Comments on: A guide to bicycle insurance options http://bikeportland.org/2010/01/05/page-two-bicycle-insurance-options-whats-out-there-and-what-isnt-27792 Portland Oregon bicycle news, events, culture, travel and opinion. Tue, 14 Feb 2012 22:27:43 -0800 http://wordpress.org/?v=2.9.1 hourly 1 By: are http://bikeportland.org/2010/01/05/page-two-bicycle-insurance-options-whats-out-there-and-what-isnt-27792#comment-1713565 are Wed, 26 Jan 2011 00:45:49 +0000 http://bikeportland.org/?p=27792#comment-1713565 new york and new jersey each have a fund created by statute and funded by liability insurance companies that exists specifically for the purpose of paying claims for injury or death to nonmotorists caused by uninsured or underinsured motorists. i think michigan and maryland may have something similar. the BTA legislative committee is looking at possibly putting this idea forward to the state legislature within the next few years. right now trying to line up allies. new york and new jersey each have a fund created by statute and funded by liability insurance companies that exists specifically for the purpose of paying claims for injury or death to nonmotorists caused by uninsured or underinsured motorists. i think michigan and maryland may have something similar. the BTA legislative committee is looking at possibly putting this idea forward to the state legislature within the next few years. right now trying to line up allies.

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]]> By: are http://bikeportland.org/2010/01/05/page-two-bicycle-insurance-options-whats-out-there-and-what-isnt-27792#comment-1713561 are Wed, 26 Jan 2011 00:42:43 +0000 http://bikeportland.org/?p=27792#comment-1713561 is this available to non military people is this available to non military people

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]]> By: Audrey Smith http://bikeportland.org/2010/01/05/page-two-bicycle-insurance-options-whats-out-there-and-what-isnt-27792#comment-1712981 Audrey Smith Tue, 25 Jan 2011 05:31:35 +0000 http://bikeportland.org/?p=27792#comment-1712981 That's entirely possible, but I'm not 100% sure. In a situation like that, I'd call the claims department. Also, different states have different laws which may include a difference in the list of perils. Depending on the damage to your bike, it may cost you less to have it fixed than it would to pay your deductible. Is your bike completely totaled? It will cover a stolen bike - I know that much for sure, but I'm not sure about damage. That's entirely possible, but I'm not 100% sure. In a situation like that, I'd call the claims department. Also, different states have different laws which may include a difference in the list of perils. Depending on the damage to your bike, it may cost you less to have it fixed than it would to pay your deductible. Is your bike completely totaled? It will cover a stolen bike - I know that much for sure, but I'm not sure about damage.

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]]> By: shellypants http://bikeportland.org/2010/01/05/page-two-bicycle-insurance-options-whats-out-there-and-what-isnt-27792#comment-1702059 shellypants Wed, 12 Jan 2011 04:22:32 +0000 http://bikeportland.org/?p=27792#comment-1702059 Hi Audrey, I have renters through State Farm Insurance here in Oregon and my agent will not process a claim because it was damaged on a bike path after I ran something over. He clalims it falls under the "list of perils". Does this sound accurate? Hi Audrey,

I have renters through State Farm Insurance here in Oregon and my agent will not process a claim because it was damaged on a bike path after I ran something over. He clalims it falls under the "list of perils". Does this sound accurate?

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]]> By: Audrey Smith http://bikeportland.org/2010/01/05/page-two-bicycle-insurance-options-whats-out-there-and-what-isnt-27792#comment-1567997 Audrey Smith Sat, 12 Jun 2010 16:07:43 +0000 http://bikeportland.org/?p=27792#comment-1567997 I stumbled upon this article when I was searching to see if any other insurance companies have some sort of bicycle insurance. I am a licensed insurance producer for State Farm in Indiana and as we will cover bicycles under your renters or homeowners policy regardless of the location of your bike (same goes for other personal property). You'd also have liability coverage under the same policy, but there is another policy called a hospital income policy. It pays out a pretty decent sum of money for an ER visit caused by accident and has some other benefits. I would, of course, still reccommend health insurance, but this is a great supplementary policy that is inexpensive. I pay $28/month for mine. I'd check with your agent in your state to see if there is something like that. I stumbled upon this article when I was searching to see if any other insurance companies have some sort of bicycle insurance. I am a licensed insurance producer for State Farm in Indiana and as we will cover bicycles under your renters or homeowners policy regardless of the location of your bike (same goes for other personal property). You'd also have liability coverage under the same policy, but there is another policy called a hospital income policy. It pays out a pretty decent sum of money for an ER visit caused by accident and has some other benefits. I would, of course, still reccommend health insurance, but this is a great supplementary policy that is inexpensive. I pay $28/month for mine. I'd check with your agent in your state to see if there is something like that.

