Best bike insurance in the US

[Tars Tarkas]

I won't name names but I got two quotes from fairly prominent insurance companies that specialize in bike insurance. I chose identical coverages, deductibles, etc., and the two quotes came back within a couple of dollars of each other. I have a pretty good idea of the coverage I want and don't have any questions about that. What I'm interested in is how well bike insurance companies handle claims. To me, that's where the rubber hits the road.

Can anyone offer any comments on how their insurance companies have dealt you when you have claim? If I'm going to pay $XXX dollars a year no matter who I go with, I want to go with someone who's going to make me glad I chose them.

I'm interested in positive or negative comments. I'd like to make a choice soon.

TT

 

[AlanDB]

Welcome to the forum. There are a few other threads in the forum that discuss e-bike insurance. If you do a little searching, I think you can find the threads, but if not let us know and we can help locate them.

You may as well give the names of the companies you are working with. That way other members can relate any experiences they have had with the companies.

In my case I checked with my homeowners policy to see if my ebike is or could be covered. My insurer is West Bend Mutual. They cover regular bikes under the provisions of the standard home owners policy, but consider e-bikes to be motorized vehicles and exclude them. I could add my e-bike as an extension to my policy which would basically cover theft or loss from storms, fire, etc. It is basically the same provision they use for jewelry and other valuables. The rates were based on the amount you want covered and were excessive in my opinion (several hundred dollars per year to cover up to $2500 loss). So I declined the coverage and decided to just take my chances.

 

[JRA]

This doesn't answer your question directly but it does shine some light on the options available foreBike insurance methods, relevant info starts on pg. 22:

(Link Removed - No Longer Exists)

 

[Tars Tarkas]

Like I said, I know what I want in the way of insurance. What I want to know now is what companies people have had good, or bad, experiences with when filing claims. I could mention names, but I only checked with two companies and I'm certainly not locked into them. I'd rather not limit comments to those two companies. Maybe I should say that I'm pretty sure that what I need is only available from specialty bike insurance companies. My homeowners/auto insurance company said they couldn't cover me beyond my high deductible homeowners' policy, which might pay 25% of replacement cost after the deductible. In terms of liability and medical, they just said "no", they couldn't help.

I'm pretty well convinced too that I don't want to continue to just take my chances. I ride downtown a good bit and scooters are all over the place and a large percentage of scooter riders are retarded, crazy or just suicidal. When we collide, my fault or theirs, I want to be able to tell them to talk to my insurance company. People are way too litigious anymore.

TT

 

[ebikemom]

I haven't seen any threads here about anyone actually filing a claim with their insurance company for bicycle insurance. I wonder if you might have any luck learning more on a forum for conventional cyclists? If you learn anything further, do share!!!

 

[Tars Tarkas]

I know this isn't the most active message board on the internet, and I'll patiently wait for more replies but the lack of response to this so far makes me wonder how many people even have theft and liability insurance for their bikes.

TT

 

[JRA]

More likely how many have made claims that you seek comments on. If you want to know how many people have insurance on their bikes you might want to add a survey to your original post or at least make that a statement of your intent.

 

[Tars Tarkas]

Thanks for the poll suggestion. I hoped, but didn't realize that was an option.

 

[Toomanycats]

I have velosurance, but I haven’t had to make a claim. I hope I don’t. Velosurance is pricey, but I don’t have a whole lot of confidence in my renters insurance, and I can’t afford to replace the bike if it’s stolen.
My insurance covers theft, 50,000 in damages to another party in case of an accident, and ride home/tow in case of a breakdown.
I do remember that another member on another thread said that his bike was stolen and Velosurance replaced it immediately.

 

[mrgold35]

I decided to just use my USAA Homeowner's insurance; which, covers my 3 ebikes (2 Radrover and 1 Rad step-thru) at $250 per incident home or away. I called and asked if I was covered for a class II ebike and they told me yes. I didn't have to pay anything extra for the policy coverage. My ebikes components are pretty simple with rear hub motor, wiring harness, controller, LCD screen, throttle+brake cut-off. I skipped looking into maintenance warranties because my ebike replacement parts are cheap and plug-n-play from Rad. 4 Sets of tires and inner tubes have been my biggest maintenance expense after 2 1/2 years and +6000 miles of ebiking.

