Home Insurer that covers full replacement cost if bicycles are stolen?

[XylathaneGTR]

Howdy folks...
This might not be the right subforum but it seemed like the closest fit.

I insure with Meloche Monnex and reviewed my coverage upon renewall a few weeks ago. I was surprised to learn that despite having "full replacement value coverage" for personal property covered by my home insurance, MM will NOT cover the replacement value of my bicycles should they be stolen, even though I'm able to prove their replacement cost.

If I upgrade to MM's platinum coverage, they'll increase the payout in the event of theft to a larger figure per bicycle, but still not full replacement value. I'm not keen on paying them an extra $40/mo for something that could still leave me hanging by several thousand dollars in the event of a theft (I guess this is only the case if I go full-retard and pickup an S-Works and I don't think that's in the cards this year).

Can anyone point me to a decent home insurer that will cover full replacement value of bicycles should they be stolen? I keep them pretty well secured and am not too worried about them going missing, but I'd be pretty chapped at receiving only half the replacement value in the event of a theft.

Thanks bros,
-D

[lilmira]

Interesting question, I'd like to know the answer too and I'm with Aviva. Rather than me reading the fine print on my policy, may be Bill can help us. ;)

[guessboi]

Why don't you schedule your bike with TDMM? That would solve your issue instead of upgrading to the platinum package.

Aviva's standard coverage for bike theft under house insurance is $1,000 per bike.

[Masked Bandit]

Originally posted by XylathaneGTR
Howdy folks...
This might not be the right subforum but it seemed like the closest fit.

I insure with Meloche Monnex and reviewed my coverage upon renewall a few weeks ago. I was surprised to learn that despite having "full replacement value coverage" for personal property covered by my home insurance, MM will NOT cover the replacement value of my bicycles should they be stolen, even though I'm able to prove their replacement cost.

If I upgrade to MM's platinum coverage, they'll increase the payout in the event of theft to a larger figure per bicycle, but still not full replacement value. I'm not keen on paying them an extra $40/mo for something that could still leave me hanging by several thousand dollars in the event of a theft (I guess this is only the case if I go full-retard and pickup an S-Works and I don't think that's in the cards this year).

Can anyone point me to a decent home insurer that will cover full replacement value of bicycles should they be stolen? I keep them pretty well secured and am not too worried about them going missing, but I'd be pretty chapped at receiving only half the replacement value in the event of a theft.

Thanks bros,
-D



Originally posted by lilmira
Interesting question, I'd like to know the answer too and I'm with Aviva. Rather than me reading the fine print on my policy, may be Bill can help us. ;)

Hey Guys,

All insurance companies have special sub-limits on several different things. Bicycles are one, jewellery (including watches), furs, cash are all common categories. The specific limits can vary somewhat from one company to the other but it's all the same basic idea. What the OP needs to do is put the bike on a floater (schedule) if he wants it insured for the full replacement value. Of course that will cost extra money but your TD rep should be able to give you a flat rate per $100 of insurance and you can decide from there.

Cheers!

[lilmira]

Good info guys. Not the answer that I'm hoping for but I guess it makes sense. Not everyone spends the same amount of money on bicycles than some of us do.

[speedog]

Originally posted by Masked Bandit





Hey Guys,

All insurance companies have special sub-limits on several different things. Bicycles are one, jewellery (including watches), furs, cash are all common categories. The specific limits can vary somewhat from one company to the other but it's all the same basic idea. What the OP needs to do is put the bike on a floater (schedule) if he wants it insured for the full replacement value. Of course that will cost extra money but your TD rep should be able to give you a flat rate per $100 of insurance and you can decide from there.

Cheers!

Quick question - is a floater like a rider? We have a couple of riders on our home insurance policy covering specific things

[guessboi]

Yes - schedule / floater / rider - whatever you want to call it.

For a bike - company will need the serial number and perhaps a bill of sale.
For jewellery - they will usually ask for an appraisal

[FLARE]

I have the platinum coverage on my Insurance - its upto 50K for collectibles, bikes, specialty shit, art, blah blah...

My new bike was $8,000 and the replacement on this years version is 10K. They would give me the 10K no problem.

I made sure of this, because in 2013 my $4,300 bike was stolen and they gave me that replacement value; their typical coverage is upto 6K on a bike.

