USA based renters insurance that covers eBikes?

[Yamahonian]

I am having trouble finding a renters insurance company in USA that covers my $7000 eBike against damage or theft. The companies I have called for a quote say that this is an excluded item.

Any suggestions?

 

[J.R.]

You might have to go with a standalone policy specifically for the bike.

Insurance

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[m@Robertson]

Unfortunately, that clickbait article isn't very helpful. Not picking on you @J.R. I'm in the insurance business and I'm pretty familiar with this segment of it.

The first two insurance providers on their list exactly the same policy (they are both agents for Markel Ins. Co. The underlying policy and rates are identical). So... no reason to differentiate them other than to provide the two different paid links on the page.

The third choice is touted for high limits, but McClain is only available in 5 US states. They're also a small local insurance agency with one office so forget about stuff like online policy service or quotes.

The fourth choice is Sundays Insurance. Before you ever give that company your money, read their sample insurance policy and then compare it to its competition. Just for starters it is Actual Cash Value so expect depreciation. And read the Exclusions list and think through what they have put in there. Also they only cover recreational use, so if you use the bike as transportation (i.e. commuting) or for utility (shopping) its an unanswered question in their policy language whether you are covered or not.

The fifth and last one on their list is another Markel agent. So, exact same policy and pricing as the first two.

I personally have a Markel policy written thru the Velosurance agency.

 

[J.R.]

Unfortunately, that clickbait article isn't very helpful. Not picking on you @J.R. I'm in the insurance business and I'm pretty familiar with this segment of it.

The first two insurance providers on their list exactly the same policy (they are both agents for Markel Ins. Co. The underlying policy and rates are identical). So... no reason to differentiate them other than to provide the two different paid links on the page.

The third choice is touted for high limits, but McClain is only available in 5 US states. They're also a small local insurance agency with one office so forget about stuff like online policy service or quotes.

The fourth choice is Sundays Insurance. Before you ever give that company your money, read their sample insurance policy and then compare it to its competition. Just for starters it is Actual Cash Value so expect depreciation. And read the Exclusions list and think through what they have put in there. Also they only cover recreational use, so if you use the bike as transportation (i.e. commuting) or for utility (shopping) its an unanswered question in their policy language whether you are covered or not.

The fifth and last one on their list is another Markel agent. So, exact same policy and pricing as the first two.

I personally have a Markel policy written thru the Velosurance agency.

I suggested a standalone policy might be needed. The list of insurance companies by Investopedia is continually updated since 2019 and is just a list of options. It's a starting point for many insurance shoppers, and I know several people that have used the list over the years to start their research. You may not agree, but that doesn't make it clickbait. I take any insurance industry insider's advice with a shovel full of salt.

 

[Taylor57]

Unfortunately, that clickbait article isn't very helpful. Not picking on you @J.R. I'm in the insurance business and I'm pretty familiar with this segment of it.

The first two insurance providers on their list exactly the same policy (they are both agents for Markel Ins. Co. The underlying policy and rates are identical). So... no reason to differentiate them other than to provide the two different paid links on the page.

The third choice is touted for high limits, but McClain is only available in 5 US states. They're also a small local insurance agency with one office so forget about stuff like online policy service or quotes.

The fourth choice is Sundays Insurance. Before you ever give that company your money, read their sample insurance policy and then compare it to its competition. Just for starters it is Actual Cash Value so expect depreciation. And read the Exclusions list and think through what they have put in there. Also they only cover recreational use, so if you use the bike as transportation (i.e. commuting) or for utility (shopping) its an unanswered question in their policy language whether you are covered or not.

The fifth and last one on their list is another Markel agent. So, exact same policy and pricing as the first two.

I personally have a Markel policy written thru the Velosurance agency.

I just ran a sample quote from Velo with a 300 deductible for 5 bikes (all under 2000 value) and my monthly premium was around 30 US dollars per month. Now if I can get off my butt and track down the serial numbers I may sign up! I also looked at the policy sample and was curious about the theft exclusion. Markel will not pay if you cant show forcible entry into your home or wherever you store your bikes. I guess if you forget and leave the garage door up you are out of luck? Also, if it is stolen away from your home, you have to provide police report and prove it was locked up.

 

[m@Robertson]

Markel will not pay if you cant show forcible entry into your home or wherever you store your bikes. I guess if you forget and leave the garage door up you are out of luck? Also, if it is stolen away from your home, you have to provide police report and prove it was locked up.

Yeah that is not unique. I saw the same on the Sundays Insurance policy.

I leave my insured bikes out in front of stores (cargo bikes) and as evidence I locked them up, I take a pic of the bike on my phone before I go into the store.

The last two times I have had to deal with break-ins at a residence, there was no shortage of evidence of forced entry. Same with the last two times at my offices. It was over several years so its not like I am getting broken into all the time. But it happens.

 

[Asher]

Lemonade covers ebikes without throttles. Otherwise there is none. Researched this months ago.

 

[m@Robertson]

You may not agree, but that doesn't make it clickbait. I take any insurance industry insider's advice with a shovel full of salt.

Don't be snotty. This is information you lack and could use whether your ego lets you admit it or not. Three of the five choices on display are exactly the same policy with exactly the same coverages and claims handling. Its deceptive and suckers the novice into thinking there are differences when there are none.

Here is the Velosurance specimen policy

https://velosurance.com/vss3/specimen_policy.pdf

Here is the Spoke sample policy, taken from the last FAQ item on their web site at https://www.markelinsurance.com/spoke/faq

https://mkl-sitecore102-prod-326360-cdn-endpoint.azureedge.net/~/media/specialty/2018-web/bicycle/markel-mcy-sample-policy.pdf?rev=b211260def6b4bc2abdf8c7ccf86123e&hash=A2DC856249DBBADA1D460A536934D822

The Sundays Insurance sample policy form. Their FAQ also says they depreciate 10% per year.

https://cdn.sundaysinsurance.com/us/docs/Sample_PolicyForm_032023.pdf

To avoid reading the two Markel policies all the way thru to compare, use the reference number on the policy (bottom left corner on every page starting with the policy title page) and compare the two. The first group of characters is the form type and number. The second is a 4-digit date edition. These are required with every state and must match the regulatory form filing.

Both policies have the identical number in that spot: MCY1001. Both have the same edition date: 0612 (June 2012).

You could also pay attention, and just read them.

Lemonade covers ebikes without throttles. Otherwise there is none. Researched this months ago.

Oyster offers renters insurance and ebike insurance. Looks like their ebike insurance component is underwritten by Markel. They don't provide sample policies. Something like this might yield two insurance policies but it would all be serviced by one agent, so it should be the same effort as having a single policy covering both.

 

[Asher]

Oyster offers renters insurance

False.