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Insurance to protect bikes-other low dollar items??Insurance just dropped me!!

3400 Views 34 Replies 22 Participants Last post by smw, Jun 28, 2006

J-mizzle

Discussion Starter · Jun 20, 2006

So here is the story

:

I got dropped from my insurance company.
Which is Statefarm.....No Loyalty steer clear........

Over the past two I had a shotgun stolen and a water pipe break in the house that I used homeowners insurance on. Both equaling about a thousand a peice.

Luckily I had pictures and documentations / receipts for both instances.

I think no sweat and soon after the second claim I get a notice that i'm being dropped because i'm high risk:madman:
2 claims within a three year period equals getting my arse dropped.

Fine: I shop around and find that due to being dropped my rates are now higher across the board, car, home, etc.....I'm now about a thousand dollar a year more in total.

:nono: I have been told that there apparently has been sort sort of shift in insurance policies where it's not worth it to claim small value items, that as a result will allow a company that i've given crazy amounts of scrilla to, too drop me.:nono:

So my question is how do I protect the :idea: low dollar items without getting dropped?

If they get stolen and I claim them I imagine that i'll be dropped again which will F with my pockets some more. Things such as small john boat, bicycles, car audio equipment, etc... you know all of the nice things one collects and cannot easily be replaced if stolen.
I take pictures and keep receipts.....

It seems that the minute you actually have to have the insurance compnay back you for something they back out as quickly as possible. No Loyalty.

How do you all do it?
Anyone an insurance salesman or saleswoman?

tips tricks etc.....

I always thought that if I took pictures and saved receipts I would be alright if something happened. I mean if I got my fleet of bikes ripped off from the house all in all totalling about 7 grand I don't know what i'd do........:incazzato:

Thanks in advance for any suggestions or adive, tips, tricks etc.,

John

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iliveonnitro

· #2 · Jun 20, 2006

Anything under $1000 isn't typically worth insuring, as you found out.

My laptop broke (dog ripped it off of the table) and I claimed an $1800 homeowners insurance on it. CDs got stolen out of my car and I claimed insurance on it, but that's where I stopped.

Raise your deductable to $1000, that's an easy way to not claim insurance on something. As for being able to make small claims without being dropped: good luck. If one bike gets stolen, I guess your only option is to have someone "steal" the other 6

Baulz

· #3 · Jun 20, 2006

You should not claim small items. Insurance is to protect you if you have a big loss, it is not there for little things, like a shotgun. Your broker/agent should have warned you about this before putting in the claims. They would have known that having the 2nd claim for the water damage will get you in trouble, and should have told you to pay for the repairs yourself due to it only being $1000.

Go back to Statefarm and complain that you were not advised about the potential for being cancelled as a result of the 2nd claim. In Canada a broker can get sued for this.

As far as finding insurance elsewhere, you will get poor coverage, and pay a lot more (as you know already). Your best bet is to offer to statefarm to go with a $2500 deductible, which would show them that you will not be having any more small claims.

Hope this helps.

Insurance sucks:madmax:

debaucherous

· #4 · Jun 20, 2006

Baulz is right...

Insurance is to cover catastrphic losses from which there is no financial return. Loss of a house, car or other major event. I'm sure you COULD find someone to insure small items, say under $2,000. But, why? You can replace those without breaking the budget, and what you pay to insure them will be very expensive in proportion to their value.

J-mizzle

Discussion Starter · #5 · Jun 20, 2006

snaps.....

Thanks for the replies and please keep them coming.

I see.....

it's just that I indeed couldn't afford to replace a 15 hundered dollar shotgun and repair the pipe. I'm still just a cat whose in college and trying to scrape by.....

I get that it's for the "act of god" stuff,

but is there something in the future I should pick up to cover the items such as bikes?

