Why you should insure your bike(s)

[NbyNW]

Hi everyone,

If you've been following the story of my search for my little red Rodriguez, here is the end of the story:

Thanks to the original owners of my bike and R+E Cycles, we were able to track down the serial number for the bicycle, which was the Proof of Ownership I needed to file an insurance claim.

Now here's where I lucked out, since I had not bothered to make my bike a special line-item rider on my policy, like some people do with jewelry or artwork, etc. Some insurance policies will give you cash value for lost property. Others will give you replacement value for another item "of like kind." My policy was the latter.

The way it worked was as follows. About a week after I filed my claim, I received a check for what my insurance company considered to be the cash value of the bike I lost, i.e., cost minus depreciation, etc. It was a pretty good-sized check, but not enough to replace the bike that I lost.

To get replacement value, I had to first purchase my new bike, then provide the insurance company with receipts to show that I've purchased the same thing that I had before, and they will make up the difference up to a certain amount. i.e., I paid for custom paint and other upgrades/accessories.

The new bike was delivered on Thursday, and I took it out for getting-to-know-you ride around Green Lake. It was a pretty glorious afternoon. It feels different than the old bike, and I still hope someday its little red sister will find her way home . . . technically, I think my insurance company owns her now, but maybe if she turns up I can buy her back from the company? That would be interesting . .

I'm naming it the Terrible Tourer, in honor of the late Myron Cope, who provided hours upon hours of radio entertainment during my childhood: http://www.post-gazette.com/pg/08058/860750-13.stm

Here's a pic from this morning's photo shoot: