Just renewing the house insurance and thinking of going with Tesco Bank? Any experiences good or bad?

Also when you value your bikes how do you do it?

I have a niner emd, niner forks and xt throughout but I have built it up out of parts from either other bikes or classified. I imagine resale value is £600-£700 ish??? But the replacement value of the bike would be a lot more if it is to buy again as new? I also have a santa cruz, old old one that may be a similar problem but I suppose less fussed with that one as its almost a pub bike.

So what value do you put down of the bike? Its current value? The cost to build again or the cost to replace new?

Also any tips to look at with insurance? Know I need to read small print on locked outside in sheds etc but anything else I need to be aware of?

For my custom bikes, I maintain a spreadsheet listing every part on it and the price I paid. I back this with photos of the bikes. I’ver never tested this method through theft, but my Dad has, and the insurance company in that case just sent a cheque of the new cost of all the parts he bought.

For the off-the-shelf bikes, I just keep the receipts and have photos of the bikes. I only buy new-for-old policies so would expect them to be replaced with the current equivalent should they go walk-about.

I’ve just gone for Royal Sun Alliance via a broker (http://www.lansdowninsurancebrokers.com/)

First quote was for £250 / bike (eek) so I upped it. Now I’m covered up to £3000 total (new for old) in a locked shed (can’t see them taking more than two bikes) and two specified bikes are also covered away from home.

Pedalcover are great – recommended to me and I saved going with them for a better service!

No limit on bikes, they deal direct for you so you don’t get a voucher but a bike you want, and the level of cover is good, with no requirement for “gold standard” locks and the like.

@bensales oh yeh good point, i’ll check if its new for old and get them written and pictured. Not sure of prices paid as some are from a new bike I bought ages ago but if its new for old then I suppose it doesn’t really matter as long as I have proof that I have owned them.

@Stirlingcrisp was thinking about away from home as well but if its away from home its never locked up in town, always in the car with me or I am sat on it. But peace of mind may be worth it.

So what value do you put down of the bike? Its current value? The cost to build again or the cost to replace new?

Cost to replace new. No point in under valuing your bikes.
Never been asked for proof of value of my bikes by an insurer.

Lloyds give you a grand in a locked shed. However I have a shed built into the side of the house that houses the tumble dryer etc. As the bikes are in there they are apparently valued to their actual cost. Sure it’ll be fun arguing that one out if it ever comes down it xx

so just checked cover and it is new for old.

I suppose when I put the value down then it should be the value to replace it new. Otherwise if they then get the replacement cost they can tell me to do one.

Speak to pedalcover before you decide!

Cost to replace new. No point in under valuing your bikes.
Never been asked for proof of value of my bikes by an insurer.

Cool will get on that then. Amazing how much they come to on a new value. Thank god for classified and a bit of mechanical nowse.

@wrecker & @smurfly just put details through to pedalcover and will speak to them tomorrow but as usual I am leaving this down to the wire and needs to be sorted tomorrow at the latest 🙁

I miss my (stolen) EMD.

Get it insured well, good quality insurer, not cheapest option that saves £20 to be under insured, of have insurer wriggle out of claim…

It’s ok ajf, pedalcover are quick!

I had named bikes with replacement value nicked recently. Insurance agreed to pay but initially said I had to buy from a shop they specified in Wales. I disagreed and they agreed to pay cash.

They then spotted that I had named one bike as a Scott but since taking the policy had replaced it with another bike of similar value. They refused to pay until I waved the financial ombudsman at them when they suddenly agreed that there was no difference in the risk they were insuring and paid out.

Probably worth photos and correct description of the bike. Being too specific can be a bad thing if you upgrade you bike at all. If it is a custom build and you failed to mention the new XTR group set replacing the old LX gear guess what they will pay for. If you just say the frame name and keep your receipts you will probably get a better deal.

I am realising I have never insured my bikes properly before. Wife not gonna be happy with the increase in costs 🙁

Pedalcover may sound like a good option to chat to someone who understands the market and about bikes as reading fine print in other insurers it seems like they are never too happy to insure bikes and try everything to get out of it. The one we were going to go with has maximum of £1k per bike up to max of £2k

All quite distressing as the wife is realising the actual cost/value of my bikes during this process and was hoping for an n+1 soon. Thats not gonna happen now until I have an n-1 first

It doesn’t necessarily need to be a specialist company. I’ve got AA ‘Home Plus’ house contents covering mine. They have a single article limit of £5000 which covers me for the theft of one bike whilst I’m out of the house (as long as it’s locked), and “Theft of items from your outbuildings or your domestic garage
up to £7,500.”, so that covers all the bikes whilst they’re at home in the garage. Again, they need to be locked in the garage, but that’s no great hassle.

Mine was standard house insurance with named items covered in and away from the house. Made very little difference to the premium