ever had your bike stolen? insurance question

[Dingo]

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I made another post about "Parking At airport (Pearson)" and the topic of theft came up.

For anyone that has had or know's of a bike getting stolen how did it work with insurance?

Im with state farm and have a $500 deductible for Fire and Theft. I called them and wasnt able to get a very good answer in terms of what to expect for my bike if it was stolen now.

My understanding is basically in the event the police cant find your bike the claims department assesses the value of the bike based on Year/make/model/condition and offer you a sum. You can try to prove it was worth more based on other criteria upkeep, repairs, maintenance. The whole process is subjective IMO.

First off i hope never to have my bike stolen, i dont expect to make money off the process. Best case i would hope for replacement value minus deductable. I have a rather old bike 2003 DL1000 Vstrom in great shape with low KM (15,000), has 1back/2side Givi cases and i would cry if it was to be stolen. I got a great deal for the bike and dont think i would be able to find another at that price (under $5000).

For anyone that has had their bike stolen, how bad/hard was it dealing with insurance? were you able to replace your bike reasonably well? Or did you loose big time in the process?

Thanks for any/all input.

 

[Gary]

I made another post about "Parking At airport (Pearson)" and the topic of theft came up.

For anyone that has had or know's of a bike getting stolen how did it work with insurance?

Im with state farm and have a $500 deductible for Fire and Theft. I called them and wasnt able to get a very good answer in terms of what to expect for my bike if it was stolen now.

My understanding is basically in the event the police cant find your bike the claims department assesses the value of the bike based on Year/make/model/condition and offer you a sum. You can try to prove it was worth more based on other criteria upkeep, repairs, maintenance. The whole process is subjective IMO.

First off i hope never to have my bike stolen, i dont expect to make money off the process. Best case i would hope for replacement value minus deductable. I have a rather old bike 2003 DL1000 Vstrom in great shape with low KM (15,000), has 1back/2side Givi cases and i would cry if it was to be stolen. I got a great deal for the bike and dont think i would be able to find another at that price (under $5000).

For anyone that has had their bike stolen, how bad/hard was it dealing with insurance? were you able to replace your bike reasonably well? Or did you loose big time in the process?

Thanks for any/all input.

First hand experience with SF.
They have a 30 day rule. If your bike is not found in 30 days, that's when the initial offer comes.
In my case, the person I was dealing with @ SF gave up after 19 days, and made me an offer. It was exactly what I'd paid for the bike, including tax, minus my $1K deductible. My bike was less than 1 yr old. They don't care if you have a 'full exhaust' or whatever else, as the bike needs an exhaust anyway. If there was any luggage - it's covered. So are the contents. If there was a GPS attached - it's covered.
If you have an older bike, they make an offer. Usually the person working the case will glance through the Trader, Kijiji, Craigslist. That's how they come up with an amount for a settlement. If you don't like it, you say so, and appeal the decision, until it's a number you can live with.

 

[Dingo]

First hand experience with SF.
They have a 30 day rule. If your bike is not found in 30 days, that's when the initial offer comes.
In my case, the person I was dealing with @ SF gave up after 19 days, and made me an offer. It was exactly what I'd paid for the bike, including tax, minus my $1K deductible. My bike was less than 1 yr old. They don't care if you have a 'full exhaust' or whatever else, as the bike needs an exhaust anyway. If there was any luggage - it's covered. So are the contents. If there was a GPS attached - it's covered.
If you have an older bike, they make an offer. Usually the person working the case will glance through the Trader, Kijiji, Craigslist. That's how they come up with an amount for a settlement. If you don't like it, you say so, and appeal the decision, until it's a number you can live with.

Seems fair and that about all i could hope for ... just trying to better understand the unknown.

thanks

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