General Cycling Discussion - insurance?
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06-19-04, 05:28 PM
i was reading the recent thread in here about a bunch of bikes stolen. two weeks ago our neighbor's apartment was broken into...getting too close for comfort.
considering my $3000 investment in my bikes and a bunch of other expensive stuff i have, i think i should do something. anyone have renter's insurance for their bikes? do you have them registered? are there any other things you can do to protect yourself BEFORE all your nice stuff gets ripped off?
As most insurance policies only cover bikes up to $500 or $1000, you'll likely have to get a rider for additional coverage for each individual bike. It'll probably cost you a few dollars for every $100 of worth of your bikes, but, depending on your insurer, you may not have any deductible to worry about for those items. I have such riders for my bikes, and when my Kona mountain bike was stolen a number of years ago, the claim process was quick, painless and it didn't cost me a dime (except for the money I added to be able to upgrade my ride!)
06-19-04, 09:21 PM
On top of having them listed on my insurance policy, in MA, most towns REQUIRE you to register your bike with the local PD. I think it cost me a buck a piece to register them. At the very least, it could help the cops ID the real owner if the thief is ever caught.
06-21-04, 06:38 PM
My renters insurance paid for my bike when it got hit by the carport. Thay paid about $2500 (enough for a new one) after a call to the bike shop doing the repairs, which ended up costing slightly more than a new ride.
As far as getting it stolen, I would just take some pictures of everything and store them in a safety deposit box. Ask your insurance agent how much of a bike is covered. In my case, they didn't bat an eye at the $2500 after calling the bike shop. I don't pay any extra due to my bikes, I just pay for what I estimate is the worth of everything in the apartment.
520 did it the right way-he took pictures! The other thing that will help is the original receipt; and keep these records in a safe deposit box at the bank, or at a relatives home...because it won't do you any good if your proof burns up in your house fire. You should have renters insurance if you have a high valued item(s) such as your bike. Make sure your policy does not have a bicycle payout limit-most don't. Also make sure you get contents replacement; this eliminates the depreciation! Also remember you will have a deductible to contend with, but get a $500 deductible, the premium you save going from a $250 to a $500 deductible will pay back the extra $250 in about 3 years. You can also check to see if your insurance company can schedule the bike (also known as a floater), this will cover your bike up to appraised amount without a deductible and covers it in case anything happens to it including accidents; but it does cost extra; but most renters policies don't have floaters available for bikes so you will need to shop around.
Know the serial number, too :) ...
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