For those that have filed claims for stolen bikes..

[foo_fighter]

I guess it was inevitable, but I unwillingly joined the club that no one wants to be a member of.

If you filed a claim, would you do it again? Did your premiums go up? Looks like we have a "Claim free" discount of $350/yr. I assume that would go away?

Just trying to decide if it's even worth it to file a claim.

[Rebel_Biker]

I had a bike stolen that was locked up outside work. Renters insurance paid replacement cost less deductible with no premium increase. We has USAA.


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[chwupper]

I don't know if my premiums will go up or not, but I used my homeowners insurance this August when 3 (count 'em, 'three') of my bikes rolled out of the condo storage room one night. I was always fairly religious about locking them down, but not that weekend. The estimated value I claimed for the three was ~5k. Minus my $500 deductible, I got a check for $1800. They seem to figure in depreciation fairly aggressively.

In the end, I'm basically replacing 3 with 1. My guess is you won't be able to replace 1 with 1.

[zmudshark]

I found that the insurance co really just wanted a happy customer, but was clueless on bike values. A Toyota Camry, they know how to value, a bike that's not available 'off the shelf', not so much. I did the legwork for them, and presented it in an easy to verify format. I had pictures and details. I put everything on a Google spreadsheet and shared it with the adjuster. My rates did not go up, and the settlement was fair.

My bike was a pristine De Rosa Primato, and obviously, you can't get one at the LBS. It's easy for an adjuster to replace a Trek/Specialized/Fuji, not so much a Kirk or vintage De Rosa, for example.

When making your claim, include everything, down to the rim strips. Don't forget labor to assemble. If you have good pictures of your bike, that really helps. I lost a little to depreciation, but not a ton, as I had pictures showing the condition.

Bike thieves suck.

[Birddog]

I made a claim against Liberty Mutual some 15 years ago. The adjuster was based in Boston and told me he only worked Bicycle and Golf Club claims. he was a specialist. He asked if I had receipts for the bike and any upgrades or at the very least specific model #'s which I did. He thanked me for that and said it made his job a lot easier. We had a $500 deductible and replacement cost coverage. I felt like I came out whole on the deal, nothing more nothing less. it was painless and the rates didn't go up. Having replacement cost covg is the key and it makes their job easier too. They hate figuring out depreciation. You pay for it up front though as there are no free lunches.

[Peter P.]

My experience was the same as Birddog's.

My renter's insurance carried a deductible but I had a Replacement Value clause so I only had to pay the deductible on my custom bike. And fortunately I had the receipts from the purchase to substantiate my claim so it was no problem, and my rates didn't go up.

That was in 1997. No telling if filing a second claim would cause them to cancel my coverage.

[RobJ]

I had a C40 stolen off my bike rack. Stupidly washy securely locked and was out of eyesight for less than 5 minutes. Anyway car insurance covered it for full replacement value. I went out of my way to let them know it was used, that a new model has since been released etc etc. Still they insisted on using the new model (C50) as a guideline with the same level of components. No increase in rates just a check showing up for the approximate replacement cost. Have to check who the insurer was.


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[callt5]

2006 I purchased a bike off of ebay. Before all the buyer protection changes. Seller withdrew my payment, approx $1300, from PayPal but never delivered the bike. Called the local sheriff. ebay would not release the seller's info to the sheriff's office. My renters insurance paid all but $100 deductible. My position was since the seller accepted payment, ownership transferred to me. When seller did not deliver the bike, which I am sure they never had, they stole the bike from me. I felt very fortunate to get most of my money back.

[notoriousdjw]

I made a claim for a stolen bike last summer through USAA. Bike cost $3500ish to build and I think the check ended up being for low $2000s after deductible. The money paid for my current cross bike and there was no premium increase as far as I can tell. We were in a rental house and the garage door (no joke) had a habit of opening for no reason so I think it was open all night. With a Seven and other nice stuff there, it was fortunate that the theif stole the Salsa :). Still, it had sentimental value...

