Ok before we start can I just state that I CANNOT get insured by M&S 'cos I had £20k claim for burst water mains damage a couple of years ago.

So I'm insured with JLT online and the bike in question cost £2300 when bought in late 2007. As we know biks have rocketed in price since then and replacing it for the 2010 if it was nicked would rush me £3300.

JLT's small print states that unless I have the proper replacement value on my policy{and the resulting higher premiums}, in the event of the claim, they'll take off 40% of £2300 before paying out!

This doesn't happen with car insurance, so do other people increase their bike insurance premiums in line with the annual price increases??

Also what do folk do when it's a custom built/upgraded bike as opposed to a standard off-the-peg number?