Bicycle Insurance is Available on a Limited Basis! Too Little? Too Late? Not Worth the Expense?

Tawlk Amongst Yourselves...

Cycle insurance for the way you ride.

Cycle insurance for the way you ride.We know the risks you face every time you ride. Whether you ride competitively or just for recreation, we have the coverage to ensure your peace of mind. It's what you can expect from people who don't simply generalize, but who specialize in cycle insurance.

Even though it's not yet available for the Great State of Illinois :( this is what you get:

Each policy is custom-built and can include Bicycle Physical Damage coverage protection for damage to the bicycle caused by collision, fire, theft, vandalism or hitting another object. In addition, coverage for spare parts, cycle apparel, rental reimbursement and competitive fee reimbursement is included at no additional cost.

Also available for purchase are Bicycle Liability coverage to cover injuries or property damage caused by the insured cyclist; Medical Payments to cover medical costs of the policyholder associated with a loss and Vehicle Contact Protection to provide an additional source of recovery for the insured cyclist if he/she is struck by a vehicle without adequate insurance. In addition, Roadside Assistance coverage is available to policyholders for only $10 per year. This coverage offers the cyclist 35 miles per tow and up to five tows per year.

More here!

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Permalink Reply by Gene Tenner on August 14, 2012 at 8:56am

I got mine through State Farm. I have yet - fortunately - to make a claim, though.

Permalink Reply by globalguy on August 14, 2012 at 8:57am

Can you describe what you get and for how much?

Gene Tenner said:

I got mine through State Farm. I have yet - fortunately - to make a claim, though.

Permalink Reply by Thunder Snow on August 14, 2012 at 9:01am

I'd be interested in hearing more about this, though some of this is already covered by your homeowner's or renter's insurance (theft, damage/loss of bike, etc.).

Permalink Reply by Tony Adams on August 14, 2012 at 9:02am

A good general practice is to never insure what you can afford to replace. If you could statistically come out ahead then no insurance company would cover it. 

A corollary is that you should also not ride a bike that you can't afford to replace. Problem solved. Don't buy it- it is essentially a scam.

Or is this liability or accident insurance or something like that?

Permalink Reply by Anne Alt on August 14, 2012 at 9:05am

Interesting.  First time I've heard about it.  Here's the coverage info.

Permalink Reply by Casey Carnes on August 14, 2012 at 9:20am

Roadside assistance!  Sweet!

I can see the tow-truck driver now; pulling up, scratching his head... "ooh, biker..." haha.

Your bicycles will also typically be covered for theft under your home or renter's insurance, depending on your policy, maybe even when OFF your property.  You still have a deductible unless you add them as line items, see your policy for details...

When my bike got stolen, liberty mutual gave me retail replacement value for a 15 year old bike (1200 bucks!) but my deductible is $1000 so I only got $200, probably what the bike was actually worth.

Permalink Reply by Logan on August 14, 2012 at 9:29am

The uninsured driver protection is worth researching, but not their primary offer, hence the "also available"

Plus who insures for perks like: coverage for spare parts, cycle apparel, rental reimbursement and competitive fee reimbursement is included at no additional cost.

I guess not a typical commuter with a sensible bike easily replaced without paying a deductible of several hundred-$250 plus?

Permalink Reply by Far'arned Retrogrumpalunkus #63 on August 14, 2012 at 9:44am

+1
This!

 

Insurance companies are not run by Red Cross, Goodwill, or the Salvation Army.  They are for-profit industries interested in making a PROFIT from you.  Having catastrophic liability insurance and catastrophic health insurance is a good hedge against the unknown -but the vast majority of folks will be paying in to cover for the unlucky souls who have teh statistically unlucky lives (plus a hefty profit added in for the insurance industry) 

 

Historically any segment of the economy that has been majority "covered" by Big Insurancetm has seen massive cost/prices driven up by the insurance system.   Not only does the industry suck off of the consumer with massive profits hand-over-hand, but the market has been skewed towards increased prices of goods and services year over year.  The Health Care Crisis is the prime example of this -aggravated by a ton of "free money" thrown in to escalate the price-gouging and further skewing the supply/demand curve and making it impossible for consumers to value-shop for prices.   

