Bike Insurance

[Art Deco]

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.

Any insurance company works the odds ... that's how they stay in business.

I am also transporting my bikes inside the my van b/c the risks and costs of a pair of expensive bikes on a rear rack.

They are covered in the garage by homeowners policy, and in the van by car insurance . No liability available at a reasonable cost.

If there were 20 times as many ebikes as there are, the insurers would be interested, but not yet.

 

[Art Deco]

What about bike insurers in Canada, anyone? Markel and Velosurance do not offer policies to bike owners in Canada.

Apparently TD (Toronto Dominion ) had a good value plan a year ago but IDK about now.

 

[Rider777]

I’ve owned many ebikes over the last 7 years and in lieu of insurance ( about $700/year per bike) I’ve been using these and am careful where I park which includes lots of camping trips/boondocking etc.:

 

[mjeds]

$1400 a year for two bikes? what level of coverage?

I have $250K/$500K liability comp/collision/theft/replacement $100 deductible through State Farm which does my home, motorcycle, cars, earthquake, etc. it added $40/mo. to my bill, so $480 a year, for 2 bikes valued at $3,500 each

 

[ActionJackson]

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 live in Japan and I’m paying the equivalent of $180 per year for total loss property insurance (theft, accident, fire, quake, etc.) through a bicycle insurance company that Specialized introduces when you buy the bike. Mandatory accident & liability insurance is covered under a different policy that Specialized paid for (common here) but only cost $26 per year.

 

[Rider777]

$1400 a year for two bikes? what level of coverage?

I have $250K/$500K liability comp/collision/theft/replacement $100 deductible through State Farm which does my home, motorcycle, cars, earthquake, etc. it added $40/mo. to my bill, so $480 a year, for 2 bikes valued at $3,500 each

I’ve had GEICO for years on my home and car and they DON’T cover ebikes....bummer.
Alternative sources quoted as was previously mentioned in this thread..... about $700 per ebike (valued at $8K and $6K each).
I bought three chains as shown above for a total cost of approx. $350 and have had no issues in about 7 years.

YMMV

 

[GaleL]

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

Pedal Power in Canada insures my new 2021 Specialized Turbo Low-Step e-bike for $288 per year here in Vancouver, BC, Canada. I know there are specialty insurance companies in the USA. Just Google e-bike insurance and then ask around to get an idea of which one is best.

 

[BioWheel]

Regarding insurance, if you can afford to replace the bike then it's financially better to go without it. And that's because insurance companies are for profit entities. And they make their money on folks that are the least risky. So, if you're one of those less risky folks you'll 'make money' too by insuring yourself. That goes for anything you insure, not just bikes. Over the long run, using this philosophy, you'll end up on the plus side $$.

So, if you take the $$ you'd spend on the insurance every year and put in the bank, at the end of let's say 10 years, you'll have more money then if you bought insurance. And you can pay out of pocket for a bike replacement if you have to.

 

[GaleL]

In Vancouver, BC, Canada, I recently insured my new 2021 Specialized Como Turbo Low-Step for $288 (total) annually with Pedal Power (Oasis) online, which has a great many options for full coverage. My condo insurance will only cover it when it's parked in the building's storage locker.

 

[ActionJackson]

Regarding insurance, if you can afford to replace the bike then it's financially better to go without it. And that's because insurance companies are for profit entities. And they make their money on folks that are the least risky. So, if you're one of those less risky folks you'll 'make money' too by insuring yourself. That goes for anything you insure, not just bikes. Over the long run, using this philosophy, you'll end up on the plus side $$.

So, if you take the $$ you'd spend on the insurance every year and put in the bank, at the end of let's say 10 years, you'll have more money then if you bought insurance. And you can pay out of pocket for a bike replacement if you have to.

That’s a fantastic plan. Until it isn’t.

 

[Tars Tarkas]

Regarding insurance, if you can afford to replace the bike then it's financially better to go without it. And that's because insurance companies are for profit entities. And they make their money on folks that are the least risky. So, if you're one of those less risky folks you'll 'make money' too by insuring yourself. That goes for anything you insure, not just bikes. Over the long run, using this philosophy, you'll end up on the plus side $$.

So, if you take the $$ you'd spend on the insurance every year and put in the bank, at the end of let's say 10 years, you'll have more money then if you bought insurance. And you can pay out of pocket for a bike replacement if you have to.

