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Bicycle Insurance

7 replies [Last post]
Tue, 07/08/2003 - 9:57pm
Sam
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Joined: 06/25/2008
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Hello All Cycling Enthusiasts,

I am contemplating purchasing another bicycle, possibly costing $2,000. or $3,000. CDN.

My insurance company (tenants insurance) will pay a maximum of $500. if the bicycle is stolen. I enquired about insuring a bicycle for replacement cost, and I was told the premium would be $9.35 per year for every $100. value of bicycle. So, if a bicycle is worth $2000., the additional insurance for one year would be $9.35 * 2000/100 which comes to $187. If the bicycle is worth $5000. the insurance would be $467.50. This is very dear!

I KNOW there are others out there with bikes in the $2000. plus range. Do you have full insurance coverage on the bike? How much extra do you pay? Is it part of House insurance? Or tenants insurance (in case you do not own, like me)?

Thanks for any input....

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Tue, 07/08/2003 - 11:40pm
#1
AquariaGuy
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Re: Bicycle Insurance

I was told that it is covered under my house insurance. (my parents)
So i took a picture of it and made a photocopy of the receipt.

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Wed, 07/09/2003 - 8:33am
#2
claire
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Re: Bicycle Insurance

Sorry I don't have an answer but in the same kind of idea has anyone ever taken an insurance for dammages when your bike travels by airplane? How much is it?

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Tue, 09/23/2003 - 5:09pm
#3
mkgordon
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Re: Bicycle Insurance

A $2000 bike is a little rich for my blood, but I just bought a $700 bike, and I phoned my insurance company (TD Meloche-Monnex) and they said I could insure my bike via a rider to my tenant insurance policy with a $25 deductible for about $32/year (Which is less than $9.35/year/$100 value!). This would be pro-rated over 12 months, and I could cancel the insurance when I did not need it, for example during December-March. So if I do cancel my insurance for the winter, I would only end up paying about $20. Seems like a good deal to me. (Keep in mind I think I got a special rate on the main policy because I registered as an alumni of the university where I did my undergrad.)

Mike

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Thu, 09/25/2003 - 10:21am
#4
rsw
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Re: Bicycle Insurance

Hello Mike - that's a good tip, thanks.

May I ask? What did the insurance company demand to substantiate the value of the bicycle? Were you asked to produce a photo or a receipt that detailed purchase price, or some other kind of documentation?

If you have time to post back here any further information would be gratefully received.

sw

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Thu, 09/25/2003 - 5:34pm
#5
mkgordon
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Re: Bicycle Insurance

Hello, sw

The Meloche-Monnex customer service guy put me on hold to see if they needed a receipt, but came back on after a couple of minutes and said they didn't need one for bikes in my bike's price range. All they wanted from me is the bike's serial number. They recommended I register it with the police, which I will.

I am, of course, taking a picture of the bike and am keeping all documentation.

I hope this helps.

Mike
Toronto

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Fri, 09/26/2003 - 10:24am
#6
rsw
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Re: Bicycle Insurance

Hello Mike,

Yes, it does help. Thanks.

I am going to go and beard my insurance company and see how they respond.

Thanks for your reply, best regards.

Scott
(also) Toronto

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Sun, 09/28/2003 - 9:14pm
#7
spinningmywheels
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Re: Bicycle Insurance

Ask your broker if there are other companies that have higher limits. Simply switching companies may get you most of the coverage you want.

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