Hopefully we won't be fined/taxed for not having mandatory bicycle insurance someday.  I'm sure that  Big Insurancetm would love to have another huge government bail-out like this but it would most likely mean new bicycle prices in the thousands for entry-level bikes and the cost of repairs going up ten-fold.  

No thank you.  I'd rather have the government just hand out free bicycle to everyone...


Tony Adams said:

A good general practice is to never insure what you can afford to replace. If you could statistically come out ahead then no insurance company would cover it. 

 

A corollary is that you should also not ride a bike that you can't afford to replace. Problem solved. Don't buy it- it is essentially a scam.

 

Or is this liability or accident insurance or something like that?

Permalink Reply by Gail Garcia on August 14, 2012 at 10:10am

I've been curious for a little while about biker's insurance, not for my bike but for me. Basically I need disability insurance. If I can't work, I can't get paid and thus cannot pay rent or anything else and I'll be homeless. I am sometimes just scared to ride since there's nothing I'll be able to do if I crash and then can't work. Hate the thought of insurance, but how the hell do you replace your income?

Permalink Reply by Logan on August 14, 2012 at 10:21am

I put my old UWMil address and I got a quote for $178/year on a $250 Schwinn LeTour Road Bike

Wackest part is the default deductible comes at $500 it can be dropped to $100 for only $4/year more.

Here are the default coverages

Bicycle Liability Coverage - $25,000
This coverage provides protection for bodily injury or property damage for which an insured becomes legally liable through ownership, maintenance, use, loading or unloading of an insured bicycle. 

 

Bicycle Medical Payments - $1,000
This coverage provides protection for the reasonable charges for necessary medical, surgical, x-ray, dental, ambulance, hospital and professional nursing services and funeral service expenses incurred within one year from the date of an accident causing bodily injury to an insured while using an insured bicycle. 

 

Vehicle Contact Protection $10,000
This coverage provides protection for those sums the insured is legally entitled to recover as damages for bodily injury from the owner or operator of an uninsured/underinsured motor vehicle as a result of physical contact between the insured bicycle and the motor vehicle. 

I had a belly ache when it asked

"Are you a professional cyclist?*    
Are you a triathlete?*"

I guess if I had to insure my Madone 6.5 or a Tarmac SL4 and I traveled  for "professional" cycling then my rate would be significantly more but something to consider...

Permalink Reply by Gene Tenner on August 14, 2012 at 12:32pm

I pieced this together from previous emails from my State Farm person, Sandy, who is good, because she likes my photos - or so she says to keep my business:

You can put your bike on a personal articles policy. What we would need to get from you is a receipt on the bike, description of the bike, serial number, and where is it kept when not in use.  The cost of the policy is based on the value of the bike.  The cost is for every $100 dollars you would be charged $10 worth of premium. So if your bike is $4000 your premium would be $400 for the year.
 
This coverage is for physical damage but if the bike is modified in any way it is not covered.  Also if your bike is in for any type of repair and the shop causes damage on the bike that also would not be covered.

Your bike is covered under your homeowners [renters] policy under all normal perils of the policy.   Theft is covered but if there is any damage to the bike if you ran over a pot hole or hit something there would be no coverage for that.
 
You can email Sandy or call her at 630-548-2277. I get nothing out of this.

Permalink Reply by Far'arned Retrogrumpalunkus #63 on August 14, 2012 at 1:34pm

Gene's agent said "...but if the bike is modified in any way it is not covered."

 

LOL-my road bike is modified in every possible way.  

 

The only original parts are the frame and the fork from the 1974 Raleigh Competition it used to be when originally manufactured.  Even the paint has been removed and powder coated. The headbadge is original, but has been restored/repainted by my own hands and the original rivets replaced with tiny stainless steel socket-head screws tapped into the head tube.

 

Every single part but the bare metal frame and fork (and bare brass headbadge)  has been modified with new components by myself.  Every part has been broken down to its component parts except for the derailleurs and the dual-pivot brakes.  No point in tearing them down just yet for the heck of it although I did modify the new 105 rear derailleur by removing the stock bogeys and substituting sealed-bearing units from VO.  I even hand-built the wheels from new rims/hubs/spokes.  

 

The bike is a one-of-a-kind hand-built custom and I don't suppose there is another one like it on the planet

 

I suppose if I owned an insurance company I wouldn't want to deal with insuring such a thing either. 

 

:-D

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