Household content insurance which covers bikes? (Merged multiple threads into this)

Currently using TD Meloche Monnex as previously recommended by this board but their prices have gone up by about 20% this year. There plenty of good stories about their (relatively ) reasonable prices considering their $6k bike coverage (we have Platinum Plus coverage) but what are they like if you actually have to make a claim?

Specifically, how much have they tried to NOT pay out? Has anyone actually successfully gotten paid out for a stolen or accidentally damaged bike? If so, what was their process for resolving the claim?

I've searched thru most threads on this subject but there isn't much info about their 'customer experience'

http://bb.nsmb.com/showthread.php?t=142958
http://bb.nsmb.com/showthread.php?t=143879
http://bb.nsmb.com/showthread.php?t=153705
http://bb.nsmb.com/showthread.php?t=153195
http://bb.nsmb.com/showthread.php?t=128417

Feel free to PM me if you prefer…

We have had TD Meloche Monnex for awhile now, and last time I asked about bikes, it was too expensive to even think of covering them. I need to ask again I think to see what the rates are. If you have more than one bike, id imagine it still isnt reasonable.

I think the key to cheap bike insurance is to see whether you can get their platinum or platinum plus coverage.

Still, I'm curious to find out how well they handle an actual claim for stolen or damaged bike…

I've been with TD for 5 years but I have not had a claim. I cannot get Meloche Monnex as I don't have a degree or whatever else they require, so I have to stick with regular TD.

For the first few years I was paying stupid amounts to list my bikes separately, however a couple of years ago I found out that if you get their highest tier insurance called Platinum Plus they include bicycles up to $50K (as part of your maximum insurable amount for contents). It's much cheaper than insuring each bike separately and then you are covered for just about anything you own like Chris's story above. It's a little bit more than Meloche, but not a whole lot. I think I pay about $65 a month total as a home owner.

I just called 5 mins ago to check on this as I was suddenly concerned that I was only covered for $6K total after miss-reading the OP. This is not the case. Regular platinum is $1500 per bicycle, and platinum plus is $6K per bike up to a $50K total.

There's been a lot of break-ins in garages in Squamish lately so I wanted to be sure I was covered. I've asked to be sent confirmation so I have it in writing which they agreed to. I take a series of photographs every time I change a part on any of my bikes and then do a group shot with them all hanging in my garage to show that I have all of them in one place at one time and they are not different builds from a different time. I feel pretty confident that if I need to make a claim that I will have sufficient proof of ownership. Hopefully I don't need to find out.

… I just called 5 mins ago to check on this as I was suddenly concerned that I was only covered for $6K total after miss-reading the OP. This is not the case. Regular platinum is $1500 per bicycle, and platinum plus is $6K per bike up to a $50K total…

I just called to check the same. Platinum is $6k max per bike - confirmed. Platinum Plus is a $50k max per item blanket coverage for any of your fancy goods (bikes, jewelry, furs, collector cars, etc…).

My renewal is just coming up and I stuck with Platinum plan (this thread had me worried!) and on the call reviewed some special item riders that we discovered were no longer necessary. Guy was super helpful and helped me optimize my coverage and end up paying less. Bonus! :-)

For reference: I've been covered by TDMM for a long time and had to use their policy with a major break-in back when I lived in Gastown in 2007. Included in all the loss was about $11k in 3 bikes plus $1k in a Chariot stroller - was all replaced with minimal hassle. And 2 of the bikes were heavily custom… Just had to pull some pics, whatever receipts I had for parts and get appraisal of replacement cost from a shop. Overall, these guys were very easy to work with in what was a stressful and fairly traumatic experience.

Chris [HTML_REMOVED] Old School: did you find your premiums increasing massively on renewal following your claims?

I have el cheapo bronze coverage, which has up to $2000 per bike. I recently had to make a claim for 2 bikes stolen in a break in. The process was very straightforward - I sent receipts for everything (a good lesson in keeping receipts for expensive stuff) and 2 quotes per bike for replacement. The adjuster was great to deal with and gave me advice to get the most out of my claim. I had a cheque in my hands within 3 weeks of opening the claim.

Overall I was really happy with how things went and would recommend them for sure. I'll be interested to see what happens to my premiums when I renew, though.

I have been told that premiums do not increase on home insurance after a claim.

My experience in Australia 5 years ago, and Canada nearly 20 years ago is that they do not.

Chris [HTML_REMOVED] Old School: did you find your premiums increasing massively on renewal following your claims?

I lost my "claims free discount" but I don't remember it being a massive hit on renewal - and I have the full discount back now, whatever that means. I now live in a quiet area on the Shore that apparently is some kind of low risk area so premiums are lower than when I was in Gastown.

Craig, mind if I ask what provider you use?

I can't remember as I haven't talked to them in years, will have to ask my wife and will post.

Chris [HTML_REMOVED] Old School: did you find your premiums increasing massively on renewal following your claims?

It had a very minimal impact to my premium, if memory serves they increased about $1-$2 or so, about %5 I think. Total value of our claim was about $4000.00 or something like that.

We just purchased our first house in Kamloops and are now shopping for our first home insurer. Any recommendations for coverage that is great for bikes?

Td. Best deal I've found.

Best rate I found was BCAA. road side + insurance was the same or lower than 4 other quotes that I got.

Dunno. 10-12yrs ago was the last time I needed to bother, but if I recall…it was best to have the bike covered on its own as the inclusive policies had limits of like a grand or something.

You new to town as well? Drop me a line for some shuttle runs…