Originally Posted by Rogue Leader

He didn't need to lie to the insurance company. Your homeowners will cover the bicycle if it is stolen as long as you have receipts (always keep receipts for all big purchases), and even sometimes if you don't.

In reality it would be worse for a bike to be stolen off your car if you make a claim through your auto insurance company, since you are only covered for $200 (on most policies) of personal belongings.

(I'm tossing my input in here because I was a licensed agent in 30 states)

PS If you have a bike worth more than $500, it is wise to save the receipt, multiple pictures of yourself with the bicycle, and anything else that can prove you own it and what model it is. then call your insurance company and tell them what it is, how much it cost new, etc and see if they will add it. Even if they wont put a separate rider on, having the documentation means you can claim it anyway, and many times you don't need to, bikes are easier to valuate than jewelery and things like that.