General Discussion Triathlon Talk » Insurance claim for your stolen bike? Rss Feed  
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2015-05-21 12:56 PM

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Subject: Insurance claim for your stolen bike?
Well, as you could probably guess from the subject line.... my road bike was stolen

I've been debating whether to go through insurance or not

Because on the one hand... I loved my bike, invested in it, and would love help in replacing it!
But on the other hand.... I fear what it could do to my rate.

All in all, I can show that I spent more than $2,000 on the bike itself (not including the pedals & other handy little accessories we all wind up adding).

In a PERFECT world... I'd get my stolen bike back!
but realistically.... I'd hope I could at least replace it.

Yet-- is that a realistic view??


2015-05-21 1:03 PM
in reply to: 0

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Subject: RE: Insurance claim for your stolen bike?

Not sure about insurance but I'll throw it out there that you should keep your eyes peeled on craigslist for your bike. A lot of times dumb criminals will steal something and then post it for sale. I read about a girl whose bike was stolen, she found it on C-list, came over and asked to take it for a test ride, and then rode away, so she stole her own bike back. It's worth looking. Sorry to hear about your bike, that really blows.



Edited by trijamie 2015-05-21 1:05 PM
2015-05-21 1:22 PM
in reply to: trijamie

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Subject: RE: Insurance claim for your stolen bike?
Ya.... I've been stalking kijiji/craigslist virtually daily!!
(yes... I'm BITTER!)

but so far no luck.
(kid you not: I got "check pawnshops" advice from the 1st cop I spoke to on the phone after the fact!
= ugh
2015-05-21 1:31 PM
in reply to: nicruns

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Exton, PA
Subject: RE: Insurance claim for your stolen bike?
Depends on your insurance coverage, and the circumstances of the theft if your homeowners insurance will cover it or not. Most have a $1000 deductible but don't know if they will push your rates up or not.

If it was stolen off you car, your auto insurance should cover it?
2015-05-21 1:55 PM
in reply to: 0

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Post Falls, Idaho
Subject: RE: Insurance claim for your stolen bike?
If you are talking about a homeowners claim I'd really weigh the value of a claim. Dont forget the cost of your deductible in the equation.

If you're talking about an expensive bike then might be worth it.

One big factor is if you have had recent claims (past 5 years or so). If you file frequent claims you'll get dropped and become uninsurable outside of a special high-risk pool and you really don't want that to happen.

Edited by rframe 2015-05-21 1:57 PM
2015-05-21 2:08 PM
in reply to: nicruns


5

Subject: RE: Insurance claim for your stolen bike?
I had one claim for a burglary for about $5000 with my insurer that I had been with for about 10 years and they cancelled me at my next renewal. Because of the claim on my record my new insurance was about 33% higher. For a relatively small claim after deductible (in home value terms) I would be very careful about filing a claim. If you have an agent that you're comfortable with I would run it by them. From what I've heard even calling the insurance company and asking about a potential claim can be harmful to you. Sorry about your bike...good luck.


2015-05-21 3:31 PM
in reply to: bean_counter

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Subject: RE: Insurance claim for your stolen bike?
yikes ALL AROUND!!
but confirms some suspicions I had…
my deductible is relatively low $500
but I've only had this policy for not even a year!
But it's my 1st claim….
But do I want my first to be this?

SO many questions!
& thank you for all the input
(sucks that people can relate to this one)

I keep HOPING I'll get my road bike back.
(admittedly I'm ducking out to my LBS for a 2nd visit with a rather comfy tri bike)
but I know I couldn't handle NOT having a road bike!

2015-05-21 4:21 PM
in reply to: nicruns

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Subject: RE: Insurance claim for your stolen bike?
Let me add one more data point to the conversation. While you say you spent $2000 on the bike, how long ago was that. Just like a car, they will only reimburse you for the current fair market value. If you believe it to be in pristine condition, you will need to prove that with pictures. If you can't prove it then they will assume average condition.

So if you paid $2k three years ago it's likely worth half or less today. Just for grins I went and looked up the blue book on my bike which sold new for $3100 three years ago. Here are the results.

MSRP New: $3,100
BicycleBlueBook.com Value?)

