Author Topic: Bicycle theft insurance through lock manufacturer  (Read 605 times)

$eneca$h

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Bicycle theft insurance through lock manufacturer
« on: June 23, 2018, 10:33:36 AM »
Many lock manufacturers provide bicycle theft insurance with their locks.

Kryptonite is one example: https://www.kryptonitelock.com/en/customer-service/register-for-anti-theft.html. If I understand it correctly, you can insure up to USD 5k for USD 25 for a five-year period, or 5/5000 = 0.1% per year.

Wondering if this is a practical alternative. Looking forward to hearing from anyone who has actually filed claims through this.
« Last Edit: June 23, 2018, 10:36:08 AM by $eneca$h »

Goldielocks

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Re: Bicycle theft insurance through lock manufacturer
« Reply #1 on: June 25, 2018, 12:59:05 AM »
I just bought a lock from them because of it, but have not filed a claim.  My last (cable) lock was kryptonite, and someone tried to cut it and did not get through it in the minute or two that they tried.... but required a new lock.

I have high deductible home insurance, with essentially no bike insurance (unless the whole home burns down), so I wanted something and this was about the only option.

I did have to send in receipt for my bike, brand / model, and a photo to register the lock warranty... on the other hand, I love the lock -- U lock with a combination and the warranty coverage that I wanted.

Linda_Norway

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Re: Bicycle theft insurance through lock manufacturer
« Reply #2 on: June 25, 2018, 01:48:40 AM »
Do you often have your bicycle lock on the street where others can try to steal it? Of do you keep it locked into your house and park it inside at your office?
We have taken the chance of not having an additional bike insurance. Outside we usually sit on the bike. When it is locked, it is always inside our property or at work. I got the home insurance to add another sentence that as long as the bicycle is inside on our property it is insured as all other furniture.

elliha

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Re: Bicycle theft insurance through lock manufacturer
« Reply #3 on: June 25, 2018, 02:34:16 AM »
It also depends on how expensive your bike is. Mine is not worth very much now as it is quite old and an insurance would be a total waste so I park it in the street both at home and at work. Would I get a newer bike I would consider two locks before getting insurance, if you have one for the bike and one to fasten it to something you have considerably slowed down most thieves enough to make them go for an easier target. I used this with my current bike when it was new.

I was taught by a man who had sold bikes for 30+ years that every minute you add to the thieves time is making it less likely for your bike to be stolen. There are occasional targeted thefts where the thief might have chosen a given bike and then time is less of a problem but the majority has only decided to steal "a bike" and if they see yours will take time they will just move on. The lock he sold me he guaranteed 5 minutes of work being necessary and I did have an attempt at it being stolen which damaged the lock but the bike was still there and locked but the lock needed replacement. For my next bike I didn't research how long it would take to break it and guess what happened? Yup it got stolen and that was my only stolen bike so far in life. So do your lock research folks!

Arbitrage

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Re: Bicycle theft insurance through lock manufacturer
« Reply #4 on: June 25, 2018, 09:50:45 AM »
Haven't filed a claim (and certainly hope not to), but here's my understanding of the Kryptonite insurance, which I do have for my $1700 e-bike.

(a) You have to have the right lock classification.  $5000 I think is only available for their extremely heavy-duty locks, which can be quite heavy.  I have a $2500-insured lock which is a bit cheaper and lighter, but enough for my bike.  From testing I read, this lock requires power tools to defeat.

(b) If your bike is stolen, your insurance will only pay out if you demonstrate that you had locked the bike, and that the lock was destroyed in the process of having it stolen.  Pictures needed. 

(c) You'll only be reimbursed on the cost of the bike, not the various accessories.

(d) You have to register the lock and the bike on the Kryptonite website, I believe within a specified time limit (30 days?) of purchasing the lock.

I'm not sure whether or not I'll pay to renew the insurance on the lock - it came with one year.  I'll think about it, though - renewal was on the order of $15-20 per year.

Goldielocks

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Re: Bicycle theft insurance through lock manufacturer
« Reply #5 on: June 25, 2018, 12:32:46 PM »
I bought the $1250 insurance, because I added an electric motor and battery to my bike.   It is bolted in, so the whole bike needs to be stolen, and I hope the company will cover it (I sent in the $$receipt for the motor) and not call it an accessory.  It is a risk about payout for sure.

I park in the suburbs, and only for up to 2 hours, outside of grocery stores, library fitness centres, errands, that sort of thing.  Some have cameras nearby, and I look for lots of pedestrians to be around, so the lock attempt would not be for very long.

I keep my bike looking old, used, worn.  The actual bike is 15+ years old and mid-grade, not looking fancy. Even so, someone did try to cut the lock on it as there is a lot of quick theft in the area.

I paid for 2 years coverage.  After 2 years, I may not be using it as much,  and will have gotten the $$ value from my motor kit.

alanB

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Re: Bicycle theft insurance through lock manufacturer
« Reply #6 on: June 25, 2018, 02:18:17 PM »
Once I had a key break inside of a kryptonite lock.  I contacted them and they said they would pay for a guy to come out and cut it (and they also paid for a new lock).  Guy rolls up in an unmarked van, "is this the bike?"  He cut off the lock in <30 seconds and handed me a bill for $100.  So from that I learned that the (lower-end) lock is basically useless, and also that if you already have the big power tools you should skip chopping bikes and go straight to locksmithing where the easy money is.

One time I had my bike stolen, the thieves popped off the u-lock with a sturdy pipe.  They were kind enough to leave the pipe and the broken lock as evidence.  I was going to use the lock insurance but my renter's insurance policy was even better.  If you can go that route I would highly recommend it, the premium was low even for a fairly low deductible.  They reimbursed absolutely everything I had ever paid for this bike to the point of absurdity.  I previously had to buy a new saddle & post since the one I had was stolen before... no problem they covered that too.  I had an hour long conversation with the claim adjuster where I was like "but the original bike had a wheel, does it make sense that you would pay for the bike as well as the replacement wheel??"  The cup holder, lights, bell, etc... the guy even calculated the value of the milk crate attached to the rack (after depreciation of course!! )