I recently expressed concern to my homeowners/renters insurance company
about my 4 bikes valued at many thousands of dollars each (replacement
cost). I wanted a personal effects rider for valuable items (usually
given for jewelry or art valued in the hundreds of thousands). This is
not available for bikes.
What they did offer was within the confines of my existing renters
policy. It is called "opening up the perils". Every policy has "named
perils" such as fire, theft, flood, etc. For a minimal increase in my
premium, I was able to add "accidental damage" as a peril. This adds
replacement cost (less my deductible) from destruction due to accident.
Mainly it will help pay for a new frame in the case of a destructive
accident, on top of the theft coverage I already have.
Mark Magilner
OBRA's insurance company will offer insurance for bikes that matches the
insurance offered by USAC. This insurance would cover your bike against
theft, damage, etc. The catch is that the insurance company needs to have a
minimum deposit of $1,000 so there would need to be a minimum of 33 people
purchasing this insurance before the premium cost/person is at $30 (the same
as the USAC plan). If there are more than 33 people the premium does not go
down but remains at $30/year/person.
If you are interested in getting this type of coverage send me a note. If
there are sufficient replies then I will arrange for OBRA to offer this
service.
Mike Murray