Say you picked up a 1k bike new for say 400 would you insure it for the full replacement value ie 1k??
Figures aren't actual..
Thanks
Bike Forum
bike insurance question
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Posted 10 months ago #
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any idea???
Posted 10 months ago # -
The insurance company will go by the value at the time of any 'incident' most of the time anyway, so go somewhere in between would be what I would do.
Posted 10 months ago # -
You should declare the value as being what it would cost you to replace it on the open (and legitimate) market so for insurance purposes it's value is £1k.
Posted 10 months ago # -
I would speak to the insurers and find out how they would manage a claim. I had 2 different experiences with the same insurance company 8 months apart. (Sainsbury's underwritten by Halifax- they let you specify bikes and pay a bit more and have paid out twice: shed theft and stolen from locked Thule roofrack).
The first time I had nominally insured for £2000 (one of several stolen). Claims investigator came out the check story documents etc. Wheelies then checked out details of bike and upgrades added, etc and said I could spend £3500 in their shop (or 75% as cash still more than the 2000 i had it listed for- a whole different argument about having to use their shop though, I know). I checked- "Are you sure, I only had it insured for £2000?... er ok then!"
The second time I had insured exdemo bike for the price I paid plus upgrades (also £2000) and this time, despite the fact that to replace the bike would cost more, they would give me that as a maximum payout for Wheelies or anywhere else. But they never took either the police crime number or copy receipt!
So... check how they'd handle a claim would be my advice.
Posted 10 months ago #
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