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I am wondering if anyone knows of any insurance policies specifically for bicycles. If there are other people out there as crazy about their bikes as I am, I would think the opportunity to start such a business would be just waiting to break out. But I am seeking coverage for my two mountain bikes that would provide REPLACEMENT cost, not merely current value replacement.

Anyone know of anything like this?

I did see one company in the UK that offers bike insurance, but it's UK, and I'm in the US
 

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I have mine covered on "rider" policies that attach to my homeowners (or renters) insurance. The rider policy covers the bike anywhere, and covers replacement. I actually had to give them a spec list. for each bike. it's fairly cheap too, but you do have to have the homeowners or renters insurance to get it. (at least that is my understanding)
 

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The Martian
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Get a better homeowner's/renter's policy. My bikes are fully covered at my purchase price for basically everything anywhere (except maybe me wiping myself out and destroying it) no special policy or rider necessary.
 

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CougarTrek said:
Get a better homeowner's/renter's policy. My bikes are fully covered at my purchase price for basically everything anywhere (except maybe me wiping myself out and destroying it) no special policy or rider necessary.
Same here. I specifically called about it and offered up dozens of scenarios ranging from theft to it falling off the car during transit to it disappearing while at a race somewhere. It's all covered.:thumbsup:
 

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CougarTrek said:
Get a better homeowner's/renter's policy. My bikes are fully covered at my purchase price for basically everything anywhere (except maybe me wiping myself out and destroying it) no special policy or rider necessary.
Who's your insurance with? I'll check them out. Anything to save a buck, you know.

It is entirely possible, Nationwide sold me something I don't need. It wouldn't be the first time, but I was told the homeowners covers the bikes on my property, but not away from it. The riders are <$30 a year, per bike, if I remember correctly. ***Also, the rider policy has no deductible, and my homeowners deductible is almost half a bike or so. I was also told that a claim against the rider, won't affect the homeowners policy.... ie my rates won't go up.

Yours are covered at purchase price, but not replacement price? The rider pays to replace your bike, with the exact same set up, even if prices go up, or newer models are made, etc...if I understand it correctly.
 

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I could have gotten a separate rider that wouldn't have a deductible. My deductible is only $500. I can't remember how much the rider was, but it didn't seem worth it. The rider would have been for my bike which I have spent roughly $10,000 building up. The rider was based on values in increments of $1,000. So a rider on $10,000 adds up quickly. Also the rider was only for one bike.

I felt it was better to take my chances with the $500 deductible and my insurance agent agreed. He also happens to be my neighbor and friend so I trust him.
 

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Old man on a bike
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FWIW the best insurance is not putting the bikes in places where it's an issue...not always possible I know. I've never had insurance on my bikes.
 

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Bikinfoolferlife said:
FWIW the best insurance is not putting the bikes in places where it's an issue...not always possible I know. I've never had insurance on my bikes.
Agreed. Another reason I opted for the coverage I get regardless with my home owners policy.
 

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The Martian
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d365 said:
Who's your insurance with? I'll check them out. Anything to save a buck, you know.
I use Amica.

The agent and I ran through the possibilities both including the bikes in my renter's and insuring them on a separate rider.

In my case it made much more sense to just include them in the renter's. Separate policies would have, in my case, significantly raised my monthly payments (since my renter's payment is so low and my bikes are such a high percentage of my property value) and not provided me much if any more coverage.

This could be totally different in your situation. Especially since you are talking homeowner's (higher payments, higher deductibles, more value insured, etc).

As for coverage this is how I understand mine:
-Not sure if it is my purchase price or replacement value, but it is certainly not any less (no depreciation, which some policies do)

-Completely covered on and off property: theft, fire, on car rack in crash, hit by un/under insured motorist, etc.

- Deductible low enough to be worth it (less than 10% of my nicer bikes) this is due to the fact that I'm dealing with renters rather than homeowners and I'm insuring bikes at the $3-5k range. (my deductible is not worth it for the commuter bikes and I'm ok with that)

- Separate riders/policies for the bikes would have more than doubled the price without adding much more coverage (just my specific situation....bikes represent a large chunk of my property)

What you have sounds very similar, just set up differently, and may very well be what works best for you. Certainly if/when I move to a homeowners policy I'll re-evaluate having the bikes included versus on riders.
 

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pop_martian said:
I could have gotten a separate rider that wouldn't have a deductible. My deductible is only $500. I can't remember how much the rider was, but it didn't seem worth it. The rider would have been for my bike which I have spent roughly $10,000 building up. The rider was based on values in increments of $1,000. So a rider on $10,000 adds up quickly. Also the rider was only for one bike.

I felt it was better to take my chances with the $500 deductible and my insurance agent agreed. He also happens to be my neighbor and friend so I trust him.
wait, wait......you have a $10,000 bicycle? that must be so blingy, you can't even look at it without going blind. :p

I bought my insurance from a friend too, but he was a fresh greenhorn at the time, so maybe I should revisit the subject. Seems, I'm the only one using a rider.
 

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d365 said:
wait, wait......you have a $10,000 bicycle? that must be so blingy, you can't even look at it without going blind. :p
Indeed I do. Not so much blingy as it is expensive. The funny part is I am still spending money on it to get it lighter!:madman:
 

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If you don't need a rider...

If your agent says you don't need a rider - verify. Take photos of all the stuff you want covered (including bikes), and make an inventory list. Have the agent sign-off on the list that all the items are covered under your policy. It can be a hassle - but it can be worth it. Especially since most non-bikers think a $500 bike is uber-high-end-out-of-control-expensive.

What an agent says doesn't mean much. What they sign - is worthwhile.

Just my $0.02
 

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debaucherous said:
If your agent says you don't need a rider - verify. Take photos of all the stuff you want covered (including bikes), and make an inventory list. Have the agent sign-off on the list that all the items are covered under your policy. It can be a hassle - but it can be worth it. Especially since most non-bikers think a $500 bike is uber-high-end-out-of-control-expensive.

What an agent says doesn't mean much. What they sign - is worthwhile.

Just my $0.02
He told me to walk through my house with a video camera slowly, and get some good closeup shots of the bikes so there is no question about what kind of bikes they were and what components were on them.
 

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The Martian
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debaucherous said:
Especially since most non-bikers think a $500 bike is uber-high-end-out-of-control-expensive.
Agent was WELL aware of the price of my bikes (both separately and as a whole collection) when she said no problems. An eye was never batted. Policy wording reflects it as well.

Of course, I am in Colorado...
 
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