Bike damaged in auto accident, which insurance to claim?
#1
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Bike damaged in auto accident, which insurance to claim?
My bike got rare-ended while on my car.
The other driver’s insurance offered a “depreciated” value of my bike. The bike is quite a few years old but top of line racing machine for its time. So still perfectly functional (and for many years to come). The offer wasn’t even close to being able to replace the bike with anything like it.
My home owner’s insurance, on the other hand, has “replacement value” rider on it. (I’ve had to use it once, on a flood damage, I got a few new items as replacements). So my questions:
1) Since my home owner’s policy would pay full replacement value, would it be better filing my claim to my own policyr instead of dealing with the other driver’s insurance company?
2) Does home owner insurance covers contents in a car accident? I read some of the old threads here, it sounds like home owner insurance typically does cover theft of stuff in (or on, in this case) the car. But what about damage from collision by another car? Does anyone have experience in filing a claim on their home owners policy for damage to their bike when it’s damaged in an accident by a car?
The other driver’s insurance offered a “depreciated” value of my bike. The bike is quite a few years old but top of line racing machine for its time. So still perfectly functional (and for many years to come). The offer wasn’t even close to being able to replace the bike with anything like it.
My home owner’s insurance, on the other hand, has “replacement value” rider on it. (I’ve had to use it once, on a flood damage, I got a few new items as replacements). So my questions:
1) Since my home owner’s policy would pay full replacement value, would it be better filing my claim to my own policyr instead of dealing with the other driver’s insurance company?
2) Does home owner insurance covers contents in a car accident? I read some of the old threads here, it sounds like home owner insurance typically does cover theft of stuff in (or on, in this case) the car. But what about damage from collision by another car? Does anyone have experience in filing a claim on their home owners policy for damage to their bike when it’s damaged in an accident by a car?
#2
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If it were me, I'd ask my insurance agent. Your insurance company will be going after the other driver's company to recover its costs anyway.
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The "other guy's" insurance company lowballing you is nothing new. Standard tactic. I'd definitely seek advice and assistance from your own insurance company.
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"Quite a few years old" does not necessarily control. When hit by a pickup truck the bike suffered severe damage. It was a Trek made of one of those TERRIFIC steels and as they advertised "Handbuilt". It was also a number of years old. I got replacement estimates from a few local bike shops that brought the value WAY UP. And it was covered by my home owner's policy. My personal injury was covered by my auto insurance.
(We won't go too far into the MEDIATOR's decision (mandatory where I lived) which basically came down to "You were bike riding on a road with a speed limited of 50mph - are you nuts!!")
(We won't go too far into the MEDIATOR's decision (mandatory where I lived) which basically came down to "You were bike riding on a road with a speed limited of 50mph - are you nuts!!")
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I have no experience in this matter but I would be fairly surprised if your homeowners insurance covers your bicycle while it is on the back of your car and not on your property.
Hopefully I am wrong
Hopefully I am wrong
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The at fault insurance company (the one who rear-ended you) should pay "full replacement value".
That doesn't necessarily mean paying for an off the rack brand new bike. But, to pay to either build up a similar bicycle from similar components, or buy an equivalent used bike (or pay you the value so you can acquire what you wish).
If your bike is > 20 years old, you might have this question moved to either Classic & Vintage (where someone undoubtedly has dealt with insurance valuation of an older bicycle), or to Advocacy-Safety (periodic insurance questions).
https://www.bikeforums.net/classic-vintage
or
https://www.bikeforums.net/advocacy-safety/
To get a topic moved, either click on the red button , or ask someone else in the thread to do so if it doesn't work.
The insurance company may try to low-ball you. But you don't have to take their first offer. Agents may not understand differences in bicycles.
That doesn't necessarily mean paying for an off the rack brand new bike. But, to pay to either build up a similar bicycle from similar components, or buy an equivalent used bike (or pay you the value so you can acquire what you wish).
If your bike is > 20 years old, you might have this question moved to either Classic & Vintage (where someone undoubtedly has dealt with insurance valuation of an older bicycle), or to Advocacy-Safety (periodic insurance questions).
https://www.bikeforums.net/classic-vintage
or
https://www.bikeforums.net/advocacy-safety/
To get a topic moved, either click on the red button , or ask someone else in the thread to do so if it doesn't work.
