INTERESTING THREAD - Insurance question

[big shanty]

In looking at the Serotta "Classifeds" section, and browsing other used frames/bikes online....I've been wondering about something. I'll provide two scenarios: In the first scenario, you are driving home and see an old lady setting up a yardsale. As you get closer you see that she is wheeling out a cherry early 70s MASI that looks to never have been ridden. She appears very confused because she can't find the dadburn kickstand. You are so distracted you drive into a hedge. You approach the woman and ask her about the bike.....she is a widow, it was her husband's bike.....he had good intentions but never rode it save for 2 or 3 times. She says she's tired of looking at "the goddamn thing" and being a seemingly fit whippersnapper, she asks you if you are interested in it. $50, plus a floor pump and all that other bikey fiddle faddle thrown in. You are a sometimes upstanding fellow, so you give her $500 and wish her good luck with the yard sale. She says, "Screw that, I'm goin' GAMBLIN!".

Scenario #2: A similar cherry bike is for sale in the Serotta classifieds. You've read a few posts by the seller, he seems alright. The bike has changed hands several times for whatever reason, you will be the 4th owner or something. You buy it for $2,500, but it could have reasonably gone for $4,500 at a bike fair, etc. You pay via PayPal, or money order....whatever. The bike changes hands, you have no receipt per se.

OK...here's the interesting part. Your prized new bike gets stolen. GODDAMMIT! Your ticket to vintage bicycle coolness, ripped from your grasp. All that cachet, gone. How dare they?? My question is....How is "replacement cost" for insurance determined for something like this, where you have a clearly very valuable object, and likely no receipt or proof of its value?? Ok, in the second case, you might be able to produce the stub from your money order, or your PayPal records....but how about Case #1??

Any CBAs out there? (Certified Bicycle Appraisers!)

[DRZRM]

Take pictures of the bike, and your local shop owner can give you an estimate of replacement cost, at least that's what I had to do when UPS crushed...literally...a bike of mine for which I had no receipt. It was no big deal, they didn't even bother denying my claim.

[harlond]

I submitted a claim for some stolen goods once, mostly stereo and camera equipment. Some of the items (or the successor) were still available, and the insurance company accepted as proof of replacement value the printout of a webpage where the item was for sale. Others were no longer for sale, nor any obvious successor, and the insurance company still accepted as proof of value a printout of a webpage of a substantially similar item currently for sale.

The Masi is a different animal. If similar Masi's have sold on eBay, I would print out the webpage from a completed sale as evidence. If they haven't, or haven't recently enough, I think I'd try to find an expert through classic rendezvous or something along those lines who could examine your pictures (hope you have pictures) and provide an assessment.

[Ginger]

Well...how do you know the insurance company is going to take your word that you had the bike to begin with? (yes, it is a trick question)

[Needs Help]

She says, "Screw that, I'm goin' GAMBLIN!".
:D