Thanks,
John

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bhutata

· #6 · Jun 20, 2006

Several yrs ago State Farm non-renewed me after on $800 claim on a renter's policy. It was legit, surge damage took out my computer...18 months later I get a letter that they're dropping me. The next year we had a flood from poor storm drain design (son woke us up at 3am when the water started coming over his mattress) the city had just put in, but they wouldn't own up that it was a problem. We lost thousands of $'s worth of stuff. I confirmed with my former agent that the storm damage would have been covered, but after SF dropped me, no one else would touch me so I was out of luck when the flood hit. I also confirmed through a variety of sources that SF was dropping all renter's with even a single claim. Some way to do business, they want my money for protection, but heaven forbid I'd ever need to use it. :nono: :madman:

Poser

· #7 · Jun 20, 2006

While you are doing a claim immediately buy insurance

from another party and cancel your former insurance after being paid. You may get part of your premium back and you should be a good non-claiming party with your new insurance company. Anybody with State Farm is asking for problems.

State Farm collecting premiums five star
State Farm paying claims no stars

J-mizzle

Discussion Starter · #8 · Jun 20, 2006

for sure......

State Farm is Horsesh*t...
No loyalty
No protection

Fraudulent estimating practices during disasters such as in Katrina or take your pick of Tronado's........They are currently under investigation for this and someone just one a suit for around 345 million, becaus eof their practices.

I guess if a bike ever gets ripped off I better make sure it's more than one:arf:

I regularly when taking trips have five to seven bikes in the back of the pickup and when stopping for some food or bathroom try to keep an eye on them, but for sure there is no loyalty from the insurance Corporations and I definitely won't loose sleep claiming that all of them were taken

.

:nono: Yes it will be insurance fraud.
Yes, I if confronted with a situation will become a part of the problem.

:madman: It'll go against every moral fiber in my body but, but,

You know what i'll have no empathy for a company that rapes it's patrons.

The world has become a place where the honest person gets taken advantage of and to survive sometimes one must be a wolf instead of a sheep it seems......

Because every corporation is full of wolves ready to line their pockets by any means necessary.....

Peace,
John

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Bike Nazi

· #9 · Jun 21, 2006

A little late now but

J-mizzle said:
So here is the story :

I got dropped from my insurance company.
Which is Statefarm.....No Loyalty steer clear........

Over the past two I had a shotgun stolen and a water pipe break in the house that I used homeowners insurance on. Both equaling about a thousand a peice.

Luckily I had pictures and documentations / receipts for both instances.

I think no sweat and soon after the second claim I get a notice that i'm being dropped because i'm high risk:madman:
2 claims within a three year period equals getting my arse dropped.

Fine: I shop around and find that due to being dropped my rates are now higher across the board, car, home, etc.....I'm now about a thousand dollar a year more in total.

:nono: I have been told that there apparently has been sort sort of shift in insurance policies where it's not worth it to claim small value items, that as a result will allow a company that i've given crazy amounts of scrilla to, too drop me.:nono:

So my question is how do I protect the :idea: low dollar items without getting dropped?

If they get stolen and I claim them I imagine that i'll be dropped again which will F with my pockets some more. Things such as small john boat, bicycles, car audio equipment, etc... you know all of the nice things one collects and cannot easily be replaced if stolen.
I take pictures and keep receipts.....

It seems that the minute you actually have to have the insurance compnay back you for something they back out as quickly as possible. No Loyalty.

How do you all do it?
Anyone an insurance salesman or saleswoman?

tips tricks etc.....

I always thought that if I took pictures and saved receipts I would be alright if something happened. I mean if I got my fleet of bikes ripped off from the house all in all totalling about 7 grand I don't know what i'd do........:incazzato:

Thanks in advance for any suggestions or adive, tips, tricks etc.,

John

you got to be real careful with homeowners insurance,
I got buddies who tell me never to put in a water damage claim unless it's huge and that even then you might not want to because your house may get pegged as a potential mold liability and be harder to sell, refinance and insure, I have had very few claims in my life but always ask my agent "hypathetically speaking" if I put a claim in for this how is it going to effect my rates?

