I need some advice from people that had insured bikes, that they built part by part. Mine bike is getting progressively more expensive and I am considering to insure it, in case something terrible happens. Trouble is, as it’s built part by part I have pretty much no receipts for it – the joy of second hand. What are my option for insuring it? Who will do the valuation? If it has seen a fair share of scratches and hits will it affect it?
What happens if I replace something minor, like mech or something major, like the frame?

Cheers

All my bikes are insured for a specific value (what it would cost to replace to the same standard/roughly what I paid, not new). If one goes walkabout, the insured value is what I would be paid out.

Just changed my insurance and asked the same question.
They said to make sure I had lots of photo’s of all the parts and make a list to back up the info. Might be better to ask your insurance company as they will tell you exactly what you need to know rather than us lot guessing what you need to know…

My insurers (Morethan) just let me phone up, say “I want to insure X bike, it’s worth £Y”. Then they tell me how much it’ll cost.

Lots of my parts were bought online so I’ve got records of prices. Plus I make sure I take a photo of the bike if/when I make any changes.

I’m wondering the same.

I built my full suspension bike from a second hand frame and a hardtail I bought new. So do I insure it for sum of value of parts, when all parts were new? Or value of bike I bought new, minus HT frame value, plus second cost of FS frame?

It may well vary by insurers so check with yours. But mine told me to insure it for what it cost me to build. I had a similar build to you. 2nd hand fs frame, some new bits and a lot of bits off my old HT, some of those were new at the time, some were old.

But I was told to insure it for what I paid for all the bits, but if it’s nicked then they’ll replace it with a new one. (Yes, I double checked!)

1) ask your insurers as they will deal with the claim not anyone in here.
2) List everything on the bike, a spreadsheet with component and make/model/RRP. If it’s old for new then it’s exactly that. What would it cost you to replace today not when something was on offer etc. List the full RRP and see where that goes with them.

Three years ago I had my bike stolen, Trek 2002 SLR frame, hope xc wheels, odds and ends from; mates, eBay, bike jumbles, etc, etc.

Fortunately I had insured it for a value and had a list of components (year/age/new/second-hand) and photos of the bike; secured with a gold standard lock. They cut the frame, police said it was stolen for parts.

The insurance company made me an offer based on the info a bit of haggling and I wasn’t too un-happy with the settlement.

Insurance will usually try and batter you down based on age of components from my experience. Just ask the company as it will vary from company to company and policy to policy, new for old etc.

Some want a written valuation from prior date if bike is stolen.

Full rrp on everything as depreciation will be factored in as part of any claim.

Most local bike shops will do a valuation at a small charge if needed.

Just done a quick RRP parts list of my bike. I’d under estimated its value by about £300 for a new for old replacement. Seems worth doing.

M&S asked what my bikes were. Both built from scratch. Cost £X to build, if I claim I get the price to replace. Lots of photos and a spreadsheet of parts and breakdown of prices to back it up.