Originally Posted by
MNBikeguy
Coverage varies widely between insurance companies. It's worth asking your agent about. Here, most companies do not have limitations on settlement values for bicycles like they do on other types of property (furs, silverware, etc.) Your bicycle is considered personal property. It's covered for the full replacement value anywhere in the world.
Here, you get the extra rider like you would for furs, the grand piano, or your Picasso ... and it's for the price you paid for the bicycle. I had to give the insurance company a copy of my receipt, complete with my serial number for their files and forms.
If your bicycle is worth less than $500, however, it's not worth getting the extra rider because basic homeowners insurance will cover the bicycle.