Bike Insurance Coverage?

I have TDMM as well, my only complaint is that my premiums have gone up a fair bit since I first started with them despite no claims. 6 yrs ago I was at $35/month now it's at $70.

Thanks.  I suspect the person I spoke with got it wrong (again).  I'm going to submit an appraisal from the store I bought the bike from.  If the insurer tells me that the store I bought the bike from is not sufficient then I'll ask the insurer to direct me to a shop / appraiser that is.

Posted by: Bushpilot

Thanks.  I suspect the person I spoke with got it wrong (again).  I'm going to submit an appraisal from the store I bought the bike from.  If the insurer tells me that the store I bought the bike from is not sufficient then I'll ask the insurer to direct me to a shop / appraiser that is.

Update.  I emailed TD Insurance's customer service and ombudsman yesterday.  I received an email moments ago from TD's Customer Service department.  In that email they advised me that they had reviewed my policy and were emailing to apologize for the miscommunication yesterday and to confirm that my bikes are covered for up to $50,000 and that no appraisal is required.  They specifically confirmed, in writing, that there is no $6,000 bike limit in my policy.  FWIW I have the "Platinum Plus" coverage and, admittedly, it is expensive.

Posted by: Bushpilot

Update.  I emailed TD Insurance's customer service and ombudsman yesterday.  I received an email moments ago from TD's Customer Service department.  In that email they advised me that they had reviewed my policy and were emailing to apologize for the miscommunication yesterday and to confirm that my bikes are covered for up to $50,000 and that no appraisal is required.  They specifically confirmed, in writing, that there is no $6,000 bike limit in my policy.  FWIW I have the "Platinum Plus" coverage and, admittedly, it is expensive.

I'm glad you got it sorted out. Insurance can be such a PITA. I'm hopefully getting my 3rd quote this afternoon.

Posted by: Bushpilot

Posted by: Bushpilot

Thanks.  I suspect the person I spoke with got it wrong (again).  I'm going to submit an appraisal from the store I bought the bike from.  If the insurer tells me that the store I bought the bike from is not sufficient then I'll ask the insurer to direct me to a shop / appraiser that is.

Update.  I emailed TD Insurance's customer service and ombudsman yesterday.  I received an email moments ago from TD's Customer Service department.  In that email they advised me that they had reviewed my policy and were emailing to apologize for the miscommunication yesterday and to confirm that my bikes are covered for up to $50,000 and that no appraisal is required.  They specifically confirmed, in writing, that there is no $6,000 bike limit in my policy.  FWIW I have the "Platinum Plus" coverage and, admittedly, it is expensive.

This is what I have (Platinum Plus) and the agent that sold it to me confused this issue as well. I actually sent in a receipt for my bike that was >$6k and they put it on file. I renew in early September so I am going to go through email to document this issue the same way you have.

Thanks again for all the feedback. After talking to my insurance broker a bunch they decided to extend my $5K/bike coverage another year at my current low policy price. They are revamping the policy and changing the coverage and I guess that process is ongoing so they can let me have last year's coverage another year. Next year I'll need to find a different insurance company, but knowing that in advance I'll start looking a month early next year so I am not rushed.

Here is a quick list of insurance companies with $5K+ of bike coverage. Details vary so you'll need to work out costs and such with them for your situation. I have listed them from highest cost to lowest.

- TD/Mellochmonex = $6K/bike to unlimited depending on policy

- BCAA - $5K/bike

- Intact Insurance - $10K/bike

- Wawanesa Insurance - Unlimited per bike [I didn't get a quote as I ran out of time and found this one last second so it's likely not the cheapest]

Just got a quote from Square One Insurance and as long as they have copies of receipts or appraisal on-file when your insurance commences, then they will cover high value bikes.

(I'm trying to cover one bike @ $6.3k and another @ $7.5k...I do have some other bikes but they are comfortably under the "normal" $3k limit).

They came in about 40% cheaper than TD so I may switch at renewal (next month) but I need to check small print and whether it's equivalent coverage.

Still searching for other options as well...

^^ Especially if you own a condo.  Double check your coverage for the strata's insurance deductible.  We got hit with an increase from $25k to $100k which may have me shopping around to see if I can get a better deal than at TD.

Posted by: Brocklanders

A friend of mine had his commuter  ebike stolen in front of Lynn valley mall  in broad daylight a month after he bought it. Luckily the credit card company he bought it on replaced it. Fuckers cut the lock with a disc grinder and nobody did shit.

When I used to work in a shop we would go cut a lock off every so often when someone lost their key. We knew it was their bike because they bought it from us but when we went to do the job, no passersby ever stopped us or questioned what we were doing cutting a lock off a bike and walking away with it. I'm not surprised by your friend's experience.  There was a famous story in psych 101 where a girl was brutally raped and murdered in a public place. Many people heard her scream and everyone just left it to someone else to report/do something about.

My home insurance will need renewal in May 2021. I have a note in my calendar a few months out to get started on the hunt since my current policy is not available for another year. I really want to get back to unlimited bike coverage anyways since I have $$$ machines in the fleet.

Posted by: Vikb

My home insurance will need renewal in May 2021. I have a note in my calendar a few months out to get started on the hunt since my current policy is not available for another year. I really want to get back to unlimited bike coverage anyways since I have $$$ machines in the fleet.

Did you ever make a choice? 

I’m renewing now too and thinking bikes worthwhile.

Posted by: Poz

Posted by: Vikb

My home insurance will need renewal in May 2021. I have a note in my calendar a few months out to get started on the hunt since my current policy is not available for another year. I really want to get back to unlimited bike coverage anyways since I have $$$ machines in the fleet.

Did you ever make a choice? 

I’m renewing now too and thinking bikes worthwhile.

Yes. Sorry I didn't see this post. I ended up with Intact Insurance based on cost vs. coverage. Policy details vary from customer to customer and property to property. These numbers are what was going on for me Aug 2021.

• ~$400K replacement cost of house
• ~$255K coverage for personal property including bikes
• No earthquake insurance
• $1000 deductible [you could ask for $500 if you wanted]
• Coverage per bike = $10,000 at replacement cost [covered when away from home as well] - you have to ask for the "My Extras" option
• Cost for 1 year of insurance = $996

For folks that may not have dealt with a stolen bike claim it looks like this:

1. Bike stolen :-(
2. Report to police
3. Ask LBS or bike manufacturer [direct sales] for a replacement cost estimate
4. Send police report and estimate to insurance company
5. They cut you a cheque for estimate value less deductible on policy
6. Go buy a new bike! :-)

My advice is to do it fast as I want the new bike not my old one back if the police were to find it. My old bike will likely to trashed and if you get a new bike the insurance company will often sell you back your old bike for pennies on the dollar anyways if you do want it for sentimental reasons perhaps.

I went with a higher deductible because I look at insurance as a back up for major events. I'm not one of these people scanning the policy and submitting a small claim frequently. With bikes in particular my experience is that the LBS replacement estimate is usually "generous" so at the end of the process I'd get a new bike I am happy with after deducting $1000 from the replacement cost. If two bikes are stolen [say mine and my GF's from back of car] than the deductible is only $500/bike. If the whole garage is emptied it's a few $/bike since there is a lot of gear in there.

I find bike coverage changes over time so Intact was great this year, but in 5 years they may not be. That said I have never failed to get decent bike coverage with enough shopping around.

Posted by: Taz123

TD Meloche Monnex - $7k/bike

+1