Another good reason to have Renters insurance!

The week after Christmas My bike was stolen while at the bar during the FBC ride. I reported it stolen to CPD, checked all of the local pawn shops, and made a trip the the notorious Swap-O-Rama all with no luck. I have Progressive Renters insurance and called to see if they would cover it? They looked up our account and said that do cover "personal property" even if it was not stolen from my apartment (she gave the example of having a laptop stolen from Starbucks).  The claims person called me a couple of days later with some general questions. She emailed me the formes I needed to fill out (police report information, receipts, itemized list, cost, and replacement value). I told her I don't really have any "receipts" due to purchasing everything online, ebay, and craigslist. She informed me that it shouldn't be that big of a deal bue to the relatively low cost of the claim (she understood that it was an expensive bike but I was not trying to claim $250,000 with no proof of ownership). I filled out the forms, scanned them to the computer, and sent them in the next day. I called to check on the claim a week later and She told me there would be a settlement the next day. The next day they had it available. The payout was a fair one, I priced the replacement at $1450, they priced it at $1800 minus depreciation $1500 and minus deductible $1250. They gave me the option of having a check mailed to me in 7-10 days or direct deposit in 3-5 days. I chase direct deposit and it was there in 2. So yes having your bike stolen SUCKS! If you have renters/homeowners insurance it can suck a little less.

Christmas Bike

Joe

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Replies to This Discussion

Permalink Reply by Gene Tenner on January 28, 2013 at 10:40am

Congratulations, Joe. Good for you. I have a specific policy on my trike and that gives me peace of mind.

Permalink Reply by Fran Kondorf on January 28, 2013 at 12:43pm

h-

 The last time I dealt with this subject I found out that musical instruments were covered by homeowner's or renter's insurance only when theft occurs at home (duh) and it's a hobby, not your jobby.

 A company called Clarion (www.clarionins.com) covers musical equipment for pros. You can get coverage from them through the union but I was covered by my last touring band's policy.

Apologies to Joe for the derail.

Permalink Reply by Kevin Mulcky on January 28, 2013 at 1:09pm
I pay a tiny bit more each year for full replacement value instead of depreciated value. That made a HUGE difference when my mid-90s Gunnar and laptop were stolen.
Permalink Reply by Anika on January 28, 2013 at 2:47pm
Musical instruments are tricky since every policy is different. I do a lot of appraisals for pianos for insurance companies. The coverage is not only for theft (which doesn't really happen that often for such heavy instruments) but also water, smoke/fire and motor vehicle damage.

According to my homeowners policy, my piano is not covered without a separate rider but all of our bikes are.
Permalink Reply by Larry Mysz on January 28, 2013 at 4:35pm

+1 on evey policy being different.

With my Allstate homeowners policy, bikes and musical instruments are covered under the normal personal property provision.  They're covered for full replacement value even if stolen or damaged while on a trip, as with someone breaking into the car. 

 

The only exclusuion on the instruments is that they're not covered if I ever play for pay.  If I do play for pay, they would not be covered, even if the loss happened at a time when I wasn't on a job.

To cover the instruments and gear when I was gigging,  I had to itemize everything on an additional personal property rider.  Cost was based on the instrument appraisal.


Anika said:

Musical instruments are tricky since every policy is different. I do a lot of appraisals for pianos for insurance companies. The coverage is not only for theft (which doesn't really happen that often for such heavy instruments) but also water, smoke/fire and motor vehicle damage.

According to my homeowners policy, my piano is not covered without a separate rider but all of our bikes are.
Permalink Reply by daWillinChi on January 29, 2013 at 2:26am
Glad everything worked out, Joe!
Yeah, having a renter's insurance is a peace of mind.

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