Bicycle Insurance

Discussion in 'Motorized Bicycle General Discussion' started by biknut, Dec 13, 2013.

  1. biknut

    biknut Active Member

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    Has anyone ever heard of this company? They specialize in bicycle insurance. I filled out the online form for my $10,000 Stealth Bomber and the quote came to $745 a year for full coverage. That's actually not too bad. They sent me an email asking me to call them if I'm interested, and said there are options to reduce the price if desired.

    What I like is when you fill out the online form, you get a quote immediately, and don't have to talk to anyone.

    I suggest more of us fill out the online form and get some more prices so we can get a better idea about this insurance. I think they're located in Florida, but I'm not sure. They seem to offer polices nationwide.

    http://www.prnewswire.com/news-rele...sted-bicycles-and-their-riders-235305511.html

    http://velosurance.com/
     
    #1 biknut, Dec 13, 2013
    Last edited: Dec 16, 2013
  2. xseler

    xseler Well-Known Member

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    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!
     
  3. RedRider48

    RedRider48 New Member

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    Hey biknut, ....
    For real, that much for motor assisted bicycle insurance? How can that be, when I pay less than $50 for my vintage Vespa scooters? All of my rides are mid 60s and earlier. Maybe it's because your motor assisted bicycle is a recent newer build?
     
  4. biknut

    biknut Active Member

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    I'm pretty sure you're not getting full coverage for $50. Probably only liability.
     
  5. biknut

    biknut Active Member

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    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.
     
  6. RedRider48

    RedRider48 New Member

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    Hi,
    Actually, for my '65 Allstate 250 it's "0" deductible, stated value of $6500 full collision, comp, and our state's required liability. Less than $50/yr.
    Anyone with vintage stuff should investigate anyone of the big vintage Ins company(s). I have my '64.5 mustang cvt., '67 E-Type 2+2, and couple vintage Vespas through them for less than one would think. the 250 was added in August after finishing the resto.
    However, there are stipulations regarding mileage and storage.
     
  7. biknut

    biknut Active Member

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    That's pretty cheap alright. I'm paying $75 a year just for liability for my moped with Dairyland. Same price as my Sportster.

    But that's neither here nor there, because neither one insures bicycles.

    What I'd like you to do is fill out the online form to get a quote for your motor bicycle, and see what it comes to.
     
  8. RedRider48

    RedRider48 New Member

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    Hi Biknut,
    I'll do that. There may not even be a listing for a moped. I have two that, I ''l need to cover at some point. You might check with Hagerty, in the mean time.
     
  9. biknut

    biknut Active Member

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    velosurance only covers bicycles I think. That's why they're unique. I don't know what they would say about a moped. I'm thinking a $500 or $1000 motor bicycle will be pretty cheap to insure.
     
  10. phatcruiser

    phatcruiser New Member

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    They only insure motorized bikes that are electric powered, less than 750 watts and can't exceed 20 mph.

    That being said, it looks like a great way to protect a higher end bike from theft and damage.

    I checked out the stealth bomber on line. What a cool bike. Looks like it would be a fun ride.
     
  11. biknut

    biknut Active Member

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    I guess another case of discrimination against gas bikes. Probably relating to the power limit. Since there's no real power limit for gas bikes they don't want to insure them is my guess. I wonder what happens if you don't mention a gas motor. In Texas some gas powered motorized bicycles, like china girls for instance, are just considered bicycles so there wouldn't be any reason to mention it being a motorized bicycle.

    750 watts and 20 mph is the federal limit for new ebikes. It's nice that they will insure these bikes. I wonder what they do in a case where your bike has the ability to be programed to run many different power limits with from the CA?
     
    #11 biknut, Dec 15, 2013
    Last edited: Dec 15, 2013
  12. phatcruiser

    phatcruiser New Member

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    I work in the insurance industry on the claims side. Going by what I saw on their website they will probably require photographic evidence of damage. They can easily talk to family members and co workers if they smell something fishy. I have seen copies of Facebook accounts and other social media used to the insurance companies benefit. Just keep that in mind.

    As for a programmable controller I would guess that it is a no go. They could always deny your claim by saying it was in the competition mode. Then you would have to hire a lawyer and sue or have them negotiate a settlement.

    You could always ask them. I wouldn't pay money for insurance unless I knew what it covered and if my property met the criteria.

    Veloinsurance is a sales company they do not underwrite.
     
    #12 phatcruiser, Dec 15, 2013
    Last edited: Dec 15, 2013
  13. biknut

    biknut Active Member

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    Kind of sounds like not worth the trouble.
     
  14. phatcruiser

    phatcruiser New Member

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    Yeah it suxx. Sorry about that.
     
  15. biknut

    biknut Active Member

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  16. RedRider48

    RedRider48 New Member

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    Biknut,
    I prefer calling on the "Smith & Wesson" posse. The speed at which they work is to die for.....?
     
  17. holdemo

    holdemo New Member

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    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


    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.

    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.
     
    #17 holdemo, Jul 24, 2014
    Last edited: Jul 24, 2014
  18. biknut

    biknut Active Member

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    Thanks for your report holdemo, that's very informative. I may reconsider buying this insurance.

    And also welcome to the forum.
     
  19. holdemo

    holdemo New Member

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    Thanks!

    Oh, 1 advice about locking a bike that lots of people ignore and will get into trouble with getting the insurance company pay up the claim.

    If you are riding a bike and decided to go to a cafe and chain it outside : 2 things to remember.

    1) Use a lock that is "designed for bicycles", usually it is mentioned on the package. Might be a surprise how many locks look like they are for bikes but they are not. Its a factor for insurance companies. Stick to brands that are known for good locks , like Kryptonite.

    2) If you buy a lock - keep the receipt or make a photocopy of it. You will attach it to the claim.

    3) It has to be locked to an "immovable" object, like a post or a bicycle rack. If you lock your bike to another bike (or a motorcycle ) and it gets stolen - you will not be paid.

    4) If you are still afraid for your bike , lock it right next to a cheaper bike with cheaper lock. Remember , ANY lock can be broken into , no exception. It is just a matter of time a thief has to invest in it and tools he has on him. So if he will see an easier prey next to your bike - he will go for it.


    When you will buy a lock - sellers will claim that locks come with bicycle insurance in case of theft. And this is true to some extent. They will only talk to you if you will present them a broken lock. Otherwise there is no proof that indeed this particular lock was on the bike at the time of theft. The problem is - a thief NEVER leaves a lock behind. They do that to not cause suspicion.

    Scenario 1 ) You see a person who unlocks the lock - drops it on the ground and goes away on a bike - obvous thief - call cops
    Scenario 2 ) You see a person who unlocks the lock - takes the lock with them and goes away on a bike - much less suspicious , could be the owner of the bike , you never know.

    Hope this helps.
     
    #19 holdemo, Jul 25, 2014
    Last edited: Jul 25, 2014

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