Bike Insurance

[davidceder]

I know I am posting a lot but I am new to this bike. So for two Creo Turbo SL Expert EVO's, my insurance company that handles ALL my homeowners, car, motorhome etc wants $1400.00 a year to ensure both bikes for theft with a zero deductible.

Is that outrageous?

I did a quote with a bike insurance company called Simple Bike Insurance". Besides theft they cover damage and a few other things. They want $1235.00 a year.
Any thoughts? Anywhere else I should look?

Thanks

 

[Tars Tarkas]

Check Markel online. You can get theft, liability, medical, more, for a lot less. You can choose the coverage you want. I don't know if they have a $0 deductible, I think mine is $100. deductible. You might want to ask your homeowner's for a price with a deductible. It could be a lot less. Make sure they cover theft away from your home, too.

TT

 

[GuruUno]

Velosure

Bicycle insurance to protect all cyclists | Velosurance

Protect your bicycle or e-bike against theft and accidental damage with bicycle insurance. Medical, liability and vehicle contact coverages are also available.

velosurance.com

 

[jtooley]

$1400 with zero deductible for 2 bikes sounds about right. But you should change the deductible and get a much lower rate

 

[davidceder]

I will give my broker a call tomorrow. Great ideas from all of you.

Thanks

 

[davidceder]

My insurance company is sticking with zero deductable only at $1400.00 for both bikes. Took GuruUno's suggestion (thank you) and called Velosurance. Got a quote of $838.00 with $300.00 deductible for both bikes and both riders. Provides a lot more coverage than my homeowners. Good deal.

So all that said does anyone have any experience with Velosurance?

 

[Forever Blue]

Soon-to-be e-bike owner here for the very 1st time. I was thinking about insurance too, but I assume it's not worth it for a casual rider? I know anyone can get it if they want to & I sure don't need any more expenses/bills, so is it really worth getting?

 

[Dallant]

Soon-to-be e-bike owner here for the very 1st time. I was thinking about insurance too, but I assume it's not worth it for a casual rider? I know anyone can get it if they want to & I sure don't need any more expenses/bills, so is it really worth getting?

Not sure what being a “casual rider” has to do with it. It really depends on how much your ebike would cost to replace and how easily you could come up with that cost. Lots of people self-insure, I would guess.

 

[e-boy]

Markel / Velosurance

 

[Forever Blue]

Not sure what being a “casual rider” has to do with it. It really depends on how much your ebike would cost to replace and how easily you could come up with that cost. Lots of people self-insure, I would guess.

Thanks. Well, "casual" to me personally means riding at random times when the mood suits me, NOT like every other day or even every week without fail. I know, a bike can get stolen in one's own garage anytime, but since I won't be out riding like a lot of the diehard riders out there, there's less chances of damage.

 

[Dallant]

Thanks. Well, "casual" to me personally means riding at random times when the mood suits me, NOT like every other day or even every week without fail. I know, a bike can get stolen in one's own garage anytime, but since I won't be out riding like a lot of the diehard riders out there, there's less chances of damage.

Like I said it’s really a matter of how much the bike would cost to replace and how easily you could come up with that cost. My two ebikes are insured via my regular insurance company, no deductible.

 

[Tars Tarkas]

Thanks. Well, "casual" to me personally means riding at random times when the mood suits me, NOT like every other day or even every week without fail. I know, a bike can get stolen in one's own garage anytime, but since I won't be out riding like a lot of the diehard riders out there, there's less chances of damage.

If all you care about is theft insurance that's one thing, but Velosurance and Markel, in the US at least, can provide a lot more, like liability and medical coverage, accident coverage, whether anyone else is involved or not, etc. Worth looking at in the litigious society. It's pretty reasonable.

You can bet on being sued if someone's dog on a leash runs out in front of you and you end up hurting the dog and the owner. Or someone opens their car door in front of you as you're riding by. Even if you don't get sued you'll likely have damage to your bike.

