Bicycle insurance

[Pappy]

If anyone knows of ANY California company who had just a ROADSIDE Assistance program with nothing else, please let me know? I just hit dead ends everywhere I looked including my much hated AAA who makes me add my cars etc. No thanks...

But being badly disabled, I may just have to go with a complete policy with all of it's cost just to have Roadside? Maybe if I insure my new bike for only $1000.00 it would give me a super low premium and still cover what I am REALLY after? Or, I suppose just call a tow truck every flat or mechanical problem? I honestly have no idea if these eBikes are at all reliable or not? Only hear the horror stories. I just can't get stranded since I can't walk. Sure ride fast now however.

 

[George S.]

These guys do bike roadside assistance. Lots of details, so I don't know if it is worth it.

http://www.betterworldclub.com/faq/#BRA6

 

[eddie]

Has anyone had any experience, positive or negative, with filing a claim for a stolen e-bike through AAA Homeowner's insurance?

 

[MLB]

So I looked into bicycle insurance. Markel Insurance quoted me $27/month for coverage for a $3K bike for theft & damage with a $100 deductible. It was $22 and change for a $500 deductible. This didn't include liability, medical coverage, roadside assistance, or other coverages, though those were available.

I'd sure like some peace of mind when locking my bike up and walking away (with the battery in my panniers that I would take with me). Has anyone else had any experience with insurance? Thoughts on its value vs. its cost?

I have Markel for my DRZ400 dual sport motorcycle, also worth about 3k and it's only $145 year full coverage with extra uninsured motorist, and with medical payments of the first 6,000 since that's my health insurance deductible. That seems awfully high for a bike with no additional coverage.

 

[DAVE WILLIAMS]

Hi MLB: Motorcycle and auto insurance have been around for 70 years +/-. Bicycle insurance became available 3 years ago. In another 67 years we will have the empirical information we need to fine tune premiums but until then we have to go with what we know. (1) a bicycle is easy to steal and easier to sell in parts, or in whole, online, (2) bicycles break easier than cars and motorcycles, (3) a thief can pick up the average bicycle and run down the road with it, (4) since bicycles don't have to be registered with the DMV they are almost impossible to trace when stolen. Also of note is that a Velosurance/Markel policy does not depreciate the bicycle's value, not so with your car or motorcycle policy. Replacement cost = Good. Actual Cash Value = Bad. My direct line is 954-773-9099 and I welcome anyone's call at our Colorado Springs location.

 

[MLB]

Hi MLB: Motorcycle and auto insurance have been around for 70 years +/-. Bicycle insurance became available 3 years ago. In another 67 years we will have the empirical information we need to fine tune premiums but until then we have to go with what we know. (1) a bicycle is easy to steal and easier to sell in parts, or in whole, online, (2) bicycles break easier than cars and motorcycles, (3) a thief can pick up the average bicycle and run down the road with it, (4) since bicycles don't have to be registered with the DMV they are almost impossible to trace when stolen. Also of note is that a Velosurance/Markel policy does not depreciate the bicycle's value, not so with your car or motorcycle policy. Replacement cost = Good. Actual Cash Value = Bad. My direct line is 954-773-9099 and I welcome anyone's call at our Colorado Springs location.

Hi MLB: Motorcycle and auto insurance have been around for 70 years +/-. Bicycle insurance became available 3 years ago. In another 67 years we will have the empirical information we need to fine tune premiums but until then we have to go with what we know. (1) a bicycle is easy to steal and easier to sell in parts, or in whole, online, (2) bicycles break easier than cars and motorcycles, (3) a thief can pick up the average bicycle and run down the road with it, (4) since bicycles don't have to be registered with the DMV they are almost impossible to trace when stolen. Also of note is that a Velosurance/Markel policy does not depreciate the bicycle's value, not so with your car or motorcycle policy. Replacement cost = Good. Actual Cash Value = Bad. My direct line is 954-773-9099 and I welcome anyone's call at our Colorado Springs location.