I work for the Federal Government and they have a program that pays you to ride your bike to work. I think it gives you a certain allowance for purchase, mileage, and reimbursement for maintenance cost (not 100% sure on all details). It is just a lot initial paperwork, daily logs, and getting my supervisor to review and sign kept me from taking advantage of this.

You could check to see if your company you work for has something similar for bike commuters?

 

[Tars Tarkas]

This thread now has had over 500 views -- and no one has reported any experiences with any of the bike insurance companies or even seems to have bike insurance.

I called my homeowner's company and they said the insurance they offer is next to worthless for bikes. They cover theft for depreciated value, but I have $1000 deductible. Do the math on a $1500 Rad. I hope, and I'm sure, some homeowners' policies can do a better job than mine, but I have pretty good homeowner's insurance. My knowledge is limited, but I'd strongly suggest that anyone who is relying on their homeowner's policy to cover bike theft or liability call their broker and go over their coverage really is.

I would think this would be place to get some feedback on bike owners' experience with bike insurance companies. The lack of response is really pretty disappointing and surprising. If I had to guess, I'd have to say very few people here have bike insurance. Maybe it's not worth as much as I thought.... I'll have to think some more about it and decide on my own which company to go with.

TT

 

[psy1]

I have Velosurance on two Bromptons, soon a Rad Mini. No claims filed yet so I can't really judge them personally but they got good reviews when I originally researched bike insurance. Ironically, my Bromptons cost more than my eBike.

 

[LimboJim]

I decided to just use my USAA Homeowner's insurance; which, covers my 3 ebikes (2 Radrover and 1 Rad step-thru) at $250 per incident home or away. I called and asked if I was covered for a class II ebike and they told me yes. I didn't have to pay anything extra for the policy coverage. My ebikes components are pretty simple with rear hub motor, wiring harness, controller, LCD screen, throttle+brake cut-off. I skipped looking into maintenance warranties because my ebike replacement parts are cheap and plug-n-play from Rad. 4 Sets of tires and inner tubes have been my biggest maintenance expense after 2 1/2 years and +6000 miles of ebiking.

I work for the Federal Government and they have a program that pays you to ride your bike to work. I think it gives you a certain allowance for purchase, mileage, and reimbursement for maintenance cost (not 100% sure on all details). It is just a lot initial paperwork, daily logs, and getting my supervisor to review and sign kept me from taking advantage of this.

You could check to see if your company you work for has something similar for bike commuters?

USAA must have different rules for different states. I'm in MA and have had USAA for nearly 25 years. When I called and asked if and how my homeowner policy would cover ebike losses, I was told that if its motor exceeds 15mph in capacity, it would not be covered in a theft or fire loss.

I told them I thought it was very strange to use the EU standard for ebike speed limit, while the US customary limit is 20mph.

 

[mrgold35]

USAA must have different rules for different states. I'm in MA and have had USAA for nearly 25 years. When I called and asked if and how my homeowner policy would cover ebike losses, I was told that if its motor exceeds 15mph in capacity, it would not be covered in a theft or fire loss.

I told them I thought it was very strange to use the EU standard for ebike speed limit, while the US customary limit is 20mph.

+31 years with USAA

Are there any local/state laws for Class I/II/III ebikes in MA USAA might be using first? New Mexico considers a Class II 20 mph ebike exactly the same as a pedal bike. A little more state restrictions with 28 mph Class III ebikes. This was the main reason I went with a Class II ebike instead of a class III.

Another possibility is USAA doesn't know the difference between a regular bike and ebike depending on the person answering the phone? I might be only covered for my regular bikes? I'm afraid to call back and ask now.

 

[Tars Tarkas]

Another possibility is USAA doesn't know the difference between a regular bike and ebike depending on the person answering the phone? I might be only covered for my regular bikes? I'm afraid to call back and ask now.

It's probably worth a call if you want coverage when you need it. I have no idea about USAA or your coverage in particular, of course, but I think many people assume too much regarding bike coverage on their homeowners' or renters' insurance.

TT

 

[LimboJim]

+31 years with USAA

Are there any local/state laws for Class I/II/III ebikes in MA USAA might be using first? New Mexico considers a Class II 20 mph ebike exactly the same as a pedal bike. A little more state restrictions with 28 mph Class III ebikes. This was the main reason I went with a Class II ebike instead of a class III.

