Bike Insurance Thoughts

[Alaskan]

So with two bikes with retail cost at $4,300 and $5,300 I looked into insuring them.

The bikes are covered under my renters policy at Safeco Insurance with a $1,000 deductible and subject to depreciation. Thus if one is stolen, they pay me about half what the bike cost minus $1,000. I can reduce the deductible to $500 for an extra $26 in premium.

The alternative is to have the bikes as "listed property" with a declared value at full retail.. That way they are insured with no deductible and no depreciation. This option costs $665 per year.

Bike theft is epidemic in our town with the homeless population feeding their bad habits with the proceeds. They operate bicycle chop shops in their tent cities and the local constabulary does nothing about it. I have a Bordo 6500 Big folding lock and take off the seat and post, the Nyon display and any bags I have attached when leaving the bike. I seldom ride at night when the theft rate typically skyrockets.

Any advice from more experienced riders would be greatly appreciated.

 

[Alphbetadog]

Move to a much less crime riddled area...

 

[rich c]

Have you checked with Velosurance?

 

[Alaskan]

Move to a much less crime riddled area...

Neither realistic nor helpful

 

[Mr. Coffee]

It seems that overall you are doing all that one person could reasonably do.

You might consider a GPS tracker for your bike.

I know that the area where you live is trying very hard to be bike-friendly. One suggestion would be to write letters to the local city and county council (and local papers) and suggest that one aspect of being bike friendly would be to motivate law enforcement to take bike theft seriously. A good bait bike program would probably make a big dent in the bike theft epidemic that you describe.

 

[J.R.]

Common problem and complicated to solve. You might consider a GPS tracker.

http://gpsandtrack.com/covert-track/

$275, includes a year of service. The problem I see with these is the idea of actually tracking down the thief. And when the bike is found, will there be anything left?

The insurance route, although not cheap, might be best for cities like the one in the video. After all we don't have film crews following us around and I doubt we could get the cops to respond that quickly.

 

[christob]

I'm in a similar boat now -- though only with 1 ebike. Reading over the coverage options for if:

A) I list it itemized on my homeowner's -- no deductible, full replacement cost coverage, but really only total loss/theft are the covered claims -- no coverage for injuries, third-party property damage. Nor am I sure if it would cover say, theft of 1 wheel... Insurance cost for this comes in about $130/year

B) Velosurance; have a quote result from them that I'm looking over; about $260/year I think, but includes more expanded coverage into things like property damage, medical, etc.

Hope to decide one way or the other this month.

 

[Barry S]

So with two bikes with retail cost at $4,300 and $5,300 I looked into insuring them.

The bikes are covered under my renters policy at Safeco Insurance with a $1,000 deductible and subject to depreciation. Thus if one is stolen, they pay me about half what the bike cost minus $1,000. I can reduce the deductible to $500 for an extra $26 in premium.

The alternative is to have the bikes as "listed property" with a declared value at full retail.. That way they are insured with no deductible and no depreciation. This option costs $665 per year.

Bike theft is epidemic in our town with the homeless population feeding their bad habits with the proceeds. They operate bicycle chop shops in their tent cities and the local constabulary does nothing about it. I have a Bordo 6500 Big folding lock and take off the seat and post, the Nyon display and any bags I have attached when leaving the bike. I seldom ride at night when the theft rate typically skyrockets.

Any advice from more experienced riders would be greatly appreciated.

Sounds like Honolulu. Lock your bike outside the entrance to any store and it'll be gone before the saddle cools. In this YouTube video of one homeless camp in Honolulu, note the pile of bicycles at the 6-second mark. I can guarantee you that when the area was finally swept of the camps, not a single bike was checked to see if it was stolen before it was chucked into the waste truck.

 

[Barry S]

Common problem and complicated to solve. You might consider a GPS tracker.

http://gpsandtrack.com/covert-track/

$275, includes a year of service. The problem I see with these is the idea of actually tracking down the thief. And when the bike is found, will there be anything left?

The insurance route, although not cheap, might be best for cities like the one in the video. After all we don't have film crews following us around and I doubt we could get the cops to respond that quickly.

The really sad thing is that the cops already know these places exist, but do nothing. Perhaps if we install a Krispy Kreme red light sign above they might pay a visit.

 

[BernieS]

The really sad thing is that the cops already know these places exist, but do nothing. Perhaps if we install a Krispy Kreme red light sign above they might pay a visit.

Unfortunately, in most urban areas the police are often overwhelmed with more serious crime such as gang activity, drugs, prostitution, etc. And the minute they try to enforce the law on the camps such as mentioned above, the ACLU, social activists, etc. start screaming police harassment of the homeless .

 

[Mr. Coffee]

The OP lives in a relatively small city. Persistent letter writing and phone calls and emails to elected representatives at the city and county level can actually have an impact in situations like this. I think advocating for a bait bike program would be a constructive step:

 

[net200777]

So with two bikes with retail cost at $4,300 and $5,300 I looked into insuring them.

The bikes are covered under my renters policy at Safeco Insurance with a $1,000 deductible and subject to depreciation. Thus if one is stolen, they pay me about half what the bike cost minus $1,000. I can reduce the deductible to $500 for an extra $26 in premium.

The alternative is to have the bikes as "listed property" with a declared value at full retail.. That way they are insured with no deductible and no depreciation. This option costs $665 per year.

Bike theft is epidemic in our town with the homeless population feeding their bad habits with the proceeds. They operate bicycle chop shops in their tent cities and the local constabulary does nothing about it. I have a Bordo 6500 Big folding lock and take off the seat and post, the Nyon display and any bags I have attached when leaving the bike. I seldom ride at night when the theft rate typically skyrockets.

Any advice from more experienced riders would be greatly appreciated.

Both of my bikes are covered for 348 a year no deductible. A little insurance trick is to call the local people.

 

[rich c]

Both of my bikes are covered for 348 a year no deductible. A little insurance trick is to call the local people.

Is your policy only for theft, or does it also covers damage in an accident? If both, what is the policy called, or how is it written?

 

[net200777]

Is your policy only for theft, or does it also covers damage in an accident? If both, what is the policy called, or how is it written?

Covers theft, accidental damage. At first I got a quote for $128 then it went to 348$ after they had a real clue what the bikes were. I got quoted from the same company "State farm" for well over $700 and itbhad a deductible. So someone told me to call the local guys. Called the local state farm and there you go.

 

[rich c]

Covers theft, accidental damage. At first I got a quote for $128 then it went to 348$ after they had a real clue what the bikes were. I got quoted from the same company "State farm" for well over $700 and itbhad a deductible. So someone told me to call the local guys. Called the local state farm and there you go.

Accidental damage seems odd. Wouldn't that be all damage? I've just cracked a brake lever on my mountain ebike. I didn't mean to hit the tree on purpose! Does it pay for replacement value or depreciated value when stolen?

 

[Alphbetadog]

Accidental damage seems odd. Wouldn't that be all damage? I've just cracked a brake lever on my mountain ebike. I didn't mean to hit the tree on purpose! Does it pay for replacement value or depreciated value when stolen?

Yeah, probably covered after SF's $500 or 1/2 percent of value deductible - whichever is higher. So probably better to just buy the $14 brake lever...

 

[surfstar]

Geez, bike ins. rates seem way too high. Imagine if your car insurance ran roughly 10% of it value, annually, and only included accident/theft replacement - no liability, medical, etc.

At those high rates, I'd self insure.

Our homeowners also has a $1,000 deductible, standard. I'm not added any specific item coverage.
I needed a new lock for my new ebike, so I bought a Kryponite and signed up for 5 years of their coverage for $25 https://www.kryptonitelock.com/en/customer-service/register-for-anti-theft.html
Yes, people say they make it quite hard to pay - but all I was really looking for was more peace of mind. No way I'd pay 10% + annually for the value of my bike for coverage. But $5/yr for 5 years, which I see as a hopefully long life span; sure its worth the cost.

 

[bob armani]

Geez, bike ins. rates seem way too high. Imagine if your car insurance ran roughly 10% of it value, annually, and only included accident/theft replacement - no liability, medical, etc.

At those high rates, I'd self insure.

Our homeowners also has a $1,000 deductible, standard. I'm not added any specific item coverage.
I needed a new lock for my new ebike, so I bought a Kryponite and signed up for 5 years of their coverage for $25 https://www.kryptonitelock.com/en/customer-service/register-for-anti-theft.html
Yes, people say they make it quite hard to pay - but all I was really looking for was more peace of mind. No way I'd pay 10% + annually for the value of my bike for coverage. But $5/yr for 5 years, which I see as a hopefully long life span; sure its worth the cost.

Surfstar-Not a bad idea to see if anyone has actually collected on their coverage claims by Kryptonite- just to see if they will actually make a payout. There was one restriction that perhaps may apply. If the lock is opened with a grinding tool, coverage will be denied.

Homeowners coverage-Thanks to this forum, I went ahead and inquired about ebike coverage through my policy. My ins agent indicated that I am covered if the bike is stolen anywhere for full value minus my current deductible. I can always purchase extended coverage for for medical, property damage etc for an extra small fee. Glad I checked! Thank you everyone for bringing this topic to our attention! Ride safe!

 

[J.R.]

Geez, bike ins. rates seem way too high. Imagine if your car insurance ran roughly 10% of it value, annually, and only included accident/theft replacement - no liability, medical, etc.

At those high rates, I'd self insure.

Our homeowners also has a $1,000 deductible, standard. I'm not added any specific item coverage.
I needed a new lock for my new ebike, so I bought a Kryponite and signed up for 5 years of their coverage for $25 https://www.kryptonitelock.com/en/customer-service/register-for-anti-theft.html
Yes, people say they make it quite hard to pay - but all I was really looking for was more peace of mind. No way I'd pay 10% + annually for the value of my bike for coverage. But $5/yr for 5 years, which I see as a hopefully long life span; sure its worth the cost.

I own both Abus and Kryponite locks. Good locks. The first Kryponite lock I purchased in '90 or '91, before the internet and it's reviews. I was encouraged by the free policy that came with it. I figured if they were that confident, I should be too. I've never had a bike stolen or a lock fail. I still have that first Kryponite lock. Now as I've read, in order to collect from Kryponite they want the defeated lock. That has been the the problem for many trying to collect. If you look at the video I posted earlier in this thread you can see the thief riding away with the lock. Just food for thought, information for the thread. I'd consider paying the 25 bucks, even if the odds of collecting are against it.

If you stack all the safeguard efforts together, best practices on where and how to lockup, insurances, etc, you might just come out on top! Or at least not lose too much.

 

[rich c]

Yeah, probably covered after SF's $500 or 1/2 percent of value deductible - whichever is higher. So probably better to just buy the $14 brake lever...

You've never priced a Magura hydraulic brake lever have you. Still way cheaper than insurance though.