Ahh, never thought about it.

 

[John Dombrowski]

I am getting a new Specialized Turbo S and thought I would check on some insurance. I got a quote from Velosurance just for theft and damage. Was over $800 a year. Does that seem right? I don't even pay that for my new $40K Jeep. I don't know if I can justify that even though the bike cost $7500.

 

[FitzChivalry]

$336/yr for me for theft replacement/damage repair up to $2,901, plus $25K in liability, plus roadside assistance.

 

[John Dombrowski]

That's sounds better. What kind of bike and with what company?

 

[FitzChivalry]

That's for a 2014 Pedego City Commuter (hence the $2,900 in replacement coverage) with Velosurance. Check with @DAVE WILLIAMS if you have questions about your quote. He's a super-awesome guy, and I'm sure will be able to straighten out any wonkyness in the quote you got.

 

[John Dombrowski]

Well crap I guess that's probably right then. $800 for a $7500 replacement coverage. Just can't pay that. And my wife is getting a $3000 base turbo too.

 

[MLB]

Is it possible to add a rider(no pun intended) to your homeowners for less money? (spitballin)
I've got over 10k in bikes, E and not. Lot of folks with regular bikes with that much in the garage too.
I'm gonna check with mine this week.

 

[John Dombrowski]

Well unfortunately I am not a homeowner but I will check my renters insurance with Farmers.

 

[DAVE WILLIAMS]

Well crap I guess that's probably right then. $800 for a $7500 replacement coverage. Just can't pay that. And my wife is getting a $3000 base turbo too.

Hi John:

Don't panic. I reviewed your quote, added the "base" Turbo and came up with a multi bike discount I will email you direct with a revised quote for both bikes that is less than you received for your bike.

Here is the bicycle vs car insurance cost analysis. Please keep in mind that the Velosurance policy is a 12 month policy and unlike an auto policy we never depreciate the value of your bike, NEVER.

Give us another 50 years and we will have gathered the empirical information we need to fine tune the premiums. Prior to releasing Velosurance we spent three years A/B testing premium rates with hundreds of riders in every state and then convincing every state's insurance commissioners that we had done our homework. In another 47 years we hope to be more competitive

 

[DAVE WILLIAMS]

Is it possible to add a rider(no pun intended) to your homeowners for less money? (spitballin)
I've got over 10k in bikes, E and not. Lot of folks with regular bikes with that much in the garage too.
I'm gonna check with mine this week.

Yes, you can add an endorsement to your home insurance policy usually for around 10% of the bike value and depending on your insurance company the coverage may depreciate the bike's value. Here are the 10 most important questions to consider when discussing bike insurance with a home insurance agent. Needless to say if you get affirmative answers please ask for them in a confirming email. My direct line is 954-773-9099 if you ever have insurance questions.

 

[FitzChivalry]

Keep in mind, if you decide to go with the homeowner's insurance route, that you won't have the AWESOME roadside assistance feature, either. You can read about my experience with it, here: http://electricbikereview.com/community/threads/bicycle-insurance.62/page-2

 

[John Dombrowski]

Checked with my Farmers renters insurance and they will cover $15000 worth of possessions including our 2 Turbo's for around $200 a year so that's a relief. Didn't want to pay as much as car insurance...

 

[DAVE WILLIAMS]

Jay: Good news. Please get the coverage in writing (email) confirming that they will cover electric motored bicycles, at home and away from home. Unless it's in writing it isn't worth one dollar. Dave

 

[Jack Tyler]

The link Fitz provides - with his roadside assistance story - actually contains a lot more helpful info for those of us shopping for bike insurance. Worth reading!

 

[Asher]

FYI, I priced out insurance on a $2K bike from Lemonade, who provides my renter's policy, and it was about $3 a month. I believe coverage up to $1k doesn't add any cost to your renter's policy.