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ZippRider
10-25-2005, 03:08 PM
How do insure your ride for theft etc... Do you carry it on your homeowners policy? Most homeowners policies only cover bikes and jewelry up to $2500. Anybody looked into this??


Zipp
Bruce K
10-25-2005, 04:40 PM
I have an itemized sports equipment rider on my homeowner's policy that specifically lists each bicycle and a stated value.

BK
Cadence230
10-25-2005, 05:10 PM
Wow. I never thought of this. Thanks for bringing it up. :)
OldDog
10-25-2005, 05:12 PM
Bruce K has it right. Get your serial numbers and save your receipts, especially for upgrades. Photos won't hurt either. Works for bikes, jewelery, guns, etc.
Dekonick
10-25-2005, 05:25 PM
How much does the rider cost?

For my wife's ring they charge a pretty penny...

My guess is if I had to replace my bikes @ retail (besides the fact the Hors Cat cant be replaced...) the bill would reach close to $15k
Kevin
10-25-2005, 06:46 PM
State Farm's Homeowners policy does not have a price cap on bikes.

Kevin
Dekonick
10-25-2005, 07:08 PM
We use Costco (Am Ex) for our insurance...guess I'll have to call.
djg
10-25-2005, 08:46 PM
State Farm's Homeowners policy does not have a price cap on bikes.

Kevin

We have State Farm in Northern Virginia and we have neither a special rider nor a cap on the bikes in our homeowners' policy.
Peter
10-25-2005, 09:57 PM
I'm not sure what use a rider is for-why wouldn't the regular policy cover it?

My bike was stolen several years ago; my apartment insurance covered it minus the deductable. I had a Replacement Value clause on the policy, so there was no depreciation on the bike. I did have my original receipts, so I suppose that helped my claim.
Ginger
10-25-2005, 10:51 PM
Some policies only cover to 2500 per bike, some policies cover up to your house contents amount minus your deductible.

A rider on your policy generally will cover your bikes for their entire value even if they're just damaged.

My current policy's covers bikes to 2500 per bike, and the rider is 7 per 100 of value.
700 x 23c
10-25-2005, 11:10 PM
No cap on my Geico policy.
dsimon
10-25-2005, 11:22 PM
im in the military and i pay more but i have it were the value of the property doesnt deprciate i have cash value so if its stolen wreked or whatever i just make a clam
Michael Katz
10-25-2005, 11:50 PM
The key issue is whether and how your policy caps exposure for loss. Some policies do this by having a dollar limit on losses of sports equipment. Others do it by providing "market value" liability limits (what is the depreciated market value of your $5000 Legend 2 years after you buy it, 3 years etc). The best policies provide for "replacement cost" i.e. what it would cost you to go out and buy a new bike. Some policies provide for replacement cost for sports equipment under the general property loss provisions. Others require that you get a special rider that lists the bike as a scheduled item with an agreed upon replacement cost. It is critical to read your policy carefully to understand its limitations. It also helps to have a broker who rides and understands that a $5000 claim for a stolen bike is not a con job and can explain this to the claims adjuster. In 2004, I had a 1998 C'dale Raven Mtn Bike stolen out of my office. My policy provided for replacement cost for all personal property. Obtained 2 statements of the cost for a Jekyll with comparable component levels and received a check for the full purchase price . Without replacement cost in my policy, I would have been screwed.
Bruce K
10-26-2005, 05:02 AM
My rider covers every listed bike and a stated value.

The standard policy had a limit for sports equipment. My bikes far exceeded the limit.

We also added riders for our kite collection and the model railroad.

BK
ZippRider
10-26-2005, 06:51 AM
How much does the rider cost?

For my wife's ring they charge a pretty penny...

My guess is if I had to replace my bikes @ retail (besides the fact the Hors Cat cant be replaced...) the bill would reach close to $15k


On my policy I have to have my bikes "listed" so they can charge me more. They will not cover something over $2500. With a Santana tandem, Ottrott, Legend, and older Colorado TG, I would be paying as much as my house alone. :crap:

To list my Legend, it is $130/yr and $250 decdutible.
67-59
10-26-2005, 07:16 AM
On my policy I have to have my bikes "listed" so they can charge me more. They will not cover something over $2500. With a Santana tandem, Ottrott, Legend, and older Colorado TG, I would be paying as much as my house alone. :crap:

To list my Legend, it is $130/yr and $250 decdutible.


Zipp,

Sounds like it might be time to change policies....
pdonk
10-26-2005, 10:23 AM
To list my Legend, it is $130/yr and $250 decdutible.

Mine would be about the same.

Without a rider I have $300 total for all 3 three bikes. The insurance company has also told me that they won't insure my bikes, cameras or art work as it is too high of a percentage of my total policy and insurables.
dirtdigger88
10-26-2005, 10:36 AM
State Farm

they must be bike riders- I just gave my agent a list of the bikes and their value- (side note- he thinks Im nuts) no additional costs to cover them- I do have a $250 ded. but I consider that to be fair- I could get less but it would cost more

Jason
Kevin
10-26-2005, 07:09 PM
State Farm

they must be bike riders- I just gave my agent a list of the bikes and their value- (side note- he thinks Im nuts) no additional costs to cover them- I do have a $250 ded. but I consider that to be fair- I could get less but it would cost more

Jason

Same experience here.

Kevin
Birddog
10-26-2005, 08:25 PM
About 5 years ago I had a claim for a stolen Softride with my Co., Liberty Mutual. I have replacement cost covg, not sure of any limits, $500.00 deductible. The claim was handled by an independant outfit in Boston (I live in OK). The adjuster called and verified the stolen bike, police report, etc. He asked if I had made any upgrades (I had) asked if I had receipts for all, I did. He was overjoyed that I had all the receipts, he said it made his job easy. I faxed him all the receipts. Replacement cost easily cancelled out my original purchase price plus deductible. Interestingly, this guy only handled claims for golf clubs and bicycles, those were his specialties. After the loss, I inquired about a special rider, cost was waaaay too prohibitive. As others have said, check your policy, the limits might be low, mine was easy to live with.

Birddog
ZippRider
10-27-2005, 08:47 PM
Looks as if it might be time to change insurance companies. Thanks for the imput.... :cool:


Zipp