Bike insurance

Discussion in 'General Bike Discussion' started by Xela, Aug 11, 2009.

  1. Xela

    Xela New Member Tavern Member

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    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!
     
  2. Xela

    Xela New Member Tavern Member

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  3. TxCyclist

    TxCyclist Administrator Staff Member Admin Staff

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    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.
     
  4. Grape Ape

    Grape Ape Younger than Hack Tavern Member

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    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.
     
  5. hophead

    hophead New Member Tavern Member

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    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!
     
  6. Grape Ape

    Grape Ape Younger than Hack Tavern Member

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    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,
     
    Last edited: Mar 17, 2010
  7. Xela

    Xela New Member Tavern Member

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    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!
     
  8. runbikeswim

    runbikeswim New Member

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    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.
     
  9. Grape Ape

    Grape Ape Younger than Hack Tavern Member

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    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.
     
  10. Xela

    Xela New Member Tavern Member

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    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.
     
  11. Grape Ape

    Grape Ape Younger than Hack Tavern Member

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    It would be covered under homeowners when away from your home. But that would be a good reason to get a rider. The sports equipment rider is set up for items we use for recreation and I am sure they figure in the fact that we will take them out and use them probably wreck and mess them up. This is where setting down and reading the fine print of the policy is the only way to know for sure if the bike is covered even if we destroy it getting huge air from jumping over the interstate after having a ferrari pull you up to speed and releasing you right before the 50 foot ramp.:D

    Best way to do it is after you wreck and destroy your bike say you were hit by a car and they drove off. If you are on a mountain bike and way out in the mountains say you were hit by a jeep and they took off. Just make sure you blame it on the new jeeps, the driver of an old jeep would not leave witnesses. Don't try to blame it on a hummer either becasue everyone knows they never go off road.:p
     
  12. Xela

    Xela New Member Tavern Member

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    I saw a Hummer go off road one time. I think the driver spilled his latte and was distracted. :)
     
  13. hophead

    hophead New Member Tavern Member

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    LMAO! H2's are such incredible piles of shyte! I have a photo somewhere of a Scrambler rescuing one that was high centered.
     
  14. Grape Ape

    Grape Ape Younger than Hack Tavern Member

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    On a stump in a parking lot behind a port-a-john.

    Here is a link to the page. Wat heb je aan een H2? Niks! - ChaosBoyz 4x4

    Even worse for the hummer owner it was at Camp Jeep in Virginia. Read the story it is priceless.
     
    Last edited: Aug 13, 2009
  15. Industry_Hack

    Industry_Hack Total noob (& forum admin) Admin Staff Tavern Member

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    You really need to check with an agent in your state. As mentioned, most policies cover bikes under sporting goods, but many times there is a $500 cap. The rider is basically a separate mini policy that covers a specific item or items, above that cap. You also need to consider your deductible - having a $500 deductible is going to hurt when your $700 bike gets stolen, rider or no rider.

    And yes, most states will extend coverage under the medical portion of your auto policy if you get hit by a car. It's no different than if you were walking, or a passenger in your friend's car. Auto vs bicycle is still a car accident. I've seen a case where a cyclist was struck by a stray bullet in a drive-by, and since the shooter was in a car, his (cyclist's) policy ended up covering it. Not sure that it's right or wrong, but that's how it played out.
     
  16. hophead

    hophead New Member Tavern Member

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    Bahahahahaha! Yup, that's the one. Thanks for the link Grape!
     
  17. Industry_Hack

    Industry_Hack Total noob (& forum admin) Admin Staff Tavern Member

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    I took my Landcruiser on a Jeep trail when I lived in SoCal. It did everything the Jeeps could do, but with more comfort. Of course, I lost some trim, a mirror, and my antenna on the narrow trails, and I picked up a lot of scratches. But it was all in good fun.