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  1. #1
    Pepperoni Power ROJA's Avatar
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    Stolen Bike - Any tips for dealing with insurance?

    My "new" used bike (I bought it on Monday) was just stolen yesterday. It looks like I will be going the insurance route. Has anyone dealt with this for a stolen bike and how did you handle it? Replacement value seems hard to determine, especially with a used bike. Look for a comparable component line, etc.?

    The stolen bike was a 2002 sub-17 lb full Ultegra Fuji Team with an aluminum frame and a carbon fork and certain upgrades and marks I can identify as the owner. I have full documentation and have filed a police report.

    Thanks.

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    Get some KY and get ready to assume the position.

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    GO to a bike shop and have them quote you a price for an equivilent bike, with similar parts upgraded, etc. Take that to your insurance people and tell them to fork it over It shouldn't matter that you bought it used.... as long as you have replacement cost coverage.
    Get on a cross bike.... you'll like it ;)

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    Quote Originally Posted by briscoelab
    GO to a bike shop and have them quote you a price for an equivilent bike, with similar parts upgraded, etc. Take that to your insurance people and tell them to fork it over It shouldn't matter that you bought it used.... as long as you have replacement cost coverage.
    Of course you have the original receipt when you bought this bike?

    Kenal0

  5. #5
    Know Your Onion! badkarma's Avatar
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    Quote Originally Posted by ROJA
    My "new" used bike (I bought it on Monday) was just stolen yesterday. It looks like I will be going the insurance route. Has anyone dealt with this for a stolen bike and how did you handle it? Replacement value seems hard to determine, especially with a used bike. Look for a comparable component line, etc.?

    The stolen bike was a 2002 sub-17 lb full Ultegra Fuji Team with an aluminum frame and a carbon fork and certain upgrades and marks I can identify as the owner. I have full documentation and have filed a police report.

    Thanks.
    How'd it get stolen?
    We Are Penn State

    2006 Kestrel Talon

  6. #6
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    My bike was hit by a car and crumpled. An insurance agent told me to total the cost of all the parts individually from various websites and catalogs, Performance, Colorado Cyclist, Nashbar, RA cycles, etc. I asked the LBS for a quote to build the bike using all the parts. I turned that in to the insurance company and they wrote me a check. It really was pretty simple.

  7. #7
    Faster but still slow slowandsteady's Avatar
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    My bike was hit by a car and crumpled. An insurance agent told me to total the cost of all the parts individually from various websites and catalogs, Performance, Colorado Cyclist, Nashbar, RA cycles, etc. I asked the LBS for a quote to build the bike using all the parts. I turned that in to the insurance company and they wrote me a check. It really was pretty simple.
    Now that is a deal since you can't often buy a bike for what it would cost to build it from scratch. It is like totaling all of the parts on a car and getting that money back. By that logic, I think my 11 yo mazda is worth around $80,000.
    "Ride lots." -- Eddy Merckx

  8. #8
    Senior Member curiouskid55's Avatar
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    After my bike was toatled in an accident i went to a bike shop to get an estimate of its replcement cost. The store manager said "which bike do you want?" I ponted at a Specialized Roubaix Comp. He wrote the tag price on an invoice I turned it in and got a check.

  9. #9
    Pepperoni Power ROJA's Avatar
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    Thanks for the tips. I am not going to be dishonest, but I don't want to get hosed either. I think I will seek the help of a bike shop to determine which bike would be equivalent.

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    Quote Originally Posted by badkarma
    How'd it get stolen?
    Very good question, which the OP seems to be ignoring so far.

    HOW'D IT GET STOLEN?

  11. #11
    Pepperoni Power ROJA's Avatar
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    Quote Originally Posted by botto
    Very good question, which the OP seems to be ignoring so far.

    HOW'D IT GET STOLEN?
    It was taken from my garage, which has a secure metal remote-controlled door. The garage door was open when I got home, but it isn't clear if it was left open, opened on its own, or was opened by the thief somehow (scanner, etc.). It was not locked inside the garage (but I am going to start doing that now). My 3 other bikes (which did not have pedals on them) were NOT taken, so I think it was a grab and ride.

    Thanks for the advice so far.

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    . botto's Avatar
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    Quote Originally Posted by ROJA
    It was taken from my garage, which has a secure metal remote-controlled door. The garage door was open when I got home, but it isn't clear if it was left open, opened on its own, or was opened by the thief somehow (scanner, etc.). It was not locked inside the garage (but I am going to start doing that now).
    that's harsh.

