Bike covered by Home Insurance?

[neby2016]

Can anyone give me a clue about coverage for our bikes? Yes, I could call my agent and ask, but I'd rather hear real life stories.

I know plans are different by State and policy owner, but in general, are our bikes covered for theft or damage?

Any insight or experiences you have had, please share.

Thanks!

[ColonelJLloyd]

Can anyone give me a clue about coverage for our bikes? Yes, I could call my agent and ask, but I'd rather hear real life stories.

I know plans are different by State and policy owner, but in general, are our bikes covered for theft or damage?

Any insight or experiences you have had, please share.

Thanks!

When I bought my first home in 2007 I asked my agent about this. I asked if I needed serial numbers and photo documentation of each bike, etc and he said "do it if you want, but that won't keep us from covering your bikes". I did make it clear that I wasn't talking about department store bikes.

When my home was burglarized in 2011 the thief kicked down my front door on a weekday in broad daylight on a street where many older people were home. Brazen.

My insurance company (Farm Bureau) covered a new $6k entry door, MacBook Pro, iPad, jewelery and (had I not found it at the guitar store 5 blocks away) my Gibson acoustic that would have cost $2,500+ to replace. Based on this I am confident that, at least my insurance company/office, would pony up for an expensive bike that was stolen.

As to covering the bike being stolen or damaged outside of your property, I can't say. Never had that experience or inquired about it.

Oh, and with the Find My iPad function enabled the detective, with our help, was able to find the guy, who was a serial burglar. Jail time.

[KJMUNC]

Similar experience here.....burglarized in Manhattan Beach in 2012. Broad daylight as well. They were clearly pros as they only went after nice jewelry (wife doesn't have much, but left left all the costume stuff and only took what few nice inheritance pieces she had), rifled through medicine cabinets for meds, and even tore up my 7yr old daughter's room looking for anything valuable (they got a ring that has been handed down for four generations from her grandmother's family in Sweden).

They left ipads, tvs, electronics, and didn't touch the garage where all my bikes were...but they were astute enough to grab a Louis Comfort Tiffany vase that my wife was given despite it being tucked away on a shelf. They also found a couple of pistols that weren't locked up (all heirlooms that hadn't been fired in 10yrs....so I'm hoping they blew up in their faces) and they got my college football ring (never wear it, but irreplaceable).

In speaking to our insurance company (State Farm, who we've since dropped), I asked about what I'd have gotten for my bikes/gear. They said that unless I had explicitly detailed pictures and descriptions of the bikes, age, and condition, I'd likely have gotten a lot less than I expected.

They wound up paying a lot less than they originally stated they would and we now have to be very careful about making any other claims for a few more years or our rates will blow up. At the end of the day, no amount of money they paid can replace the peace of mind they took, and frankly we don't miss any of the stuff they took either.....such a ****ty thing to do to another person's family.

[dave thompson]

As others have said, it depends on the insurance company. Each has their own policy regarding what they cover or don't. The coverages are detailed in writing in each policy. You do need to speak to an agent.

[Dead Man]

my agent said to take photographs with as much detail as the bike has detail. So if it's a plain old stock factory Trek Plastique, no details needed. If the bike is dripping with after market carbon parts and wheels - take pics of all that.

Eta - I'll add that I had the impression this was a suggestion to make my claim go as smoothly and satisfactorily as possible, not a requirement.

[Lewis Moon]

My suggestion is, if it's a non-standard build rather than a clone bike from a shop, you take a lot of photos. A narrated video would be good too.

Never rely on an insurance company to have your best interests in mind. They don't care about anything but profit.

[Dave B]

I got hit by a lady in grad school and she drug me about 100 feet and then drove off. Doubt she ever knew that she had hit me.

renter's insurance paid for it...no body damage, just bike.

[ANAO]

I am an insurance broker. I know you don't want it but per the letter of the law:

Theft/mysterious disappearance of bicycles is covered.
Carnage is not.