$1381 - $1421 (Like-New)
$1319 - $1358 (Excellent)
$1208 - $1245 (Good)
$817 - $843 (Fair)

So even if I could prove my like fit in the like new condition it is worth a maximum of $1421 or 45.8% of original retail. Using that number and an original cost of your bike of $2000 that would yield a value at $916. With a $500 deductible they would give you a check for only $416. And that is best case!

So weigh that in when deciding to file a claim or not.

2015-05-21 5:29 PM
in reply to: Stuartap

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Subject: RE: Insurance claim for your stolen bike?

Originally posted by Stuartap Let me add one more data point to the conversation. While you say you spent $2000 on the bike, how long ago was that. Just like a car, they will only reimburse you for the current fair market value.

Are you sure about this?  From everything I have heard, you are entitled to full replacement in brand new condition.  Car insurance is different.  When I was in college, I had my car stolen.  It was still registered under my parent's name and thus their homeowners insurance covered the belongings in my car.

Those belongings included my golf clubs, golf bag, shoes, umbrella, balls, tees, other misc golf items, a couple dozen CDs, sunglasses, and a few other odds and ends.  They gave me full replacement value.  About $12-15 per CD, full value of all my golf equipment, etc.  I was rather surprised at how big the check came out to even after the subtracted the $500 deductable.  I'm not sure if my parent's premium went up, but it was their suggestion to file the claim.

2015-05-21 6:27 PM
in reply to: Jason N

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Subject: RE: Insurance claim for your stolen bike?
Originally posted by Jason N

Originally posted by Stuartap Let me add one more data point to the conversation. While you say you spent $2000 on the bike, how long ago was that. Just like a car, they will only reimburse you for the current fair market value.

Are you sure about this?  From everything I have heard, you are entitled to full replacement in brand new condition.  Car insurance is different.  



It depends on the policy.

Some insurance plans cover value, others cover replacement. Replacement costs more in premiums.

Also, some people will get riders on things like bikes (no pun intended) so that they can be replaced without the deductible (and sometimes without an increase in premium). Of course this type of insurance costs more on top of the base premium.
2015-05-22 12:56 AM
in reply to: nicruns

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Subject: RE: Insurance claim for your stolen bike?
Originally posted by nicruns

yikes ALL AROUND!!
but confirms some suspicions I had…
my deductible is relatively low $500
but I've only had this policy for not even a year!
But it's my 1st claim….
But do I want my first to be this?

SO many questions!
& thank you for all the input
(sucks that people can relate to this one)

I keep HOPING I'll get my road bike back.
(admittedly I'm ducking out to my LBS for a 2nd visit with a rather comfy tri bike)
but I know I couldn't handle NOT having a road bike!




$500 is really low for a deductible. You may be paying more overall to have that low of out of pocket expense. Is this homeowners or renters?

I've claimed stolen bikes (had three stolen) before, nearly got dropped in the next renewal period. As mentioned above once you look into State run Ins you will seriously dread loosing private Ins.


2015-05-22 8:57 AM
in reply to: magic

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Subject: RE: Insurance claim for your stolen bike?
homeowners....
(I'm Canadian-- not sure if our insurance system is a bit different than the States....? But I'd guess it's not!)

& grateful someone did the math for me up above (thank you!!)

A friend of mine had her bike stolen out of her car (they broke into her car to steal the bike-- so twice the problem there for her!), and she was given the option of either a direct replacement or cash (in a depreciated amount)

such a curious/complex/messed-up situation

but I'm definitely glad a forum like this exists to gather intelligent opinions on the matter!!

(still debating whether to make a claim... but I SWEAR: if the replacement gets swiped, I might lose my $hit!)
2015-05-22 9:18 AM
in reply to: nicruns

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Exton, PA
Subject: RE: Insurance claim for your stolen bike?
Originally posted by nicruns

homeowners....
(I'm Canadian-- not sure if our insurance system is a bit different than the States....? But I'd guess it's not!)

& grateful someone did the math for me up above (thank you!!)

A friend of mine had her bike stolen out of her car (they broke into her car to steal the bike-- so twice the problem there for her!), and she was given the option of either a direct replacement or cash (in a depreciated amount)

such a curious/complex/messed-up situation

but I'm definitely glad a forum like this exists to gather intelligent opinions on the matter!!

