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Thread: Bike insurance?

  1. #1
    Join Date
    Jun 2004
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    Oregon
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    26

    Bike insurance?

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    Anybody have experience with bike insurance policies with e.g. Markel or Velosurance (or others I don't know about)?

    I live in an area that has increasing bike theft issues, and I would be really sad if somebody lifted one of my rides.

    gabrielle

  2. #2
    Join Date
    May 2013
    Location
    california
    Posts
    1,227
    Remember to keep the original receipt and any upgrade receipts, take photos of the bikes and serial numbers and make a police report as soon as possible if you do have one stolen. I made sure my homeowners personal property replacement value policy covers my bikes so I haven’t looked at stand alone policies. Hoping you never have to go through a theft!!!
    ‘The negative feelings we all have can be addictive…just as the positive…it’s up to
    us to decide which ones we want to choose and feed”… Pema Chodron

  3. #3
    Join Date
    Sep 2013
    Location
    Montreal, QC
    Posts
    764
    I don't know these insurance companies but I did insure our 4 bikes with our home insurance. It is a premium beside the home insurance. They did require that we send them a copy of the invoice, pictures of bike and serial numbers.

    You have to check as every company covers the bike differently (stolen, falls, etc).

    For us, I believe we are paying nearly $200 per year for the 4 bikes. Our basic home insurance covers $3000 for bikes. Since our 4 bikes are much more than this it was the logical choice. And the deductible is $100 if we make a claim.
    Helene
    Riding a 2014 Specialized Amira LS4 Expert - aka The Zebra!
    2015 Specialized Crux e5 - aka Bora Bora bike

  4. #4
    Join Date
    Nov 2002
    Location
    the dry side
    Posts
    4,367
    We have a really good replacement value homeowners policy with State Farm. Every so often I check the limits on our sports equipment to make sure we don't need a rider. Can you get something with your renters policy?
    2015 Liv Intrigue 2
    Pro Mongoose Titanium Singlespeed
    2012 Trek Madone 4.6 Compact SRAM

  5. #5
    Join Date
    Jun 2004
    Location
    Oregon
    Posts
    26
    Quote Originally Posted by Irulan View Post
    Can you get something with your renters policy?
    Probably...I've just heard a couple of horror stories from friends whose claims were denied/reduced *even though they had proper documents* because the insurance rep just didn't believe that a bike could cost that much.

    Plus there's the whole thing about how long is it going to take them to actually process it. I don't want to wait six freakin' months for them to figure it out.

    The propaganda around the bike-specific insurance companies leads me to believe those things aren't an issue.

  6. #6
    Join Date
    Nov 2002
    Location
    the dry side
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    I believe it. We've had a very good relationship with the same office for about 25 years, so I'd like to think that our experience will be different. Don't get me thinking otherwise, though maybe you have cause to know. They have been really good with car accidents.
    2015 Liv Intrigue 2
    Pro Mongoose Titanium Singlespeed
    2012 Trek Madone 4.6 Compact SRAM

  7. #7
    Join Date
    May 2013
    Location
    california
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    1,227
    Quote Originally Posted by gabrielle View Post
    Probably...I've just heard a couple of horror stories from friends whose claims were denied/reduced *even though they had proper documents* because the insurance rep just didn't believe that a bike could cost that much.
    I would have started a complaint against the agent/rep/company with Oregon’s Department of Consumer and Business Services, which handles insurance complaints and then found a better company. There can sometimes be a big difference between a market value (can be somewhat subjective) vs replacement cost policy pay-out too, which is why I have a personal property replacement cost policy. I also have separate riders for my photography items and some art I inherited. I researched insurance companies before purchasing my homeowners/auto coverage and on just the couple of instances I’ve used it they have been quick and easy to work with.

    Just using their website for a quote veloinsurance said 700+ a year for my bikes and Markel wanted way too much personal info for me to even consider getting a quote from them. Considering I already have strong liability insurance, an excellent health care plan and don’t race so no racing accidents, for me that doesn’t make financial sense. If none of that applied and I did a lot of crazy crit races I might consider it, especially if I lived somewhere I was really worried about my expensive bikes being stolen
    ‘The negative feelings we all have can be addictive…just as the positive…it’s up to
    us to decide which ones we want to choose and feed”… Pema Chodron

  8. #8
    Join Date
    Jun 2004
    Location
    Oregon
    Posts
    26
    Quote Originally Posted by rebeccaC View Post
    There can sometimes be a big difference between a market value (can be somewhat subjective) vs replacement cost policy pay-out too, which is why I have a personal property replacement cost policy.
    Good info, thanks!

    g.

 

 

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