Bicycle friendly house/tennant insurance?

[SeeManRun]

I am in the dilemma of having to get some kind of insurance to protect my investment. It seems many companies have a limit on how much they can claim for a bike. After spending 4 grand on a bike, I don't really think a limit on my insurance of 500 dollars is adequate. What do fellow riders do for this problem?

Many Thanks

[Rat]

Do a search there are lots of threads detailing this subject.

[Tom]

Johnston Meier @ Lougheed Mall. The insurance company is called Northern Shield and you have to schedule the bikes extra to your insurance.

[Silk]

If I might give some other advise

Insurance is a funny thing. They always will try to get the most out of you and pay out the least in every case.

Treat your insurance like a last resort "my house is burned" or "everything in the house has been stolen" are good reasons for insurance. If you make a claim for a 4K bike your insurance premium will go up so much because of that one claim it will trump the cost of the bike in no time.

And what they don't tell you... Once the rates go up the NEVER go down again.

so if you pay 20 bucks more a month for that claim for 20 years you can start to see what I mean.

Lock the bike up nice and safe and keep your goods low profile and forget the extra insurance.

[Rat]

If I might give some other advise

Insurance is a funny thing. They always will try to get the most out of you and pay out the least in every case.

Treat your insurance like a last resort "my house is burned" or "everything in the house has been stolen" are good reasons for insurance. If you make a claim for a 4K bike your insurance premium will go up so much because of that one claim it will trump the cost of the bike in no time.

And what they don't tell you... Once the rates go up the NEVER go down again.

so if you pay 20 bucks more a month for that claim for 20 years you can start to see what I mean.

Lock the bike up nice and safe and keep your goods low profile and forget the extra insurance.


smart advise. I made a claim when our house got broken into for 9 grand( no bikes) even then it was marginal whether I should make a claim. You make 3 Claims on your insurance and you are fucked for a long time.


Spend 500 Bucks and get the best Locks money can buy and be dilligent about locking them up. A thief that breaks into your house isnt going to spend the time cutting your $200 Chain when the Alarm is going off.

[Desloc]

I dunno. $150 a year to cover a $5000 investment seems fair enough to me. I sleep much better too :)


Des

[LeeLau]

Ive thought long and hard about what you guys said rat and silk. My issue is that there are 10 bikes in the garage. If one gets stolen; they all get stolen no matter what I do or how I lock them.

[Hack On Wheels]

Having a bike stolen recently, our houses bikes are being insured atleast until im almost 100% sure they are safe as hell and none will get stolen again. But the insurance money you will pay could buy you a new bike in a number of years...

[Splan]

I'd rather have a bike stolen and replaced by insurance, followed by higher insurance premiums. In the long run that may cost more, but at least I would have a bike to ride at all times.

Alternatively, if my ride gets scooped and I have to save up for a new one, I'd go crazy in the meantime.

[Rat]

Ive thought long and hard about what you guys said rat and silk. My issue is that there are 10 bikes in the garage. If one gets stolen; they all get stolen no matter what I do or how I lock them.


True given the amount of shit you have.


But you could go with an Alarm + a Custom Rack / Big fucking Cable lock.

[Silk]

Ive thought long and hard about what you guys said rat and silk. My issue is that there are 10 bikes in the garage. If one gets stolen; they all get stolen no matter what I do or how I lock them.


That is a good point Lee, 10 bikes can be a nice amount of cash. And why I stated "if you can not recover from the loss" then insurance is a good thing.

Anyone who wants Lee's home address I take cash bribes and will help you get into his garage.

[Oldtimer]

If I might give some other advise

Insurance is a funny thing. They always will try to get the most out of you and pay out the least in every case.

Treat your insurance like a last resort "my house is burned" or "everything in the house has been stolen" are good reasons for insurance. If you make a claim for a 4K bike your insurance premium will go up so much because of that one claim it will trump the cost of the bike in no time.

And what they don't tell you... Once the rates go up the NEVER go down again.

so if you pay 20 bucks more a month for that claim for 20 years you can start to see what I mean.

Lock the bike up nice and safe and keep your goods low profile and forget the extra insurance.

You might want to ask your agent about this. I beleive that if you take out extra riders on specific items(and paying extra)claims on these items don't affect your regular rates.

[Tom]

I'm thinking of having an alarm installed in a rental house. Any one know of any wireless monitored systems?

[HeyMan]

I'm thinking of having an alarm installed in a rental house. Any one know of any wireless monitored systems?



I am a rider and just happen to be an insurance broker. You can add a bike or all of your bikes to your existing tenant or homeowners policy for additional premium. Rates vary dependig on which company you are insured with. You can expect to pay $150 to $250 for a bike valued at $4000 depending on which insurance company you are insured with. Currently there is one insurance company Federation that does not have a limitation on bikes, meaning you pay no additional premium for coverage on your bikes. This is going to change sometime this year as they have been purchased by another company, so if you are looking you may be able to get coverage for a year for no additional premium if you do it now. If your bike is stolen and you make a claim it will affect your claims history whether you have it scheduled or not. If you make too many claims over a short period of time it will make it very difficult for you to even find insurance.

[Splan]

Check you PM's please HeyMan!

[LeeLau]

Heyman - you have a contact #?? I'm tired of paying 3% of the value of the bikes on 10 bikes

[APT]

Does anybody know what is the average % increase in premium when you make a claim?