The Chainlink

All State Bike Theft Ad on CTA

Some bike theft advertising on the CTA, times are a changing, http://bit.ly/eyOL5e

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Permalink Reply by Far'arned Retrogrumpalunkus #63 on April 1, 2011 at 5:56pm

Wow.

 

I wonder how much bike theft insurance costs?  Probably about as much as a bike...

Permalink Reply by h' Zerocats on April 1, 2011 at 6:12pm
Thanks for posting -that's a zillion times better than the usual disparaging bicycle references in insurance ads.

So, I've got this thing called a "phone," and I just used it to learn that you can only cover your bicycle through Allstate as it's included under a renter's or homeowner's policy. There's no stand-alone bicycle theft insurance.

So in terms of the cost, as a renter you could have all of your bikes and all of your other possessions covered for under $200/yr.

As a homeowner-- forget it. Unless you think you can afford to go without insurance if they drop you for too many claims (if you're mortgaged it's required) you would never claim anything as piddly as a bicycle, even an expensive one.
Permalink Reply by Far'arned Retrogrumpalunkus #63 on April 1, 2011 at 6:19pm

Thanks Howard.

 

Don't many places require renter's insurance too? -but it's been a while since I've had to deal with renting so it's a distant memory.  And that was back in Madison in the 90's.  

 

The dropping thing would suck for a renter as well if you needed it to keep your lease.  I'm sure they would drop you after one claim or two at the most.   Insurance is great -for the insurance company. The house always wins.  They are a great business to invest in.  

Permalink Reply by h' Zerocats on April 1, 2011 at 6:26pm
I don't think I've ever heard of renter's insurance being required or codified in a rental lease but I would guess some condo associations might require it of the owners in addition to the building policy.
Permalink Reply by Spencer "Thunderball" Thayer! on April 1, 2011 at 8:20pm
No you don't have to have renters insurance. I have it and my bikes are "covered" but who the hell knows what will really happen when and if that day happens. I rely on my Fahgettaboudit® for most of the city but when I'm in Lawndale and Englewoods I bring along the Fahgettaboudit® chain. I have a hard time believing someone can take my bike with that combo.
Permalink Reply by h' Zerocats on April 1, 2011 at 8:28pm

Actually, renter's insurance is a pretty sweet deal if you do need to collect-- you shouldn't have any problem if it's a reputable company.
Does your job require you to go to the neighborhoods you mentioned?

Spencer "Thunderball" Thayer! said:

No you don't have to have renters insurance. I have it and my bikes are "covered" but who the hell knows what will really happen when and if that day happens.
Permalink Reply by A.K.A Paul on April 1, 2011 at 8:45pm
It's my understanding that the reason why some landlords require a tenant to have a policy is that if there is damage to the unit from a fire or other "insurance covered" event, the landlord will put in a claim against the tenants policy instead of taking a hit to their own so that the landlord runs less of a risk of being dropped from their insurance carrier.  As far as I know if it's in the lease and the tenant does not provide a copy of a policy then the landlord can start the eviction process.
Permalink Reply by milesperhour on April 2, 2011 at 8:05pm
renter's insurance cover's personal property and liability, not building damage. a landlord may want them to have the liability portion.

A.K.A Paul said:
It's my understanding that the reason why some landlords require a tenant to have a policy is that if there is damage to the unit from a fire or other "insurance covered" event, the landlord will put in a claim against the tenants policy instead of taking a hit to their own so that the landlord runs less of a risk of being dropped from their insurance carrier.  As far as I know if it's in the lease and the tenant does not provide a copy of a policy then the landlord can start the eviction process.
Permalink Reply by Jack on April 5, 2011 at 9:15am

I have renter's insurance through American Family Ins.  I have a rider on my policy for my new bike.  Costs $35/year for the bike valued up to $2,500 and covers theft and damage where ever in the world I have my bike. 

 

Most insurance policies, unless written specifically, will only cover the value of the bike and their standard formula depreciates a bike from original cost over 10 years.  So, when my $1200 mountain bike was stolen last year, the cash given would have been only about $300 (minus deductible of 250).  Since I had insurance to cover value and replacement costs, the ins company covered the $300, plus the cost of purchasing a new bike up to $900 when I sent them a reciept.  That way, since I actually did replace the bike, they covered $1200.  If I just said that I had a bike and it was stolen, they weren't out much cash unless I actually bought a new bike.  They ask for a police report number as well. 

 

It goes along with everyone who has had their car broken into that miraculously had expensive tools and golf clubs in the trunk.  They pay out, only if you bought what you lost.

Permalink Reply by JeffB on April 5, 2011 at 9:27am
This is going back about 5 years, but I had my bike stolen off my back porch and had Allstate renter's insurance.   They paid the replacement value for the bike, as well as the rack and computer on it.  It was very easy.
Permalink Reply by Far'arned Retrogrumpalunkus #63 on April 5, 2011 at 9:28am
What happens if/when your bike is recovered down the road a few months later?  Do they just take possession of it or do need to pay the money back?

Jack said:

I have renter's insurance through American Family Ins.  I have a rider on my policy for my new bike.  Costs $35/year for the bike valued up to $2,500 and covers theft and damage where ever in the world I have my bike. 

 

Most insurance policies, unless written specifically, will only cover the value of the bike and their standard formula depreciates a bike from original cost over 10 years.  So, when my $1200 mountain bike was stolen last year, the cash given would have been only about $300 (minus deductible of 250).  Since I had insurance to cover value and replacement costs, the ins company covered the $300, plus the cost of purchasing a new bike up to $900 when I sent them a reciept.  That way, since I actually did replace the bike, they covered $1200.  If I just said that I had a bike and it was stolen, they weren't out much cash unless I actually bought a new bike.  They ask for a police report number as well. 

 

It goes along with everyone who has had their car broken into that miraculously had expensive tools and golf clubs in the trunk.  They pay out, only if you bought what you lost.

Permalink Reply by BalloonBiker on April 5, 2011 at 9:42am

I had renters insurance and when my bike was stolen, they paid replacement value when I purchased a new bike.  I also itemized all of my accessories and upgrades, which were pretty extensive and all that was covered as well.  My rates did go up a bit, but it was worth it.  I had had coverage with the same company for about 8 years prior to this.

 

If you rent, I'd definitely recommend getting renters insurance.  It's good security to have.

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