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· your god hates me
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Discussion Starter · #1 ·
If so, how? I.e., against theft, damage, both? Is it included in your homeowner's policy, your auto policy, a separate rider under one of those? Who do you use, & what does it cost (ballpark)?

My wife & I are both about to buy new bikes this year, & she has become very disturbed by some recent bike thefts in the area, want to make sure we're covered in case of the unthinkable.

Thanks.
 

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It is considered personal property under your homeowners policy, subject to your deductible. Generally at covered at replacement cost, the only zinger is that many policies cover the personal property on a named peril basis versus all risk. Meaning the coverage is not as broad regarding causes of loss.

Short answer is yes, subject to the policy, read your policy, especially if you own a high dollar bike. My road bike is now scheduled for this very reason.
 

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It's a tangled web sometimes.

I had a bad experience with my insurance company regarding losses. The policies are designed to make it difficult to claim anything.

Bike related. My girlfriend (whom I have since married) did me a favor and crushed my Specialized S-Works FSR XC (Full Suspension MTB) between the car and a light pole (bike was on a hitch rack) The frame and shock, both of which I had purchased off ebay, were a complete loss. At the time the shock alone was $350.00. Retail they would have been worth in the neighborhood of $800 -$1000.00. When I filed with my auto insurance they decided they would only pay for a rear triangle. I proved that the frame and shock were both a complete loss and they said I needed a reciept for my cost. I eventually gave up and talked to my homeowner's insurance. Seems there's a stipulation that says if you ruin something with your own car they don't pay for it. So I was back on ebay. Good news is I bought 3 bikes to replace that one.

Non-bike related. My then fiance' left her $3500.00 engagement ring in the ashtray of the car, in a church parking lot, while participating in a karate demonstration in the church. Some lucky individual decided to open the unlocked (courtesy of my daughter) door and take the ashtray for the loose change it contained. I can only imagine their joy when they saw the diamond ring. The police investigator found the ashtray (the thief had stood a grassy area across the street and picked out all of the pennies and threw them on the ground??) but because of the texture on all of the surfaces of the car there were no usable fingerprints. My insurance company said that without sign of forcible entry they don't pay. Next time I break a window before I call the cops.

If the loss of your bikes would result in significant financial impact to replace then I would suggest getting specific coverage for the bikes or a special purpose umbrella policy.

That's just my .02 dollars anyway.
 

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What about crash-related issues? Would you have to take out a special policy?

I insured my wife's ring on a special policy. I broke the bank for it, but in the end it's worth it. Now, she encourages me to get new bikes. :)
 

· n00bsauce
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Policies vary greatly. My son had his $3,000 Selmer saxophone stolen from his unlocked car when he was in high school. They (auto insurance company) gave us a bit of hassle but eventually paid for a new horn. Unless the policy specifically states it has to be secured (locked) it should be covered. I've had friends who had their bikes stolen on vaction from the top of their car. Bikes were not locked because they just stopped for a moment to run into a store. Insurance paid, minus deductible.

If it's on or in your car it's probably auto insurance. If it's anywhere else it's probably homeowners insurance. Always read the fine print. If you're concerned you might be able to get a rider for a small amount. Talk to your agent, they're the experts on coverage.
 

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FondriestFan said:
What about crash-related issues? Would you have to take out a special policy?

I insured my wife's ring on a special policy. I broke the bank for it, but in the end it's worth it. Now, she encourages me to get new bikes. :)
Depends on the state you are in and the policy you have. I live in Indiana, and I would be covered for a crash. However, personal property, while away from the "residence premises", is lmited to 10% of the personal property coverage limit. I have $108,600 in personal property coverage, so I would get up to $10,860 to use toward the replacement of my bike. Hey... I think I'll have me a nice wreck today!
 

· your god hates me
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Discussion Starter · #9 ·
Thanks for all responses so far. I think my wife's biggest concern is theft at gunpoint (!) Since neither of us are nuts enough to leave our bikes unattended even if we had a Kryptonite lock, the concern is having the bike forcibly stolen from us while we're on it.

This all came about because my wife read a message from a fellow New York Cycle Club member who just yesterday morning was mugged while cycling on Riverside Drive. Three punks knocked her off her bike; one of them held her down while the other two tossed her bike into a waiting car, then they took off.

And her bike, A Giant OCR 2 Carbon, was less than a month old! Sad story...and, of course, since the missus & I are planning on dropping some serious change on new bikes this year, it kept her up all night. So in a situation like that -- away from home, nowhere near your car, victim of (semi-)violent crime -- which insurance policy gets involved?
 

