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  1. #1
    Join Date
    Apr 2008
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    How are your bikes insured?

    Wondering what mags are doing to cover their stables. And would love to hear some good anecdotes about how shit was lost and what was covered/not covered.

    Now that my car free garage has contents valuing as much as if there was a car inside, I finally called my homeowners carrier and threw out some questions: (some answers paraphrased)
    How much am I covered for? Something like $50,000, which covers all my worldly belongings. The agent said 100% straight up "Are your bikes worth that much?"
    Wow, so even if it's just a really expensive bike, and I didn't set up a special rider for it? "yup"
    What about if I built it up from scratch with parts/frame I scoured online sales, Craigslist, Ebay and my buddies for? "Try to keep receipts and paypal records. Try to take pictures. Ask your mechanic to look it over and be willing to vouch for what was on it. Basically we're not going to say we don't believe you"
    Yea, but am I covered for the sweet deals I hunted down, or am I covered for replacement value? "The policy clearly states 'replacement value'. We just want to have some idea that you actually had the stuff"
    What about when I'm in Yurp this summer? "yup. covered."
    What if I break it, or drive it into my garage? "that would suck for you. sorry, not covered"
    Last time I "cashed in on it" was in college when I was still on my old man's plan. That was a $700 Rockhopper ripped off from my dorm. That was almost 20 years ago.
    I fucking love my insurance company, USAA. I would have sex with them.

    Friend of mine called his homeowners. They said he's covered up to $1000.00. And he has a $1000.00 deductible. His bikes are worth about $$13,000 combined.
    He asked them about getting a rider just for the bikes. They said that a $10,000 rider would cost $800 annually. And that he'd need solid proof of purchase for every single item being insured - before starting the policy. Pretty fucked up.
    He's currently searching for other options, either homeowners or a bike specific policy to have separately.

    Anyone else want to share?

  2. #2
    Join Date
    Mar 2006
    Location
    Missoula, MT
    Posts
    22,462
    For $80 a year, my renters insurance covers me with a $500 deductible, and the depreciation they apply to bikes is ridiculously low.
    Gmail is your friend. I had sooooooo many receipts for parts that were just email confirmations of purchases, plus a few receipts I went to the store I bought the stuff from and they just made me a new one. The original purchase receipt/owners manual, and I recorded the serial number.
    Then I got my bike back like 2 months later, and they never even asked for the money back.
    Assurant. Signed up through Geico.
    Oh, I'm just looking and it covers up to $5,000. Meh, that'll work.
    No longer stuck.

    Quote Originally Posted by stuckathuntermtn View Post
    Just an uneducated guess.

  3. #3
    Join Date
    Jan 2006
    Location
    Jackson
    Posts
    237
    I had a bike stolen from outside of a bar and since I was living with my parents at the time it was covered under their homeowners insurance. I don't know the details of the policy but they immediately issued a check for depreciated value which was pretty high and then issued another check to make up the full replacement value upon me buying a replacement. The deductible was something like $250 or $500. Not a great experience to go through but it did work out that I got a new bike for not much money thanks to insurance.
    I had to submit a police report and receipts. Most of the stuff (custom build) was bought from my local shop and I know the owner well so he wrote up some new receipts since I had gotten rid of all of them. Since things were upgraded and replaced over time I ended up with several receipts from the shop and a few online vendors which were still in my email.

  4. #4
    Join Date
    Mar 2006
    Location
    Missoula, MT
    Posts
    22,462
    You know what pissed me off?
    I had to pay $5 to get a copy of the police report for a crime for which I was a victim of.
    And, in every bureaucracy's greatest feature: I had to order the police report from the lady at the police station in townhall, go upstairs to pay the $5 with the little thing she gave me, and then go back downstairs and give her the receipt, and sit and wait for a bit. Experiences like that always show me why there are people who absolutely abhor the government and its (in)ability to do anything.

    Well, I wouldn't say it really pissed me off, it was just kinda irritating and stupid.
    No longer stuck.