If all you want is theft insurance, yeah, you should probably take a close look at self-insurance. If you want liability and medical, etc., probably not.

TT

 

[BioWheel]

That’s a fantastic plan. Until it isn’t.

It does seem crazy. With anything there's a bit of risk. So sure, you could not insure and have stolen next day and you lose. That said, if you are a good risk then over time, if you apply this philosophy to self-insure, you'll make a profit just like insurance companies do. Really - folks only need ins for something they can't afford to replace or if they're not going to take normal security precautions and risky behaviour. bW

 

[kahn]

Well, using the $288 figure, how long to pay off an e-bike worth $3,000, 4,000, 5,000 or more?

So while I might be in a position to purchase a new bike tomorrow (if any were available) if mine were stolen, I would not really relish the idea. But currently I'm pretty cautious and we take turns watching the bike, drag it into the restroom if alone or don't buy that pastry (I only do decaf anyway). And I can walk/drive for shopping trips.

 

[Art Deco]

Get a high deductible plan. I had a $1000 deductible for years. Now $500 b/c it is the same price.

 

[m@Robertson]

It does seem crazy. With anything there's a bit of risk. So sure, you could not insure and have stolen next day and you lose. That said, if you are a good risk then over time, if you apply this philosophy to self-insure, you'll make a profit just like insurance companies do. Really - folks only need ins for something they can't afford to replace or if they're not going to take normal security precautions and risky behaviour. bW

If you never need insurance, then this is a good plan. If you ever do need insurance, then this plan is catastrophically bad.

People buy insurance in case they ever need it, to avoid - literally - financial ruin. There is no way possible the math can work out if you ever need to use your insurance.

 

[rbeckert]

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 have my Riese and Muller 2021 ROADSTER VARIO insured with NATIONWIDE INS. I have my home and a MAZDA CX5 insured with them, also. They wrote up my ebike on a RECREATIONAL VEHICLE POLICY for $267.04 a year. The policy covers LIABILITY (Bodily injury; Property damage; Personal Injury Protection; Medical Payments; Uninsured/Underinsured). PHYSICAL DAMAGE (Replacement Cost(!); Comprehensive (fire and theft; $500 deductible); Collision ($500 deductible); Custom Equipment (up to $3,000)). It also has a "Vanishing Deductible" of $100 a year so after the 5th year there would be no deductible for a claim. Basically, just like automobile insurance even if I cause an accident with my ebike and say, 2 other vehicles sustain damage with injured passengers, I'm covered. Plus, the "Replacement Cost" replaces my ebike, even if it's 3 years old, with a new ebike!

 

[Sparky731]

A soiled, well-used-looking face mask hung over the handlebars is a pretty good theft deterrent. Nobody will touch it!

 

[GuruUno]

Said it before, say it again: https://velosurance.com/blog/rates-and-coverage/
Here is my policy with coverages and redactions to ensure my privacy.
I added my new Turbo Vado SL 5.0 2 weeks ago for $95 (to 03-2022 renewal date)
Think about if you hit somebody or cause damage and you do not have coverage.

 

[kahn]

A soiled, well-used-looking face mask hung over the handlebars is a pretty good theft deterrent. Nobody will touch it!

A, ahem, soiled, well-used seat might be even more effective!

 

[m@Robertson]

Said it before, say it again: https://velosurance.com/blog/rates-and-coverage/
Here is my policy with coverages and redactions to ensure my privacy.
I added my new Turbo Vado SL 5.0 2 weeks ago for $95 (to 03-2022 renewal date)
Think about if you hit somebody or cause damage and you do not have coverage.

I have one of these myself. Formerly had it covering two bikes at about $7k each. reduced it to 1 recently as I have pretty much limited all of my offsite parking to one cargo bike.

Pretty much all of the bike insurance policies out there are written by Markel Insurance Company. The various agents offering them are just that: Markel agents. Same policy and prices from everyone. the difference is service. I prefer Velosurance as it has an easy online interface and people respond by email to inquiries within minutes. Also I talked with one of the principals @ the Velosurance agency about claims and coverages in detail and that satisfied me that the Stated Value basis of the policy would be used as a basis for payout and not abused as its actual purpose in an insurance contract is to set the premium, not the payout.