free4now
Thinks s/he gets paid by the post
- Joined
- Dec 28, 2005
- Messages
- 1,228
I just had a brand new bicycle stolen. It was my first ride on this bike, just a week after purchase. Ouch. I stupidly locked it with a cable lock in front of a store, and it was gone when I exited a half hour later.
So I'm now left with the dilemna of whether to report this to Allstate, my renter's insurance company. The bike purchase cost was about $1400, and my deductible is $500, so presumably I'd get about $900, which is nothing to sneeze at.
On the other hand I've heard people say it's really bad to report losses on homeowners/renters insurance because they will raise your rates.
My thinking is that it's probably worth reporting this loss. I can't see them raising my rates that much; this loss does not reflect anything bad about the covered property.
Anyone else have experiences to share with reporting a loss like this?
BTW, the Visa Signature credit card that I purchased it with provides $500 worth of theft protection for the first 90 days, so it looks like I could actually be made whole together with the renter's insurance!
So I'm now left with the dilemna of whether to report this to Allstate, my renter's insurance company. The bike purchase cost was about $1400, and my deductible is $500, so presumably I'd get about $900, which is nothing to sneeze at.
On the other hand I've heard people say it's really bad to report losses on homeowners/renters insurance because they will raise your rates.
My thinking is that it's probably worth reporting this loss. I can't see them raising my rates that much; this loss does not reflect anything bad about the covered property.
Anyone else have experiences to share with reporting a loss like this?
BTW, the Visa Signature credit card that I purchased it with provides $500 worth of theft protection for the first 90 days, so it looks like I could actually be made whole together with the renter's insurance!