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Bike Appraisals for Insurance

stoney

Part of the unwashed, middle-American horde
Jul 26, 2006
21,515
7,058
Colorado
Due to my coverage being dropped by State Farm, I have had to switch my insurance over to a new company. In the process of getting coverage they wanted to add a rider for my bikes. They wanted valuation based on cost of replacement, so I had a local shop run the numbers for me.

The shop came back with just under $30k for my 303, 575, DJ, CX bike, and Wifey's ASR-SL. That's more than all of Wifey's jewelry AND my car, or just her car. That is f*ing insane! I could crash my car, totalling it, and get less than what I would get for the two bikes on the back

Just throwing it out there because if you don't have renters insurance, or do without a rider for your bikes, you might want to look into it. I think my soul would hurt if we got broken into and had all of our bikes stolen.
 

crohnsy

Monkey
Oct 2, 2009
341
0
T Bay
Getting insurance for the new house I just bought.. Asked about coverage for my bikes and my quote came back @ $7.50 per $100. At that rate I would almost need my bikes to get stolen every year.......

Still waiting to hear back if they are covered under my normal contents in my home..
 

bizutch

Delicate CUSTOM flower
Dec 11, 2001
15,928
24
Over your shoulder whispering
That's good that you have that option to add a bike "rider" to your policy. There is no such option in this state. One reason being that our rates are dictated by the state government.

What you may want to do is look into self insurance. You can purchase a bond from the state to insure yourself. This is an option for homeowners and auto insurance. Don't know if it could be done with bikes.
 

mellow_sparky

Monkey
Aug 21, 2009
133
0
Washington State
My bike (uninsured) was stolen last year - so when I got my new bike, I insured.

Homeowners will typically cover bike theft (to a limit) - however if you are like me, you consider your homeowners as disaster insurance (and thus the deductible is higher). Our deductible is nearly as high as the value of the bike that was stolen (thus we didn't file a claim).

We put the bike on our "personal articles" policy (jewelery, art, etc). It is pricey to have the bike on that, but the deductible is nearly zilch and it covers just about anything (crash, theft, etc - heck if the fork gets tweaked, that's covered). Def the way to go.
 

jimmydean

The Official Meat of Ridemonkey
Sep 10, 2001
40,937
13,130
Portland, OR
My renters covers bikes and non-street motos in the garage. Actually, the stuff in the garage is more than the rest of the house. :rofl:
 

bizutch

Delicate CUSTOM flower
Dec 11, 2001
15,928
24
Over your shoulder whispering
An umbrella policy is liability protection. Nothing to do with personal property. Unless you run your The Montashu through with your and sever his limb(s) and he sues you....it sits there.;)