We have another thread here regarding insurance. http://www.twospoke.com/forum/f27/bike-insurance-1257/#post5005
here is what I posted there.
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.