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Old 08-12-08, 01:09 PM   #1
edbikebabe
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Insurance for Bikes. Question for y'all.

So - we had our garage broken into on Sunday night (while we were home & sleeping). They stole ONLY bike gear. 6 bikes plus two tool boxes of bike tools & various parts/pieces etc. Also two bike helmets.

Now - the bikes are taken care of. We are not getting full replacement value due to the policy that I have & lack of rider. I am okay with that (as okay as I can be considering).

What I don't understand is their unwillingness to compensate for the parts & bike specific tools that were taken. They are claiming that the parts fall under "accessories & cannot be comped - even though the bikes left the garage in full working order. They ARE offering $500 as some of the tools could be used for things other than bicycles.

I need some perspective from someone with a cooler head than me. Is it worth it to pursue & try to get more (the tools etc were definitely worth more than that), or is it not worth my time/effort to go up against the big agency with many more resources at it's disposal?
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Old 08-12-08, 01:59 PM   #2
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Did you know there are attorneys who specizlize in going after insurance companies to make sure the policyholder is getting a fair shake? They would know all the angles and what is not worth pursuing.
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Old 08-12-08, 02:20 PM   #3
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1. See Garfield's post.

2. Change the claim from "bicycle tools" to "hand tools". After all, that's what they are.
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Old 08-12-08, 03:17 PM   #4
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Yeah, the reason behind the $500 is that the tools could be used for things other than bikes.

I think we're just going to suck it up. Honestly, I miss my bikes & don't have the heart to drag it out. I just want to move on & start riding again.
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Old 08-12-08, 05:54 PM   #5
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Rule #1 Insurance companies are in business to make money...period.
Rule #2 I don't waste my time with them. I carry catastrophic coverage only, any thing else is a crap shoot.
Rule #3 Get a better lawyer than they have...you will need it. FWIW we are still owed well over 6 digits settlement from a business loss that occurred 4+ years ago. Court is looming and they are going to loose big time.

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Old 08-12-08, 06:38 PM   #6
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Did you know there are attorneys who specizlize in going after insurance companies to make sure the policyholder is getting a fair shake? They would know all the angles and what is not worth pursuing.

Everytime someone caves into a insurance company all of us get a little poorer.

All Insurance companies live by the 3 D's ....Deny, Delay, Don't pay.

Don't take that crap, mate.
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Originally Posted by krazygluon
Steel: nearly a thousand years of metallurgical development
Aluminum: barely a hundred, which one would you rather have under your butt at 30mph?
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Old 08-12-08, 07:19 PM   #7
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The problem with theft is that it has a clear ceiling.

What is the full replacement value of the stuff that was stolen? That's the most that you can get. A lawyer is going to take at least a third of the ultimate judgement and they proabaly aren't going to want to risk their time on a relatively small claim.
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Old 08-12-08, 09:27 PM   #8
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small claims court
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Old 08-13-08, 01:34 AM   #9
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Everytime someone caves into a insurance company all of us get a little poorer.

All Insurance companies live by the 3 D's ....Deny, Delay, Don't pay.

Don't take that crap, mate.
Not all. My insurance is a coop and they treat policy holders fairly.
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Old 08-13-08, 08:39 AM   #10
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The insurance company has been speedy at getting stuff done for the claim so far. I guess cause they want it done & settled & out of the way without too much of a payment.

My boyfriend is phoning an independent insurance group today (can't remember the name - but a gov't group) to get the specific definitions for "parts & accessories". I still think that since they weren't ON the bikes, they should be covered as is.

We aren't settling yet - but I don't think we'll take it to court.

Like anything that was stolen - it was worth everything to us, the money will only restore some of it.
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Old 08-13-08, 10:42 AM   #11
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Instead of getting a lawyer who's going to take 1/3 of whatever is recovered, either pay a lawyer by the hour, or - this is what I do - join that Pre-Paid Lawyer group. You call, you explain, they write you a letter.... the insurance company usually pays up. Of course, if the insurance company doesn't pay up after 1 letter, you have to pay the lawyer yourself for any followup, but on small claims, it's cheaper for the insurance company to pay than to argue with your lawyer.
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Old 08-13-08, 10:51 AM   #12
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Instead of getting a lawyer who's going to take 1/3 of whatever is recovered, either pay a lawyer by the hour, or - this is what I do - join that Pre-Paid Lawyer group. You call, you explain, they write you a letter.... the insurance company usually pays up. Of course, if the insurance company doesn't pay up after 1 letter, you have to pay the lawyer yourself for any followup, but on small claims, it's cheaper for the insurance company to pay than to argue with your lawyer.
Intriguing - I live in Canada, I wonder if we have something similar....
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Old 08-13-08, 10:52 AM   #13
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Also, even if we get more, it won't be more than $1000. A lot of money to be sure, but in terms of time/hassle etc that will be invested, I can't decide if it is worth it. I want a bike to ride now dammit!
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Old 08-13-08, 11:08 AM   #14
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The insurance company has been speedy at getting stuff done for the claim so far. I guess cause they want it done & settled & out of the way without too much of a payment.

My boyfriend is phoning an independent insurance group today (can't remember the name - but a gov't group) to get the specific definitions for "parts & accessories". I still think that since they weren't ON the bikes, they should be covered as is.

We aren't settling yet - but I don't think we'll take it to court.

Like anything that was stolen - it was worth everything to us, the money will only restore some of it.
I think that you're taking the intelligent approach. I don't see how tools = accessories and I don't see how depreciated value makes you whole.

Keep in mind that the insurance company is paying for somebody's time to settle the claim. It's to their benefit to stretch what they're willing to pay a little bit to make the claim go away.
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Old 08-13-08, 11:35 AM   #15
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That's grim. My sympathies. As you say it's not just the money.
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Old 08-13-08, 11:54 AM   #16
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Thanks folks. We're going to settle with what they offered (a little more than we initially were offered cause I fought back on a few points).

We go on holidays next week. Hopefully by the time we get back the cheque will be ready & I will actually want to go bike shopping. (never thought I'd see the day when I considered bike shopping a chore!)
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