I just got a new ride, and while walking out of the shop with it, I got the sudden urge to get insurance on the thing. Anybody have recommendations for the best insurance for expensive bikes crashing while riding or theft away from the house? We’re in Texas if it matters.
I have found velosurance to be great. They resell merkel insurance, but are run by a cyclist and triathlete.
Every interaction with them is great (and the CEO will happily give you his personal cell if you need something)
I just got a new ride, and while walking out of the shop with it, I got the sudden urge to get insurance on the thing. Anybody have recommendations for the best insurance for expensive bikes crashing while riding or theft away from the house? We’re in Texas if it matters.
My homeowners insurance with USAA covers my bike. Have you double checked with your insurance company?
Thanks. Will check them out. Anybody have opinions on “Big Ring”?
We’ve got State Farm. Last time I checked, they seemed quite unenthusiastic about covering a bike while it’s out on the road. Seemed like if I got hit by a car and the bike was smashed, I was on my own. A also think homeowner’s bike coverage a lot varies by state. In Texas, the general opinion is that if you’re on a bike, you should be doing 5 mph on a sidewalk. But I’ll check again.
Check out “Big Ring” bike Insurance. I don’t use it but saw they were sponsors at USAT Nats.
Thanks. Will check them out. Anybody have opinions on “Big Ring”?
We’ve got State Farm. Last time I checked, they seemed quite unenthusiastic about covering a bike while it’s out on the road. Seemed like if I got hit by a car and the bike was smashed, I was on my own. A also think homeowner’s bike coverage a lot varies by state. In Texas, the general opinion is that if you’re on a bike, you should be doing 5 mph on a sidewalk. But I’ll check again.
Forgot to add I’m also in Texas. USAA is generally far better than other insurance companies though when it comes to actually looking after their customers.
I live in CA but have USAA insurance. When I drove into the garage with the bike on the roof, there was some initial confusion as to whether it was covered under the auto policy or the homeowner’s. That took a week or two to sort out, then they decided it was the auto policy (good news -MUCH lower deductible). They paid out replacement value less the deductible. I’ve never asked them about getting in a wreck on the road. Theft from the house would obviously be covered under homeowners…and I suppose you could get a special rider to cover bikes specifically…not sure how that jives with the regular deductible though.
My homeowners insurance with USAA covers my bike. Have you double checked with your insurance company?
I have USAA & a shit ton of coverage, including a pretty sizable umbrella policy. I asked them what I am covered for & other related questions…
I have a rather expensive bicycle that I ride regularly and in triathlon races. There have been some accidents recently where other cyclists have been involved and their bikes have been severely damaged and in some cases, the riders injured. While I know that physical injuries will be covered under my medical insurance, I am curious how my policy covers damage to my bicycle. The bike that I ride has a replacement cost of approximately $7,000. I would appreciate if you could help me understand my coverage by answering the questions below.
Is my bike insured when I am away from my home? What is the max value my bike is insured for? Is the bike value depreciated year by year? Is the bike insured for crash damage? Collision with a car or another bicycle. Is the bike insured for racing or riding in organized events? How much would I get if my bike was stolen? What is the deductible and depreciation on my bike? Is my bike insured when being transported by an airline, or in shipping, or if it falls off a car? Will my home insurance rates increase if I make a bicycle claim?
Thank you for your assistance & attention. Please let me know if I can provide any additional information.
The response I got back from them the next day (emphasis is my own)…
I received your message about coverage for your bicycle and will be happy to assist you.
Your homeowners policy covers your bicycle as part of your unscheduled personal property. Your policy provides replacement cost coverage for your personal property for several major causes of loss up to $298,500 coverage limit. These causes include:
TheftFireWindLightning
The policy excludes:
Normal wear and tearIntentional actsWar and nuclear hazard
Any covered losses are subject to your homeowners policy $2,000 policy deductibles. Because your personal property is covered for replacement cost, there is no depreciation. The policy does not provide coverage for crash damage. However, coverage is provided while you are away from your home and while in transit. Breakage, mere loss, and damage due to careless or rough handling or improper packing are not covered.
