I am moving to the US later this year and would be interested to know how people in the US insure their bike(s) for things like theft, damage from a crash, etc. Is it part of your homeowners’ policy or a separate policy altogether? Does the policy also cover damage during flights?
As background, in Switzerland I have a separate policy for each bike. It costs the equivalent of about US$150/year and covers theft, damage from a crash, airline damage, etc…pretty much everything.
I just buy a gun at my local walmart when I land in the USA and then give it to a homeless man outside the airport when my trip is over and it’s time to fly home. I prefer hollow points this time of year.
It goes under my renters insurance (homeowners) but I had to specify exactly what they were to the insurance company and make sure they were covered.
As far as I know it doesn’t cover damage during flights but I’d have to check that out.
I tend to believe that insurance is a sucker bet.
Don’t forget to insure the human!
Other motorists don’t have sufficient insurance should they hit you and do serious bodily harm.
I’m renewing my policy now and I pay around $400/year for a rider that allows me to sue my homeowners and umbrella policies in the case of an accident regardless of fault. It gives me $1.5 million of coverage.
The the minimum insurance for motorists in Illinois is $45k($20k property and $25 medical) which is NOTHING.
I’m suburban and I’ve never been worried about bike theft. Generally triathletes are well enough off that losing $10k isn’t the end of the world, but incurring hundreds of thousands of cost and lost income could be ruinous.
I have 5 high-end bikes. At $150 per year x 5 bikes x 10 years = $7500. My self-insurance plan has worked because none were crashed, stolen, or damaged. In fact, I can now go buy another bike! 
I have 5 high-end bikes. At $150 per year x 5 bikes x 10 years = $7500. My self-insurance plan has worked because none were crashed, stolen, or damaged. In fact, I can now go buy another bike!
Not only that, but a lot of the potential losses would have been covered under your homeowner’s or auto insurance anyway. Insurance math works out in favor of the insurer by definition.
I have insurance for things that would cause a financial hardship, anything else is self insured.
You may want to double check this, unless it is an accidental injury policy which more like health insurance (sort of).
You may want to double check this, unless it is an accidental injury policy which more like health insurance (sort of).
I have had the discussion with my agent for the below scenarios:
Car hits me and I get their insurance info – their insurance fully pays and any extra money involves me under/uninsured motorist and suing my homeowners and umbrellaCar hits me or runs me off the road and I don’t get their info – same as above except it goes directly to my insuranceI screw up and run a light and get hit – I pay for their damage and we follow the 2nd scenarioThe only scenario it isn’t covered is “suicide by bike” and suicide is excluded by all insurance policies as far as I understand.
This policy addendum would also cover me if I fall off the roof and break my neck while cleaning out the gutters.
Your first 2 scenarios are very typical un/underinsured coverage when the other person is at fault. This is fault based and is standard (with some deviations amongst various states).
The 3rd scenario and the falling off the roof seem to be accidental injury policies that are not fault based and are more akin to “medical payments coverage” and/or health insurance, plus maybe some payments for wage loss or even number of days in the hospital. You many times see this in AFLAC type policies or Colonial Life (many others too) type policies available through an employer. Those are contractual in nature and not fault based so they can contract for whatever they want, within any legislative framework.
In my experience, those two types of coverage usually are not in the same policy (but could be). I see lots of this stuff so it is interesting to me. Thanks,
Here is the verbiage:
Unisured/Underinsured Motorist Bodily Injury Coverage, we will pay compensatory damages for which an insured is legally entitled to recover from the owner or operator of an unisured/underinsured motor vehicle because of bodily injury:
1. Sustained by the insured
2. Caused by an accident; and
3. Arising out of the ownership, maintenance or use of an uninsured/underinsured motor vehicle
We will not pay for punitive or exemplary damages.
Obviously there is a lot more, but I believe this the pertinent section.
Not every insurance company has this coverage. Safeco, AAA, AmFam(not exactly the same), and NatGen are the ones I know. I believe in quoting State Farm and Allstate(which now owns NatGen) do not.
Also my agent was very specific about wanting a true Umbrella policy and not an Excess Liability policy.
Here is the comparison:
In my agent’s real-world example(3 clients) a true umbrella covered a sexting scandal among high school students while those with Excess Liability policies were on their own.
Yes, that is VERY standard un/underinsured. That is very typical and offered by many, of course not all, companies.
A “true umbrella” as you call it is VERY important for cyclists as opposed to just an “excess umbrella” (I have $5m of this)
What you have quote here has nothing to due with your previous scenario 3 or falling off a roof. Those would NOT be in a typical homeowners, auto, or umbrella in my experience. Also, note under your scenario #2 above you would have to have some sort of “hit” meaning contact in many/most states for coverage to apply.
Don’t forget to insure the human!
Other motorists don’t have sufficient insurance should they hit you and do serious bodily harm.
