Great renter's insurance for a cyclist?

June 1, 2015 3:26 PM

I've come to the realization that I'm stupid for not having renter's insurance. Mainly because I now have a collection of six bicycles that are very dear to me; a couple of them are even custom. I'm looking for renter's insurance that will protect me from theft (in home and out) and if possible, even damage from crashing. Ideally this would also cover the bikes at full value, not some bs depreciation. I'm in San Francisco, CA.
posted by matt_od to Work & Money (10 answers total)

Most insurance companies will cover replacement value of expensive items (jewelry, art, bikes, whatever) via a rider that you pay extra for. If you're willing to pay for the rider, they'll sell you the insurance. I'd shop around to a few companies with good reputations (I'm a USAA member and get my insurance from them even though it was a little more expensive than the others, just because their customer service is so good), and then choose based on price, service, and who makes you feel comfortable that they'll cover what you need covered.
posted by decathecting at 3:37 PM on June 1, 2015

By any chance do you have or are you eligible for USAA membership? They have all sorts of great insurance options, and I completely recommend them. Unfortunately, not all can belong but, if you do, you could discuss this all with a customer service rep and see what they suggest.
posted by smorgasbord at 3:38 PM on June 1, 2015

What you are looking for is replacement coverage, with a special rider for your bikes, which will probably cover accidental damage. Typically, renters insurance is ~$100-200/year and your rider for the bikes will likely make the deductible zero and cost you about $75-100/year (unless they are crazy expensive bikes). If you make a claim, they will likely immediately cut you a check for their fair market value (which will be shockingly low), and then reimburse you for the replacement value when you actually replace them after the loss (usually with a 90 day limit). This is a question and insurance broker loves to answer. Shop around at the major carriers, the prices can ofter vary 50-200%.

Good luck, and ride safe.
posted by bensherman at 3:40 PM on June 1, 2015 [2 favorites]

Response by poster: No, I'm not eligible.
posted by matt_od at 3:41 PM on June 1, 2015

I can vouch for Jake Stewart with State Farm in SOMA. He's accessible at jake at jakestewart.com and his office is quite responsive.
posted by samthemander at 4:03 PM on June 1, 2015 [1 favorite]

I'm assuming that living in SF you don't have car insurance. If you did I'd say just go with whoever you have car insurance with.

Otherwise I agree with bensherman - talk to a broker.
posted by radioamy at 4:03 PM on June 1, 2015

Response by poster: Correct, no car! Just bikes. Too many bikes.
posted by matt_od at 4:06 PM on June 1, 2015

Adding a rider to your existing renters insurance policy is probably the way to go. The bone stock ones, or any off the shelf ones should be just fine getting a regular rider and providing a purchase receipt, but especially for the custom ones, I would pay for an appraisal to be done for their full replacement value. Finding a shop that does an apparaisal shouldn't be too hard in SF, but you might need to hunt a little bit. Even a letter and build receipt from the original builder can help a great deal when you go to purchase the insurance. This is what we do for all our bikes (between 3 or 4, one of which is a rather spendy cargo bike). If any of them get stolen, we just want them to get replaced ASAP.

I would also layer this with a couple locks from Kryptonite that qualify for their AntiTheft insurance, not as primary insurance, but an extra layer. I would at least do this for the customs, and more irreplaceable ones.
posted by furnace.heart at 4:23 PM on June 1, 2015

I rent and I use Amica. When I was robbed here in Brooklyn - they paid for the stolen items with no hassle at all. I have recommended them to many other friends who should know better but don't have renter's insurance in the city.
posted by rdnnyc at 5:19 PM on June 1, 2015

My most cautious friend did a boatload of research for home insurance and settled on Amica fwiw.
posted by salvia at 10:46 PM on June 1, 2015