The insurance company may try to low-ball you. But you don't have to take their first offer. Agents may not understand differences in bicycles.
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#8
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I did 2 things when my insurance company low-balled the value of my stolen bike in 1981. First, I changed the claim for a bike to a claim for parts. State Farm allowed more for the wheels alone than it did for the whole bike; I was able to point out that I had rebuilt both wheels with new rims, spokes, tubes, and tires with 18 months of the robbery, though. The ders were low-end Campy (GT & Valentino - crap, but I could find the selling price for them); leather saddle; 531 tubed frame, etc., etc., etc. Second, while the claim was in process, I complained to my state's insurance board.
State Farm accepted the new valuation and sent me a check for the valuation less the deductible. I believe the letter to the insurance board was crucial. The reason? After I cashed the check, I got a letter from the state board with a copy of State Farm's response, which was that I had settled the claim.
Good luck with your claim.
State Farm accepted the new valuation and sent me a check for the valuation less the deductible. I believe the letter to the insurance board was crucial. The reason? After I cashed the check, I got a letter from the state board with a copy of State Farm's response, which was that I had settled the claim.
Good luck with your claim.
Last edited by philbob57; 07-12-21 at 02:14 PM.
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For those who aren't familiar with the term, "subrogation" means that you own insurance company pays you, then goes after the other (at fault) party's insurance for reimbursement. And yeah, it's great. After our car was totaled by another driver's fault, our company cut us a check, and that was the end of it for us. No hassle.
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But I don't know whether the OP's homeowners insurance will cover it, when the other party is at fault. But see my previous post on that one.
The other caveat is that nowadays, a typical homeowner's policy has a rather large deductible - larger than the value of even a pretty nice older bike.
Last edited by Koyote; 07-12-21 at 01:59 PM.
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IKR. My experience was different when my car was totaled by some idiot kid while parked. He and his insurance company admitted it was 100% his fault, but didn't have collision coverage for the 18+ year old vehicle and thus had to go after his insurance company myself. What a PITA. I finally got them to come up some when I threatened to go to court and handle it myself, which would have cost them legal fees. I still remember walking over to a local State Farm agency and picking up the check.
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IKR. My experience was different when my car was totaled by some idiot kid while parked. He and his insurance company admitted it was 100% his fault, but didn't have collision coverage for the 18+ year old vehicle and thus had to go after his insurance company myself. What a PITA. I finally got them to come up some when I threatened to go to court and handle it myself, which would have cost them legal fees. I still remember walking over to a local State Farm agency and picking up the check.
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In theory your insurance company can adjust your rates depending on claims.
Keep on the other driver's insurance company to make it right.
Try to get your bike appraised. You haven't said much about the bike, nor posted photos.
Of course bikes do depreciate, so the insurance company owes you what it takes to put it back like it was, not the purchase price from 20 years ago.
It may help if you do your own bike maintenance, although that isn't required as part of an accident resolution. Insurance companies don't tend to require drivers to do suspension and body work on their own mangled cars..
Keep on the other driver's insurance company to make it right.
Try to get your bike appraised. You haven't said much about the bike, nor posted photos.
Of course bikes do depreciate, so the insurance company owes you what it takes to put it back like it was, not the purchase price from 20 years ago.
It may help if you do your own bike maintenance, although that isn't required as part of an accident resolution. Insurance companies don't tend to require drivers to do suspension and body work on their own mangled cars..
#17
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As already stated, ask your agent.
But I would guess that you should file with your homeowners and then let your insurance company go after the other's to get reimbursed.
That's the way it works with 2 cars, you use your collision and the insurance company gets the other's to reimburse them.
But I would guess that you should file with your homeowners and then let your insurance company go after the other's to get reimbursed.
That's the way it works with 2 cars, you use your collision and the insurance company gets the other's to reimburse them.
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In theory your insurance company can adjust your rates depending on claims.
Keep on the other driver's insurance company to make it right.
Try to get your bike appraised. You haven't said much about the bike, nor posted photos.