    Quote Originally Posted by stuckathuntermtn View Post
    Just an uneducated guess.

  5. #5
    Join Date
    Nov 2009
    Location
    out yonder
    Posts
    318
    My bikes are covered through my renters insurance with State Farm. They won't cover them in a separate policy.
    When my brand new, just built, fully custom mtb was stolen a couple of years ago, State Farm questioned how a bike could cost that much. Luckily my LBS had a record of all of my purchases, so with the receipts and the police report number, they were able to cut me a check for a new bike, less deductible, within a couple of days. Absolutely no complaints with State Farm or the process.

  6. #6
    Join Date
    Oct 2007
    Location
    The greatest N. New Mexico resort in Colorado
    Posts
    2,188
    Online vendors (Pricepoint, Jenson, etc.) keep receipts on hand for a surprisingly long time. If you delete an email and need a receipt, just give them a ring. Definitely worth it to register when you order.

    And I'm with jm2e: USAA is at least the second best benefit to come out of my marriage thus far.

  7. #7
    Join Date
    May 2011
    Location
    Truckee & Nor Cal
    Posts
    15,620
    Definitely pays to check the specifics. A friend of a friend's bike just got stolen and was worth $6500 - $8000. No problem, renter's insurance will cover it... except they didn't. Make sure to get it in writing if possible and watch out for tricky bullshit clauses.

  8. #8
    Join Date
    May 2010
    Location
    where the rough and fluff live
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    4,147
    Quote Originally Posted by stuckathuntermtn View Post
    You know what pissed me off?
    I had to pay $5 to get a copy of the police report for a crime for which I was a victim of.
    And, in every bureaucracy's greatest feature: I had to order the police report from the lady at the police station in townhall, go upstairs to pay the $5 with the little thing she gave me, and then go back downstairs and give her the receipt, and sit and wait for a bit. Experiences like that always show me why there are people who absolutely abhor the government and its (in)ability to do anything.

    Well, I wouldn't say it really pissed me off, it was just kinda irritating and stupid.
    nice blog, but you forgot to say that back in Westchester County they would only have charged $50, so you are tired of Missoula's backward situation relative to The Glorious Greatest City On Earth's Commuter Suburbs.

    ***********
    unrelated to fingerstuckupmyass/stuckinsidemyonlineidentity,

    If you rely on the idea of your renter's or homeowner's insurance covering your bikes, you should have some written record of that assurance, specifically referencing your bikes. Insurance policies are broadly worded to allow interpretive exclusions along with the specifically listed exclusions. An agent/broker/producer will tell you whatever he/she needs to tell you to sell coverage.

  9. #9
    Join Date
    Oct 2008
    Location
    the desert
    Posts
    883
    WTF is wrong with you, Creaky?

    When I became a homeowner, my employer offered significant discounts for signing up with MetLife. Although i haven't had to make a claim, I can't complain about either the price or the service from my agent.

    I specifically asked about expensive items such as bikes and jewelry, and said that above the blanket cost for all homeowner's items, I could insure specific high cost items for extra cost. He simply wanted a list of total cost and the breakdown of parts. Didn't ask for pictures but said it would be a good idea to have on hand just in case, which is obviously a good idea for several reasons.

    All in all covering my 3 bikes totaling about 8k costs me about $80/year extra. Covers theft out of my garage, or off the bike rack. Didn't look into depreciation.

  10. #10
    Join Date
    Mar 2006
    Location
    Missoula, MT
    Posts
    22,462
    I was hoping he had an embolism but now
    No longer stuck.

    Quote Originally Posted by stuckathuntermtn View Post
    Just an uneducated guess.

  11. #11
    Join Date
    Sep 2005
    Location
    Not in the PRB
    Posts
    32,776
    Homeowner's with USAA. Been unhappy with their (non-claims) service lately, but glad to hear that their claims dept is still good.
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
    "everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy

  12. #12
    Join Date
    May 2010
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    where the rough and fluff live
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    Quote Originally Posted by stuckathuntermtn View Post
    I was hoping he had an embolism but now
    your e-expertise now extends to wishing people dead. and you wonder why I make fun of your pathetic inadequacies at the most basic facets of living as a human being. go on now, Mr I Need To Be A Hero On The Internet Because My Meatspace Life Licks Donkey Balls. go on now. wish someone dead because he exposed your bogus pretense at wisdom & experience. go on.

