My wife is an insurance broker (but not one that can insure bikes), and she offers these general guidelines. Bicycles are covered under your home owner's (or renter's) insurance policy, but establishing value is your responsibility, and you better be prepared to back up your claims with proof of true market value. Appraisals, receipts, other documentation (lots) that establishes value (eBay sales histories of like items may even work, but the verdict is not in on that yet) are going to be absolutely necessary. However, if you want to insure your bicycles directly, at a value you set, you can almost certainly find someone who will insure them, but be prepared to pay for the coverage. Rule-of-thumb is $10 for every $100 of value. And that will be your PER YEAR premium. NOT INEXPENSIVE, to be sure. And to avoid any potential for fraud, you will likely still have to have some documentation to back up your estimated value.
Bottom line is, it's not a pretty picture.
Does anyone have any actual experience in collecting on a bicycle claim?
Wayne Bingham
Falls Church VA