Crash insurance

[C5 Golfer]

Anyone ever looked into insurance on your bike incase of an accident? Granted if someone in a car hits you his insurance will pay( I know if he stops) granted if it is vadalized or stolen it is covered under your homeowners insurance but what I am referring to is incase you crash , your fault and your $8,000 bike is now damaged, is there insurace to pay for it, just like colision insurance on your car? I talked with my agent and they are stumped so far -- they are researching it with the higher ups in the company.

Bueller?... Bueller?... Bueller?

[gdw]

http://www.lloyds.com/

[Serotta PETE]

Serotta has a great plan if you are a SEROTTA owner.....PETE

Anyone ever looked into insurance on your bike incase of an accident? Granted if someone in a car hits you his insurance will pay( I know if he stops) granted if it is vadalized or stolen it is covered under your homeowners insurance but what I am referring to is incase you crash , your fault and your $8,000 bike is now damaged, is there insurace to pay for it, just like colision insurance on your car? I talked with my agent and they are stumped so far -- they are researching it with the higher ups in the company.

Bueller?... Bueller?... Bueller?

[Bill Bove]

I'm in a no fault state so my auto insurence covers me if I'm involved in an auto vs. bike fray. Only problem is I don't have a car hence no auto insurence. What about a bike on bike accident? I would insure my bike as a car if it were possible.

[C5 Golfer]

Serotta has a great plan if you are a SEROTTA owner.....PETE

Great plan?? Does it not only cover the frame and fork if damaged? How about the wheels which would most likely be damaged in any crash and other components? Seems high to me @ $50 per year and only covers about 50% of your bike's value.

Using a car for example - motorized vehicles should be much higher than a peddle bike of course. But here goes. I pay about $800 yr for one of my cars valued at $70K, using this for a base a $7K bike would be $80/yr for full coverage to fix/repair everything - not just the body. I would think we should be able to have bike insurance with a small deductible at 20% - 30% of the motorized vehicle rate which should bring it into about $30 / year for full accident coverage. :beer:

[BURCH]

Great plan?? Does it not only cover the frame and fork if damaged? How about the wheels which would most likely be damaged in any crash and other components? Seems high to me @ $50 per year and only covers about 50% of your bike's value.

Using a car for example - motorized vehicles should be much higher than a peddle bike of course. But here goes. I pay about $800 yr for one of my cars valued at $70K, using this for a base a $7K bike would be $80/yr for full coverage to fix/repair everything - not just the body. I would think we should be able to have bike insurance with a small deductible at 20% - 30% of the motorized vehicle rate which should bring it into about $30 / year for full accident coverage. :beer:

That math makes sense to me except that you don't have the volume of polices to pay for the claims. Not many people have bikes that are worth insuring vs automobiles. Almost everyone that is working owns a car that must be insured by law. There are not nearly as many cyclists...let alone $8,000 bikes out there to be covered which is why the Serotta policy is higher in proportion to your typical auto insurance.

This is my theory and I have no facts to back it up.

[Ken Robb]

My personal property floater costs 1% of insured value per year so if it costs $50 to insure one of the top Serottas that would be pretty reasonable.

[stevep]

i thk you can attach a rider to homeowners that will cover replacement cost..
whether this includes a crash..there must be a few insurance guys on here.

i took photos of my bikes to my insurance agent and said...here they are, heres what they cost. want to look into it? verify? anything? do whatever you want...and i left him the photos.

his words..." how much?"
my word ..." yep"

[CNY rider]

snipped
But here goes. I pay about $800 yr for one of my cars valued at $70K

You obviously don't live in New York.......

[C5 Golfer]

snipped


You obviously don't live in New York.......

No I do not - Wa State. Also help I have 3 cars and my home insured by same co. Plus - I am an old fart with a good driving record.

[Sheldon4209]

I checked last summer on a homeowners policy rider to cover our tandem that we were taking on the airplane as luggage and on a three week tour. The rider was 7% of the value of the bike. My homeowners has a $1000 limit on replacement cost for a stolen bicycle and it does not cover a bicycle within 100 yards of the house. The policy does not cover a wrecked bicycle.

Sheldon

[slowgoing]

My homeowners covers in case of theft, but not accident, and especially not if the accident was caused by my having built the frame.

[C5 Golfer]

My homeowners covers in case of theft, but not accident, and especially not if the accident was caused by my having built the frame.

I guess I should have mentioned in my first post that I was aware of the theft and vandalism loss in homeowner’s policy. Sorry, I will be a little clearer in the future. :crap:
I am referring to actual in motion collision insurance where you are at fault on a bicycle.

[slowgoing]

The only crash replacement or partial replacement insurance I have heard of is offered by select frame makers - Serotta, Calfee, Kestrel to name a few, and not sure if they all still do.

They would have lost money on me as a kid. I had three bikes over period of two years, and none survived more than two days.

[Chad Engle]

Your Homeowners Liability should cover you for that, iirc. Basically any liability not related to your car (covered under AL) or your business pursuits (covered under CGL) should be covered by your homeowners.

I haven't handled homeowners in a while and all policies are different (sorry if it sounds like typical insurance backpeddling double talk, but they all are different).

If you are legally liable for damages to anothers property it should be covered. Read your policy, don't count on your agent, not taking a shot at agents but they don't handle claims, so sit down with a drink and read the liability portion of your policy. It will help with insomnia as well. My guess is that you would be covered.

[Madison]

I crashed my bike Oct 21 st after I hit a car head on. Home Owners sent me a check for $6,100. My deductible is $1,000. Premium per year is $500. I never told my ins co about bikes ever. They visited house took pics and adjusted accordingly. Merrimack Mutual from Andover, MA is name of company. My local agent told me I would get dropped for filing claim, my anser was so what. My conclusion is there is no need for special insurance. They even included all the clothing that was cut off me.

[deechee]

got smacked on my Serotta two years ago, Serotta replaced the frame (boy was I happy I had signed up for Owners' Club) and my measley auto insurance paid for shipping my bike to Saratoga, not my wheels (to Easton on the west coast). I also live in a no-fault province. (Quebec)

I don't own a car anymore so I was happy when I got to dump them :)

[Serotta PETE]

the below is from SEROTTA WEB,,,,,the cost also includes a Jersey since the OWners Club is included. For Carbon or part carbon/Ottrott, it is a very good policy. I unfortunately had the chance to use it on a Legend ST recently.

On a C111 or CDA it is judgement call. This is more a service that Ben and team offer - - it is not a money maker for them but it as Ben says is "Peace of mind".

It only covers the frame and not components, that is correct. To cover the complete bike would be a logistic nightmare for a frame builder, since they are not in the insurance business and to administer it would take resources since the vast majority of product they sell is frame only. (just my opinion).

Insurance is one of those thing that I look at as hoping to never have to use, therefore I insure myself for the "big" potential costs. (FRAME) In regard to wheels and components, there in Mr SPOKES!!!! He is always after me about my "care" of those items......

_______BELOW FOR WEB SITE FOR CRASH PROTECTION_____________

Membership Fees:
$250 for 5 Years of coverage.
Base coverage includes all repair work required. If replacement in necessary, the following additional fees apply:

Steel Frames $150
Titanium and iT models $300
Carbon Models $400
In addition to your Crash Protection, a FREE 5 year Serotta Owners’ Club membership is also included ($100 value). (view Owner's Club details)

[Madison]

Pete, I'm missing something. Why would one opt for this insurance? Home owners covers it. Why cover the same thing twice.