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Bicycle insurance?

Just read somewhere else someone asking about it.  People seriously get insurance for their bicycle?  Seriously?

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6 minutes ago, Indy said:

Bicycle insurance?

Just read somewhere else someone asking about it.  People seriously get insurance for their bicycle?  Seriously?

Isn't it covered by homeowners and/or auto?

I lent a bike to a friend and when it got crunched in a rear end collision (on a rear rack), I got the full replacement cost from the auto insurance claim.  If the house burns down, homeowners covers it (as long as the "extra" value is declared).  On a ride, if it gets crunched, that would be the gray area I guess. I only care about my HEALTH insurance covering things at that point, so a few grand for a new frame might not seem too worrisome, and I wouldn't really like paying $10/month or so "just in case". Bikes are too cheap - relatively - to carry special insurance except maybe as a rider in you other policies????

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I've heard of people getting a rider on their policy for bikes, but I'm unclear as to what it insures. I keep my bikes inside. If something happens to them, they're covered under my home owner's policy personal property. Right, or am I wrong? Someone was mentioning to me regarding damage to a bike if its on the rear of your vehicle in the event of a rear-end collision.  Not sure how this would be handled. Coincidentally I had a friend who's bike got totaled this way, but not sure how it was resolved financially.  I keep my  bikes inside the vehicle though.

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Well, it may be like cameras, jewelry, etc. that may be covered under home owners and auto policies, but the amounts that are payed out are way lower than the actual cost of the equipment. Some are not happy when they file a claim and receive their checks. Best to check out the systems one is dealing with.

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1 minute ago, Razors Edge said:

Isn't it covered by homeowners and/or auto?

I lent a bike to a friend and when it got crunched in a rear end collision (on a rear rack), I got the full replacement cost from the auto insurance claim.  If the house burns down, homeowners covers it (as long as the "extra" value is declared).  On a ride, if it gets crunched, that would be the gray area I guess. I only care about my HEALTH insurance covering things at that point, so a few grand for a new frame might not seem too worrisome, and I wouldn't really like paying $10/month or so "just in case". Bikes are too cheap - relatively - to carry special insurance except maybe as a rider in you other policies????

That's my thought as well.  And yeah, for theft and such, mine would be covered by homeowners policy.

But seemed like another case to me of how much money people are willing to spend in order to avoid spending money.

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1 minute ago, sheep_herder said:

Well, it may be like cameras, jewelry, etc. that may be covered under home owners and auto policies, but the amounts that are payed out are way lower than the actual cost of the equipment. Some are not happy when they file a claim and receive their checks. Best to check out the systems one is dealing with.

When I have dealt with that, all I ever had to do was get a quote on what it would cost to replace it.  Never once had it questioned by insurance and they always covered the amount I provided them with.

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4 minutes ago, sheep_herder said:

Well, it may be like cameras, jewelry, etc. that may be covered under home owners and auto policies, but the amounts that are payed out are way lower than the actual cost of the equipment. Some are not happy when they file a claim and receive their checks. Best to check out the systems one is dealing with.

That's always an insurance sticking point - replacement value can be for a "same year/make/model" OR "comparable new" (or, in car insurance ads one year newer than damaged vehicle).  It's probably hard to convince an insurance company to give you exactly what you had when your bike is 10 years old, and a comparable bike is now twice the price?  

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Just now, Indy said:

When I have dealt with that, all I ever had to do was get a quote on what it would cost to replace it.  Never once had it questioned by insurance and they always covered the amount I provided them with.

Could be your cost was within what was allowed. 

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Just now, Razors Edge said:

That's always an insurance sticking point - replacement value can be for a "same year/make/model" OR "comparable new" (or, in car insurance adds one year newer than damaged vehicle).  It's probably hard to convince an insurance company to give you exactly what you had when your bike is 10 years old, and a comparable bike is now twice the price?  

Good points. The MSRP on my CAAD 10 in 2012 was $2120, current MSRP for the CAAD 13 is $2400.

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3 minutes ago, sheep_herder said:

Could be your cost was within what was allowed. 

Probably, though they never gave me a cost allowed.  I also was sure to spec out what I had and replacement to show they were equivalent (ignoring the fact that newer components of said grade to be better than older components of said grade).

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Just now, bikeman564™ said:

Good points. The MSRP on my CAAD 10 in 2012 was $2120, current MSRP for the CAAD 13 is $2400.

And that's sort of the insurance dilemma - give you say $1,000 to find a gently used CAAD 10, give you $2,120 to buy whatever you like, or give you $2,400 for a full (generous) replacement?  I think I got the MSRP for my bike from the auto insurance folks, but it was an inexpensive hybrid.

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2 minutes ago, bikeman564™ said:

Good points. The MSRP on my CAAD 10 in 2012 was $2120, current MSRP for the CAAD 13 is $2400.

With that stuff, it's why I stick to what component level it's equipped with.  It's easier to justify on the claim and you don't have to stick to a certain brand.

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1 minute ago, Indy said:

With that stuff, it's why I stick to what component level it's equipped with.  It's easier to justify on the claim and you don't have to stick to a certain brand.

Me too, both those bikes listed are Ultegra. I do have an after market set of mavic wheels, but those should have a separate replacement value...IMO.

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4 minutes ago, Razors Edge said:

And that's sort of the insurance dilemma - give you say $1,000 to find a gently used CAAD 10, give you $2,120 to buy whatever you like, or give you $2,400 for a full (generous) replacement?  I think I got the MSRP for my bike from the auto insurance folks, but it was an inexpensive hybrid.

This makes me think of people w/ collector cars, who have specific replacement value. Because blue book on a '70 chevelle is probably $500, not the 100k it's worth now after a restore.

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28 minutes ago, bikeman564™ said:

This makes me think of people w/ collector cars, who have specific replacement value. Because blue book on a '70 chevelle is probably $500, not the 100k it's worth now after a restore.

That's where historic plates on a vehicle can make a big difference.  You can then get it insured as an irreplaceable classic.  So it become very difficult for the insurance companies to total the vehicle out and they have to try and repair it.  Totaling become far more of a negotiation over price than them just cutting you a check and calling it a day.

Had a friend learn this the hard way.  He's 68 Mustang got rear ended the day after he put his original, rechromed bumpers back on.  Two year process to fully restore and rear ended the second day he had it done.  Took him three months fighting with insurance, but he finally got it repaired after proving to them it was fully restored and completely original 68 Mustang.  He had historic plates for it before it left the body shop getting redone yet again.  Body shop did do him an extra, they carpeted his trunk which was the only thing he hadn't done.

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I got a warning ticket against my drivers license for riding a bike against the red crossing hand on an empty road, but I'm sure my bike isn't insured under my auto insurance.

Of course, it's only worth about $800 when fully loaded and a lot of that is the Garmin 510.

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