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Bike Stolen

2,202 Views | 11 Replies | Last: 7 yr ago by JCRiley09
JCRiley09
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AG
Someone broke into our storage closet and took off with two bikes. A specialized Allez and a cannondale super 6. Anyone been through this? Any tips for dealing with cops and insurance?
88planoAg
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AG
We had 2 bikes stolen out of our minivan on vacation.. In our situation, homeowners was the insurance that would 'cover' the theft. The bikes were not worth enough to come close to our homeowner's deductible, so we didn't recover anything. Sorry about your bikes.
drewbie08
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AG
A few years ago my car was broken into and my Felt B12 was stolen. Luckily I was a renter at the time, and my renters insurance covered most of it. I filed a police report; nothing happened out of that, but had to to get the insurance money. I also posted the information on local bike websites/message boards, monitored craiglist and ebay for several months, and went by local pawn shops a few times. There also is a national stolen bike registry you can post your information on.

It's a crappy situation, and there is a very little chance you will find them. Make sure you have the serial numbers when you file the report. If you don't know the numbers, call the bike shop you bought them from and have them look up the receipt for you. That's how I got my serial number.
AggieChemist
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AG
Homeowners will cover it, but you'll have to eat the deductible.
drewbie08
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AG
Which in most cases is rather high.
JCRiley09
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AG
Thanks everyone. Good call on calling bike shops for serial numbers. I was able to get the serial number, cost of each bike, and a copy of the receipt if that turns out to be helpful for insurance. Austin PD has the serial numbers now and all they can really do is check pawn shops.

Should I expect a reimbursement at original cost or depreciated value? My deductible for renter's insurance is only $250, so I should be able to get some cash back to help replace the bikes.
Aggietaco
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AG
Depends on whether you have an Actual Cash Value policy or Replacement Cost Value policy. If you have an RCV policy, the typical situation is that you will receive cash back for the depreciated amount minus your deductible, but if you replace the item, you can be reimbursed up to the purchase price (minus deductible). If you have an ACV policy, you'll just receive the depreciated amount.
drewbie08
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AG
I got the replacement value. I had put a power meter on for $1,500 and paid $3,500 for my stolen bike. I actually got two checks totaling $5,000 for my bike. Of course, I had to pay $400 for a replacement back window on my car, my deductible of $200, and the headache of dealing with it all. I got a lot of money back for my bike, but I wouldn't wish anyone to have to go through it.
JCRiley09
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AG
New (replacement) bike day!

I want to plug Texas Farm Bureau. They made this process really easy and their actual cash value reimbursement check was only $50 under the replacement value I listed on my proof of loss form. After all this, I couldn't be happier about the end result.

wcb
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htxag09
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Endo Ag
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AG
Nice bike!

Is Mellow Johnie's selling Spesh now? They were obviously very big with Trek pre-outing of Lance.
JCRiley09
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AG
I think they sell Specialized at their FW location. Austin has Trek and Cannondale. We haven't replaced the Specialized yet since the reimbursement check was right and it wasn't getting used that much before the theft.
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