I negotiated Platinum and a 1Mil umbrella for roughly the 40$ a month your talking of. So negotiate.... theres a lot of competition; just let them know you've inquired elsewhere and they will budge.

Goodluck

[XylathaneGTR]

Originally posted by FLARE
I have the platinum coverage on my Insurance - its upto 50K for collectibles, bikes, specialty shit, art, blah blah...

My new bike was $8,000 and the replacement on this years version is 10K. They would give me the 10K no problem.

I made sure of this, because in 2013 my $4,300 bike was stolen and they gave me that replacement value; their typical coverage is upto 6K on a bike.

I negotiated Platinum and a 1Mil umbrella for roughly the 40$ a month your talking of. So negotiate.... theres a lot of competition; just let them know you've inquired elsewhere and they will budge.

Goodluck
Sorry to hear you've learned through experience.

'preciate the info all; A rider is definitely what I'm looking for if I stick with Meloche, but i'd prefer a company I didn't need to negotiate with or overpay for additional bullshit coverage I'm not interested in. At Meloche's basic coverage level, replacement value is capped at 2k/bike (less deductable) which is feels pretty weak.

I'll pick up a few quotes elsewhere this weekend and then give Meloche a call and see what they're willing to do for me.

Thanks again, friends.

[killramos]

You are mixing up platinum and platinum plus. Plat Plus gives you $50,000 cumulative coverage for a claim compared to the individual limits on certain items. So 1 bike at 10k stolen, no problem compared to 6k coverage per bike with regular platinum.

Also covers things like jewelry, stamp collections, whatever else is in their exclusions up to that cumulative ammount.

Just different coverage products.

I went platinum plus because it was actually cheaper to add it on than insure my wife's engagement ring separately. Bonus points for also covering my watches. Also no need to do an appraisal though not a bad idea to have to simplify a future claim.

[msommers]

Meloche Monnex seemed like such a great company because of APEGA discounts, until I found out later (previous to using Touchstone) that they're really fucking expensive, even with the "discount."

[ExtraSlow]

Talk to Touchstone. TDMM has poor coverage in a few areas, and isn't actually that cheap for most people.

[XylathaneGTR]

Originally posted by msommers
Meloche Monnex seemed like such a great company because of APEGA discounts, until I found out later (previous to using Touchstone) that they're really fucking expensive, even with the "discount." This is exactly what I have been thinking over the last few weeks. Gracias amigo.

[bspot]

When I looked at insuring my bike and ran the numbers, it wasn't worth it unless my bike gets stolen every 4 years. I invested in chains instead.

[Masked Bandit]

Originally posted by bspot
When I looked at insuring my bike and ran the numbers, it wasn't worth it unless my bike gets stolen every 4 years. I invested in chains instead.

Most people come to the same conclusion. We don't end up scheduling many bikes because of the high cost. It's high cost because it's high risk.

[CLiVE]

The good bikes stay in the house. Usually have them on/off the trainer anyways so not a big issue. The 10 in the garage are decoys :rofl:

[ZeroGravity]

Coming into this thread thinking I could use the info on what I thought is my prized possession bike. As I read more, it seems my bike would be classified in the decoy bike category :facepalm:

[Khyron]

Yep I was quoted 500 a year for a triathlon bike that's not even that expensive (relative) but I don't really blame them - fraud/careless owners would eat them alive.

I do think there should be some way to cover it IN the house (ie as part of a break-in) vs carelessly being left outside or in the garage.

[CLiVE]

I've always wondered about components. ie: Say the bike was $5k, but the race wheelset was another $3k, then add a power meter for $1-2k.

Say the bike was covered for $1k max through a normal home policy. If you had receipts for the components, could those be covered separately?

....as a side note. I always figure if a bike gets stolen, that's a solid argument to my wife to let me buy another one. :whipped:

[ZeroGravity]

Originally posted by CLiVE

....as a side note. I always figure if a bike gets stolen, that's a solid argument to my wife to let me by another one. :whipped:

:angel:

[Masked Bandit]

Originally posted by CLiVE
I've always wondered about components. ie: Say the bike was $5k, but the race wheelset was another $3k, then add a power meter for $1-2k.

Say the bike was covered for $1k max through a normal home policy. If you had receipts for the components, could those be covered separately?

....as a side note. I always figure if a bike gets stolen, that's a solid argument to my wife to let me buy another one. :whipped:

The additional components & equipment still fall under the special limit of insurance.