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]]> By: Josh Kadis http://bikeportland.org/2010/01/05/page-two-bicycle-insurance-options-whats-out-there-and-what-isnt-27792#comment-1489469 Josh Kadis Wed, 06 Jan 2010 17:05:50 +0000 http://bikeportland.org/?p=27792#comment-1489469 Your homeowner's or renter's policy might cover less than you think, as I found out when I filed a claim for my bike with AAA in California. The insurance company denied the claim and argued that a bicycle is a vehicle, and therefore not covered by my renter's policy. The California Vehicle Code is explicit that a bicycle is NOT a vehicle, so I appealed to the California Department of Insurance. They declined to issue a ruling either way (your tax dollars at work!) and that point it wasn't worth the time and cost of pursuing my claim in court. Double check that your policy covers bicycles, and get it in writing from an agent. Your homeowner's or renter's policy might cover less than you think, as I found out when I filed a claim for my bike with AAA in California. The insurance company denied the claim and argued that a bicycle is a vehicle, and therefore not covered by my renter's policy. The California Vehicle Code is explicit that a bicycle is NOT a vehicle, so I appealed to the California Department of Insurance. They declined to issue a ruling either way (your tax dollars at work!) and that point it wasn't worth the time and cost of pursuing my claim in court.

Double check that your policy covers bicycles, and get it in writing from an agent.

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]]> By: Jackattak http://bikeportland.org/2010/01/05/page-two-bicycle-insurance-options-whats-out-there-and-what-isnt-27792#comment-1489468 Jackattak Wed, 06 Jan 2010 17:04:01 +0000 http://bikeportland.org/?p=27792#comment-1489468 @ Mark # 19 - What Schrauf (#20) said. Insurance companies start with tons of money, which they then invest to make money (and keep up with ever-increasing state regs). They then gather their pool of insureds and use the money they make from them to make more money for the pool in order to process and handle claims when they arise. It's a ridiculously difficult business to get into unless you have tons of capital to begin with. The best idea I've seen promoted so far would be to start our own "collective insurance pool" where we all chip-in a bit here and there, without forming a real "business" out of it (therefore bypassing any state regs/taxes). @ Mark # 19 -

What Schrauf (#20) said.

Insurance companies start with tons of money, which they then invest to make money (and keep up with ever-increasing state regs). They then gather their pool of insureds and use the money they make from them to make more money for the pool in order to process and handle claims when they arise.

It's a ridiculously difficult business to get into unless you have tons of capital to begin with.

The best idea I've seen promoted so far would be to start our own "collective insurance pool" where we all chip-in a bit here and there, without forming a real "business" out of it (therefore bypassing any state regs/taxes).

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]]> By: Schrauf http://bikeportland.org/2010/01/05/page-two-bicycle-insurance-options-whats-out-there-and-what-isnt-27792#comment-1489313 Schrauf Wed, 06 Jan 2010 04:50:15 +0000 http://bikeportland.org/?p=27792#comment-1489313 Unfortunately, insurance is probably one of the most difficult businesses to begin, given all the state insurance regulations, and need for a large pool of insured members in order to average out risk and not flirt with bankruptcy after a single large claim. Unfortunately, insurance is probably one of the most difficult businesses to begin, given all the state insurance regulations, and need for a large pool of insured members in order to average out risk and not flirt with bankruptcy after a single large claim.

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]]> By: Mark Allyn http://bikeportland.org/2010/01/05/page-two-bicycle-insurance-options-whats-out-there-and-what-isnt-27792#comment-1489282 Mark Allyn Wed, 06 Jan 2010 03:03:56 +0000 http://bikeportland.org/?p=27792#comment-1489282 Heck, this sounds like a business idea for someone to take on! Since there are a number of us who are creating businesses, what is to prevent someone from starting a bicycle insurance company. After all, car insurance companies started somewhere. Does anyone know how auto insurance companies started and can we follow them? Mark Heck, this sounds like a business idea for someone to take on!

Since there are a number of us who are creating businesses, what is to prevent someone from starting a bicycle insurance company.

After all, car insurance companies started somewhere.

Does anyone know how auto insurance companies started and can we follow them?

Mark

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]]> By: ma http://bikeportland.org/2010/01/05/page-two-bicycle-insurance-options-whats-out-there-and-what-isnt-27792#comment-1489191 ma Wed, 06 Jan 2010 00:39:57 +0000 http://bikeportland.org/?p=27792#comment-1489191 For those who think property insurance will cover a bike, think again. Some insurance companies are dropping homeowners who file just one claim. So which is more important? covering a $300k house, or $2k bicycle? For those who think property insurance will cover a bike, think again. Some insurance companies are dropping homeowners who file just one claim.

So which is more important? covering a $300k house, or $2k bicycle?

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