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  1. #1
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    '04 575 Race Disc = '11 575 Race? Equivalent for insurance replacement value

    Some bastard stole my '04 575 (Race Disc build) and I need to send the replacement value to State Farm. Murphy's law in full force: I have a big multi-day ride coming up next week and now don't have a bike. Thanks for any input.

    I had upgraded the 5th Element rear shock to a Fox RP23 ($260+), and just put UST Conti Mountain Kings on it. ($69 ea.).

    What do you think the equivalent '11 575 build is? The '04 (Bikepedia Link) had all XT w/ XTR rear derailleur, Hayes Carbon brakes (which worked really well for me). The current enduro build has the same base price, but is it really equal (Bikepedia link)? SRAM 9 rear derailleur and mix of X7/X9 for the drive train and Avid Elixir 5 brakes & levers.

    I think the way "Replacement Value" works is that the new bike has to be the full price of what the old one was worth with all the compenents/upgrades, so if I buy the cheaper bike I won't get the full refund.

    The '11 575 Race build (Bikepedia link) has all XT, but with the rest of the components it ends up being nearly 1K more than the base price of the '04.

    I'll talk to the LBS and get their input too, but would appreciate any thoughts you might have.

    Thanks,

    Angelo

  2. #2
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    Really hard to say in terms the insurance company will buy. A lot has changed in bikes in the last 7 years, and prices have gone up more than inflation. XT is roughly equal to X9, but I think the components on the current enduro would beat anything that was around in '04.
    So do you get similar performance to what you had before, or a bike similarly placed in the lineup (since performance of the whole lineup has improved)? The '11 enduro is probably a better bike than your '04 race...

    Good luck in any case.

  3. #3
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    Quote Originally Posted by Joules

    The '11 enduro is probably a better bike than your '04 race... .
    Thanks Joules,

    Yeah, any version of the 575 is going to be better than my '04! I guess it comes down to what "level" the Race Disc is these days and if it's more $ then will insurance cover it. Has anyone contacted Yeti and received help on insurance claims?

    Angelo

  4. #4
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    This happened with my wife's bike. Just go to your local bike shop with a full part spec and tell them it's an insurance estimate for a stolen bike. You will likely get an estimate for retail on the bike which state farm will depreciate for age.
    From my experience with a similar age, value bike, you will probably get ~50 to 60% of the bike's value. Back out your deductible and that's how much you'll get. If the shop does you right by the estimate, you should be able to afford a new bike.

    But do know that State Farm doesn't take nicely to claims. We were booted off our policy after two bikes were stolen. I have since started setting aside the $250/m we would be paying in insurance into a separate savings account. It's kind of nice because it becomes a kiddy to buy a new bike once the replacement cost of your bike has been saved.

  5. #5
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    Did you buy the bike new? How much did you originally pay?
    Maintain internal heights.

  6. #6
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    If you have replacement value insurance then you go to your Yeti dealer purchase a new bike of the same build level and submit your receipt to the insurance company and you will get a check for the amount it cost.

    If they tell you it needs to be depreciated tell them to read the policy and flag the "Replacement Value" text.

    If you do not have "Replacement Value" insuracne then like the post above said they will depreciated for age. If this is the case update your insurance to include "Replacement Value" for the next lost.

  7. #7
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    +1 for mtnbiketodd's comment. Replacement value is reasonable enough with homeowners ins.

  8. #8
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    I would seriously hold off on going out and purchasing a new bike hoping the insurance company is going to reimburse you.
    Every company has different steps in the way they pay out per policy guidelines, including if you have Replacement Cost or Actual Cash Value personal property coverage.

    Some companies will depreciate the cost of the bike (regardless if you have Replacement Cost coverage) upon your settlement check, and only when you REPLACE the bike, will they issue you a second check to cover the difference. Meaning, once they know you've bought an equivilant bike will they honor their policy guidelines.

    Receipts, pictures....anything you have to show what was stolen will be your savior, because the burden of proof is on your shoulders. You're supposed to be put back where you were before the loss. That's why I asked if you were the original owner of the bike, because that will make a difference.

    I'm not sure what happened in this case, but State Farm has a rep for handling Bike Theft pretty thorough and exhausting.
    Stolen bike & dealing with insurance
    Last edited by nixgame22; 05-09-2011 at 10:33 AM.
    Maintain internal heights.

  9. #9
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    My issues with State Farm have gotten so bad that I switched companies and have begun to 'self-insure' (aka secondary savings) for the bikes and jewelry. If you own bikes, you should look into the idea. If you are spending $200/m to insure the bikes, put it into a savings account. The longer you have no issues, the better off you are.

  10. #10
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    The key here is to know your policy and not let the insurance company tell you your policy.

    I have lived through this before where they told me I was only getting actual cash value because that is the way they do things. I asked them if they know how to read? When they said yes I told them to read the policy since it stated replacement value and I would be submitting a receipt for the replacement value. At the end of the day I got what the policy stated I would get.

    Don't let them run you around read your policy and follow it.

    This is my adivce at least unless you like getting bent over

  11. #11
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    Quote Originally Posted by mtnbiketodd
    Don't let them run you around read your policy and follow it.

    This is my adivce at least unless you like getting bent over
    Yeah... the insurance adjustor's job is to give you as little as possible on your claim.

    You shouldn't have to actually purchase a new bike to get the full replacement cost in cash - it should just require an estimate from the bike shop.

    I would push as hard as possible for the '11 Race value. Inflation is not your fault.

  12. #12
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    Thanks all,

    The '11 race build is a grand more than the '04 model, but I'm submitting it as the equivalent "level". Race disc was a "mid-level" build, and the current Race build is Yeti's "mid-level" build. If they need to look at component line items, most will match up. I've been told by multiple people from claims that they will pay the replacement costs, even if it's more.

    We'll see.

    Thanks,
    Angelo

  13. #13
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    Happy ending everyone - found photos and serials for most of the bikes - they paid full replacement value for each bike I re-purchased. Since I documented everything well (and repurchased the bikes), no real hassles. For any others dealing with this, make sure you have a replacement clause in your policy - if you do, don't hesitate to get the same "level" (i.e. build level or component level) bike as you previously purchased EVEN if it's significantly more than what you originally paid.

    Thanks for all the input.

    Angelo

  14. #14
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    Glad to hear things worked out for you.

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