I have State Farm as well and just bought a Roubaix SL4 and had a rider attached to cover both theft and damage, cost $56 a year.My State farm plan is doesn't pay much for theft and nothing on crashes. We'll be moving to Omaha in a month or two and will need renters insurance. I need replacement value coverage. Who has a line on a good plan?
Yeah, I've also had a 'cheaper' bike stolen that I just wrote off because it was a few hundo under my deductible. This was the 2nd bike of mine that was stolen from the same spot, and only after a lot of me *****ing did the condo building put a camera inside the bike lock-up.I have a Progressive Renters Insurance policy for my bikes and other possesions. Only downside is I have to pay a $500 deductible and I only have two out of five bikes that are worth more than $500. Thankfully, I've never had a bike stolen.
That was my experience. My wife had her bike stolen out of her car parked in our driveway one night. It was a Litespeed Tuscany with a Reynolds Ouzo Pro fork, Dura Ace components and Mavic Ksyrium wheels. It was about 15 years old. We had some receipts and pictures. USAA paid for us to replace the bike. I made the case that suitable replacement was a Lynskey 350 frame, ENVE 2.0 fork, Dura Ace 9000 components and a set of custom wheels around $800 which is what the Ksyriums would have been to replace. Lynskey titanium post, Ritchey carbon bar and Ritchey WHS aluminum stem. They even paid fora new tool bag + tools and a pair of XTR pedals. Total cost was around $7500. They paid it fast and she had a new bike in a matter of weeks. What they do is first pay you what they consider the value of the used bike is ($2500 in our case, which is generous IMO). Then they will reimburse for expenditures on a new bike. I faxed them receipts, and less than a day later, the funds were in my checking account. I think they're OK with paying replacement costs as long as the money is actually used to replace the bike.USAA is excellent for bike coverage. I like them for everything.
Good point. I have a Trek 1.1 that was $700 new, but is now only worth about $350 according to Kelly Blue Book. To replace it would cost anywhere from $700-$800.The point is, that when trying to decide if your bike is worth more than your deductible, don't make the decision based on the cash value, but based on the replacement value
Just to be clear this is a declared value policy. So that if your bike has a declared value of 2000 if you crash or it's stolen etc. you get the 2000 less your deductible. Is this worth it on a sub 1000 bike probably not but if you own a 10000 bike might be.