Stolen bike, reported, question.

[Scigacz]

Unfortunately my bike got stolen 2 nights ago, fortunately I had theft insurance. I reported it both to police and insurance. I was told by insurance that claim department will contact me within 24 hours. It's been over 24 hours already, and no-one is calling..How does this process work now. If bike not found.. Will I get reimbursed for accessories on the bike as well? What do they base their pay-outs on.I'm with statefarm.

[GreyGhost]

Hopefully you have told the insurance company about all accessories you want covered before it got stolen. It's not really fair to them if you tell them your bike is worth 10K so you pay a premium for 10K coverage and then ask for 12K because you added and didn't tell them.

In the past, they would make you an offer, you could accept or decline. If you found 3 other bikes on autotrader that were similar and above the offer they would normally increase the offer so you could buy one of those bikes. Lately the insurance companies seem to be using some software to determine fair market value and requiring certified appraisals to contest. As you bike is already gone, obviously an appraisal isn't happening, let us know how it turns out.

[jeffjones]

Hopefully you have told the insurance company about all accessories you want covered before it got stolen. It's not really fair to them if you tell them your bike is worth 10K so you pay a premium for 10K coverage and then ask for 12K because you added and didn't tell them.

In the past, they would make you an offer, you could accept or decline. If you found 3 other bikes on autotrader that were similar and above the offer they would normally increase the offer so you could buy one of those bikes. Lately the insurance companies seem to be using some software to determine fair market value and requiring certified appraisals to contest. As you bike is already gone, obviously an appraisal isn't happening, let us know how it turns out.

+1 that is pretty much dead on.