How does one insure a bike(s)??

Discussion in 'Archived Threads 2001-2004' started by Jay H, Mar 13, 2002.

  1. Jay H

    Jay H Producer

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    I'm kind of curious.. I've got a nice small stable of bikes, most worth roughly $1500-$2500 (new) in price and my custom Ti Seven being about $5k. I'm wondering do I contact my car insurance policy to see if they insure bikes for theft or say replacement costs? Especially since I bike commute, is there some special clause or is it on one's homeowner's policy?

    Jay
     
  2. Scott Merryfield

    Scott Merryfield Executive Producer

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    Bicycles should be covered under your homeowner's insurance policy. You may want to check whether you need a special rider (no pun intended) for items over a certain value. This should cover you for theft, but not repairs in case of an accident.
     
  3. CameronJ

    CameronJ Stunt Coordinator

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    hmmmm, custom Seven Cycles Titanium. Sweet ride.

    I've got about $12k in bikes in my garage. After numerous discussions with my insurance agent, we came to this conclusion.

    A bike rider, that would cover 100% of replacement cost with a very small deductible (I think it was about $100) would run 10-20% annually of the estimated value of the bikes. This policy would cover anything, theft, fire, JRA (I was just riding along when my frame snapped in half) incidents, etc.

    My homeowners insurance policy, with a $500 deductible, will cover 100% of replacement cost if the bikes are stolen or destroyed in a fire. Nothing else.

    I went with choice number two.
     
  4. Jack Briggs

    Jack Briggs Executive Producer

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    Well, the insurance on my Honda CBR900RR was awful--one of the reasons I sold the bike, in fact. Anything larger that 500cc feels the wrath of the insurance industry, and ... wait, are we talking about bicycles? Oops, sorry.
     
  5. Jay H

    Jay H Producer

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    What if one doesn't have a homeowner's policy, since I rent space from my parents. Would it be financially prohibitive to get a policy solely for my bikes and other worldly possessions?
    Actually, I wouldn't really insure anything but my two road bikes, my Lemond and the Seven. My two mountain bikes aren't really worth it to insure, not that they're cheap or anything, it's not likely to be out of my sight in any place I don't trust and it's fairly safe in the woods.
    I would think that a policy for JRA incidents on a mountain bike might be costly, I bet if some people I know had an insurance policy for MTBs, they'd all be riding M1s and Truths... [​IMG]
    Hey Jack, lets race, bring your cycle and I'll bring mine and we'll see who can pedal faster [​IMG]
    Jay
     
  6. CameronJ

    CameronJ Stunt Coordinator

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    Jay,

    A renters policy will cover you. If I remember correctly, renter's insurance is pretty cheap. I seem to recall paying something like $150 a year for $25k in coverage.

    Every time I see a Truth my mouth starts to water. Unfortunately my wife would kill me if I bought another expensive mountain bike. Lately I've been spending that money on HT instead.
     
  7. Mario Bartel

    Mario Bartel Stunt Coordinator

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    I've got a rider for my Kona Hot on my tenant's insurance. That bike was a replacement for my former Kona Explosif, which was stolen a number of years ago, and covered by a similar rider, no deductible. So they do work.

    Most standard policies only cover bikes up to $500 or so, nowhere near the value of your Ti Seven (nice ride!)
     
  8. Jay H

    Jay H Producer

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    Well, I emailed my auto insurance policy guys (NJ Manufacturers) and they also offer renters insurance. Not only did they reply the same day of my email (I love these guys), they told me I'm covered under my parents plan but if I wanted to apply seperately, I could on their website...
    I'll probably like to insure my HT as well, as that is another costly item, but will go ahead and see how much insurance for my bikes would be as replacement costs:
    '95 Marin Team Full Deore XT, Marzocchi Bomber Z2 fork, very beat up, now my off-road commuter.
    '01 Santa Cruz Superlight mixture LX/XT, RaceFace SID SL, Fox Float R rear, anondized grey paint. Bontrager rims
    '98 Lemond Zurich, Full Ultegra, n'aero panniers, this is my road commuter and touring bike. Mavic Open Pro rims running Continental GP3000s
    '01 Seven Axiom, Full Dura-Ace, Advanced Composites Carbon Fork, hand built Dave Thomas (not the wendy's guy RIP [​IMG]) Speed Dream wheels, or a set of Zipp 404's deep rim wheels for those non-windy days.
    Jay
     
  9. CameronJ

    CameronJ Stunt Coordinator

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    Jay,

    I've got a '93 Team Issue Marin. This is still my favorite bike. Full XTR (the year before they started making it grey), light, responsive steel frame, just talking about this one makes me want to go ride it. I still believe that these XTR cranks are some of the best ever made. I need a new fork for it, as I've still got a Manitou Mach 5 on it.

    I've got a set of Dave's wheels on my AMP B-5. The best wheels I've ever owned. I've had them two years and they're never out of true. I just love the King hubs they're built on, especially the buzzing bee sound from the rear.

    I picked up my first road bike this last fall, a Fuji Team with 9spd Campy Record. I'm still learning how to ride it, I'm amazed at how much faster it is than any mountain bike.

    Alright, I'm ready for winter to be over. I think I'm going to overhaul my Marin now.
     
  10. Jay H

    Jay H Producer

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    HaHa, my Team (Tange Prestige Steel) is a nice bike, it doe have a long top tube length which makes it less of a handling bike for the east coast than others but what did I know when I bought it. It was viciously light (22.5lbs for a rigid bike) for a affordable $1000. It had a nice set of aftermarket stuff on it like White Industries cranks and Front Tracker Hub, as well as your basic Mavic 517 rims. I eventually put the Bomber on it after a bit and replaced the cantilever brakes with XTR V-brakes eventually. Now it's my commuter (I can ride off-road on some dirt bike trails on my way to work)..

    Is that Fuji one of those Scandium bikes? My friend has a Fuji and it's super light. He also has a custom Carl Strong frame which is pretty. Dave makes excellent wheels, I took those to Alaska in my Vaccine ride, the only problem I had was the front AC micro hub developed some lateral play when locked in the QR which I basically got new cartridge bearings after the ride and greased it up. But the wheel has remained true on some not so nicely paved Alaskan Roads. (I use the world Road with hesitation since the winters up there are harsh and they only have a short time to repave them up there due to the short summers. I'm regularly at least 5-8mph faster at average speed on the road bike on the road than when I'm on the mountain bike on the road (with semislicks).

    Anyway, I'm currently looking for some nice panniers for some touring. Enjoy the ride!

    Jay
     
  11. CameronJ

    CameronJ Stunt Coordinator

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    I spent two years in NJ, the riding there is completely different from what we do here in Colorado. It took me a while to get used to the tight turns, slippery roots, and baby head rocks. I really missed the 5-mile climbs in the granny gear to 10k feet [​IMG] . Unfortunately, I couldn't get used to the distance to the trails and the amount of work it took to go riding. I was used to trails right outside my door, so I really didn't ride as much as I should have those two years.
    The Fuji has a scandium main with carbon fiber stays. Supposedly it smooths out the ride a bit, but as this is my first road bike, it sure doesn't feel smooth [​IMG] . That being said, I'm having a blast with the instant power from pedals to pavement, and the speed of the thing is amazing.
    So what's the HT equivalent of "Mine's lighter than yours"? For my Marin, the frame is Tange Ultimate. Right now the bike's about 21.5 lbs.
     

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