Bike Insurance
 

I know I should probably post that in general category more than in the FG/SS but I'm sure i'll get answers here.

Someone I know got her 1000$ bike stolen two weeks ago and she contact her home insurance and said it was a 1500$ bike and they will pay for a new bike.

I didn't know that home insurance covered stolen bikes that were locked in public places.

Does anybody knows if that is the case with most insurance companies.

Are you sure she didn't say it was stolen from her home? I'm surprised they would cover it unless the specifically had it added to the list of junk insured by the company. It's probably going to cost her in the long run. Next year they will just raise her rates because she is more of a liability. Insurance almost always wins in the end.

trying to screw insurance is a bad idea, trust me. you think you're clever now but just wait...there's a reason why only nerds do actuary science....

no, her bike was locked against a fence in front of her school. She got the school to do a report right away and then went to the police station for a police report and that's it. When she called her insurance she told them that the bike got stolen downtown and they ask for a copy of the police report, some receipts of tune-ups, tires, and other parts. She also had pictures of her bike and got a guy at her LBS to give a estimate of the bike.

Home insurance often has a flexible clause saying they will replace damaged or stolen belongings up to X ammount. I think its usually regarding electronics and the like, but it can be almost anything. A friend of mine got her ipod stolen on a plane ride home from Italy and their homeowners insurance payed for a new one. I dont think she even needed a police report.

I believe renters insurance will offer similar coverage on bikes, can any one with experience on this confirm my thoughts?

There has been talk of this before, on the forum, i think i remember someone saying, that their bike was replaced by their renters insurance after they got hit by a car in berlin, if i recall it was someone from toronto, but then again my memory is ****ed so don't quote me

Renters insurance GRRRREAT
 

Yes at one time my bike was stolen from my truck down the block from my old apt,and i did get reinbursed for $2500 !!!! yea baby

We once borrowed a friends video camera to go on vacation. It was stolen at the airport. Our homeowners covered it. Your rates will increase, but typically less than the cost of replacement.

For those who had their bike stolen and reimbursed from their insurance company...

Did it affect your rate the following policy term? If so, how much percentage wise? Like others said, insurance companies are not in the business to lose money. If it's a dramatic increase in premium, perhaps it's better to just write the loss off yourself...????

My thoughts on that are that a lot of people don't declare some losts or car crashes because they don't want their insurances fees to augment. The thing is, thats why you pay a certain amount for each year, to cover your stuff. I guess that insurance companies are making more (or the same amount of) money out of people who does not declare losts because they dont want to pay more the year after that they do by raising insurance cost after a declaration.

As for myself, I don't have any insurances. But after seeing that insurance companies could be covering my bikes I might get one. After all, there is more of my money worth lock in front of my appartment then there is inside of it and I guess that the money I'll spend covering my 1 room appartement will worth it just to cover my bikes.

I'm actually having nightmares about my bike getting stolen. Seriously. Weird stuff. Like somebody stole my bike and then I saw the guy on it so I fight the guy and take the bike back and notice that he has changed all the parts on it for some ****ty ones. And I always wake up all sweaty. It happens to me every time I work on my bike before going to bed.

I have both my fixed gear bikes insured on my homeowner's policy.

It costs me ten percent of their value every year, but it covers every conceivable loss in every conceivable situation.

I had to ride my bikes to the insurance company, have pictures taken, and submit an inventory of the parts.

No deductible.

If something happens to either of my bikes, it just gets replaced with no money out of pocket from me.

My two bikes represent my only transportation, and, if I lose one or both of them, in my mind, I have lost something more valuable than a car.

Yes, rental insurance will usually cover your bikes from theft anywhere, even if the bike was not on your property when it was stolen. Definitely check with your provider to make sure your bikes are covered, but they normally are.

However, most policies have a deductable of $500 on stolen items, which means they only pay for the amount over $500. (For example, if you have a $1000 bike that is stolen, they give you $500. If a $525 bike is stolen, you get $25). I have a $250 deductible for this reason.

Make sure you get "replacement cost" insurance. Your beat to **** bike might have cost $1000 when it was new, but it's only "worth" $300 bucks now. If you have replacement cost insurance, they give you the money to buy a new one, not the $300 it's worth. Keep in mind that this doesn't really work for vintage bikes.

Here's the deal:

Standard homeowner's insurance (this also includes renter's policies) covers the "named insured's" (check your policy to see who is a "named insured"...dependent kids away from home are considered a "named insured") personal contents and possessions for a variety of "named perils" (theft is a "named peril") if the loss takes place either at the "insured premises" or at other locations away from the insured premises (like while on vacation, at school, and so on).

Deductible $ amounts are chosen at the time the policy is purchased...the higher your deductible the less you have to pay. This works like your auto collision deductible, appies to all first party losses (your bike is stolen). Deductibles do not apply for third party losses (liability claims....like when your pit bull mauls the neighbor's 5 yr. old kid when he tries to touch your cool bike).

Most losses are adjusted and settled at the "actual cash value" (ACV) of the item at the time of the loss, which takes depreciation of the item into consideration. Note to hipsters: insurance companies depreciate used converted fixed bikes heavily ("you want how much for that old, single speed, POS with no brakes?").

If you choose the "replacement cost" option when buying the policy, then the damaged/stolen items will be valued at the current cost to replace with like kind and quality. This means keep all the receipts for all that blingy crap you've put on your bike.

Most homeowners policies have built in $ limits for a variety of types of property (jewelry, electronics, cameras, bikes, etc.). these limits are clearly stated on the policy....always read your contract. Most people never do, and this benefits the insurance thieves.

If you have a lot of possessions with a value in excess of "these stated policy limits" for certain items (like that custom made ti Seven with all the DA stuff on it, or Grandma's 12 ct. diamond ring) then you can add these items, "schedule them", on a "policy rider". This can either establish a higher limit for the particular class of property in general, or it gives a "stated value" for the particular item in question (like your $10K one-of-a-kind fixie with collector's spoke cards, Jackson Pollock spatter paint job, designer hemp top tube protector and Prada silk bandana).

And, yes, it you file a claim you'll likely be cancelled by the insurance thieves. I know all this because I used to work for The Shifting Sands Property and Casualty Insurance Company.