[AndyMc2006]

Does anyone have experience purchasing and maybe making a claim for bicycle insurance, I'm considering purchasing coverage for my pricey new carbon ride. I have homeowners but I'm thinking something more comprehensive like Velosurance, that would cover if I crashed or something.

 

[looigi]

...In the long run, you'd fork out less if you "self insured".

Definitely, for personal property. Insurance companies make money by paying out less than they take in, on average. However, low risk policy holders wind up subsidizing high risk policy holders, who may actually have claims exceeding what they pay, so if you're particularly high risk for some reason, insurance may make financial sense.

If you're a worrywart, and insurance helps alleviate nagging worry, that alone may justify the expense.

Liability is a different matter entirely.

 

[mpre53]

Buy a brand from a company that has a decent crash replacement policy, and put the savings over the life of the bike towards n+1. All you'll likely need to replace is the frame---you should be able to salvage most of the components, and some companies will meet you up to halfway on a comparable frame.

Someone rear-ends you when your bike is on a rear-mounted bike rack, and his insurance company will be replacing the bike, as he'll likely be 100% at fault.

Homeowners should cover theft from your residence or garage. Or renter's insurance, if you rent. Chances are that the bike won't be the only thing stolen, so you may get full value after your deductible. You can decide if your stereo or jewelry was more important to you than your ride, then. :wink:

 

[froze]

Does anyone have experience purchasing and maybe making a claim for bicycle insurance, I'm considering purchasing coverage for my pricey new carbon ride. I have homeowners but I'm thinking something more comprehensive like Velosurance, that would cover if I crashed or something.

Unless your racing don't bother. Just make sure you have receipts and pics of the bike, the homeowners will cover the bike for theft and whatever else the policy covers contents for, and it will cover at home and away from home. The only thing that your home ins won't cover it for is crashes, so if that puts fear into you then maybe consider it. But before you consider it, look at the cost of the policy and the deductible. The biggest damage that would occur is the frame, so how much is just the frame? The components can be transferred from the old bike to the new one. Thus if the policy cost (these are estimates) $400 a year with a $500 deductible and you wreck the bike after the second year you'll have to put out $1,300 for premiums and deductibles; a new frame may cost that much! So each successive year you don't have an accident you're losing money. It's a gamble, and just like casinos the house is always the one that wins.

 

[Roland44]

Velosurance.com :thumbsup:

Nice! It seems promising, did you use them?

 

[High Gear]

I got a quote for $306 a year for a $4500 bike, and a $300 deductible. Just to give people an idea of cost.

Velosurance.com :thumbsup:

 

[J.T.D.]

I added my bike (2011 Spec. Roub. Exp. SL3 w/SRAM Red) with an actual covered value of $4900 (ACV, no deductible) to my homeowners for $38 a year, and I'm covered for theft, damage (even from a solo crash) etc.

 

[Jbusaf]

I have mine insured thru State Farm under a personal articles policy. No deductible replacement coverage if it gets stolen or damaged in anyway. It runs me 220 per year on a cannondale super six 5.

 

[mtsheron]

Like one poster stated............unless you race that bike, that is alot of money to shell out. Most wrecks I have seen even on carbon most of the time the frame is still ok. And also, does that policy if you do RACE have exact replacement cost or invested cost reimbursement. Or like most insurance companies your bike will depreciate and two years from now that $4500 carbon bike has a market value of $1500 only! < Just throwing a scenario out there for you to check on. I say homeowners may be the best to check into like a few folks here that posted stated. I know theft from home or damage at home would more than likely be covered but even then they depreciate your personal items...............all insurance companies do that.

Our insurance company when we have bought new cars for less than $100 per year will cover the exact purchase price if our cars are totalled in a wreck for 5 years then depreciation sets in. That is worth it for 5 years.

Bikes................hmmmmm, unless you have a like a Cannondale Supersix EVO Black for like $13k I would not worry. Unless that $300 per year and a $300 deductible makes you feel better and the stress taken away lets you live 1 extra year in life.

 

[froze]

I got a quote for $306 a year for a $4500 bike, and a $300 deductible. Just to give people an idea of cost.

Now get your calculator out and you'll see it's not really worth it unless you have bikes stolen or crashed a lot, also the quote they gave you is an average, unless you filled out the entire form and got a call from a rep that price will change.

I don't know about you, but I haven't crashed a bike since 1984 that resulted in damage, and never had one stolen, and I think that happens to more people than not. So if I purchased that insurance in 84 and kept it all those years I would have paid $9180 for the insurance, I could have bought two of your bikes and had money left over! The other bad thing is technology is changing and inflation goes up, so in order for a bike that was purchased 30 years ago made of lugged steel will that mean they will let me buy a custom steel lugged bike? No, because I only paid $1,200 for in 84 and that's all they would have insured it for, they say that too...they only pay the insured value the bike was insured for at the time the policy was purchased, little tough finding a Reynolds 531 CS lugged steel bike with high end Suntour components on it for that money.

It's a much better deal to have a bike added to a homeowners or renters insurance policy under a floater (rider), but some insurance companies don't have that for bikes so check with your agent. The bike will be insured for appraised value that any LBS can do, there's no deductible, but most insurance companies are in the $175 dollar average range for a bicycle floater. JTD's $38 is the cheapest I've ever heard of.