I know there have been a few threads recently but none addressing this issue.

I would like new for old cover including for bikes over ten years old. Pedalcover have changed their policy to reduce payouts for older bikes to 50% of insured value (for bikes over £1500).

Coop max bike limit is £2.5k per bike. John Lewis way too pricy and Barclays also too much.

Any other suggestions?

Ta

Pedalcover have changed their policy to reduce payouts for older bikes to 50% of insured value (for bikes over £1500).

Have they? Any idea what they are defining as old?

EDIT – quick search suggests >10 years.

yes 10 years

Although if you can prove bits (upgrades) are newer then they would cover full cost on those i.e brand new Pikes on a 2005 bike would get 50% for the frame and 100% for the fork.

Well that’s a bloody minefield!

I’ve got a 10 year old Madone, but only the frame, headset and seatpost are actually 10 years old. How would they work that one out?! I can take a guess…

I doubt any insurer would provide NFO on bikes that old. Every incentive for them to ‘disappear’.

If you could find it it would be very expensive I’d imagine.

If age isnt specifically excluded in the policy wording you’ll get new for old
Weve seen it before with standard policies sold as bike specific, they eventually have to introduce exclusions.

Given the general consensus on 2nd have value is 50% less 10% per year, at 50% of new you could buy 5 2 and a half equivalent bikes on the payout, seems sensible and more than reasonable to me. Can you imagine car insurance doing new for old on an 07 plate?

We have very specific, comprehensive insurance with Hiscox – I don’t know the answer to your question but I would have thought it’s worth checking them out.

Our house & contents insurance has New For Old for named bikes over £1000 in value. I thought it wasn’t NFO but at the last renewal I was explicitly told it was. Can’t remember who the company is now, the broker (Swinton) said there were only a couple that did “expensive” bike cover.

Pedalcover has been entirely new for old until now but it seems people have been taking the proverbial, not entirely surprising I guess as there seems to be an entitlement culture when it comes to insurance.

Hiscox are Barclays’ agent but they were pricy.

I’ve renewed with Pedalcover as they explained the rationale behind the changes and you can’t really disagree with the thinking behind it. Honest customers bearing the brunt of the scum that use insurance policies as cash machines. My words – not theirs!!

Pedalcover claim to pay out if needed in cash rather than the Wheelie route, which can be a pain I hear. I think Pedalcover remain new for old for bikes under 1500 quid

I would be suprised if many general household policies have an age exclusion. The risk of covering some expensive bikes is spread amongst lots of people who dont own expensive bikes.

Policies aimed specifically at bike owners need to have exclusions or the loss ratio will be above the premiums collected.

That has always been the problem with them.