General Discussion Triathlon Talk » Best upgrade for your bike... Rss Feed  
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2007-11-06 12:36 PM

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Champion
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Subject: Best upgrade for your bike...

Stand-alone property insurance!

Last December, I purchased a new Cervelo P2C as a gift to myself.  At first I was nervous to ride it b/c of the expense that I had just laid out.  "What if I wreck it?"  "What if something happens?" were my biggest thoughts.  To put my mind at ease, I called my insurance agent and bought a personal property rider for the bike itself.  It cost me $60/year for full coverage on the bike in case anything happened.

In May, I was shopping and got called to the front of the store.  Someone had backed their car into my bike, crunching the frame.  Since the carbon frame was cracked, it was unsafe to ride and had to be replaced.  One call to the insurance company, and all it cost me to get it fixed was driving the bike to a Cervelo dealer.

Then, in October, as I was moving from my apartment, I had locked the bike to the car and went in to take one last look around.  When I came back, I saw someone was putting it in the back of his car and driving off.  Another call to the insurance company, and they cut me a check for full replacement value.

I know that these incidents would have been covered under other policies such as renters or auto, but those have significant deductibles and could have negatively impacted my cost for those specific policies, or even my ability to have those policies renewed.

In the end, $60 bought me over $5k worth of headache-free insurance reimbursements.  So, unless your bike has a value that you can easily replace it without any strain, insurance is the best upgrade you can you to your bike.

Now, go out and ride lots.



2007-11-06 12:52 PM
in reply to: #1040295

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Champion
19812
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MA
Subject: RE: Best upgrade for your bike...

Shaun...glad you shared this and it is a reminder that I need to make a call to my insurance company to get my Kuota and Orbea covered.

You did have some bad luck though with your Cervelo... 

2007-11-06 12:59 PM
in reply to: #1040295

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2007-11-06 2:55 PM
in reply to: #1040295

Elite
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Austin, TX
Gold member
Subject: RE: Best upgrade for your bike...
And to think I came into this thread thinking, "Here we go again."

But this is great advice. One major add-on: don't assume that your renter's insurance or homeowner's insurance is going to cover a loss! Read your policy carefully and you'll probably discover an exemption for equipment used for racing or some other generic phrase about "specialized" equipment. Try making an insurance adjuster believe you use a $2k+ triathlon bike just for recreational rides on the week-end.

Get stand alone or a specific rider at the very least!
2008-01-19 6:04 PM
in reply to: #1040295

Master
1811
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Nashville, TN
Subject: RE: Best upgrade for your bike...
thanks for the info. i will def. look into this now.

chris
2008-01-19 6:57 PM
in reply to: #1040295

Champion
4902
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Ottawa, Ontario
Subject: RE: Best upgrade for your bike...
Yes, that is the first thing I did when I purchased my Cervelo P2SL.  Although the existing house insurance covers the bike whether at home or on the road, it only covers it to a maximum of $300.  So, I added the rider just like you and, although I have not had to use as of yet, I am secure.


2008-01-20 12:51 AM
in reply to: #1040295

Extreme Veteran
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Brisbane QLD
Subject: RE: Best upgrade for your bike...

Great story Cube, And you're absolutley right!  You saved yourself the cost of two cervelos by paying $60!  More importantly you can still race

We have each bike listed as a seperate item under our home and contents insurance (that covers it in the event of being STOLEN or backed over at the shops)

I will however be cancelling that policy and getting Triathlon Australia's Full Bicycle insurance when I upgrade. THAT covers theft, travel etc... BUT also includes accidental and third party insurnace so if you cause an accident or are in an accident on your bike the insurance firm takes care off all the reimbursement for you.

I think it's better covered. And I can included it when I update my TA membership this year. So I think I'll do just that.



Edited by light_sabe_r 2008-01-20 12:52 AM
2008-01-20 3:34 PM
in reply to: #1040295

Member
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GA
Subject: RE: Best upgrade for your bike...
Great post! My giant is covered under my homeowners..
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General Discussion Triathlon Talk » Best upgrade for your bike... Rss Feed