(still debating whether to make a claim... but I SWEAR: if the replacement gets swiped, I might lose my $hit!)


Where was the bike when it was stolen? In your house? In your yard? In your car? Sitting outside a convenience store?

Insurance is different from state to state, so I'm sure its a little different in Canada as well.
2015-05-23 6:22 AM
in reply to: nicruns


1

Subject: RE: Insurance claim for your stolen bike?
I think you should go for claiming insurance. We buy insurance to get compensated in such situations only so why not to use it? In terms of saving money you can get an adjuster from your insurance company to file your claim and your insurance company will pay to him, but if you go for public adjuster you have to pay fees to him from insurance money you will get. So if you claim your insurance you will get paid for your loss and you can buy similar new one.
http://isaclaims.com/public-adjusters-boynton-beach/
2015-10-11 12:53 PM
in reply to: 0

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Subject: RE: Insurance claim for your stolen bike?
First of all , sorry for your lost bike.

As cycling and triathlon industries grow, homeowners/renters might not be the best way to protect your bike. Alternative would be going with a stand alone bicycle insurance policy from Velosurance.

If you want to go with homeowners - consider these 11 questions.
The answer to these questions should allow you to make an informed decision.

1 Is the bike insured away from my home? If the answer is "no" you can stop here!
2 What is the max value my bike is insured for?
3 Is the bike value depreciated year by year?
4 Is the bike insured for crash damage? Collision with a car or another bicycle.
5 Is the bike insured for racing or riding in organized events?
6 How much would I get if my bike was stolen? What is the deductible and depreciation on my bike?
7 Is the bike insured if I lend it to a friend?
8 Is my bike insured when transported by an airline, or in shipping or if it falls off a car?
9 This is an electric assist bicycle, do you insure bikes with an electric motor?
10 What if only my wheels are stolen? Is that a covered loss? What is the deductible?
11 Will my home insurance rates increase if I make a bicycle claim?


A Velosurance policy covers all these situations and almost anything else that can happen to your bike.

Typical claim: A 5 year old $3,100 bicycle is stolen and a claim placed with the insurance company.

Here’s the home insurance math: $3,100 x 50% depreciation = $1,550 less $1,000 deductible = $550 payment to replace the bike. Out of pocket expense = $2,550

Here’s the Velosurance math: $3,100 less $300 deductible = $2800 payment. Out of pocket expense $300.

If you fly out to triathlons and are afraid that your bike might get stolen again, they will be handy as well. Here is why : Risk, liability and insurance for triathletes

Edited by jdawsoner 2015-10-11 12:55 PM
2015-10-11 2:54 PM
in reply to: #5117270


108
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Subject: RE: Insurance claim for your stolen bike?
I work for insurance companies. It all depends on your company - and where you live. If you have someone like state farm and you live in Virginia, it should not affect your rates, state farm in south Texas, more problematic as it is a very high fraud rate area. If you have geico, and file a claim or even call for information without filing a claim in any state, it counts against you and your rates will rise. Any lesser known companies that are regional, your rates will rise. However, the fact that you have a $500 deductible tells me you a national company. This may sound like an irrelevant, but if you have a criminal history of any kind, including DUI, USAA will likely raise your rates.

Now, if national company and you have no history of claims with other companies and no other negative history, not a bad idea to make a claim if you can show the bike is worth $2000. You paid $2000 is not relevant. To determine worth, the insurance company will go online and make a search for tour bike and see what it would cost today. Thats what they would give you, while trying to lowball you with that number. Does not matter if it is a hard to get bike like a Kuota or other bike that is not distributed in the U.S. They will go with what they find online and go with the cheapest (they have specialists that deal only with bike claims). you can fight the valuation price, but that is not easy, unless it is a popular model that a bike shop or two will write you a valuation letter - my experience, bike shops are a bit useless in this realm and write a vague letter that says nothing useful. Bottom line, if you just bought the bike, have receipts, and have a national company that is not Geico, not a bad idea to file a claim. If the bike was a couple years old, probably not worth it.


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