[11.4]

Insurance has gotten tougher post-recession. I had a claim on a new renter's policy for a big theft. This was a theft from a privately accessed storage locker in a locked room in the condo I was renting. Eighteen thousand dollars of equipment. They threw a consultant at me who basically just read the QBP catalog and was sloppy and tried to argue for about $5,000. Do what I did and get a local shop who likes you to itemize and explain each charge. I wrote the letter for a shop, they signed it, and it went decently after that. But they said they wouldn't renew the insurance because it they don't renew on a new policy when there's been a claim, and my new policy with another insurer was about six times as high. And the thief had a key to the main locker room (had to have been a resident), used a grinding wheel to cut off the whole hasp since I had a pretty secure lock in place, cleaned out two lockers, and was caught on video leaving with my equipment. I wasn't impressed.

States differ hugely in how insurance is regulated and how insurers act, and of course different insurers can act differently. They look at credit scores, income, and other metrics to decide whether they want to cooperate or not. So you won't find a definite answer here. Just document everything and be sure the insurer covers it all. Get a letter of some kind to verify that it was lost without your control and not because of your negligence, put that on your insurance record. Get a police report and follow up -- police never search for stolen bikes and won't look for yours, but you want to show every measure of diligence. Then find a safer way to keep your bikes.

[foo_fighter]

Yeah, I'm more inclined to not file since the loss wasn't that big. My policy states:

REGARDING CLAIM FREE DISCOUNT...

If you are a new applicant, the Claim Free Discount Plan, if in effect in your state, provides a premium discount if you have not had any claims considered for rating in the five-year period before applying for coverage with State Farm. When rating new applicants, State Farm considers all claims, including weather-related claims, that resulted in property damage or injury.

If you are a current policyholder and have been insured by State Farm for three or more years, the Claim Free Discount Plan provides a premium discount if you have not had any claims considered for rating in the most recent three-year period since becoming insured with State Farm. Claims considered for rating generally include claims resulting in a paid loss and, depending on the Claim Free Discount Plan that applies in your state, may include weather-related claims. Additionally, if you have been insured with State Farm for less than three years, your claim record in the five-year period before applying for coverage with State Farm may affect your eligibility for the Claim Free Discount. To find out whether a Claim Free Discount Plan is in effect in your state and to learn more about the plan and the claims we consider for rating, please contact your State Farm agent.

Here is a timely link:
http://money.cnn.com/2014/10/19/real_estate/homeowners-insurance-claims/index.html

[oliver1850]

I'm sure things have changed since 1995, but this is my experience:

My (6 model years old) bike was stolen from my truck and covered with new replacement value insurance on my homeowner's policy. I filed a police report; bike couldn't have been gone more than 2 or 3 hours. I got a new bike based on comparable current models by the LBS. I'd paid around $600 for the stolen one, and the current model was about $1100. I don't recall any rate hike afterwards.

Replacement value on your personal possessions is the way to go.

[djg]

I did not notice any spike in my premiums. I regret using a cable lock, but I don't regret filing the claim at all. An expensive Ti bike was stolen. My SF homeowner's policy covered its replacement. I had to pay a small deductible, but they ended up reimbursing me for a more expensive bike (no tricks -- they had my original receipts and they confirmed the replacement model, as the original one was no longer available). The process was a bit complicated, but they did not fight me on a single things.

Would I do it again? Sure. Not three weeks later . . . I would worry about strings of claims (and I've never suffered back-to-back thefts), but that was real money for me. That's why I have the policy.

[druptight]

Yeah, I'm more inclined to not file since the loss wasn't that big. My policy states:

REGARDING CLAIM FREE DISCOUNT...


Sounds like you'll lose your $350 a year discount at least. That's $1,050 over the next 3 years. A quick little spreadsheet after a read of your policy to figure out if you have replacement cost or depreciated FMV as your payment from the insurer ought to give you a good cost/benefit analysis of whether it's worth it to claim or not. If this was a $3,000 bike+ sounds worth it. If less, might be a bit more muddy.

[redir]

I had USAA for renters insurance and have had two bikes stolen and been given a full refund minus deductible of $200 I think, for both bikes. And that was replacement cost. So yes absolutely I would do it in a heart beat.