurance

[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?

[TxDoc]

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?

Hee-hee!

[Running Mommy]

I'm going to fwd this thread to my friend who is an Agent- and an EXCELLENT one at that. She will know!
Tho I must say, every state is different.

[erint]

Sorry to hear that your agent has been less than helpful. I am a personal lines insurance broker in CA but, in general, all policies in the US are the same. Your bike should be covered under your personal property limit (minus your deductible) if it is stolen. You should be able to add an inland marine endorsement for "Sports equipment" to your policy (depending on which company you are with). I have been in contact with a broker in TX for another one of my clients so let me know if you'd like me to ask her &/or put you in contact with her : )

[erint]

And, just to clarify for all- if your bike is stolen from your vehicle, your renter's insurance or homeowner's insurance would cover that (minus your deductible if not "scheduled"-usually if it is scheduled on a floater, there is no deductible). Auto insurance does NOT cover personal property inside unless it is permanently affixed.
An umbrella policy was mentioned above as well. A personal liability umbrella policy is extra personal LIABILITY above your home & auto policies. So, for example, you cause an auto accident & someone dies, the attorneys may sue you for your policy limit of $300,000 or $500,000. Your umbrella would cover $1 mill to $5 mill above those limits (depending on how much you purchased).
This is totally separate from personal property that you, personally, own such as furniture, clothing, dishes (a bicycle), etc.
This is why it is a good idea to review your insurance policy every year. HOPEFULLY, your agent calls you on a regular basis to do this.

[smurfalicious]

Hmmm, I've had State Farm since I got my pickup a few years back and they've been aw-ha-mazing. Step one was adding a renters insurance policy. Multiple policies gave me a discount of $10 a month, making my $10 a month renters policy freeeeee!!! Then I got a new camera, expensive lens, etc. I got another policy for my camera gear exclusively. I told them flat out I used my cameras to make money doing freelance from rodeo to portraits to newspapers. The best part is, they cover comparable replacement. So if my old medium level SLR gets jacked/dropped/whatever, I get the funds to buy something new of comparable value. So if my EOS 1N suffers an unfortunate fate, I get the money for an EOS 1V. And all of this for $8 a month with a deductible of $100 per incident. So if my whole camera bag goes, it's $100.

I actually need to call and make changes to my policy because the $1200 lens was sold in favor of a $3300 bike, but if you lay it out to them honestly what you do with your gear they give you a fair policy.

[kelownagirl]

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.

We bought 2 bikes, worth a total of about $7000 last year and it was going to cost us about $700 a year extra for a 'rider' to cover them. Our insurance broker did some looking around and found a company that has no limit on bikes. We double-checked to confirm, then switched companies. The rest of our house coverage was the same or better, all for about $10 a year less than we had previously paid. Look around.