Bike insurance good idea or bad

[Highpowernut]

I have been thinking about insurance, seems expensive but so were my bikes.

I insure my cars , why not a bike that costs as much.

Any experience or thoughts?

[zap]

Call your home owners/renters insurance company/agent. Ask them what is covered (& cost) if you add your bike(s) to the policy.

[PaMtbRider]

Many home owner's policies already cover your bike. It is worth checking with your agent as it varies between companies and states.

[Duende]

I considered separate bike insurance but the rates were extremely high. Looked into renters insurance. Found out it even covered my bike while on the road in Europe. As well as if the airlines lost of damaged it.

So big thumbs down on bike insurance from me.

[Highpowernut]

Checked homeowners max covered is 1k , 500 deductible.

Won't cover a wreck, to raise limits I could get a boutique policy that'll cover all the extra stuff.

[Tony Edwards]

If you are eligible for USAA, change your homeowner's to them (and, while you're at it, change your auto insurance to them). I have dealt with them on a bike theft and a car theft, and in both cases they were incredibly easy and more than fair (for example, when my first new car was stolen and stripped after a year and 13,000 miles, they gave me $200 less than I paid for it brand new). USAA people know what I'm talking about - they really are unbeatable both on price and service.

[eBAUMANN]

ALL of my bikes are covered under my renters insurance policy (bundled through geico), which costs me just under $200 year. it covers theft ANYWHERE IN THE WORLD as well as anything that might happen at my house.

[kramnnim]

So...renters insurance is more useful than homeowners?

[jmeloy]

Yea I just checked the same and the cost on my homeowners was a shock

[rustychisel]

Read the coverage PDS very carefully.

Our bikes needed to be seperately listed and noted and agreed as above the cap of $3500 per bike.

[Louis]

A random thought that comes to mind: I don't think I'd want to own and ride a bike or frame that was so expensive I felt I had to insure it.

Bikes are toys, stuff we're supposed to have fun on, stuff that crashes every now and then. They aren't stuff I want to have to worry about to the point where I pay extra money just in case something bad were to happen.

[rustychisel]

Originally Posted by Louis

A random thought that comes to mind: I don't think I'd want to own and ride a bike or frame that was so expensive I felt I had to insure it.

Bikes are toys, stuff we're supposed to have fun on, stuff that crashes every now and then. They aren't stuff I want to have to worry about to the point where I pay extra money just in case something bad were to happen.

Yes, but there's a recognition which dawns.... I realised my bike is worth 10x the car I drive (which is admittedly a POS). So is my partners bike. And suddenly I realised there's at least $60,000 in the bike room. There's people on here who have a full 'quiver' (oh shutup) and by the looks of it would have 200k or 300k invested in their basements.

And... and, they're insuring against theft and fire and squirrels too, not just riding and stuff.

[potatochip]

Mine are covered on my renters. No cap. Standard deductible. Been in several race crashes and always paid out promptly. Some friends with other insurance companies haven't been so easy to deal with. It really depends on your provider. Separate bike insurance is a complete waste of money and extremely overpriced if you ask me.


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[djg]

Originally Posted by PaMtbRider

Many home owner's policies already cover your bike. It is worth checking with your agent as it varies between companies and states.

Exactly. I was told that I did not need any additional coverage for my bikes, given what I already had with my homeowner's policy. Several years ago, when a titanium Serotta was stolen (downtown, not from my home), the insurance company replaced the bike -- basically paid for a brand new bike, less the deductible.

That's not to say that the OP has the same coverage -- just agreeing that it's worth checking.

[dumbod]

Originally Posted by Louis

A random thought that comes to mind: I don't think I'd want to own and ride a bike or frame that was so expensive I felt I had to insure it.

Bikes are toys, stuff we're supposed to have fun on, stuff that crashes every now and then. They aren't stuff I want to have to worry about to the point where I pay extra money just in case something bad were to happen.

I agree.

Bike insurance is like a service contract for your appliances - you're almost always going to charged WAY more than you're likely to recover. That's true of all insurance but as Louis said, it's not my life or my house - it's a toy.

I'd be PO'd if I lost my Spectrum but, at the end of the day, I'd replace it. Even if I couldn't afford to visit the Barn again, I would scour the classifieds and come up with a reasonable replacement. Separate insurance just doesn't make any sense to me.