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I've been worried about this for awhile & just called my Allstate agent who is checking into it as we speak. For now I am photographing each bike & have a list of the bikes at their approximate vales. When I tell my agent my bikes are worth more than my newest car x 3 & he faints, what then? To offset that, there is my Ferrari, worth more than my house, but to my agent’s relief is insured by Hagerty. Every year I pray we don’t get a grade 4/5 hurricane. Plus, I can’t fit a German shepard, Lab, & 2 cats in any of my cars.
 

· Windrider (Stubborn)
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As others have said.....

Bob Ross said:
Thanks for all responses so far. I think my wife's biggest concern is theft at gunpoint (!) Since neither of us are nuts enough to leave our bikes unattended even if we had a Kryptonite lock, the concern is having the bike forcibly stolen from us while we're on it.

This all came about because my wife read a message from a fellow New York Cycle Club member who just yesterday morning was mugged while cycling on Riverside Drive. Three punks knocked her off her bike; one of them held her down while the other two tossed her bike into a waiting car, then they took off.

And her bike, A Giant OCR 2 Carbon, was less than a month old! Sad story...and, of course, since the missus & I are planning on dropping some serious change on new bikes this year, it kept her up all night. So in a situation like that -- away from home, nowhere near your car, victim of (semi-)violent crime -- which insurance policy gets involved?
it depends on the policy and the state....I would just call my agent and ask.....if you don't have the coverage you want, add a rider...they are pretty cheap.

Len
 

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I had my CAAD 7 stolen 6 weeks ago :mad2: and have had it insured as a separate item on my contents insurance for about 3 years, after a heap of hassle trying to prove I acually owned/purchased it they paid up and now have my fast new CAAD 8.:thumbsup:

cheers

Ralph
 

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My nationwide guy calls it an inland marine policy. I am insured against theft or any kind of damage at all with no deductible for $175 year. Homeowners would have only covered theft less the deductible. I get hit for $14 a month and if I trash a rim I get it replaced at crrent replacement value. Just signed the contract this week.
 

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Timely...I just checked with State Farm again. Homeowners only covers theft, not accident damage. They want $320 a year for an inclusive policy on $3,200 Giant. I'm probably going to do it.

Ice Man
 

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Watch your surroundings?

Bob Ross said:
Thanks for all responses so far. I think my wife's biggest concern is theft at gunpoint (!) Since neither of us are nuts enough to leave our bikes unattended even if we had a Kryptonite lock, the concern is having the bike forcibly stolen from us while we're on it.

This all came about because my wife read a message from a fellow New York Cycle Club member who just yesterday morning was mugged while cycling on Riverside Drive. Three punks knocked her off her bike; one of them held her down while the other two tossed her bike into a waiting car, then they took off.

And her bike, A Giant OCR 2 Carbon, was less than a month old! Sad story...and, of course, since the missus & I are planning on dropping some serious change on new bikes this year, it kept her up all night. So in a situation like that -- away from home, nowhere near your car, victim of (semi-)violent crime -- which insurance policy gets involved?
I got my beloved Huffy stolen when I was a kid. I have a Look 585 and a Ellsworth truth so I get nervous even locking them up in my garage! When I go riding, I always ride at parks and relative crowded areas. Most of the times it comes down to watching your surroundings
 

· MING
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not a home owner

but i have renters insurance and car insurance and my bikes (look 461 and merlin oreas) are both covered; and im not above breaking a window. both are as documented as they could be as they are both mtbr.com and roadbikereview purchases with paypal. pictures have been taken of everything (gotta love digital). theyre also both locked when INSIDE the house - yes, i live in the hood
 

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Cyfac

walleyeangler said:
Timely...I just checked with State Farm again. Homeowners only covers theft, not accident damage. They want $320 a year for an inclusive policy on $3,200 Giant. I'm probably going to do it.

Ice Man
I wonder what it would cost for my $7,200 Cyfac (what I paid but MSRP would have been more). I don't worry about theft. I worry about that crash when a car runs me off the road, uninsured motorist hitting me or that dog I get tangled up with.:mad:

Can you insure those $650 shoes?:eek:
Alpinist
 

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My custom Calfee was covered for replacement value by our renter's insurance. Due to price increases and the fact that it was a full custom bike, the check I got (minus $500 deductable and depreciation of 5% - rate being 10% per year) was for more than my original bike cost. I did end up paying a bit of pocket for my replacement bike anyway. This one I won't let out of my sight. No lock is secure enough with a determined group of professional bike thieves around. My orginal bike was locked with a cable lock on a steel lampost in a public tourist area with crowds of people around. It was out of my sight for a short time, apparently long enough for the thief who must have been watching me to determine he had time to come in , cut the lock and take the bike, all the while looking like it was his bike and he was just taking it (being in a crowd he had to have looked casual). My first bike was $5800.
 
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