The causes of loss that are covered are detailed in the section of your policy titled “Coverage C - Personal Property.” Please refer to your policy for detailed information. As a courtesy, I’ve posted the policy for you on your My Documents page. Please use the link provided or enter keywords “Documents Online” in the search field above.
In regards to your premium increasing if a claim is filed, one of the factors we use to determine your property premium is loss history. Therefore, there is the possibility of a premium increase. There is a rate impact because studies have demonstrated that a property which suffers one loss has a higher probability of experiencing future losses.
Please understand that a blanket coverage statement isn’t all inclusive and isn’t final. Each claim is adjusted at the time of the loss. Therefore, any change in circumstances can affect the outcome of the coverage decision.
So basically it is better if my bike is stolen or burned in a fire because if I crash while riding it, I am not covered. (Of course, if I am hit by a car & I am not at-fault, that person’s insurance would be liable)
Save 10% on big ring with code USAT2016. I just signed up for it.
I have Encompass for home/auto and they allowed me to add my bikes as an additional property rider for coverage (much like jewelry…gotta insure the wife’s ring…that wasn’t cheap either!!).
My coverage is pretty awesome as it covers theft, accident (anywhere) and even if the lovely TSA damages if I ever fly with my bike (maybe 1 day if I ever travel for an IM…but that would mean I actually signed up for an IM though). I’m paying for 7k in coverage for 2 bikes and it is something like 100 bucks a year (I forget exact amount as it is bundled with the wife’s ring too).
Velosurance
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You should be covered by your auto policy if you get hit while riding it. Of course your policy would go after the other policy, but your’s should come into play.
I have USAA and crashed on my bike last year (no one else involved). USAA does NOT cover the bike under this circumstance
I have USAA and crashed on my bike last year (no one else involved). USAA does NOT cover the bike under this circumstance
Thanks.
I recently was hit by a car. The driver’s insurance was a total pain in the ass, but my renter’s insurance with Chubb covered full replacement cost. They sent out a check the same day I called them and even got most of my deductible back from the auto insurance company in just a few weeks. They were amazing.
I just got a new ride, and while walking out of the shop with it, I got the sudden urge to get insurance on the thing. Anybody have recommendations for the best insurance for expensive bikes crashing while riding or theft away from the house? We’re in Texas if it matters.
How expensive is your bike? Let’s say it not covered on your home owner insurance, is it worth paying the premium of an insurance payment for the minute risk it gets stolen or destroyed. Personally, I’d never by a bike over $5K and would not insure a bike. If my bike gets stolen or destroyed, I’ll just buy another one rather than pay someone monthly just in case something happens to it. Some things in life just are not worth insurance.
Funny you mentioned 5k. Mine was 5.1. So right on the breaking point.
I typically have around 50 bikes in stock and have zero insurance. Costs too darn much.
I just went through a whole lot of crap with this. In January I crashed at 70.3 Panama and did about $2k in damage. Then on my way home from Puerto Rico my frame was cracked by the airline. In both cases I tried to file a claim with my homeowners policy because I had been told I was covered. I had even asked over the phone about certain circumstances and asked if I needed a rider. I was told it was covered. Then in both incidents they denied my claim and told me it was only covered if it was stolen from my house or if my house burned. They wouldn’t cover any type of crash (hit by a car or a crash on my own (I was taken out by another racer)) and if it was stolen out of my hotel room it was covered for significantly less money, which doesn’t make a ton of sense. On top of all that, the max payout was only $2k. That doesn’t even cover the disc.
So after going through all that back and forth and large amounts of frustration, I bought a policy through State Farm just for the bike. It covers absolutely everything… Theft, crash, travel damage… With as much as I travel for races it’s worth it to me. The policy is only $200 a year and the bike is insured for enough money that I could buy everything at retail prices and be covered. That premium is quite a bit less than velosurance (less than half the price last time I checked) and gives me peace of mind.
What’s the name of that policy? Those problems are exactly what I’m worried about. And what state do you live in?