Bike Insurance - Stolen bike

Check with your homeowners insurance policy.  Theft of your bike even if it happens away from your house is often covered.

Homeowners insurance covered losses for the stolen P2 out of my car six months ago.

There are two people in a Virginia prison because they stole my tri bike, didn't see its value and tried to pawn it. If they would've stolen a Schwinn, they'd be on probation, a cop told me.

The bike was returned the day the check cleared.

Edited by Peripatetic 2013-04-30 4:13 PM

OK so I called State Farm and my bike isn't covered away from my home and only for depreciated value at home and my auto insurance doesn't have a contents coverage. Does any auto policy offer contents? Velosurance is looking good. You should check if your bike is depreciated by your home policy. That could be a chunk of $$

I went thru with State Farm last year. We had three bikes stolen out of the garage. One was found nearby, other two gone.

State Farm is BS'ing you. They paid me back full retail replacement. They did it in two parts, some wonky BS depreciated amount upfront and then the difference when I gave them proof of replacements.

I'd not insure your bikes with your home. What will happen is that you pay your home owners deductible and then fight for replacement value. You also end up with a non home claim on you insurance record and get two of those within a few years of each other and they will not renew you. To see how bad this is spend some time looking for local home owners ins that is government sponsored, it should scare you lots. You can do personal article plan on the bike(s). This provides separate replacement coverage no matter what happens. It also avoids the ding on your home owner's insurance. Shop costs on this, I found State Farm to be crazy expensive and have not followed thru shopping other sources. We now keep all of our bikes under lock in the garage and never out of our sights when out side.

Get in touch with your state insurance commissioner. Your insurance has to cover this, and the commissioner will help you.

Thanks. I talked with the home insurance agent and he says in some states home insurance will pay for loss anywhere, but in Florida, NO. The theft has to happen from the home and racing damage is not covered. Also the cost to add the new bike was 10% more than Velosurance.com quoted me and their policy covers everything, anywhere in the US & Canada.

Well, rats! I wish that would have worked out for you.

My friends went to our state insurance commissioner because their kid hit a car while riding his bike. Their insurance refused to pay, but the state comm. made it happen.