I often tell my racer clients that if they crash, I don't want to hear about it. If they forgot the bike at the race though, give me a call.

I endorse my client's policies for off-premises theft which can be a huge factor.

[Ken Robb]

I suppose we can all get some good info by reading our policies. :cool:

[AngryScientist]

I am an insurance broker. I know you don't want it but per the letter of the law:



maybe the letter of the law for the specific policies you cover.

the bottom line is that the coverage you are afforded is documented in the policy language. you need to read and understand the policy language and how it applies to your bicycles. if it is unclear, have an agent go through it with you, and if the policy language remains too vague for your comfort level, there is always the option of adding a valuable personal property rider to the policy, which you will pay (nominally usually) for to cover specific items, like a bike.

[sales guy]

It depends on the company. State Farm used to cover things without them being listed as a personal articles policy. I got hit and they covered it. After that time, they wanted a personal articles policy. It was 10% of the listed value for a year. I did that for awhile and it was fine especially since i had only one bike at the time. After that, my insurance changed and they included it on home owners. Travelers didn't require it for the bikes except they wanted it if I had more than one bike. Now, I have everything covered under a business policy so I don't have any issues. And I write it off on taxes.

[ANAO]

maybe the letter of the law for the specific policies you cover.

the bottom line is that the coverage you are afforded is documented in the policy language. you need to read and understand the policy language and how it applies to your bicycles. if it is unclear, have an agent go through it with you, and if the policy language remains too vague for your comfort level, there is always the option of adding a valuable personal property rider to the policy, which you will pay (nominally usually) for to cover specific items, like a bike.

Carnage is only covered in bicycle specific policies - never homeowner. I don't understand what you mean by the policies I cover.

ETA: by carnage, I mean crashing while riding. Race environment and such. If the carrier chooses to cover such damage, that's going above and beyond the letter of the policy. Not that this hasn't been known to happen before.

[benb]

Mine (Met Life) covered my bike when I ran it into the garage on the roof rack years ago. Covered the garage damage too although it was extremely minor.

[54ny77]

What do you mean by this?

I If they forgot the bike at the race though, give me a call.

[Dead Man]

I am an insurance broker. I know you don't want it but per the letter of the law:

Theft/mysterious disappearance of bicycles is covered.
Carnage is not.

I often tell my racer clients that if they crash, I don't want to hear about it. If they forgot the bike at the race though, give me a call.

I endorse my client's policies for off-premises theft which can be a huge factor.

I've got combined home/auto policy.. My bikes are kind of double-covered, and my agent says I'm actually covered for crashes to a certain dollar amount. I think it's $2,500 per incident or something like that.. And said there's nothing in the policy that excludes racing

This is what he SAID, and I admit I haven't read the details on my policy yet. But he said, after selling me the package, that there's basically no kind of loss my bikes aren't at least partially/mostly covered for.

[ANAO]

What do you mean by this?

Mysterious disappearance is covered (off premises) on the policies I write.

I've got combined home/auto policy.. My bikes are kind of double-covered, and my agent says I'm actually covered for crashes to a certain dollar amount. I think it's $2,500 per incident or something like that.. And said there's nothing in the policy that excludes racing

This is what he SAID, and I admit I haven't read the details on my policy yet. But he said, after selling me the package, that there's basically no kind of loss my bikes aren't at least partially/mostly covered for.

$2,500 is a valuable articles sub-limit. There are carriers who, not knowing much about bikes, will put the bike in the general "sporting goods" category, where you can claim up to this amount (some are only $2k).

Racing is not excluded - correct. However, if you crash while you're racing, it could be a fight to get money. Wear and tear/deterioration is often an exclusion that carriers may try to hide behind. If he says you're good, get it in writing.

Chances are you can spend the hour or so to read through the whole packet and not come across anything about bicycles.