I’m renewing my policy now and I pay around $400/year for a rider that allows me to sue my homeowners and umbrella policies in the case of an accident regardless of fault. It gives me $1.5 million of coverage.
The the minimum insurance for motorists in Illinois is $45k($20k property and $25 medical) which is NOTHING.
I’m suburban and I’ve never been worried about bike theft. Generally triathletes are well enough off that losing $10k isn’t the end of the world, but incurring hundreds of thousands of cost and lost income could be ruinous.
I echo much of this. I used to live in suburban Illinois. My dad got hit while riding his bike to work by a young kid who just finished a night shift. He had that minimum coverage which didn’t even cover the first 5 hours at the ER. Our insurance had to cover the rest. Alternative was to sue and possibly ruin the poor kid’s financial life.
Here is the verbiage:
Unisured/Underinsured Motorist Bodily Injury Coverage, we will pay compensatory damages for which an insured is legally entitled to recover from the owner or operator of an unisured/underinsured motor vehicle because of bodily injury:
1. Sustained by the insured
2. Caused by an accident; and
3. Arising out of the ownership, maintenance or use of an uninsured/underinsured motor vehicle
We will not pay for punitive or exemplary damages.
Obviously there is a lot more, but I believe this the pertinent section.
Not every insurance company has this coverage. Safeco, AAA, AmFam(not exactly the same), and NatGen are the ones I know. I believe in quoting State Farm and Allstate(which now owns NatGen) do not.
Also my agent was very specific about wanting a true Umbrella policy and not an Excess Liability policy.
Here is the comparison:
In my agent’s real-world example(3 clients) a true umbrella covered a sexting scandal among high school students while those with Excess Liability policies were on their own.
From whom do you obtain your umbrella coverage and the particular rider you mentioned in a previous post?
Here is the verbiage:
Unisured/Underinsured Motorist Bodily Injury Coverage, we will pay compensatory damages for which an insured is legally entitled to recover from the owner or operator of an unisured/underinsured motor vehicle because of bodily injury:
1. Sustained by the insured
2. Caused by an accident; and
3. Arising out of the ownership, maintenance or use of an uninsured/underinsured motor vehicle
We will not pay for punitive or exemplary damages.
Obviously there is a lot more, but I believe this the pertinent section.
Not every insurance company has this coverage. Safeco, AAA, AmFam(not exactly the same), and NatGen are the ones I know. I believe in quoting State Farm and Allstate(which now owns NatGen) do not.
Also my agent was very specific about wanting a true Umbrella policy and not an Excess Liability policy.
Here is the comparison:
In my agent’s real-world example(3 clients) a true umbrella covered a sexting scandal among high school students while those with Excess Liability policies were on their own.
From whom do you obtain your umbrella coverage and the particular rider you mentioned in a previous post?
Currently I’m with NatGen. Before that I was with AAA insurance and Safeco. Those all had this endorsement/rider. Prior to that I was a schlub and didn’t SBR.
I’ve dealt with the same independent agent for nearly 30 years. I switch every 5 years so because every company I deal with increases homeowners for existing customers at considerably beyond inflation.
Even if you a company specific agent explain what you want and see if they offer it. My goal was to protect my family if I get hit and turn into a paraplegic and I knew I couldn’t trust the other motorist to be Mr. Moneybags.
I was recently in an accident in which a vehicle pulled out in front of me too close and then proceeded to stop in the road immediately after pulling out. I went partially through his back window. Luckily no broken bones, but plenty of medical bills nonetheless. This may be a New York State thing, but the driver’s insurance is required to pay my medical bills because I am considered a pedestrian. I have been fighting his insurance company and just got word that they are going to pay full replacement value of the bike. I have not received the check yet, but told that it was issued.
Here is the verbiage:
Unisured/Underinsured Motorist Bodily Injury Coverage, we will pay compensatory damages for which an insured is legally entitled to recover from the owner or operator of an unisured/underinsured motor vehicle because of bodily injury:
1. Sustained by the insured
2. Caused by an accident; and
3. Arising out of the ownership, maintenance or use of an uninsured/underinsured motor vehicle
We will not pay for punitive or exemplary damages.
Obviously there is a lot more, but I believe this the pertinent section.
Not every insurance company has this coverage. Safeco, AAA, AmFam(not exactly the same), and NatGen are the ones I know. I believe in quoting State Farm and Allstate(which now owns NatGen) do not.
Also my agent was very specific about wanting a true Umbrella policy and not an Excess Liability policy.
Here is the comparison:
In my agent’s real-world example(3 clients) a true umbrella covered a sexting scandal among high school students while those with Excess Liability policies were on their own.
From whom do you obtain your umbrella coverage and the particular rider you mentioned in a previous post?
Currently I’m with NatGen. Before that I was with AAA insurance and Safeco. Those all had this endorsement/rider. Prior to that I was a schlub and didn’t SBR.
