It's time I finally added bike insurance onto our plan after a comment passed by a neighbor who is an insurance broker. He said that if one of my bikes is stolen I would only get 500 for it unless I add the bikes onto the plan. That being said, the insurance company needs to know what all of my bikes are worth. Is it best for me to give them a rough estimate price of all my bikes grouped together or take each individual bike down to the shop and get them to make part lists with the MSRP's on it? Would the shop charge money to do this? I don't exactly want to tell the insurance company straight up that I have 17 grand worth of bikes in my house.

John, your broker is correct. Home policies have a maximum on what you will get if your bike is stolen, less the deductible. You will need to schedule each bike for a declared value. Do not use retail pricing because that will be the amount in which your premium will be ­base­d upon. Insure the bikes for what it will cost you to replace. Also, make sure that your policy does not contain an exclusion of coverage while participating at a race event. Some policies will not cover bike used at a race, because races attract many high-end bike, which in turn attract many thieves.

As an aside, to insure $17K worth or bike is going to cost you around $500 per year. Higher limit bike insurance is expensive because so many bikes are stolen each year.

Thanks for the info