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Old 07-24-2014, 03:10 PM
holdemo holdemo is offline
Motorized Bicycle Newbie
Join Date: Jul 2014
Location: NYC
Posts: 2
Default Re: Bicycle Insurance

Originally Posted by biknut View Post
. I wonder what happens if you don't mention a gas motor.
If you dont mention the gas motor and will submit a claim - I assume you will never get paid because this would be considered insurance fraud. As they say - they insure e-bikes. E bikes by definition dont have gas motors , otherwise it is a moped or a motorcycle, for that you use Geico etc

I personally have a policy with Velosurance for my Evelo Aurora which costs me 117 $ / year to insure it in Brooklyn, NY.

I work in insurance related company so I know a little bit about the industry : your bicycle quote just like any car insurance quote will depend on several factors , such as type of the bike , value for which you want to insure it and the zip code you live in. Just like car insurance , same car may cost more to insure in NYC than in Florida.

I also got submit a claim with them once because my bike got stolen. It was chained to a post with a Kryptonite lock while I was visiting my friend. Upon realizing that it got stolen - I immediattely called them (it was 8pm and an actual human representative answered the call), they told me to call the police right away because they needed a police report to go on with a claim. Once the police report was ready , I emailed them a copy of it and other details, such as lock details , what was it chained to etc.

I got the check for the full value of my bike minus the deductible(mine was 100$) in just 5 days. Got myself the same Evelo Aurora and riding it now.

So to get a better picture about their rates , post the value of the bike , and the zip code.

My data : Evelo Aurora , insured for $2100 value , zip : 11215 Yearly insurance cost : 117$/year

Originally Posted by biknut View Post
Full coverage on just about any new motorcycle would be at least the same price.

The quote doesn't ask about your age, or if you keep your bike in a garage, or if you own you home, how many bikes you have. Usually stuff like that has influence on your premium, so the actual premium might be different than the quote.
Thats right , when you submit their initial 4 step form , you get an approximate quote and a multistep form to provide details such as # of bikes , types of bikes , area you leave in etc bla bla bla . Same stuff that Geico , Progressive, Allstate do, I guess thats just how it is.

Originally Posted by xseler View Post
That's about what I pay for 100/300/100 on my car. They're probably thinking that there is a higher risk of theft for the bike.

Good luck with your decision!
Lol , my car was stolen 0 times , my bike got stolen twice. However my friend has 0 stolen bikes to 1 stolen car ratio =) I guess it just depends on what you use more.

Last edited by holdemo; 07-24-2014 at 03:19 PM.
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