I’ve dealt with the same independent agent for nearly 30 years. I switch every 5 years so because every company I deal with increases homeowners for existing customers at considerably beyond inflation.
Even if you a company specific agent explain what you want and see if they offer it. My goal was to protect my family if I get hit and turn into a paraplegic and I knew I couldn’t trust the other motorist to be Mr. Moneybags.
Thanks. I’ll look into this (though I wonder if it may be a state-specific thing).
We carry the highest Uninsured/underinsured coverage, but 1) those coverages are somewhat low (at 1 mil/ 0.5 mil, respectively), and 2) we don’t know if it would cover the situation where we are struck by someone while we are walking/biking. If my umbrella coverage has an extra rider allowing me to sue it to get additional coverage, that would bring a greater peace of mind.
Here is the verbiage:
Unisured/Underinsured Motorist Bodily Injury Coverage, we will pay compensatory damages for which an insured is legally entitled to recover from the owner or operator of an unisured/underinsured motor vehicle because of bodily injury:
1. Sustained by the insured
2. Caused by an accident; and
3. Arising out of the ownership, maintenance or use of an uninsured/underinsured motor vehicle
We will not pay for punitive or exemplary damages.
Obviously there is a lot more, but I believe this the pertinent section.
Not every insurance company has this coverage. Safeco, AAA, AmFam(not exactly the same), and NatGen are the ones I know. I believe in quoting State Farm and Allstate(which now owns NatGen) do not.
Also my agent was very specific about wanting a true Umbrella policy and not an Excess Liability policy.
Here is the comparison:
In my agent’s real-world example(3 clients) a true umbrella covered a sexting scandal among high school students while those with Excess Liability policies were on their own.
From whom do you obtain your umbrella coverage and the particular rider you mentioned in a previous post?
Currently I’m with NatGen. Before that I was with AAA insurance and Safeco. Those all had this endorsement/rider. Prior to that I was a schlub and didn’t SBR.
I’ve dealt with the same independent agent for nearly 30 years. I switch every 5 years so because every company I deal with increases homeowners for existing customers at considerably beyond inflation.
Even if you a company specific agent explain what you want and see if they offer it. My goal was to protect my family if I get hit and turn into a paraplegic and I knew I couldn’t trust the other motorist to be Mr. Moneybags.
I want to follow up and thank you for bringing this to the attention of slowtwitch. This basically made me reevaluate the coverage I currently have. Though I have had true umbrella coverage for a while, I was not aware of the existence of an endorsement/rider that would allow one to sue one’s own carrier should someone in one’s family is struck by UM/UIM.
American Family (which operates mostly in the Midwest and some western states) does provide this endorsement, at a cost of ~$125/year for $1M of coverage, while Geico did not.
Furthermore, I was also under the impression that in Wisconsin, the UM/UIM coverage on a policy holder’s auto insurance would not extend to cover situations when the policy holder is cycling or walking, but that apparently isn’t the case. It turns out that while Geico would not willingly provide this (see aside below), AmFam does indeed provide such coverage under policy holder’s auto insurance UM/UIM coverage, when the walking/cycling policy holder is struck by someone UM/UIM. So in the end, the endorsement/rider under umbrella coverage would be on top of what is provided by the policy holder’s UM/UIM coverage under auto insurance.
This basically made me realize that my existing Geico policy wasn’t the most suitable (as my wife and I both walk and cycle a lot). Thanks again.
As a side note, what is covered under auto UM/UIM differs from state to state and from company to company. I distinctly remember the Geico agent saying a walking/cycling auto policy holder residing in PA would be covered under the UM/UIM auto coverage, but this was different in NJ and WI (at least for Geico in WI). Having said that, the guide written by the Commissioner of Insurance of Wisconsin clearly states that an auto policy holder’s UM/UIM should extend to at least the situation when the policy holder is walking, yet Geico appears not to acknowledge this, which is baffling.
I’m actually paying a bit more by switching to AmFam, for pretty much the same level of coverage, but that Geico either doesn’t know or isn’t willing to expressly comply with what the Commissioner of Insurance deems proper signals to me that even if Geico is legally obligated to extend vehicle UM/UIM to pedestrians, it would probably not willingly provide it.
Glad to help!
I think Jordan Rapp or another fast STer got hit ~10 years back by an illegal/undocumented that wasn’t insured or they were a drive-away and that made me think about what my wife would do if I was paralyzed in a bike accident.
People either think a coverage doesn’t exist or they think they are covered when they are not.
There is a policy for everything.
I have insurance almost for everything I own, as I like to be secured and my bikes aren’t an exception. To be honest, it was quite difficult to find a reliable insurance company which has a variety of policies at a reasonable price and also which is the most important thing a good customer service. However, in the end, I have found it and I was quite surprised to discover that it also covers the costs of your medical expenses when you’re injured on a ride. You can find it on this site.