Question about Bike Insurance

[lee]

Just got a quick question about bike insurance....does any one have it and how does it work...i have homeowners ins. so if it gets jacked from my basement, i'm covered, but if it gets jacked off my car or if i lock it up and its stolen, i don't have any coverage...anyone know how much it costs and if its worth it? I like to run to the store sometime with my bike on the rack...always afraid that i'm gonna walk out and see the top of my car ripped so that they could get my bike(s) off of it....

Thanks

[SloMoJo]

That's a good question, and I look forward to hearing some insight now that I have a bike worth more that $50.

A friend of mine has a solution....
Never take your bikes out of the living room. ;)

[MR. Pinchy]

noboby seems to offer bicycle insurance, my agent says noboby wants anything to do with such a "HIGH Risk Object". I belive our bikes are covered by our renters/homers policy. I would talk to your agent about that to be sure. If you do find a separate policy for bikes let me know M-kay

[Mt.A TODD]

Why don't you just get a cable lock and lock it to the rack? I think the locks have insurance if it gets stolen. I looked insuring my bikes awhile ago, they are covered under my home insurance at no extra cost, just take pictures and keep receipts. A separate insurance policy did not seem worth the extra dough. Just buy a snake lock and wrap it around the rack.

[If_Rider]

While it's true most homeowners policies do cover bikes, you
might want to look into upgrading your coverage to
include "replacement cost". That's where they pay you the
actual cost to replace the item (what you paid minus your
deductible). The alternative is to have them pay you what it
was worth minus the "depreciation"!!! Of course, the depreciation is completely subjective and you may be able to
afford a nice WalMart special when they get done with it.

I'm no Insurance agent but I did look into this recently to
make sure my rides were covered.

[turch]

I really think that unless you have a specific exclusion in your policy you are mistaken in your presumption. Have you investigated your position with your insurance carrier? Homeowners typically does cover theft and similar loss even when the property is not on the primary insured premise. Just got to produce the receipt and a quote for replacement from your friendly neighborhood lbs (good idea to snap a picture and have it on hand as part of your claim submission too.).

[Dino Sore]

I'd be pretty cautious about making a claim for a stolen bike against my homeowners insurance. Most insurance companies will drop you like a rock if you put in more than one claim (for anything) over a several year period. Then try to find another insurer who will cover you without putting you in a high risk category.

Maintain a high deductible and save your claims for serious crap, like fires and earthquakes.

[jaime]

My mtn bike was stolen from a friend's rack a couple years ago and his renter's insurance covered the cost, less his deductible ($50 I think). Apparently, your car is considered an extension of your residence for insurance purposes, so when it's broken into you are covered just as if your house were burglarized.

I'm not aware of any repercussions to my friend from posting this claim, maybe it was the only one he has made up to this point.

jaime