I refuse to go to the Tri Forum - haven’t even peeked over there in over a decade, this is still and always will be the Lavender Room and The Womens Rule, SO….
Da Kid bought a very expensive mountain bike and we want to insure it. Where do we turn? The company that we have all our other insurance through does not insure bikes so looking for any advice you guys may have.
Thanks!
Rocky
You can’t get specific article insurance?
Theft or crash?
Theft is usually covered under homeowners.
Travelers covers bike theft.
https://www.travelers.com/resources/home/insuring/does-homeowners-insurance-cover-theft
I would never insure a bike.
When I mentioned bicycle - they weren’t keen - transferred me to various departments that said the didn’t handle it. I may have to call back and speak to the homeowners insurance agent specifically. I thought I needed a bicycle specific policy. More phone calls in my future!
Thanks! I’ll try them after one more call to check my homeowner policy.
Thanks! Got more digging to do with our homeowners agent. Didn’t even consider it might already be covered.
Mine are under my homeowner’s policy. At one point, I considered adding a rider to that, but in the end, we figured just the HO policy was fine.
ETA: My insurance guy knows about my bikes and after the 2020 tornado I sent him a photo of the blown out windows and told him the bikes were on the other side of that flapping curtain. He had someone out to board up my windows within the hour (I was out of town).
He’s 16, worked all summer, spent almost $3k on a downhill bike and we want to see if we have options. He’d be devastated if it went missing.
If it is covered under your homeowner’s policy, it will still be subject to your all-peril’s deductible.
I’d see what homeowners would cover, if anything, and then self insure through “Mom and Dad Mutual Insurance Co.” beyond that.
Will he be paying the premium?
And… bury an Airtag somewhere in the thing as a backup plan.
Not worth it at all. Very, very expensive for what you get. It has been a few years from when I last looked, and there’s likely no way costs decreased since then.
I looked at some old posts of mine from pre-2020:
You will find the rates quoted by Velosurance, Big Ring, etc. to be extremely high and borderline ridiculous, IMO. As in prices almost the same as car insurance for very expensive bikes. I got a quote a few years ago from Velosurance for my previous Dimond with a value of $12,000 and it was almost $1,000 per year. Big Ring was slightly less. Maybe like $800+ per year. Then I learned my homeowners insurance pays for everything not crash related. I pay less for my car insurance. So no fucking way I was paying $1,000 annually for bike insurance for just one bike. I have a couple of other expensive bikes as well.
Homeowner’s Insurance:
My homeowner’s insurance covers theft away from the house as well. Pretty much only doesn’t cover crash damage: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 the 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 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.
Fantastic info. Thank you!
Agree on the air tag but there is no Mom and Dad Mutual Insurance Co. This is a Him thing. We’ve been hammering the use of a bike lock for this bike (no one locks up bikes where we live, never have, never will sort of mentality, but bikes go missing on occasion - usually a joy ride and they show up within a few days, or as one of our bikes that disappeared in November was under a tree in May). So the lock is #1, the $$$$ out of his pocket should be motivation to keep it locked up but he’s also 16 and has life totally figured out so there’s that too:roll_eyes:
I appreciate all the great advice so far! Thank you LR peeps😊
I’ll note one more thing with Velosurance:
Part of the high cost with them is travel protection, and another cost multiplier is if you intend to race the bike. Both commonly done on this forum.
If neither of those are true and you’re mainly interested in theft coverage, it might be worth a look for the first year before the bike depreciates much. If you don’t have coverage through homeowners as mentioned above.
Tell him to not leave it somewhere that it can be stolen.
My triumph (motor)bike is currently locked up outside with multiple U locks
I’d look at exclusions on your home owners, if the bikes not locked up and goes missing from bike park covered?
Not locked at store?
I’m not sure what home owners covers there, but here an item insured in home unless specifies on the policy for outside the house and itemized won’t be covered
Usually items over 1-2k
But but but if its insured how will you use the theft or crash as an excuse to buy another new bike??? 