Quote Originally Posted by kelownagirl View Post
Dh and I just bought new bikes to the tune of about $8000. I decided we'd better get a rider on our house insurance to cover it. The rider was going to cost $800 a year. Needless to say we changed companies and now have a no-limit policy. Anyway - I have told a few people what the extra insurance would be - they must really wonder what the bikes are worth!
I handled a claim for an insurance company client where there had been (allegedly) stolen bikes. The insureds who had the bikes stolen claimed the replacement value as if each component of the bike had to be purchased separately (right shifter, left shifter, cables, crank, wheel 1, wheel 2, etc.) They had the wrong attorney on the file to pull that sort of thing. I explained to the carrier that it was the equivalent of valuing a car as if you had to build it piece by piece. These may have been $4000 bikes, but they sure weren't $10,000 bikes.