Bike Insurance Thoughts

[net200777]

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?

Don't know since I've never had to place a claim, and it's quiet possible they could/would raise the price of the claim. Accidental damage or damage of any kind.

 

[Alphbetadog]

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

Nope, you didn't say it was Magura... Then let's 10X my estimate!

 

[tomjasz]

I have n more than one bike and the bike I use when locking up and running errands is my lowest value bike. But even at that it's near $3000. I found a decent bike insurer and am quite pleased. I've also spoken with other users who had very few issues getting their build replaced, rather the cost covered. I do $100 deductible and simply documented every single piece and part with sales receipts. Total yearly cost $110. Having owned high end bikes for most of my life I learned some basic rules.

I find JR's comments the most valuable, in my experience.

"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."

I've only lost a seat and had some minor damage in more than 50 years. But take active and sensible precautions. I'll likely drop the insurance in 2019.

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[JohnCO]

For the record, my USAA homeowners policy covers replacement less the deductible. They recommend keeping a receipt for purchase to verify the cost of the bike. In addition, the liability portion of the policy and the umbrella policy covers personal liability. Can't speak for other states/companies, but a call to inquire costs nothing.

 

[Over50]

For the record, my USAA homeowners policy covers replacement less the deductible....

Sure about that? We USAA customers have had some back and forth on this in some other threads. USAA told me on several queries that my homeowners will not cover the ebikes (because they are motorized). I made several calls and talked to different reps because I was pretty sure they didn't know what I was talking about when I described an ebike. Eventually after several consistent responses I had to take them at their word and I purchased Velosurance. Which with 3 bikes and another on the way is getting fairly expensive. This was all a little over a year ago when I purchased my first. I think there is at least one other USAA member in the forum who says he is covered by their policy. So inconsistent answers from a big company regarding a new technology I suppose is not surprising.

 

[JohnCO]

Well, having heard some horror stories, I called USAA twice a couple of weeks apart, and got the same answer both times - yes, we cover them under your HO policy. I also asked specifically about the liability, and got the same answer. On the second call, the agent said "well, of course, it's just a bike with an electric motor, right?" lol. I've been with USAA for almost 50 years and never been let down, so I'm taking them at their word. (This is the same USAA that covered a pair of diamond earrings I forgot to put on our personal articles floater - just said "dont forget next time.")

 

[Alaskan]

I looked at Velosurance and was quoted over $700 with liability, medical and uninsured motorist coverage, I got a quote from my HO agent from Safeco for about the same amount for loss, damage or theft but not the other coverages. There was no deductible and payout was the agreed up value. The alternative was to reduce my deductible from $1,000 to $500 for $26 with the bikes being covered at replacement value. After asking for clarification, replacement value is close to actual cost of the bike in the first year or so but then becomes subject to depreciation over time.

If you go the homeowners policy route this is the likely scenario so be forewarned. Its a big savings but the coverage is not as thorough.

 

[JohnCO]

Guess I'll stick with USAA for another 50 years or so lol

 

[christob]

In the end I went ahead and added mine to my homeowners policy, but as an itemized addition (like my camera gear, and my "fine arts" policy) -- property which I've added that way, is listed out in specific detail, supplying the insurer with a copy of the receipt, and is insured for a stated retail replacement cost that doesn't get depreciated automatically -- the policy covers those items differently than say, my household furniture or tv or clothing... if I suffer a loss on one of those itemized items (and frankly, given my personal riding habits, the main "peril" I want to insure against for the bike is theft, rather than damage) then there is no deductible whenever I place a claim. I listed the bike at the full 4k retail price, and it will be $122/year on my policy.

 

[Over50]

...I called USAA twice a couple of weeks apart, and got the same answer both times - yes...

The luck of draw on who answers the call I suppose. I might give them another go and now a year removed see if they change their story. Of course they probably keep a record of all conversations and will say "same as we told you a year ago, No.". Will the HO cover damage to the bike if involved in an accident/crash? I would think a crash would be as probable if not more probable than theft.

 

[tomjasz]

I looked at Velosurance and was quoted over $700 with liability, medical and uninsured motorist coverage, I got a quote from my HO agent from Safeco for about the same amount for loss, damage or theft but not the other coverages. There was no deductible and payout was the agreed up value. The alternative was to reduce my deductible from $1,000 to $500 for $26 with the bikes being covered at replacement value. After asking for clarification, replacement value is close to actual cost of the bike in the first year or so but then becomes subject to depreciation over time.

If you go the homeowners policy route this is the likely scenario so be forewarned. Its a big savings but the coverage is not as thorough.

I only insure the bikes. I have excellent insurance for other needs and don't imagine myself doing much damage or creating liability on a bike. Two $3500 bikes, $100 deductible, under $250 year.

 

[Kurt in CT]

Great thread. Appreciated. Checking my own policy...

Also, I'm just a regular guy that wouldn't think of stealing anything ever.
I know my niavity is off the charts, but I'm never failed to be amazed that so many humans do this s*it with no conscience... to other humans. Low-lifes!
Yeah I know... welcome to the real world.