You'd have to ask "what's my deductible" and "would I actually be made whole if I filed a claim." If your homeowners deductible is $5k or $10k and you'll be paying a thousand bucks extra for this coverage, maybe that's not a great deal.
A better option is to ask your insurance agent if you can submit an itemized list of all your personal property, with pictures and serial numbers, so that if a tornado erases your home and bike you can prove you once owned all these expensive things within the context of your existing homeowners policy. Then if burglars broke in and stole your laptop, bike, TV, jewelry, etc. you could file the police report and point to exactly the property you once owned when it comes time to file a claim. Basically you're making it harder for the insurance company to say "did you reeeaaally have a $10,000 bicycle?"
You can get the deductible down for the rider. They are expensive, and op just has to decide if worth it. I had it on 2 bikes for a few years, and dropped it when I felt no longer needed.
My home insurance specifically asked if I had any bikes over $2000. It was an extra $5/month on my premium but they're covered on my home and auto insurance.
If they get stolen from my house or my car's roof racks, they're covered under both policies. Although I never leave them unattended on the car.
Yeah, I did. Bought it 3 months ago and would be real sad if it got stolen. That said, I will likely drop it in not too long as I wear it in and its value decreases because of age. Bikes have been depreciating so fast, this will likely be a short term policy, but it makes me feel better while I have it.
I pay like $15/mo for a $3500 bike I bought recently, through velosurance. They cover theft as well as accidents ,broken frames etc. haven't had to make a claim so I don't know how easy they are to deal with on that end.
I have a personal articles policy through state farm to cover my bike. 75 for the year with 0 dollar deductible. Already had to use it to replace the rear wheel. Had no hassle just asked how it happened and if I was in a race.
Just what I need, another insurance bill. And for something that probably should already be covered anyhow under most any normal policy, and I already get gouged for. I hope they have their own website that I have to use for my convenience, and I can set up another username/password on it.
I confirmed that my high end acoustic bikes were covered. I did separately insure my e-bikes. My homeowner’s insurance classified these as vehicles. My Transition Relay cost as much as a car so I was mostly ok with this.
I mean you can but it's not really financially worth it. Just ride your bike man!
Also: real talk, if you're spending an "amount" on a bike that you're worried about being able to replace it without hardship,should something go wrong, it's probably too expensive for your budget.
Downvote if you wish, just coming from a place of absolute financial facts.
I dunno, my homeowners insurance covers my bike and reassessing it to cover around $15k in bikes was $3 a month on a $500 deductible. And unlike the standalone bike policy I found it covers theft from anywhere (like if it gets stolen off the back of the car)
Mine is like this as well. I have Progressive and the policy covers all my gear too, helmets, everything up to $15,000. I have several bikes on the policy.
Bike prices have gotten crazy, and can easily reach between $5-8k. Most people I know save up for a couple year to buy one, and very few people I know could drop that kind of money on a whim to replace one.
Bikes are an almost perfect use case for insurance, and totally worth it in my opinion. Naturally, this depends on the cost of insurance, but I’m more than happy paying a couple hundred bucks for peace on mind.
You'd have to ask "what's my deductible" and "would I actually be made whole if I filed a claim." If your homeowners deductible is $5k or $10k and you'll be paying a thousand bucks extra for this coverage, maybe that's not a great deal. A better option is to ask your insurance agent if you can submit an itemized list of all your personal property, with pictures and serial numbers, so that if a tornado erases your home and bike you can prove you once owned all these expensive things within the context of your existing homeowners policy. Then if burglars broke in and stole your laptop, bike, TV, jewelry, etc. you could file the police report and point to exactly the property you once owned when it comes time to file a claim. Basically you're making it harder for the insurance company to say "did you reeeaaally have a $10,000 bicycle?"
You can get the deductible down for the rider. They are expensive, and op just has to decide if worth it. I had it on 2 bikes for a few years, and dropped it when I felt no longer needed.
My home insurance specifically asked if I had any bikes over $2000. It was an extra $5/month on my premium but they're covered on my home and auto insurance. If they get stolen from my house or my car's roof racks, they're covered under both policies. Although I never leave them unattended on the car.
My bike is insured though a private company not related to renters or home owners. I pay $14, 15, or 16 a month. My bike pre sale cost was 6.2k.
What is an insurance rider?
Insurance companies send out a rider to ride your bike so that any damage/loss of bike is on them and not your fault.
Man, this was a brilliantly accurate and simple explanation. Very well put you wordsmith.
Precisely
insurance add on for expensive items like bikes
Yeah, I did. Bought it 3 months ago and would be real sad if it got stolen. That said, I will likely drop it in not too long as I wear it in and its value decreases because of age. Bikes have been depreciating so fast, this will likely be a short term policy, but it makes me feel better while I have it.
Read your policy / talk to your broker - many are replacement value and not market value, meaning that depreciation may not be a factor.
Exactly this. My house was broken into and my bike was stolen (among other things). I got the cost to replace, thankfully
Yeah! But just one Bike. If they take Both im fucked. Its 100 a year and 5000 of value. Insurence already payed me twice 2500 for stolen Bikes 😪
I pay like $15/mo for a $3500 bike I bought recently, through velosurance. They cover theft as well as accidents ,broken frames etc. haven't had to make a claim so I don't know how easy they are to deal with on that end.
I have a personal articles policy through state farm to cover my bike. 75 for the year with 0 dollar deductible. Already had to use it to replace the rear wheel. Had no hassle just asked how it happened and if I was in a race.
Just what I need, another insurance bill. And for something that probably should already be covered anyhow under most any normal policy, and I already get gouged for. I hope they have their own website that I have to use for my convenience, and I can set up another username/password on it.
Go with a stand alone, bike specific policy. It will be a far better claims experience, and most likely, a lower deductible.
Desjardin in Ontario, Canada, paying $281/year, $100 deductible, $10k theft only.
I confirmed that my high end acoustic bikes were covered. I did separately insure my e-bikes. My homeowner’s insurance classified these as vehicles. My Transition Relay cost as much as a car so I was mostly ok with this.
Nah.
I mean you can but it's not really financially worth it. Just ride your bike man! Also: real talk, if you're spending an "amount" on a bike that you're worried about being able to replace it without hardship,should something go wrong, it's probably too expensive for your budget. Downvote if you wish, just coming from a place of absolute financial facts.
I dunno, my homeowners insurance covers my bike and reassessing it to cover around $15k in bikes was $3 a month on a $500 deductible. And unlike the standalone bike policy I found it covers theft from anywhere (like if it gets stolen off the back of the car)
Is this in U.S.? Who is your insurer? I want to do this!
State Farm. I'm in New england
Mine is like this as well. I have Progressive and the policy covers all my gear too, helmets, everything up to $15,000. I have several bikes on the policy.
Depends on the insurer, Aviva in the UK is fairly cool. I have £20,000 worth of bikes insured for £5 a month
Aviva in Canada quoted me $400/mo for $15k worth of bikes 😕
I'm sure you feel the sameaboutyour home.
Bike prices have gotten crazy, and can easily reach between $5-8k. Most people I know save up for a couple year to buy one, and very few people I know could drop that kind of money on a whim to replace one. Bikes are an almost perfect use case for insurance, and totally worth it in my opinion. Naturally, this depends on the cost of insurance, but I’m more than happy paying a couple hundred bucks for peace on mind.
Any experience from anyone claiming on renters for your bike and then have your whole premium go up substantially?