Car insurance is a little more predictable, if you are at fault in a collision and the insurance pays out your rates go up for 36 months on average but comprehensive claims theft vandalism, fire etc are a lot more forgiving than Homeowners insurance which is some tricky shet with all the companies.

aixelsyd

· #10 · Jun 21, 2006

A little OT here, My father has a boat and hit a submerged log floating in the ocean. Ruins out drive to the tune of about $2000 (estimate on my part) Boat US insurance pays it no problem, next season go to renew SORRY we can't renew you. Thier response "last year you filed a claim" my father "Is'nt that what I pay insurance for?" Thier response "yes but you filed a claim " Insurance sucks Got no where with those A Wholes. Insurance is one of the biggest scams going All the money we pay where does it go year after year?????

Spoon Man

· #11 · Jun 21, 2006

State Farm really is a bunch of crooks. I was in a very severe car accident (my fault) while driving a company vehicle covered under State Farm. The claim was a very large amount of money, but still within the coverage limits. State Farm flat out refused to pay the claim, saying that it was outside the limit, when we had the insurance policy papers to prove it. So basically, the other people involved are suing State Farm and the company I worked for (including myself) because they now have huge hospital bills that they can't pay for. I'm LDS and was set to be on a mission close to a year ago, but will not be able to leave for probably another year or more because of this lawsuit. Don't think I'm angry at the people I hurt, they are totally justified to sue me to high heaven, but the company I worked for payed some big bucks for that insurance. There was no reason for State Farm to try and weasel out of it.

There is one insurance company that rocks, and they happen to be the least expensive bar far. USAA is, without a doubt, the best insurace company on the face of the earth. THe only trouble is that they are U.S. Military Exclusive, but if you have family in the military, get USAA. I promise you will not regret it.

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le0p

· #12 · Jun 21, 2006

Well, looks like I'll be cancelling my State Farm insurance when I move to my new apartment. Any recommendations for good renters insurance that helps cover stuff like bike loss?

mtnbiker1973

· #13 · Jun 21, 2006

Spoon Man said:
There is one insurance company that rocks, and they happen to be the least expensive bar far. USAA is, without a doubt, the best insurace company on the face of the earth. I promise you will not regret it.

Being in the profession I am, i could prove this wrong many times over. I'd pick State Farm over USAA any day.:devil:

logbiter

· #14 · Jun 21, 2006

le0p said:
Well, looks like I'll be cancelling my State Farm insurance when I move to my new apartment. Any recommendations for good renters insurance that helps cover stuff like bike loss?

it's not just state farm, most insurance companies policies are now such that if you make a claim or two, they're automatically dropping you (ie allstate).

My buddy made one homeowner's claim in the first year of buying a house w/ allstate, they dropped him automatically.

it may help to get a rider insurance policy to cover sporting goods, etc.

bhutata

· #15 · Jun 21, 2006

mtnbiker1973 said:
Being in the profession I am, i could prove this wrong many times over. I'd pick State Farm over USAA any day.:devil:

Care to elaborate? I'm not about to claim any insurance company is saintly, but State Farm really got my goat in a big way and wound up costing me thousands of dollars in loses.

Neen

· #16 · Jun 21, 2006

I just had to get a rider policy to cover my bike (and had to send them a copy of the receipt as proof. So now how do I get the bikes that I don't have receipts for covered? I bought a used DH bike from a guy, so I have no receipt....). Right before I went away I found out my bike wasn't covered under my regular h.o. insurance policy. I think it was like $20 to get the rider on 1 bike (although convincing the agent this falls under sporting goods was another matter entirely. She kept saying, I can write you a rider for jewelry or furs ?!?!?!)

DIRT BOY

· #17 · Jun 21, 2006

My experiences with SF, AS, GEICO and Amica...

State Farm is a bunch of crooks. Hurricane Andrew destyoed the southern part of Miami in the early 90's. My house survied ok, but had $5000 in damage.

We made on claim in 18yrs and was told they would not renew. they they pulled out and left millions wihtout insurance. 1 major claim in 30 yrs and they pull out. Funny too that thier 'Agents" were handing out $2500 checks to EVERYONE to get on thier feet and buy food and sheletrs for 2 weeks. We did not take it and still got dropped.

