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bike insurance - any suggestions?

June 25, 2003, 11:06 a.m.
Posts: 9
Joined: Nov. 21, 2002

my insurance company is giving me the boot when my policy is up in a few weeks. (a couple claims since i moved here to van). they had THE BEST bike rider premiums ($3 per $100 value, after the included $750 value), so i'm gonna miss that. anyone have any suggestions for other good companies??

June 25, 2003, 2:01 p.m.
Posts: 12860
Joined: Jan. 27, 2003

I do mine through my bank. My bike is a seperate item from the rest of the stuff in the house and I think it's about 25 bucks a month for the 2500 dollar coverage I have.

BTW I bank at Vancity. I'm sure all banks have plans tho.

www.natooke.com

June 25, 2003, 2:10 p.m.
Posts: 9
Joined: Nov. 21, 2002

Originally posted by Barak
**I do mine through my bank. My bike is a seperate item from the rest of the stuff in the house and I think it's about 25 bucks a month for the 2500 dollar coverage I have.

BTW I bank at Vancity. I'm sure all banks have plans tho. **

damn! that's expensive! assuming your $25/month is just for your bike and there is no included bike value in your regular premiums, that's $12 per $100 of value! my bike would be prohibitively expensive to insure at that rate (about $1000 for the year).

June 25, 2003, 3:27 p.m.
Posts: 6663
Joined: Nov. 20, 2002

Originally posted by el jefe at work
damn! that's expensive! assuming your $25/month is just for your bike and there is no included bike value in your regular premiums, that's $12 per $100 of value! my bike would be prohibitively expensive to insure at that rate (about $1000 for the year).

See above stickied thread re stolen bikes.

June 25, 2003, 7:18 p.m.
Posts: 1081
Joined: April 10, 2003

i am gona get soem insurance when i get a new bike

June 25, 2003, 7:19 p.m.
Posts: 2823
Joined: Nov. 21, 2002

is it just theft insurance or can you make a claim when you break your frame?

June 26, 2003, 8:49 a.m.
Posts: 9
Joined: Nov. 21, 2002

Originally posted by Barry
is it just theft insurance or can you make a claim when you break your frame?

ha ha! haven't really thought about making a claim for a broken frame - without checking the wording of the policy, i doubt that you could claim for that. i wouldn't really want to anyway - save the claim for when it really matters. i've had two claims (both non-bike) in the last year since i moved down here to van and that's creating problems for me getting new insurance.

June 26, 2003, 8:51 a.m.
Posts: 9
Joined: Nov. 21, 2002

Originally posted by LeeLau
See above stickied thread re stolen bikes.

there's not much in that thread on insurance, although i will be getting a home alarm. the ADT dude is coming tonight to check my place out and give me a quote.

June 26, 2003, 1:38 p.m.
Posts: 6663
Joined: Nov. 20, 2002

Originally posted by el jefe at work
there's not much in that thread on insurance, although i will be getting a home alarm. the ADT dude is coming tonight to check my place out and give me a quote.

See here 1st pg

http://bb.nsmb.com/newforum/showthread.php?s=[HTML_REMOVED]threadid=17823

June 26, 2003, 1:40 p.m.
Posts: 10387
Joined: Dec. 19, 1977

Dominion of Canada. I think I pay something like $6 / hundred…works out to around 25 a month. Worth every penny.

June 26, 2003, 1:48 p.m.
Posts: 10387
Joined: Dec. 19, 1977

…no you don't, and insuring a bike for more than its worth is called insurance fraud, and it drives all of our rates up.

If (heaven forbid) your bike was stolen, they don't just cut you a check for $4000. It isn't that easy, you will be required to get quotes and some form of proof that it really is a $4000 bike, not a Costco rig you bought and had stolen to upgrade to a new rig.

Honesty always prevails with insurance. They deal with lies on a daily basis, and they know better than anyone when you are pulling something (although people do still get away with it at times), they have seen every scam in the book….

Once you do make a claim, it is very hard to get that insurance from the same broker again if you get ripped off. It isn't like ICBC where you may have the same car get stolen or broken into 3 times a year.

June 26, 2003, 1:51 p.m.
Posts: 9
Joined: Nov. 21, 2002

Originally posted by LeeLau
**See here 1st pg

http://bb.nsmb.com/newforum/showthread.php?s=[HTML_REMOVED]threadid=17823 **

thanks…. i was looking at the wrong thread as there are a couple 'stolen bikes' threads. i'm calling around to brokers now trying to get quotes. one already called back and said their insurance co won't take me bse of the two claims in the last year. sucks. she's going to check her 'special risks' companies. [HTML_REMOVED]shudder[HTML_REMOVED]. i'm sure that price will be nice and low…. yeah right. i'll try that johnston meier you suggested….

j

June 26, 2003, 1:57 p.m.
Posts: 9
Joined: Nov. 21, 2002

Originally posted by Mulletron
**…no you don't, and insuring a bike for more than its worth is called insurance fraud, and it drives all of our rates up.

If (heaven forbid) your bike was stolen, they don't just cut you a check for $4000. It isn't that easy, you will be required to get quotes and some form of proof that it really is a $4000 bike, not a Costco rig you bought and had stolen to upgrade to a new rig.

Honesty always prevails with insurance. They deal with lies on a daily basis, and they know better than anyone when you are pulling something (although people do still get away with it at times), they have seen every scam in the book….

Once you do make a claim, it is very hard to get that insurance from the same broker again if you get ripped off. It isn't like ICBC where you may have the same car get stolen or broken into 3 times a year. **

yeah, i agree with the mullet. insurance fraud like that, if you get away with it, may benefit you in the short term, but hurts all of us bikers trying to make sure that insurance coverage is still available to us at reasonable prices. which is rapidly isnt - the prices keep going up. and prohibitively so. so think twice before you pull some stupid sh*t like scamming the insurance cos - it just hurts us all.

June 26, 2003, 8:49 p.m.
Posts: 9747
Joined: Nov. 20, 2002

Bike is uninsured but I had an alarm installed today at the house after a recent break in.

FYI My insurance adjuster estimated that only less than 10 % of thier claims have an alarm. $25 a month for the piece of mind is not a bad deal.

June 26, 2003, 11:07 p.m.
Posts: 0
Joined: Nov. 20, 2002

Originally posted by Mulletron
**…no you don't, and insuring a bike for more than its worth is called insurance fraud, and it drives all of our rates up.

Honesty always prevails with insurance. **

Here's a moral question for ya Mulletron.

When you're getting your biked quoted at a shop, do you accept retail value of total parts? or price paid?
For instance, I bought a dee-max wheelset for $600. Retail was over $1800………
or i've got a easton mg 60 dh stem. Retail is around $250 while I paid $90.

I could have my bike insured for close to $7000, if going by total of retail values. I didn't pay close to that.

You need two shops for a quote and I know two that would very easily sign my bike off for the total retail value……….

Speaking of which, I should get some insurance one of these days

On a different note, I know that you can have your bike insured under your parents policy while you're living away for school. Does this stay intact if the school is out of country? Something i'm sure i'll have to look into.

"Although Gary Fisher is never seen riding anything but his ratty 29'er, he apparently has stolen"

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