Bike Theft Insurance

I'm wondering if anybody has some guidance regarding financial compensation for stolen bikes. A friend of mine recently had a sweet ride stolen on Logan Blvd and it has got me thinking about ways to protect my own bike investments. I know most better U-locks carry some theft protection, but I have never heard a story of someone successfully making a claim (besides in the recent case, the bike was locked securely to a wrought iron fence which was cut in several places to remove the bike - the lock went with it). Obviously, the best protection is to lock securely, not park outside overnight, and ride a beater. But when all precautions fail, what do folks do? I've read that many renter's insurance policies cover the bike as a matter of personal property protection. Does anybody have experience recovering some of their loss in this fashion?

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Permalink Reply by Vanessa B on August 3, 2009 at 7:07am
If you have home owners insurance it cover's bike theft (where ever the theft occurs). SO does renters insurance.
Permalink Reply by XV on August 3, 2009 at 7:32am
yea it usually comes under sporting goods, but I'd double check that the policy covers thefts outside of your home.
Permalink Reply by Jen on August 3, 2009 at 1:03pm
Renter Insurance for me is $114 a year. I have a $100 deductible, and the insurance covers replacement cost. It's worth the price to me for a bit of security. I've had two cycles swiped and claimed both. I had to send in the police report and an estimate from bike shop for replacement cost. My insurance company sent a check, minus deduction, for the whole estimate -- bicycle, lock, lights, after-market rack. Two claims in five years that were fully paid. No rate raise. [Important I say I used Rent Insurance and not Home Insurance.]
Permalink Reply by jason tinkey on August 3, 2009 at 1:31pm
ride a recumbent bike, no thief would want to look that dumb.
Permalink Reply by XV on August 3, 2009 at 1:55pm
What insurance company do you have that has such a low deductible?

Jen said:
Renter Insurance for me is $114 a year. I have a $100 deductible, and the insurance covers replacement cost. It's worth the price to me for a bit of security. I've had two cycles swiped and claimed both. I had to send in the police report and an estimate from bike shop for replacement cost. My insurance company sent a check, minus deduction, for the whole estimate -- bicycle, lock, lights, after-market rack. Two claims in five years that were fully paid. No rate raise. [Important I say I used Rent Insurance and not Home Insurance.]
Permalink Reply by Neils on August 3, 2009 at 1:59pm
Jen says it's USAA

XV said:
What insurance company do you have that has such a low deductible?

Jen said:
Renter Insurance for me is $114 a year. I have a $100 deductible, and the insurance covers replacement cost. It's worth the price to me for a bit of security. I've had two cycles swiped and claimed both. I had to send in the police report and an estimate from bike shop for replacement cost. My insurance company sent a check, minus deduction, for the whole estimate -- bicycle, lock, lights, after-market rack. Two claims in five years that were fully paid. No rate raise. [Important I say I used Rent Insurance and not Home Insurance.]
Permalink Reply by Mike Schwab on August 3, 2009 at 2:15pm
Some, not all, credit cards will cover a purchase for 1 year after purchase on that card. Also requires you file a claim on homeowners / renters insurance. Also, some homeowners / renters insurance have a cap on the value of some categories of items covered. Jewelry / bicycles / other sporting equipment. If there is a cap, you can usually get a rider for additional coverage for additional cost.
Permalink Reply by A.I. Kay on August 7, 2009 at 5:08am
Thanks all for the great information! I'll look into to that insurance company and see what the deal is. Good advice on the additional coverage rider, Mike!

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