Bike insurance?

[Irulan]

We have a really good replacement value homeowners policy with State Farm. Every so often I check the limits on our sports equipment to make sure we don't need a rider. Can you get something with your renters policy?

[gabrielle]

Can you get something with your renters policy?

Probably...I've just heard a couple of horror stories from friends whose claims were denied/reduced *even though they had proper documents* because the insurance rep just didn't believe that a bike could cost that much.

Plus there's the whole thing about how long is it going to take them to actually process it. I don't want to wait six freakin' months for them to figure it out.

The propaganda around the bike-specific insurance companies leads me to believe those things aren't an issue.

[Irulan]

I believe it. We've had a very good relationship with the same office for about 25 years, so I'd like to think that our experience will be different. Don't get me thinking otherwise, though maybe you have cause to know. They have been really good with car accidents.

[rebeccaC]

Probably...I've just heard a couple of horror stories from friends whose claims were denied/reduced *even though they had proper documents* because the insurance rep just didn't believe that a bike could cost that much.

I would have started a complaint against the agent/rep/company with Oregon’s Department of Consumer and Business Services, which handles insurance complaints and then found a better company. There can sometimes be a big difference between a market value (can be somewhat subjective) vs replacement cost policy pay-out too, which is why I have a personal property replacement cost policy. I also have separate riders for my photography items and some art I inherited. I researched insurance companies before purchasing my homeowners/auto coverage and on just the couple of instances I’ve used it they have been quick and easy to work with.

Just using their website for a quote veloinsurance said 700+ a year for my bikes and Markel wanted way too much personal info for me to even consider getting a quote from them. Considering I already have strong liability insurance, an excellent health care plan and don’t race so no racing accidents, for me that doesn’t make financial sense. If none of that applied and I did a lot of crazy crit races I might consider it, especially if I lived somewhere I was really worried about my expensive bikes being stolen

[gabrielle]

There can sometimes be a big difference between a market value (can be somewhat subjective) vs replacement cost policy pay-out too, which is why I have a personal property replacement cost policy.

Good info, thanks!

g.