ETA: Also, many of these carriers try to find ways to milk you for everything you have. It's why they have these sublimits for furs, jewelry, sporting goods, camera equipment, etc.

The best thing is to have a broker who knows how to navigate the waters YOU are in, and make sure he is confident in your security.

[neby2016]

This is great information shared. I'm actually very glad I asked. Of course I will re-read the policy and check with the Agent on this.

Hopefully we all picked up something here.

[54ny77]

Are you saying you advocate insurance fraud by telling your insured clients who crash to "forget" their bike at a race? Seriously? Or did I read your response incorrectly? I hope so and if so, I apologize for my prior statement.

:confused:

Mysterious disappearance is covered (off premises) on the policies I write.

[ANAO]

Are you saying you advocate insurance fraud by telling your insured clients who crash to "forget" their bike at a race? Seriously? Or did I read your response incorrectly? I hope so and if so, I apologize for my prior statement.

:confused:

Entirely incorrectly.

I tell my clients that IF they forgot their bikes at their race (or if it was stolen when they went to get a coffee or from their house or any other case in the same vein), then they have a claim they can submit.

But if they crash, it may be an exercise in futility. I've had 2 underwriters tell me they would not cover that and do not write clients who race with those carriers. I like to err on the side of caution and always recommend my racer clients go with velosurance or something of the like.

[stien]

Are you saying you advocate insurance fraud by telling your insured clients who crash to "forget" their bike at a race? Seriously? Or did I read your response incorrectly? I hope so and if so, I apologize for my prior statement.

:confused:


Think about it, deductible isn't zero. That doesn't make any sense even if he was saying that (which he is not).

[ANAO]

Think about it, deductible isn't zero. That doesn't make any sense even if he was saying that (which he is not).

You touch on an interesting point.

I had my house burglarized in December last year. They went straight for our watches and didn't touch anything else.

No deductible was applied. Why? All of the watches were specifically listed and itemized. Food for thought.

[Bob Ross]

They left ipads, tvs, electronics, and didn't touch the garage where all my bikes were...

This reminds me of the time my parents' house was burglarized when I was ~12 years old: The thieves somehow managed to find my cassette tape collection, which was stashed in a cigar box on a shelf in my room...stole all of my tapes. But they neglected to take the $100 cash that was sitting in this same cigar box!

[ColonelJLloyd]

No deductible was applied. Why? All of the watches were specifically listed and itemized. Food for thought.

Can you expound?

I specifically asked my agent if my bikes should be on a rider. He said no and that they were covered. How does one go about having particular items excluded from the deductible?

[ANAO]

Can you expound?

I specifically asked my agent if my bikes should be on a rider. He said no and that they were covered. How does one go about having particular items excluded from the deductible?

Highly dependent on the carrier.

You can recount my experience to him and ask him for his thoughts. My carrier was AIG who have very specific wording - valuable articles are not subject to the deductible. If they would have taken my laptop, however, I wouldn't have gotten a nickle of the $700 it would take to replace, as it was under my $1,000 deductible.

Strange. It was just sitting there on the table when we got home, still open.

[CaptStash]

My son's bike was stolen from his altar tent at college. USAA covered it lock stock and barrel, including the upgraded wheels and etc. they did ask for a photo, but the only one I had wasn't very good. Still no problem. Of course USAA as a not for profit is sort of an outlier. I'd encourage anyone who qualifies to look into it. They are amazingly easy to deal with and have always been great.

CaptStash....


Sent from my iPhone using Tapatalk

[efaust_o]

First claim under homeowners was a stolen bike at an out of state race. The bike was a couple years old. Question from the adjuster: "was this one of those expensive bikes?" "Yes." "Do you happen to have any receipts?" "Why yes I do." "Great, we'll send you certain percentage value and when you purchase replacement, we'll send the balance of the value as reflected in the receipts." I was very happy!

[54ny77]

Fair enough and like I said I completely apologize for mischaracterizing your response. I wasn't sure how to read it at first glance.

Entirely incorrectly.

I tell my clients that IF they forgot their bikes at their race (or if it was stolen when they went to get a coffee or from their house or any other case in the same vein), then they have a claim they can submit.

But if they crash, it may be an exercise in futility. I've had 2 underwriters tell me they would not cover that and do not write clients who race with those carriers. I like to err on the side of caution and always recommend my racer clients go with velosurance or something of the like.

[11.4]

I had a large theft in Washington State, insured by Amica.

A few lessons:

1. Have a good insurer. Amica stood by me. In a smaller theft, Progressive was useless.

2. Read your policy, all of it. And have your insurer add riders as needed to cover theft, loss, and whatever else you can get added. Your basic policy has basic language that limits liability to benefit the insurer. You can ask to have situations covered (and most of them don't cost any more) such as loss in flight, theft from your car, theft where someone might impute negligence (when you walked into the 7-11 and left the bike outside), and so on. I had bike damage covered while on a roof rack and the rack or bike fell off; they wouldn't cover damage from driving into a garage, but I had that damage covered under the auto insurance policy. Your riders are critical.

3. So are endorsements. Be sure your bikes are specified. I had this so it was no surprise to the adjuster when I reported the loss of a $11,500 bike. And include cycling clothing, shoes, etc. -- those shoes are expensive and one full kit including helmet and shoes can add up over a thousand dollars.

4. A police report never does anything but always file one.

I ended up with a total claim from Amica of $19,200 and they paid everything at replacement cost. The only hassle was that they engaged someone to shop for me, supposedly at wholesale, but he didn't know what he was doing. It took quite a while to get disengaged from this clown. But I did get paid and just had to jump through a couple bits of bureaucracy. I'd never switch from Amica after this experience.

[Peter P.]

Metropolitan Renter's Insurance.

My bike was stolen from a location away from my apartment. I had a Replacement Value Clause on my insurance. That meant no depreciation regardless of the age of my Bilenky Signature Clubsman.

I had the original invoice for proof, which was for a complete bike, not just the frame.

They covered an exact replacement, minus a $250 deductible.

[dbnm]

I have a "sports equipment" policy with State Farm. It covers my Moots RSL for $9000. It costs $95 a year.

It's a no questions asked kind of policy. I run it over, toss it off a cliff or if it gets stolen, it's covered.

I had to have it appraised by the local Moots dealer.

Not a big deal at all.

[Dead Man]

It's a no questions asked kind of policy. I run it over, toss it off a cliff or if it gets stolen, it's covered.

What about crashed?

What about crashed while running away from the poe-lees?

[paredown]

One thing that we did along the way was to assemble a full list of all of our household goods and replacement values, with pictures of the really nice stuff.

This was in the context of our first move overseas, and it was required for shipping insurance purposes.

Although it is a pain to do it, once done you can update it, and keep it in a safe place. Check the allowable amounts for specific categories, and get additional coverage as needed.

If I had really valuable bikes I would especially document them (pics and receipts), and find out a cost for additional replacement insurance (if necessary).

Two conclusions--though we are not rich, we have a surprising amount of stuff, that would take a heck of a lot of money to replace. We have carried more homeowner's insurance as a result.

Second, even though we don't think of ourselves that way, just the occasional inheritance piece or two can put you over the allowable reimbursements for a particular category, so it is worth reading your policy carefully.

[donalrey]

I got doored one night - I was physically okay and thought my bike was as well. So I just gave the girl an earful and went on my way never getting the girl's information. The next day I looked at my bike to find out the top tube was dented. I gave my renters insurance a call the next day and told them what happened. A few weeks later I got a check in the mail for twice of what I had paid for the bike! I asked if they needed photos or if they want the frame - no need. I live in NYC and my renters is through All State. Ever since then I always tell people to get renters insurance or any kind of insurance for that matter.