  13. #13
    pan y agua merlinextraligh's Avatar
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    The bike's vaule is pretty easy to establish. It's what you paid for it on monday. However, my strong advice is not to file a claim for a stolen bike on your homeowner's insurance. After the deductible, you won't net much, but you'll pay for it for a long time Filing small claims against your homeowners can cost you rate increase, cancellation, and can even end up in other companies being unwilling to write coverage on your property. Sve your claims for big things you can't afford to absorb. I know people will say that isn't right I padi for that insurance, and it may not be right, but it's reality.

  14. #14
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    Quote Originally Posted by merlinextraligh
    The bike's vaule is pretty easy to establish. It's what you paid for it on monday. However, my strong advice is not to file a claim for a stolen bike on your homeowner's insurance. After the deductible, you won't net much, but you'll pay for it for a long time Filing small claims against your homeowners can cost you rate increase, cancellation, and can even end up in other companies being unwilling to write coverage on your property. Sve your claims for big things you can't afford to absorb. I know people will say that isn't right I padi for that insurance, and it may not be right, but it's reality.
    That really makes a lot of sense! It might be better to absorb the cost of a new bike (plus lock).

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    Pepperoni Power ROJA's Avatar
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    Quote Originally Posted by merlinextraligh
    The bike's vaule is pretty easy to establish. It's what you paid for it on monday. However, my strong advice is not to file a claim for a stolen bike on your homeowner's insurance. After the deductible, you won't net much, but you'll pay for it for a long time Filing small claims against your homeowners can cost you rate increase, cancellation, and can even end up in other companies being unwilling to write coverage on your property. Sve your claims for big things you can't afford to absorb. I know people will say that isn't right I padi for that insurance, and it may not be right, but it's reality.

    I see your point, but based on my research so far, what I paid is not the value for the purposes of replacement value insurance. I cannot replace it for what I paid for it. Replacement value insurance should pay for a new comparable bike. What I paid is not relevant. What if I overpaid? What if I got a screaming deal? It is not like replacing a car; there is not a big enough market or established enough values to expect me to shop around to find a like-kind used bike. There will certainly be some negotiation involved. I will be curious to see how it turns out.

  16. #16
    2oz
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    double post.
    Last edited by 2oz; 09-08-06 at 06:11 PM.

  17. #17
    2oz
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    too much of this going on this week

    Stolen Bike: What to do?

    What insurance are you filing this under? homeowner's?

  18. #18
    Pepperoni Power ROJA's Avatar
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    renter's insurance

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    Put it on your homeowners and think to yourself, "Yes, those dopes will cover this!" Then your rates go up spread out over a year and you probably could go out and bought yourself a brand new bike.

  20. #20
    Sensible shoes. CastIron's Avatar
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    With insurance claims I follow two rules:
    The claim has to be over double the deductable to file (my actual losses).
    The claim is always made for FULL RETAIL VALUE (most expensive price).

    If I eat some losses or find a replacement bargain on sale that's my business.
    Mike
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    It looks silly when you have quotes from other forum members in your signature. Nobody on this forum is that funny.
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    Why am I in your signature.

  21. #21
    Pepperoni Power ROJA's Avatar
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    Quote Originally Posted by CastIron
    With insurance claims I follow two rules:
    The claim has to be over double the deductable to file (my actual losses).
    The claim is always made for FULL RETAIL VALUE (most expensive price).

    If I eat some losses or find a replacement bargain on sale that's my business.
    I talked to my agent and got the information about possible rate increases, etc. I think your rule is spot on here and your approach is certainly not unethical. Thanks for the help.

  22. #22
    Pepperoni Power ROJA's Avatar
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    Just wanted to give an update on the resolution. The insurance company (State Farm) was very easy to work with (after a little negotiation) and approved the purchase of a comparable bike, as determined by my bike shop. I will be replacing with a Cannondale Six13, which is priced comparably to a new Fuji. I hope none of you have to deal with this, but if you do, this thread may be handy. Keep documentation of your ownership and purchase of the bike and any parts, upgrades, or accessories.

  23. #23
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    Quote Originally Posted by ROJA
    Just wanted to give an update on the resolution. The insurance company (State Farm) was very easy to work with (after a little negotiation) and approved the purchase of a comparable bike, as determined by my bike shop. I will be replacing with a Cannondale Six13, which is priced comparably to a new Fuji. I hope none of you have to deal with this, but if you do, this thread may be handy. Keep documentation of your ownership and purchase of the bike and any parts, upgrades, or accessories.
    Excellent news and good resolution. Kudos to State Farm...

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