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  1. #1
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    Lightbulb Who's had good and bad insurance for bicycle theft and crashes ?

    My State farm plan is doesn't pay much for theft and nothing on crashes. We'll be moving to Omaha in a month or two and will need renters insurance. I need replacement value coverage. Who has a line on a good plan?

  2. #2
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    good call.

    Mutual of Omaha is people you can "count on" when the going's tough.

  3. #3
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    I have Metropolitan, with an Replacement Cost rider on it. If something is stolen, they pay to replace without any depreciation, just the deductible.

    My bicycle was stolen not from my apartment but from the location I had ridden it to.

    Covered the full custom Bilenky Signature Clubsman, no questions asked, minus the $250 deductible.

    Be sure to take photos of your valuables and keep purchase receipts to prove ownership.

  4. #4
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    Quote Originally Posted by UpStroke View Post
    My State farm plan is doesn't pay much for theft and nothing on crashes. We'll be moving to Omaha in a month or two and will need renters insurance. I need replacement value coverage. Who has a line on a good plan?
    I have State Farm as well and just bought a Roubaix SL4 and had a rider attached to cover both theft and damage, cost $56 a year.

  5. #5
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    USAA is excellent for bike coverage. I like them for everything.

  6. #6
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    No one else has had a bicycle insurance issue?

  7. #7
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    If you are just referring to personal property coverage on your bike, it does not vary much from one company to another.

    State Farm pays replacement cost less deductible on theft. It is paid in two installments. Fist payment is actual cash value, and the balance is paid on replacement.

    Crashes depend on how they occur. Hit by vehicle is a stated peril. Should be paid on the same basis as theft. Crashes not involving contact with another vehicle is not covered

    Many agents or their employees get this wrong. If you feel the agent is incorrect, insist on having it turned into the claims office. If a company State Farm or any other company denies payment under your policy, they should be able to pull out the policy and show you why.

    If you want more coverage. All risk etc, buy the additional rider, or look for a specialty company.

  8. #8
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    I believe I had Geico renters insurance when my bike was stolen from my condo. No questions asked, they paid me for replacement value of my exact model of bike minus the deductible. I had a 2010 Stumpjumper Comp that I bought new at a heavy discount. They paid me the cost of a 2015 Stumpy Comp, which was significantly better spec'd than mine, so the base price of it was quite a bit higher. Before the deductible, it was more than twice what I originally paid at the shop.

  9. #9
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    I went through this with my insurance agent about 2 months ago. Stolen is covered under my homeowners, no rider needed. I was particularity concerned about building from frame up on a mt bike I have. Photos showing the bike with close up of the components and paid invoices to match do the trick. Serial number on frame with matching paid invoice and good to go.

    As said by Herbie, crash is dependent on how it occurs.

  10. #10
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    I have a Progressive Renters Insurance policy for my bikes and other possesions. Only downside is I have to pay a $500 deductible and I only have two out of five bikes that are worth more than $500. Thankfully, I've never had a bike stolen.
    Fred-li-ness is not a virtue, it's a way of life.

    Embark on Fredly endeavors.

  11. #11
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    Quote Originally Posted by UpStroke View Post
    No one else has had a bicycle insurance issue?
    I have AAA, and years ago when one of my bikes was totaled by a car, my insurance agent told me they would pay full replacement value. I figured the driver should pay, and she did.

  12. #12
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    Quote Originally Posted by HyperCycle View Post
    I have a Progressive Renters Insurance policy for my bikes and other possesions. Only downside is I have to pay a $500 deductible and I only have two out of five bikes that are worth more than $500. Thankfully, I've never had a bike stolen.
    Yeah, I've also had a 'cheaper' bike stolen that I just wrote off because it was a few hundo under my deductible. This was the 2nd bike of mine that was stolen from the same spot, and only after a lot of me *****ing did the condo building put a camera inside the bike lock-up.

  13. #13
    pmf
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    Quote Originally Posted by SwiftSolo View Post
    USAA is excellent for bike coverage. I like them for everything.
    That was my experience. My wife had her bike stolen out of her car parked in our driveway one night. It was a Litespeed Tuscany with a Reynolds Ouzo Pro fork, Dura Ace components and Mavic Ksyrium wheels. It was about 15 years old. We had some receipts and pictures. USAA paid for us to replace the bike. I made the case that suitable replacement was a Lynskey 350 frame, ENVE 2.0 fork, Dura Ace 9000 components and a set of custom wheels around $800 which is what the Ksyriums would have been to replace. Lynskey titanium post, Ritchey carbon bar and Ritchey WHS aluminum stem. They even paid fora new tool bag + tools and a pair of XTR pedals. Total cost was around $7500. They paid it fast and she had a new bike in a matter of weeks. What they do is first pay you what they consider the value of the used bike is ($2500 in our case, which is generous IMO). Then they will reimburse for expenditures on a new bike. I faxed them receipts, and less than a day later, the funds were in my checking account. I think they're OK with paying replacement costs as long as the money is actually used to replace the bike.

    This was on our homeowners policy, not a special rider policy like I have for my firearms. Our policy explicitly limits payments on stolen cash, jewels, or fire arms. I doubt anyone will cover you for wrecking a bike.

