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Discussion Starter · #1 ·
Ok, dull question I know, but.........

Peoples bikes keep getting stolen all the time, in the street and from their basements etc etc, we are renewing our insurance at the moment and seeing as how the big bike is big bucks they want it insured separately. They are talking 10% of the replacement cost a year!! I quick mental estimate puts the replacement price of my basement stable at $6K, but through various sales, swaps, cash and second hand deals I didn't pay that much. It adds up quick, my 06 was a deal as it was 45% off so 1600$ but if it get stolen there is no guarantee that I’ll get that deal again, and all the up grades people do, if I priced up the parts on my street bike I’d need a bunch more than I paid to replace it if I walked into p-mart/LBS etc......

So.....

Who insures their bikes and with who and for how much? Thanks guys!

Stuart
 

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I've got renter's insurance covered at 100% up to a certain amount ($10,000...I think). That includes everything within my apartment, so I clearly underestimated the worth of all my worldly belongings, but it would be enough to get me back on my feet (and peddlin') if everything was destroyed or stolen. Insuring it for more would have cost me a lot more money each month, so it was all about weighing the possibility of EVERYTHING I own being destroyed or stollen with the risk of having something destroyed or stollen that would cost me a lot of money to replace. I'm glad I have it. I've used it twice already.
 

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Discussion Starter · #3 ·
I live in a condo, so have owners insurnace etc, but because the bikes are worth large single amounts, the insurance people suggested seperate policys, i'm covered if the place burns down and takes the bikes with it, but may not be if the bikes are stolen
 

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My renters insurance covers the bikes if they are stollen. So I've never had to think about this so specifically (which has been nice...).

If you're thinking of insuring the bikes separately, I would recommend insuring them for their total retail worth, not what you paid for them.
 

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My insurance covers if they are stolen from the house..and I pay extra to cover if they are stolen when locked outside (in the city or at the university). I took that just in case, although I rarely lock the bike outside.
 

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I have a rider for my bikes. This is part of my home owners insurance, but now I know my bikes will be replaced if they are stolen.

I like the piece of mind it give me as I hull my bikes all over the place.
 

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That does seem ridiculous. Have you researched other insurance providers?

I know it's comparing apples to eggs (since your condo does not equal my apartment), but I pay $8 a month for my renter's insurance and it covers 100% regardless of whether my belongings are inside of the apartment when destroyed or stolen, or outside (on the property) up to $10,000 worth. Shopping around might be a good idea.
 

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Discussion Starter · #10 ·
I looked into the rider and this is how it came about, the 10% thing

anyone suggest any companies that they have had good luck with?

.P.S currently looking into motorcycle tie downs
 

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Cornwall said:
Ok, dull question I know, but.........

Peoples bikes keep getting stolen all the time, in the street and from their basements etc etc, we are renewing our insurance at the moment and seeing as how the big bike is big bucks they want it insured separately. They are talking 10% of the replacement cost a year!! I quick mental estimate puts the replacement price of my basement stable at $6K, but through various sales, swaps, cash and second hand deals I didn't pay that much. It adds up quick, my 06 was a deal as it was 45% off so 1600$ but if it get stolen there is no guarantee that I'll get that deal again, and all the up grades people do, if I priced up the parts on my street bike I'd need a bunch more than I paid to replace it if I walked into p-mart/LBS etc......

So.....

Who insures their bikes and with who and for how much? Thanks guys!

Stuart
My one bike is worth somewhere around half of what you stable is worth, and I only pay a couple of dollars extra a month for the rider on my renters insurance

I use Cooperators but I'm pretty sure that there a Canadian only company

DMR
 

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I use State Farm, and I discussed this very issue with my agent last month after buying a new Enduro SL Expert. He told me that my bikes are covered against theft as part of my homeowner's insurance, and that it didn't matter whether the bikes were stolen from my house, from my yard, from the back of the car while traveling, etc. He seemed very familiar with bike prices, and he didn't blink an eye when I told him how much mine cost.
 

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JonathanGennick said:
I use State Farm, and I discussed this very issue with my agent last month after buying a new Enduro SL Expert. He told me that my bikes are covered against theft as part of my homeowner's insurance, and that it didn't matter whether the bikes were stolen from my house, from my yard, from the back of the car while traveling, etc. He seemed very familiar with bike prices, and he didn't blink an eye when I told him how much mine cost.
Ditto for me. Even used it once to replace a highway oops. They just asked that I include the value of the bikes in with my estimated replacement costs for my belongings. I have a $1000 deductable and when I was filing the claim they just paid me my replacement quote minus the grand deductable.
 

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Cornwall said:
I looked into the rider and this is how it came about, the 10% thing

anyone suggest any companies that they have had good luck with?

.P.S currently looking into motorcycle tie downs
Most of the comapnies I deal with charge 3-4% to cover a bike to full value with $0 deductible. Most policies cover a bike worth up to $1000 for no charge, which is useless when you have a $2500 deductible.

BTW - I'm Canadian
 

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Discussion Starter · #16 ·
ok, final update...

All my bikes are covered against theft vandalism, civil disturbance (useful in my 'hood) anywhere in the world, i just pay my home insurance deductable! which is nice!!
 

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On most condo/ renters/ homeowners insurance policies there is no max limit on what an insurance co. would pay for a stolen bike. The one thing to remember is to have a full replacement cost on contents endorsement on your policy. This endorsement will pay the cost to replace your 2001 Santa Cruz Superlight with an 07 Superlight ( with no depreciation taken). We all know how much bike stuff depreciates so this is well worth the few extra dollars per year. Another thing to do is to take a picture of your bikes and equipment - that way you can prove what you had to the insurance co. in the event of a loss.

Just my .02
 
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