January 13, 2017 at 08:17 #204835
Most of us probably have renter’s or homeowner’s insurance, but I’m curious to know how others deal with insuring expensive mountain bikes. In some cases, I’ve heard of people adding an expensive bike as a specific line item to their policy to make sure it’s covered. There’s also insurance specifically designed to cover bikes against theft and even damage. Does anyone have either type of coverage?
I personally try to “self insure” as much as possible just because I know everyone who sells insurance does so to make a profit, meaning I’ll get less out of it than what I put in. Of course if you end up making a claim early on, I guess you can come out ahead. Curious to know if anyone has a story about bike insurance coming through and saving their bacon…
January 13, 2017 at 08:51 #204837
Thanks Jeff, been asking myself about this if I need to add to my home insurance, or get a bike specific insurance(I saw in fb). I bought a brand new rig for the very 1st time, kinda make me feel like buying a new car 🙂 that’s why I thought of insurance. I’ll wait for people to chime in with their experience.
edit: I remember my former officemate told me that she have her bike insured, and when it was stolen, the insurance replaced it. I’m not sure if its a bike specific insurance though, but it could, since she lives in Golden, CO.
January 13, 2017 at 09:16 #204845
If you make sure the coverage is “replacement cost” it should put you back on the exact same/like quality of the bike you currently ride. If you go the actual cash value route, have an accident in 5 years, you may find yourself on a bike that has 5 years depreciation factored into the claim settlement. I guess it really boils down to what you do. If I were riding competitively/professionally, I would make sure I had top notch coverage in place like I did when I was competing on my horses. For me riding just for funzies and staying in shape, eh…
I would have to agree that while I work in the insurance industry, self insuring things like this (if you have the discipline not to touch your savings lol) is not a bad route either.
Just a side note, I work in the insurance industry and yes, we have to make a living but, it really boils down to what is the best fit for you and your financial investment. I don’t believe in selling a product that will not actually benefit someone. Not being defensive, I just don’t want to come across as “pushing” insurance on them when I don’t think it is practical for everyone.
January 13, 2017 at 10:07 #204882
I know somebody who bought a bike form a outdoors/ sports store and when it was stolen it was replaced… I think it was a fairly nice bike too..
January 14, 2017 at 11:21 #204944
January 16, 2017 at 07:42 #205012
I’ve been wondering about getting some of this myself… here in the UK you can get public liability insurance too which covers damaging other people and their property. Not sure if that’s the same in the US? I have my bikes covered on my home insurance in case of theft, but I don’t think it helps if I ride into a tree or off a cliff!
January 16, 2017 at 11:35 #205045
I just add it to my homeowners insurance the same way you would a wedding ring or jewelry. Usually the cheapest route.
January 17, 2017 at 09:38 #205143
I’m based in the UK and use http://www.tsb.co.uk for my bike insurance. it only cost £67 to cover my bike for a year. (upto £3500 value of bike). this is worldwide cover, so whenever i take my bike away with me its covered!
normal conditions- like theft isn’t covered unless its in your possession, chained up to a non-moveable object or in a locked building. also give £2million of public liability insurance.
January 17, 2017 at 09:58 #205148
theft isn’t covered unless its in your possession
So what is the main purpose for your insurance–theft or does it also cover repairs? What if your bike falls off the car rack on the way to a ride, is that covered?
January 17, 2017 at 10:58 #205179
hi Jeff, i imagine that that scenario would be covered, the theft bit has 3 conditions – (in possession, in locked building or secured to non-moveable object) – thats the only condition on there.
this is from the policy document:
What are the key benefits and features?
<div class=”page” title=”Page 11″>
This covers loss or damage to your pedal cycles anywhere in the world up to the policy limit.
January 17, 2017 at 11:00 #205182
Huh. So if you ripped your rear mech off on a trail, they would pay the cost to replace it? Or, is there a deductible of some kind?
January 17, 2017 at 11:15 #205189
January 17, 2017 at 11:25 #205191
“In possession” That clause nearly caught me out in two cases:
1. Give your bike to an airline voids your insurance
2. At an event where they ‘transport’/’store’ your bike
I cover our bikes under house insurance specified items + while away from home (in my possession). Note you need pretty high quality /premium house cover here in U.K. there are a few. Can add quite a bit but the alternative is payed for separate bike insurance normally at about 12% value of the bike. Detail in the small print!
I always remember one insurance for sports was ok unless you left the ground I.e jumped lol!
January 17, 2017 at 11:31 #205193
Wow, the insurance costs 12% of the value of the bike? That means you need to have you bike stolen at least once every 8 years to make it worthwhile. 🙂
January 18, 2017 at 07:41 #205323
So much of how it works varies by the company.
With my horses, I bought coverage from a company that only dealt with horses on the competition scene. Never used it but, I liked knowing that if someone was dumb and walked behind my trailer while I was unloading or didnt stay behind the tape at a parade, I had the liability coverage or if we were in an accident and I lost one of my horses (even though “they” cant be replaced) I would have coverage to get another horse of similar breeding and training. My husband and I are looking at buying “real” bikes this weekend and I will be looking into something similar.
January 23, 2017 at 05:19 #205742
Most home owners insurance in Canada or the USA only will cover $1000-3000 and you can find it in the policy wordings under sub- limits of insurance. There are a few company’s who whoever don’t list any sublimit and under a comprehensive policy if it’s not excluded or listed as a sublimit then it’s included in your contents limit. In Canada travelers, portage la prairie, and Chubb are companies I know of that don’t charge extra. This will be your most economical way of insuring it. Wear or tear is never covered however if you drive it into your garage it could be. If you ask your broker he should be able to guide you. Paying to schedule it the same as jewelry is the most expensive option.
<p style=”text-align: left;”>I have also worked with some bike clubs who offer protection for breakage on the trail however the cost doesn’t seem worth it. I was an insurance broker in Canada for 3 years and tried to insure all my cycling friends.</p>
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