[Xela]

Hey, All! Just wanting to get a discussion going regarding insurance on our bikes.

I would assume that if well documented, homeowner's insurance would cover a bike in the event of a fire, theft, etc.

However, what about while on the road? Do you need to insure your bike through an auto insurance company in case you wreck or are involved in a hit-and-run? If you are hit and the motorist stops, would their insurance be liable? If so, do you think you would get anywhere near what the bike is worth?

Thanks!

[Xela]

Just found this on bikerumor.com

It’s the End of the World: Cyclists Need Insurance? » Bike Rumor

[TxCyclist]

Curious to know if anyone has gotten direct bicycle insurance. I know some companies even larger ones like Allstate will insure single items. A friend of mine got his wife's wedding ring insured encase it ever got stolen or lost. It's one nice ring and series of rocks, never asked but I would guess it's $10k or so.

[Grape Ape]

You should be able to get what they call a rider. I am an electrician and for a long time I had my tools insured to protect me in case they were ever stolen. I just had a rider on my homeowners policy to cover them. I would say you can get a rider for about anything you can think of.

[hophead]

Originally Posted by Xela

Just found this on bikerumor.com

It’s the End of the World: Cyclists Need Insurance? » Bike Rumor

Yikes! I never really thought about insurance for a collision. Sure, you can get a rider on your homeowners/renters policy which will cover your bike/s, but that doesn't do ya much good if you're in the ICU after seeing the underside of an SUV up close and personal.

Maryland is a contributory negligence state which is probably bad for cyclists since we are in the minority. If you get one cyclist on a jury your lucky!

[Grape Ape]

Ok, I made some phone calls I spoke with my agent and also a claims adjuster. and learned the following. This is from State Farm Insurance Company.

Your bike can be covered in 2 ways.

1. Under your homeowners policy you bicycle is covered. The policy will cover your bike after the payment of your deductible.

2. A special rider on your insurance policy classifying your bike as sports equipment. State Farm charges $2.00 per $100 dollars insured with a minimum of $30 per year. With this set up the bike is covered without having to meet the homeowners deductible first. If the bike is worth $2k they give you $2k.

Now in regards to you as the rider if you are hit by an under/uninsured driver.

While riding your bike you are, for insurance claims purposes, considered a pedestrian. Being as such you are covered by the medical payment plan of your auto insurance. If the person who hits you does a hit and run or are not insured your medical bills will be covered by insurance.

Now comes the bad part. If you only own a bike and commute etc.. on a bike and do not have a vehicle then you do not have any coverage in case you are hit by a car. The advice from the claims adjuster on that one gives you 2 options.

1. Find an independent agent who will give you a policy that covers you medically in case of an accident. She said you can get insurance for anything it just depends on how much money you have to spend. They determine the risk of having to pay, the amount they will be likely to have to pay and base the policy on that.

2. Buy an old cheap car and get the minimum amount of insurance on it to include medical coverage and leave it parked under a tarp next to the house.

As I said this is how it is handled by State Farm Insurance Company for specifics from your insurance company give them a call, you may have to call their adjusters for questions that the agent can't answer. But it is a nice relief knowing that you are covered,

[Xela]

So that $2/$100 is a yearly charge? That would be expensive if it is monthly.

Lot's of great information there, Grape Ape! Thanks for checking into and putting that together for us!

[runbikeswim]

All of my bikes as well as other valuables (wedding rings, musical equipment, etc.) are covered, fully, as separate lines of my homeowner's policy. I think the bikes cost me $1/month.

[Grape Ape]

Originally Posted by Xela

So that $2/$100 is a yearly charge? That would be expensive if it is monthly.

Lot's of great information there, Grape Ape! Thanks for checking into and putting that together for us!

You're welcome. Yeah the way I understand it it is $2/$100/year minimum of $30. But that is to cover the insurance of the bike only, Not you.

Another thing to do when insuring your bike. Make sure it is covered on a replacement value policy instead of an actual value. The actual value policy they consider age and depreciate it. You may have spent $3k 5 years ago but now they feel it is worth $300 all you get is $300. With a replacement value policy if you have a 1979 Cannondale FS mountainbike. If it gets stolen then they replace it with the equivalent new bike, So you walk out with a brand new Cannondale FS mountain bike.

I had a 94 polaris 400 4x4 quad stolen in 03. I now have a brand new 03 500 4x4. Paid the deductible they paid the rest.

[Xela]

That's kind of why I started this thread. I think homeowner's is fine as long as it is damaged in or stolen from your home. However, if you're out on the road and total the bike, I don't think homeowners would cover that.