GEICO, best Auto isnurace I have ever dealth with FAIR and FAST! SF, they were ok on my 1 claim. 1 ticket for mild speeding and they dropped me.

USAA, scum bags, liars and crooks!

Now I have my homeowners insurance with Amica. 2 yrs ago we sold our house and were moving during hurricane season. In Florida, all almost NO ONE will transer your insurance to a new house, espically during the season. You are almost forced to go the the State's insurance for windstorm.

Well we sold out house and they was a pending hurricae in the quadrent and Amica said they could not cover us. My wife called them and explained that when we sgined the deal, there was no hurricane and she was 7 months pregnant. We spoke to a Manager and they said they would cover us.

Hurricane Katrina came las eyar and caused $12,000+ in damage and we needed a new roof. in 10 days we had an inspector and check in hand. Then 23 months later Hurricane Wilma came. $6,000+ more in damage. Again 6 days and we got a check and was assured that the second claim would not be held against us. The quotes for fixing our roof came in $5-8,000 over what we were paid. I called them, faxed over an proposal and 2 days later another check!

We were renewed this year and the rates barley changed. By far the BEST service and oeple I have EVER dealt with in the indusrtry.

They hadled my wifes car claim so fast and smooth. I have now decided to drop State farm later this year and go with Amica. The pilcy with them won't save me any money (same rate), but they deserved my business and money after they way they treated us in hard times!!

So thier is a SOME hope in the insurance industry. But generally ANT Insurance company sucks when you need them, Home, Auto, Medical, etc.

They are always nice when you pay, but god forbid you make a claim!

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Baulz

· #18 · Jun 21, 2006

After reading many responses, something jumped into my mind. How many people here have house insurance with one company, and auto with another? The reason for me asking is that most insurance companies don't like stand-alone policies. They want to handle all of your insurance. Typicaly you will get much better rates and service if you have both your home and auto (and boats, bikes, etc.) with one company. They may not be so quick to cancel your homeowners insurance if it means they will lose your auto insurance as well.

J-mizzle

Discussion Starter · #19 · Jun 21, 2006

I

I had the full load w/ statefarm and it didn't matter.

5 cars, boat, house, etc.....

As a previous poster said it probably doesn't matter who the company is anymore as they all seem to have the tendancy to drop without notice or hesitation......

I will look into Amica and see what they can do for me.....

Peace,
John

DeeEight

· #20 · Jun 22, 2006

Since people are going on about insurance... in canada people might be familiar with the Co-Operators (especially with all the silly nostalgia commercials lately). I was with them for about 4 years, then a deer stepped in front of my car, did about $1800 in damages. Got a check, fine. A month later a woman rolls BACKWARDS on an inclined offramp into me and I'm too nice and insist on exchanging info and a month later my agent calls to say a $2000 bill was submitted to them claiming I hit her. Agent didn't care about my version of events, there was ZERO police report (all I did was clean some dirt off her bumper with my bumper), and they jacked my rates like 50% and after two years they were still high.

I tried PC Financial Insurance, got a rate quote online, call a representative and they looked up every claim that was on my record for any car I'd ever been insured on and there wasn't anything on the thing CoOp claimed they were jumping my rates for. Their quote ended up being just slightly more for a year with MORE coverage than I was paying to COOP for 6 months.

Last year my friend got her first car of her own, and needed her own insurance obviously (she'd always been insured on 'rents cars). Because she was only 24, just recently got her full license (we've got a graduated system in ontario, there's like 3 levels of license...learners, an intermediate license that has some extra restrictions on blood alcohol content and not being legal to teach others to drive, and the full license) and still had a ticket on her license. Anyways she was getting these outrageous quotes like $500 a month on a $3000 cavalier. CoOp was $182/mth for JUST liability. She's got no other coverage, not even theft. But at the time she got it, the agent claimed her rates would go down in a year when she turned 25 and the ticket came off her driving record.

Last week she turned 25... and her rates? Went down $5/mth. Yeah what a change that is !

25 years old, $3000 car, and paying over $2000/year for insurance.

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