Velosurance

[Taylor57]

Just curious if anyone has had a stolen bike claim paid from Velosurance. I have a very high deductible homeowners plan through USAA (10k) and now have 2 Ebikes worth approx 2500 to replace. I got a quote last nite for the XP and the Sport for about 250 a year for both. The policy would have a $200 deductible and pay if the bike was stolen and a police report and proof that it was locked up is provided. I just skimmed the policy for details...

Any comments?

 

[bikeman242]

I took out velosurance but honestly i am skeptical of it paying out. I haven't read many/any reports online of it paying out. I pay $306 for $5500 bike with 500 deductible. I may cancel it come winter.

You should read the sample policy on the website, the bike needs to be locked to an "immovable object that is permanently affixed in concrete".

 

[Taylor57]

I took out velosurance but honestly i am skeptical of it paying out. I haven't read many/any reports online of it paying out. I pay $306 for $5500 bike with 500 deductible. I may cancel it come winter.

You should read the sample policy on the website, the bike needs to be locked to an "immovable object that is permanently affixed in concrete".

Yeah, I saw that. I may just "self insure"...

 

[HTXrider]

Be sure to check your home/renter's insurance policy. Mine is with progressive and covers my bike.

 

[Tars Tarkas]

Be sure to check your home/renter's insurance policy. Mine is with progressive and covers my bike.

My homeowner's covers my bike if it's stolen from my home. And there's a $1000 deductible. I have Marklel insurance that covers theft, accidents, liability if I hit someone, medical, and a few other things. I pay annually, but it's about $20 a month.

TT

 

[Stealph]

I would also like to hear if anyone has heard credible reports of them (or other bike insurance companies) paying out for ebikes...I checked my homeowners insurance and it only covers when it is at home..

 

[erider_61]

I would also like to hear if anyone has heard credible reports of them (or other bike insurance companies) paying out for ebikes...I checked my homeowners insurance and it only covers when it is at home..

In that case I would be reporting it stolen out of my garage regardless of where it disappears...

 

[AHicks]

Just curious if anyone has had a stolen bike claim paid from Velosurance. I have a very high deductible homeowners plan through USAA (10k) and now have 2 Ebikes worth approx 2500 to replace. I got a quote last nite for the XP and the Sport for about 250 a year for both. The policy would have a $200 deductible and pay if the bike was stolen and a police report and proof that it was locked up is provided. I just skimmed the policy for details...

Any comments?

I'm curious regarding how much it would cost to lower your homeowner deductible to a level that might allow it to cover the bikes a little better. Would an annual 250. lower your homeowner's appreciably? You wouldn't think so, but might be worth checking. Even if it were a little more than 250, if that were to give you a policy that gave you better coverage on the bikes, it might be worth it.

 

[Deleted member 4210]

I'm curious regarding how much it would cost to lower your homeowner deductible to a level that might allow it to cover the bikes a little better. Would an annual 250. lower your homeowner's appreciably? You wouldn't think so, but might be worth checking. Even if it were a little more than 250, if that were to give you a policy that gave you better coverage on the bikes, it might be worth it.

Usually it's set up as a Rider, just like jewelry, so there is no deductible associated with that. State Farm and American Family both insure ebikes. They will be a lot less money annually than these other independent firms, since they are already insuring many items in your home, and have multiple policies, and they are massive.

Heck even State Farm is now in on the action of 'educating' those 90% of American's who apparently haven't ever heard of an ebike, what an ebike actually is...

What Are E-Bikes: How to Stay Safe and Covered

E-bikes resemble bicycles, but a motor assists pedaling. How is an e-bike different from a regular bike, and what do you need to know about insurance and rules?

www.statefarm.com

 

[fooferdoggie]

Usually it's set up as a Rider, just like jewelry, so there is no deductible associated with that. State Farm and American Family both insure ebikes. They will be a lot less money annually than these other independent firms, since they are already insuring many items in your home, and have multiple policies, and they are massive.

but they don't cover the bike away from your house. or if your in a accident and your bike is damaged.

 

[AHicks]

but they don't cover the bike away from your house. or if your in a accident and your bike is damaged.

I don't know about others, but my primary concern would be regarding comprehensive/theft. I asked about a separate rider (Farmers) and either my agent didn't know what I was talking about, or there was no rider necessary. Bikes are covered.

 

[Taylor57]

I may look into lowering home owners deductible but as an insurance agent, my guess is I could buy a couple of new ebikes for what it would cost to take it from a 10k deductible to a 250...

 

[urkeytoheaven]

but they don't cover the bike away from your house. or if your in a accident and your bike is damaged.

State Farm does on a separate rider and it's only $120 per year.