Of course bikes do depreciate, so the insurance company owes you what it takes to put it back like it was, not the purchase price from 20 years ago.
It may help if you do your own bike maintenance, although that isn't required as part of an accident resolution. Insurance companies don't tend to require drivers to do suspension and body work on their own mangled cars..
Keep on the other driver's insurance company to make it right.
Try to get your bike appraised. You haven't said much about the bike, nor posted photos.
Of course bikes do depreciate, so the insurance company owes you what it takes to put it back like it was, not the purchase price from 20 years ago.
It may help if you do your own bike maintenance, although that isn't required as part of an accident resolution. Insurance companies don't tend to require drivers to do suspension and body work on their own mangled cars..
#19
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Contact your auto insurer who will cover you under your comp and collision coverage and let them deal with recovering from the other party. Umbrella coverage is another way to go. If all else fails get a lawyer. They will generally not take a cut of your property damage recovery if you had other medical injuries that you need to be compensated for. Best way to get the attention of a lowballing insurance company is to hire a lawyer.
You should get replacement value, bikes are crazy expensive these days and blue book on older high end models are ridiculously low.
You should get replacement value, bikes are crazy expensive these days and blue book on older high end models are ridiculously low.
#20
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I got hit some years ago, and the insurance agent had no idea how to determine the value. He called a local bike shop and asked how much the bike was worth. The shop asked what kind of bike it was, the agent said "A Pinarello." The shop owner made a good "whew" sound and said "It's worth two to three thousand dollars." The insurance company gave me a check for $2500, though the bike was actually some 25 years old, and I bought it from a pawn shop for $250. The check and a little more cash, I got a new Pinarello.
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My bike got rare-ended while on my car.
The other driver’s insurance offered a “depreciated” value of my bike. The bike is quite a few years old but top of line racing machine for its time. So still perfectly functional (and for many years to come). The offer wasn’t even close to being able to replace the bike with anything like it.
My home owner’s insurance, on the other hand, has “replacement value” rider on it. (I’ve had to use it once, on a flood damage, I got a few new items as replacements). So my questions:
1) Since my home owner’s policy would pay full replacement value, would it be better filing my claim to my own policyr instead of dealing with the other driver’s insurance company?
2) Does home owner insurance covers contents in a car accident? I read some of the old threads here, it sounds like home owner insurance typically does cover theft of stuff in (or on, in this case) the car. But what about damage from collision by another car? Does anyone have experience in filing a claim on their home owners policy for damage to their bike when it’s damaged in an accident by a car?
The other driver’s insurance offered a “depreciated” value of my bike. The bike is quite a few years old but top of line racing machine for its time. So still perfectly functional (and for many years to come). The offer wasn’t even close to being able to replace the bike with anything like it.
My home owner’s insurance, on the other hand, has “replacement value” rider on it. (I’ve had to use it once, on a flood damage, I got a few new items as replacements). So my questions:
1) Since my home owner’s policy would pay full replacement value, would it be better filing my claim to my own policyr instead of dealing with the other driver’s insurance company?
2) Does home owner insurance covers contents in a car accident? I read some of the old threads here, it sounds like home owner insurance typically does cover theft of stuff in (or on, in this case) the car. But what about damage from collision by another car? Does anyone have experience in filing a claim on their home owners policy for damage to their bike when it’s damaged in an accident by a car?
#22
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We don't have a good description of the bike or age.
"The bike is quite a few years old but top of line racing machine for its time."
That is mighty broad. I looked at Bicycle Blue Book, and it didn't list anything older than 1993. And even that was pretty hit and miss.
I very much doubt Bicycle Blue Book can accurately capture a classic/vintage road bike from 30+ years old. What is old? What is new? Condition? etc?
Does BBB go by a strict depreciation schedule, when certain bikes may well be appreciating?
"The bike is quite a few years old but top of line racing machine for its time."
That is mighty broad. I looked at Bicycle Blue Book, and it didn't list anything older than 1993. And even that was pretty hit and miss.
I very much doubt Bicycle Blue Book can accurately capture a classic/vintage road bike from 30+ years old. What is old? What is new? Condition? etc?
Does BBB go by a strict depreciation schedule, when certain bikes may well be appreciating?