I am conducting a survey to gauge people's interest in bicycle insurance. I am doing this because I was recently rear ended on the interstate on my commute home. My gravel bike was in the trunk of my car because I took advantage of the beautiful weather and rode during my lunch hour. The car was totaled and my bike was crumpled. I learned that my insurance would only cover the bike to a maximum of $1,000 if it was attached to the car via a bike rack. It was not attached, it was resting in the trunk. Due to this minor caveat, my insurance only reimbursed me for $250. The bike was $2,000 brand new. Suffice it to say, I'm very disappointed. I followed up with my insurance agent and my insurance company does not offer any type of rider or declaration for my bikes.
Now that you know my story, can you please take a minute to complete the short 4 question survey located at the following link. Thank you in advance for taking the time to share your info.
I've wondered about insurance in general for my road bike. I have over $7k invested in it. A few weeks ago a pit bull ran into my rear wheel and broke a spoke on a CF wheel. Luckily they were able save the wheel, but that could have been a very expensive fix. I've looked into insurance for my other hobby (photography) and the insurance agents won't touch it unless I give them all my insurance business.
Any recommendations for a good bike insurance company?
The accident happened on April 11th and I learned on Monday, June 4th, that the "at fault" driver's insurance has accepted liability and will be compensating me for the destroyed bike. However, I realized that I would be screwed if the driver was uninsured. Or, what happens if the bike is on a bike rack while your car is in a parking lot, and someone across the aisle backs out of his/her parking spot and hits my bike and damages the frame, and then the driver leaves the scene? Once again, I would be screwed.
I've only found two viable bike insurance companies: Markel and Velosurance. Markel is a large insurance company that sells specialized bicycle insurance policies. Velosurance looks to be an agency that sells the Markel policies at the same price. Maybe Velosurance gets a premium from Markel for each policy it sells and provides value added services to it customers.
Do you have homeowners or renters insurance? They should cover your property (in the event that the at fault driver was uninsured, etc...).
I had an incident where someone closed a garage door and snapped the top tube and seat stays on my favorite bike. My homeowners insurance covered it 100% (after $250 deductible).
It's probably worth having a conversation with your current insurance company (homeowners/renters, and auto) to see what is covered and what isn't. Generally speaking, your car insurance is not going to cover much in the way of personal property inside the vehicle. That would be where homeowners/renters insurance would come in. Ask them about adding a rider, or umbrella policy to your existing insurance. Also, be sure to have a clear understanding of what 'stated perils' are covered. Not every situation will be covered (only those specifically stated).
A third party specialty insurance like Velosurance shouldn't really be necessary unless you have special circumstances that your existing insurance won't cover.
I have a contrarian view about insurance. Basically, if I can afford to replace something without dire financial consequences to me and my family, I self insure. While I have health insurance and liability insurance on my cars and home; as well as comprehensive insurance on my home; I have no insurance on my bikes and very high deductibles on any insurance that I do carry. Basically, insurance is a bad bet. Just like Las Vegas, the house (insurance company) always wins. The statistics and data are well known by the insurance companies, and the premiums reflect these risks and are increased to cover the companies cost of business and expected profit. There is nothing wrong with this deal -- as long as you understand the math and statistics. If you can't afford the risk of loss, then insurance makes sense. Otherwise self insure, and put the insurance companies costs and profits in your own pocket. For me, bikes fall into this category. BTW, if your bike should be stolen or damaged in an accident, be very careful about making a claim on your home owners insurance. My wife's expensive road bike was stolen while locked up outside a restaurant. She talked to her insurance agency, who assured her that she could make a claim without fear of an increase in her home owners policy. Wrong! After making a claim and recovering the market value of her bike, the insurance company doubled her home owners premium the next year, virtually recovering the cost of the claim in one premium payment. Fortunately, she was able to switch companies (and agencies), and actually save some money compared to her old policy. Read the fine print, and understand the possible consequences of relatively small claims on your homeowners insurance.
All I can say is that they aren't inexpensive. A loss or accidental damage to them would be painful to me; but I've chosen to take that risk, and pocket the savings in insurance expense.