Another possibility is USAA doesn't know the difference between a regular bike and ebike depending on the person answering the phone? I might be only covered for my regular bikes? I'm afraid to call back and ask now.

Over the past few years, I've actually brought the question up several times, once with a claims rep, and other times when getting quotes for upgrading my coverage, etc. I've gotten a couple of different explanations as to why my ebikes wouldn't be covered.

The first time (2016), the rep said that ebikes weren't covered at all, and there was no way to enhance or expand my policy to include them. I remember asking if the exclusion was state-specific, because MA's motor vehicle code puts sub-1Kw ebikes in the same category as combustion bikes under 50cc (mopeds). The rep couldn't answer. I cited the Federal Law (<750W, functional pedals, 20mph limit) that classifies my ebikes as bicycles, and was told they'd pass it up the proverbial underwriting chain.

Last Summer it rained a lot more here than usual, so I called to add flood insurance to my policy. I also wanted to know if USAA was adopting the 3-Class law that's sweeping the Nation, and when I asked, I was given the 15mph schpiel. That was a real head-scratcher!

More recently, I had a homeowner claim (septic, not flood), and got chatty with the adjuster. She went beyond the scope of my current claim to look into ebikes for me, and confirmed the 15mph caveat. There's no apparent way to have a conversation with the underwriting "powers-that-be" to persuade them of the ill logic behind their non-coverage of pedelecs with 20mph limits in the US of A.

Maybe that can change, if enough of their "members" (hint, hint) keep bugging their reps about it....

 

[jcanavera]

Called my American Family Insurance agent. Coverage is $3 a year as a rider on my home owners policy and will cover theft and vandalism. What's surprising is that it's replacement value coverage with no deductible.

 

[Tars Tarkas]

Called my American Family Insurance agent. Coverage is $3 a year as a rider on my home owners policy and will cover theft and vandalism. What's surprising is that it's replacement value coverage with no deductible.

That's really great! (They do know it's a motorized e-bike?!) If you have an umbrella policy that covers your liability in case of an accident you may be well protected. I ended up going with Markel, more for the liability -- which would certainly amount to way more than the theft of the bike if I ever hurt anyone. (Nashville has a plague of suicidal e-scooter renters.) Markel also covers any kind of sudden loss, like a accident, anywhere in the US, not just theft. And there's coverage if I damage someone's car.

From what I've heard, some homeowner's policies may cover theft of your bicycle from your home but maybe not away from home. That might be worth checking, if you didn't discuss it already.

TT

 

[jcanavera]

That's really great! (They do know it's a motorized e-bike?!) If you have an umbrella policy that covers your liability in case of an accident you may be well protected. I ended up going with Markel, more for the liability -- which would certainly amount to way more than the theft of the bike if I ever hurt anyone. (Nashville has a plague of suicidal e-scooter renters.) Markel also covers any kind of sudden loss, like a accident, anywhere in the US, not just theft. And there's coverage if I damage someone's car.

From what I've heard, some homeowner's policies may cover theft of your bicycle from your home but maybe not away from home. That might be worth checking, if you didn't discuss it already.

That's really great! (They do know it's a motorized e-bike?!) If you have an umbrella policy that covers your liability in case of an accident you may be well protected. I ended up going with Markel, more for the liability -- which would certainly amount to way more than the theft of the bike if I ever hurt anyone. (Nashville has a plague of suicidal e-scooter renters.) Markel also covers any kind of sudden loss, like a accident, anywhere in the US, not just theft. And there's coverage if I damage someone's car.

From what I've heard, some homeowner's policies may cover theft of your bicycle from your home but maybe not away from home. That might be worth checking, if you didn't discuss it already.

TT

 

[jcanavera]

Just visited my insurance agent and we went over some what if's on the personal property rider that my insurance company (American Family) offers for e-bikes. First it is replacement coverage if the bike is lost, stolen, or vandalized if it is home or I am away from home. It also provides medical coverage up to my home policy limits if I injure someone or damage someones property with my bike. There also is no deductibles nor is there any depreciation if my bike is damaged or stolen. Cost is $3 annually. Only thing the agent noted is that the home policy limits apply and for example if I have $5,000 medical for an injury on my home policy, that's the limit on the bike side. So there was a recommendation to get an umbrella policy to protect myself.