    Insurance companies consider claims of $10k or less to be immaterial. They won't fight them in court or try to negotiate them with a policy holder if you have a decent case. Not worth their time.
    Last edited by pmf; 05-19-2017 at 06:27 AM.

  14. #14
    dcb
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    Geico (home owners) was good to me when I had two bikes stolen out of my garage. I think one thing that helped was that I had bought both of my bikes at an LBS. I had upgraded both bikes with some parts through the LBS and some parts bought second hand, but they were able to to confirm with Geico the exact configuration of both bikes. I also had some pictures of both bikes that showed what kind of parts they had and helped to verify the non stock condition of the bikes.

    The pictures I had were not taken for a "just in case" scenario, they were snapped by my wife at races and other rides. They just happened to come in handy in that situation. But, it's probably not a bad idea to take some pictures of your bike(s) in case something bad happens. Both of my bikes had power meters and had I not been able to get compensated for those I would have been out a lot of money.

  15. #15
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    If you want crash insurance as well and full coverage beyond the norms above check out VeloInsurance. Underwritten by Markel which is one of the best [used the for boats in the past].

    https://velosurance.com/

  16. #16
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    I am going to jump in with another couple of points.

    Home Owner insurance policies are much the same. It really does not matter much if your company is USAA GEICO Farmers State Farm or any other major company. pmf describes the claim process very well, the payment is likely to be the same regardless of company

    "Crash", or wrecking a bike Covers too much ground to make a general statement. Personal property under a HO policy is written on a stated peril basis. I pulled out my policy. There are 16 stated perils. If your crash or wreck falls under one of these descriptions it is covered. A couple of examples. 2 years ago on one of my routes, a came around a curve at a pretty good clip and encounted a small tree that had blown down in a storm the day before. I hit the tree hard enough to buckle the downtube. No coverage as there is nothing in the policy describing this type of crash or wreck.

    On the other hand I have helped a couple of friends with claims where the bike was hit by a car. One involved an auto accident, and the other involved a bike that flew out of the back of a pickup and was run over by a following car. One of the stated perils is "Struck by Vehicle", so the claims were paid just as pmf described. Replacement cost.

    The bottom line is that a bike that is crashed or wrecked depends on the facts that are involved. As a side note, most insurance agents know that many accidents involving bikes are not covered, but do not make the destination between struck by vehicle and other types of crashes.

    There are a couple of posts talking about the bike being less that the deductible. Once again you have to understand the process in making this determination.

    The oldest bike I currently ride, is a bianchi that I bought in 1986. It is made from Columbus six tubing which was fairly high end in the day. The bike has been repainted about 20 years ago and cold set to 130, so it can take a modern group, I have rebuilt it a couple of times. Currently it has an old 105 triple drive train with square taper crank. I have replaced the 9 speed sti shifters with new old stock shimano 600 brand levers and indexed downtube shifters.

    I would guess that the value of the bike today is somewhere around $200 if sold on Craig's list. My deductible is $500. However for claim purposes, the value of the bike exceeds my deductible as it is valued on replacement cost, not actual cash value.

    I would have to do some nogotiation in coming up with the upper limit of replacement cost. What would be a comparable steel frame. A generic 4130 cro moly surly, or a gunner?

    The 105 drive train is easy. You just look up the price of new parts which are 11 speed. Now comes another problem. I don't have sti shifters, and down tube shifters only come in 9 and 10 speed. Since there are no compatible 11 speed down tube shifters are 11 speed sti, the closest match?

    If we are talking about a stolen bike, the Blackburn rack and rack pack are a part of the claim. There is a brooks pro saddle on the bike. The pedals and computer are also figured in.

    Basically what I am negotiating is the upper limit of the claim. Once we agree of this amount, the insurance company will issue me a check for the actual cash value as a start.
    If I do not replace the bike with another bike, this ends the claim. If a do replace the bike, the company will pay up to our negotiated amount. If I spend less that the agreed replacement value, then this lesser amount would be the limit. If I choose to purchase a more expensive bike they will pay up to the agreed amount.

    The point is, that when trying to decide if your bike is worth more than your deductible, don't make the decision based on the cash value, but based on the replacement value

  17. #17
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    Quote Originally Posted by Herbie View Post

    The point is, that when trying to decide if your bike is worth more than your deductible, don't make the decision based on the cash value, but based on the replacement value
    Good point. I have a Trek 1.1 that was $700 new, but is now only worth about $350 according to Kelly Blue Book. To replace it would cost anywhere from $700-$800.
    Fred-li-ness is not a virtue, it's a way of life.

    Embark on Fredly endeavors.

  18. #18
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    Who's had good and bad insurance for bicycle theft and crashes ?

    Quote Originally Posted by Jon D View Post
    If you want crash insurance as well and full coverage beyond the norms above check out VeloInsurance. Underwritten by Markel which is one of the best [used the for boats in the past].

    https://velosurance.com/
    Just to be clear this is a declared value policy. So that if your bike has a declared value of 2000 if you crash or it's stolen etc. you get the 2000 less your deductible. Is this worth it on a sub 1000 bike probably not but if you own a 10000 bike might be.


    Sent from my iPad using Tapatalk
    Last edited by Jon D; 05-20-2017 at 07:09 AM.

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