TT

 

[GuruUno]

Well, at least here in NJ an e-bike cannot be insured on our homeowner's policy as it can in some states (I've heard), therefor for your protection if involved in any type of 'incident' where you might get sued or if you damage something or do harm to your bike, it'll be out of your pocket.
If you can offset the potential of a 'wipe you out financial loss', stay self-insured (not very many people can do that), so the same analogy holds true with people who think they don't need car insurance and then their life is in ruins if they kill someone or anything that would suck your life savings dry.
Protection is protection.
I can say that last year I had an incident with my Allant+9S which basically totalled it, Velosure covered it, completely.
Common sense dictates that if you can afford it you most certainly should have insurance to protect yourself and others. If you can't, be very, very cautious as you'll be at risk.
As an example, I think my first-hand experience validates the need.

 

[Asher]

Why did you post this in the Spec forum? There's already posts on insurance in general forum(s)

 

[SuperLight]

I know I am posting a lot but I am new to this bike. So for two Creo Turbo SL Expert EVO's, my insurance company that handles ALL my homeowners, car, motorhome etc wants $1400.00 a year to ensure both bikes for theft with a zero deductible.

Is that outrageous?

I did a quote with a bike insurance company called Simple Bike Insurance". Besides theft they cover damage and a few other things. They want $1235.00 a year.
Any thoughts? Anywhere else I should look?

Thanks

I just added my Turbo Vado SL 5.0 EQ (phew) on a rider with my home insurance, the Personal (Canada), valued at $7350 CDN, annual premium $185 CDN with $100 deductible. The 3rd party liability from my home insurance now covers any bike related claim.

 

[darksky]

I guess I'm lucky compared to some other's experience with insuring e-bikes. My wife and I recently purchased two Pedego Boomerangs. We contacted Geico who we have our home owneer's insurance through which is actually underwritten by Traverlers. The local Geico agent checked her info and made a call to Travelers to verify and we are completely covered. Theft or loss at home or when travelling, liabilty all covered with the current $1000 deductible on our policy.

 

[GuruUno]

I'm told by my carrier (Allstate Homeowners as well as Allstate Auto) that New Jersey Allstate does not offer any e-bike insurance. THat was 1-2 years ago, re-checking to see if it is changing or has.
With all the forward movement, it seems like it really should be a no-brainer, ya think?

 

[Forever Blue]

If all you care about is theft insurance that's one thing, but Velosurance and Markel, in the US at least, can provide a lot more, like liability and medical coverage, accident coverage, whether anyone else is involved or not, etc. Worth looking at in the litigious society. It's pretty reasonable.

You can bet on being sued if someone's dog on a leash runs out in front of you and you end up hurting the dog and the owner. Or someone opens their car door in front of you as you're riding by. Even if you don't get sued you'll likely have damage to your bike.

TT

Thanks for giving me something to think about! I've bookmarked those 2 ins. companies.

 

[Elkman]

For our two Specialized Creo Comp Carbon bikes the cost with any insurance company is over $840 a year, whether it is Simple Insurance or Markel or our own homeowners insurance company, State Farm. State Farm actually classifies a Class III e-bike as a motorcycle and charges accordingly.

Over the past 50+ years of riding expensive bicycles the only time one was stolen was when I was in class and left it with a cable lock to a pole. I learned to keep the bikes out of sight if in a vehicle and not to leave them unattended, ever, when riding one. That is where the buddy system is critical where one person stays outside to keep an eye on the bikes.

For us it also means using our regular road bikes when traveling out of town and only using the e-bikes locally where we can transport them inside our SUV and not have them out in a bike rack and easily stolen. For us to pay $840 a year for theft insurance for two e-bike is excessive and more than we pay to insure our two cars. Clearly the insurance companies either do not want to insure e-bikes which are expensive and too easily stolen, or will be sure that their customers pay dearly.

 

[fooferdoggie]

it is expensive but I also have roadside service and accident coverage. when we crashed our tandem it covered about 80% of the rebuild cost. it almost paid as much as the years coverage for both our bikes.