    Quote Originally Posted by donkeykong View Post
    WTF is wrong with you, Creaky?
    nothing. you're doing a yeoman's job of projecting "problems" onto me, though.

    you mean me making fun of stuckinsidemyonlineidentity?

    you need a grip.

  13. #13
    Join Date
    May 2009
    Location
    inpdx
    Posts
    20,197
    I had a bike taken from my garage several years ago. Homeowner's insurance covered it (state farm). They did not require a police report, though I did have one made.

    For the claim, I had to itemize the bike and the attached components and the respective ages. They cross verified costs on the items via the internets and valued them down by percentage assuming a 5yr life. They gave me cash up to 50% of the itemized value no questions asked. They gave me the remaining 50% towards a new bike with a receipt showing purchase. In reality, they sent the check prior to my purchase so that made things a little easier. If the bike were ever found, they have first claim on it. I'm sure it was parted out; I checked craigslist for a while but never saw anything.

    [edit to add] even if you have stock components, itemize the hell out of the claim -- tires, tubes, hipster saddle bottle opener, sparkle handle fringe, and the $5 bill you keep in the saddle bag for emergencies, etc. (but don't add items that weren't actually part of the bike since, if they find it, you might have to explain/prove the claim.)

  14. #14
    Join Date
    Aug 2006
    Location
    Somewhere around the west
    Posts
    2,587
    357. That's if they get past the Pit Bulls.
    Johnny's only sin was dispair

  15. #15
    Join Date
    Jan 2005
    Location
    Howdy Folks
    Posts
    1,634
    Had 4 nice bikes stolen from my garage in December

    I was covered by my homeowner's policy. My insurance is through AAA, and they were very nice to deal with
    • I don't remember the total amount of coverage on my belongings off the top of my head, but it's a default % of the home's value, and much more than 4 nice bikes
    • I don't have an extra rider for bikes and didn't have to declare anything upfront. There is a long list of exclusions in my policy but it's basic stuff (fancy jewelry, Picassos, cash), and bikes aren't on it
    • One of the bikes belonged to my girlfriend, who is not on my mortgage or insurance policy. All I had was a photo, no receipts -- no problem
    • Seems that all I really had to provide were pictures of bikes, and replacement quotes from authorized dealers. I had much more than that thanks to previously mentioned power of Gmail and online order histories
    • I got the depreciated value minus $1000 deductible upfront, and was reimbursed for the rest upon showing receipts to prove that I actually replaced each bike
    • I got reimbursed to replace garage locks with Fucking Burly ones. I did not get reimbursed for new motion sensor lights all around my propertay and burly wall-anchored bike locks within the garage, but those were upgrades. Apparently booby trapping the garage is illegal so no reimbursement opportunity there either


    Things I learned:
    • The extra rider for replacement value vs loss value is clutch, especially if you built your whole bike quiver off Chainlove, demo sales, and Gear Swap. I.e., walk into LBS and say "build me this exact bike today" vs Gear Swap value
    • It's worth it to be super specific on parts, otherwise I would have gotten defaulted to a standard build kit or the cheapest item that matches the description on Amazon
    • The little things add up, e.g., tires, bottle cages, bike multi-tools, matchy-matchy bash guards
    • Take lots of photos, or at least one high-res one. I didn't have that for one of the bikes, but was super organized for the other three. The process was surprisingly easy. May have been different if I'd shown 4 blurry photos and said that each was of a $5000 bike...


    I'm sure the ease of use and their losses from fraud as a result are built into my premium, and I could probably find a cheaper policy, but it was such a welcome break from the burglary shit show. Ask me again when my policy comes up for renewal, though...
    Last edited by BigKuba; 07-09-2014 at 11:11 PM.

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