Friends of ours recently suffered a catastrophic theft of all of their cycling gear. This got me thinking a little more as to how I should be documenting my equipment. Our renter’s insurance has adequate dollar value to cover us, but what information should I be keeping to make sure that a loss claim can actually be paid?
Currently, I have photos of each bike and photos of the serial numbers along with typed up detailed descriptions and component lists stored ‘in the cloud’. What else should I be keeping?
Friends of ours recently suffered a catastrophic theft of all of their cycling gear. This got me thinking a little more as to how I should be documenting my equipment. Our renter’s insurance has adequate dollar value to cover us, but what information should I be keeping to make sure that a loss claim can actually be paid?
Currently, I have photos of each bike and photos of the serial numbers along with typed up detailed descriptions and component lists stored ‘in the cloud’. What else should I be keeping?
Uhh, ohh…you know, way back, I mean a long time ago and way before ‘the cloud’,
people actually used something called “Receipts” or “Contracts” to prove ownership and such…
Do you have replacement coverage or ACV (actual cash value)?
Either way, the more documentation the better. Photos, receipts, parts list, etc. When I made a bike claim (not stock parts) with replacement coverage I simply sent a photo of the bike and a document with links to retail vendors for the fame and al components/parts . . . paid in full less deductible. Or, you could get a local bike shop to write up an “estimate” (just like you do with a car) of the value of the loss.
I had velosure insurance for a while on a used bike I had purchased and when setting up the policy, they wanted a picture of the bike and a picture of the serial number. Add in a copy of the receipt if its a new purchase and that seems like it would do it.
Call your insurance company and ask them specifically. Every company and policy could have different coverages and requirements for proof of ownership and value. And the policy could have restrictions on what might qualify as an insurable event. You want to hear from your insurance company’s “mouth” what and how your bikes would be covered. Then, document the conversation with a follow-up email, or some other written means, that outlines your understanding.