I don't know, but an insurance policy is only as good as the company standing behind it.
This is true, but my (limited) experience of insurance companies is that the cost of the policy isn't always a good indicator of the level of service. It can also be the case that a higher premium is paid for services or cover that isn't required. I treat the policy as a contract, I'm looking for one that's clearly written so I understand what it is I'm being offered, the TSB one is pretty good in that regard. In the event of a claim the policy will be the determining factor, the level of service including communication and how knowledgeable and helpful thy are won't be known unless I use them. It's likely that could vary depending on the individual dealing with the claim.
There I believe you are fully correct.
There is one other possible consideration here to consider. If it is bundled under your house insurance, if you make a claim, how much will your house insurance rise? I'd also ask for a list of exclusions, it's pretty amazing some of the conditions that can exist. I had two Canon 1D's and several expensive lenses including a 300 f 2.8. in my Miata trunk one day. Total replacement costs were about 14 grand if I remember the ballpark figure properly. There was a tremendous downpour one afternoon and the trunk got flooded. By sheer chance the larger bag was saved because I had it on the spare tire in the trunk, which happened to be throw in after a repair a while earlier. ( good thing I procrastinate so much in life
) only one body and a 70-200 were toast. But when I called the insurance company, ( (Allstate) with which I've had insurance since 92 for car, motorcycles, house and a rider for my camera gear - I found that it was not covered due to an exclusion. I was told that under almost any other scenario, had I run it over, had it inside the car on the seat or near a water heater in the house which leaked, that I would be fine, but not in this one instance. Well that only cost me about $5000 bucks.
.
IN the nineties I studied and passed the state insurance exam. Pretty tough course, mostly because of all the intricacies and also court case rulings of the past.
Since insurance is peace of mind, and since it is not understood by many, and the contract language is dense, I would not have peace of mind in a case as described above, in fact keeping in mind PH's comment, which is so true, I'd never have peace of mind to see a deal and jump in. I would first have to call that companies broker and chat, as some specific questions and then repeat the same with at least two competitors. The competitors would of course be pointed to the great deal and asked why they can't make the same offer. Sometimes you get nothing useful from them back, but often they will tell you the "gotcha's" which may or may not be true. It's a lot like dealing with a car salesman and then their finance manager.
I called around here in NC about insurance and got a very good quote from three companies. Allstate's was best for that same reason, that we have everything under one roof. My allstate agent is also a casual friend of mine. He did call me back later and said that despite what was signed and the stated value, that it was a mistake and that he had discovered that the maximum payout on a bicycle here would always only be $1000 dollars. That didn't make any sense. When I called around again, happy to pay a higher premium for security, but this time pressing the other agents, one other said, yes, the rule is $1000 max for a bicycle.
I hate to be a suspicious cynic, but I hate to be an in-tears sucker, even more. The low prices quoted here make it a no brainer in my opinion, but in the case of the worst case, prying more into the details could make an impact on one's claim. Details matter.
Oh, and always get a local police report of course.
I guess one last thought. If the company did not ask for serial numbers for the bike and every item on it with one, and photographs for proof - I'd be doubly suspicious that all I have is a piece of paper.
