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File a claim or not with Homeowners Insurance

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I had my bicycle stolen a few weeks ago... worth $1000.  Wondering if it's worth it to file a claim (getting back $500 after deductible) because my concern is whether the premium will go up.  

I just checked my policy (with Travelers) and it has a -$38 'Loss Free Credit" so chances are that I'll lose this credit and pay $38 higher each yr.  Aside from this, would the rate itself also go up at renewal, and if I switch to another company, will they see a claim on my file and also raise my premium?

I'm in a condo so it'll be filing with my condo insurance which I've never made any claims against in the past. Thanks for any first hand experience or advice. 

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I say not worth it.

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I would not. You would get depreciated value for the bike anyway, plus you'll police reports, receipts, etc.

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Was it a newish bike? If you bought on credit card, it might have some kind of theft benefit to claim against.

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I would definitely report the theft to the local police.

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ablang said:   I would definitely report the theft to the local police.
They might even already have it.  Most police departments have storage rooms full of abandoned stolen bicycles.    

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mmyk72 said:   I had my bicycle stolen a few weeks ago... worth $1000.  Wondering if it's worth it to file a claim (getting back $500 after deductible) because my concern is whether the premium will go up.  

 

  A few weeks ago?  How new/old was the bike?

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"will they see a claim on my file "
Yes. The insurance companies share a loss database.

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camiolo said:   "will they see a claim on my file "
Yes. The insurance companies share a loss database.

 The insurance company will even put an entry in your file just for calling about making a claim.

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Hi Everyone, OP here.... It sounds like I should not even call insurance to ask about it. Thanks for advice.

I reported it to local police immediately so there's a report of the theft. I checked out their bike locker and it wasn't there as of yesterday. Realistically, I expect little chance of seeing it again.

The bike is about 7 yrs old. I bought second hand so I have no receipt. The replacement value (if I buy another one same brand and make) is $1000. Being of that age, the used bike value is about $300 today.

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mmyk72 said:   The bike is about 7 yrs old. I bought second hand so I have no receipt. The replacement value (if I buy another one same brand and make) is $1000. Being of that age, the used bike value is about $300 today.
  No, the replacement value is what it was worth at the time of loss, $300.

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atikovi said:   
mmyk72 said:   The bike is about 7 yrs old. I bought second hand so I have no receipt. The replacement value (if I buy another one same brand and make) is $1000. Being of that age, the used bike value is about $300 today.
  No, the replacement value is what it was worth at the time of loss, $300.

  replacement value is $1k.

actual cash value is $300.

hope that helps.

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lenifa said:   
atikovi said:   
mmyk72 said:   The bike is about 7 yrs old. I bought second hand so I have no receipt. The replacement value (if I buy another one same brand and make) is $1000. Being of that age, the used bike value is about $300 today.
  No, the replacement value is what it was worth at the time of loss, $300.

  replacement value is $1k.

actual cash value is $300.

hope that helps.

  The cost of buying a new one is $1k.  The cost of replacing the 7 year old bike with a similar 7 year old bike is $300.  The extra $700 isnt replacing anything, it's adding extra value to the item being replaced, and isnt part of the insurance claim.

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Glitch99 said:   
lenifa said:   
atikovi said:   
mmyk72 said:   The bike is about 7 yrs old. I bought second hand so I have no receipt. The replacement value (if I buy another one same brand and make) is $1000. Being of that age, the used bike value is about $300 today.
  No, the replacement value is what it was worth at the time of loss, $300.

  replacement value is $1k.

actual cash value is $300.

hope that helps.

  The cost of buying a new one is $1k.  The cost of replacing the 7 year old bike with a similar 7 year old bike is $300.  The extra $700 isnt replacing anything, it's adding extra value to the item being replaced, and isnt part of the insurance claim.

  Not sure your point.  The replacement value is 1k and the actual cash value is 300.

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dcwilbur said:   
ablang said:   I would definitely report the theft to the local police.
They might even already have it.  Most police departments have storage rooms full of abandoned stolen bicycles.    

  
They usually aren't abandoned until after their value is less than a crack rock, so ~$20.

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What was make / model of bike?

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wilked said:   What was make / model of bike?
  It was a Trek Women's 7.5fx ... 2010 model. 

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The others are right...that bike is worth $500 or so. I understand that a 2017 model retails for close to $1000, but that's not how insurance works.

Are you going to replace it with another hybrid? Most I know ended up shifting away from a hybrid after owning one for a while, often toward a more road-focused (faster) bike.

Anyway, can always check your local craisglist (especially to make sure your bike doesn't end up on it!!).

I just hit mine for instance, https://boston.craigslist.org/gbs/bik/d/trek-fx/6220724967.html and https://boston.craigslist.org/gbs/bik/d/collections-bikes-trek-f...

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wilked said:   The others are right...that bike is worth $500 or so. I understand that a 2017 model retails for close to $1000, but that's not how insurance works.

Are you going to replace it with another hybrid? Most I know ended up shifting away from a hybrid after owning one for a while, often toward a more road-focused (faster) bike.

Anyway, can always check your local craisglist (especially to make sure your bike doesn't end up on it!!).

I just hit mine for instance, https://boston.craigslist.org/gbs/bik/d/trek-fx/6220724967.html and https://boston.craigslist.org/gbs/bik/d/collections-bikes-trek-fx/6222812378.html

You're right on - my replacement is a road bike - a new Specialized Ruby Sport.  I got all carbon frame/fork so it's super light and fast.  A side benefit is I can lift it in and out of the car easily and not need to have it hanging outside the car on a rack - more secure.   I've been check CL for sure.  Thanks!

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