Does anybody do it?

If so do you put the value to what it would cost to replace as new or what you would get for it second hand? Do the insurers value the bike separately or go on what you say its worth?

For instance lets say I insure my bike for £3000 which is what it would cost to replace it with a new bike but if sold it would only fetch say £1200. I would be paying for the insurance based on the £3000 but if it got stolen would the insurance pay out the £3000 or would they ask for photos and a valuation from a shop and only pay out its second hand value?

Thanks

Depends on the insurers and the policy wording.

new-for-old means they’ll replace your old/used bike with a new one if/when it’s stolen.

Including it with your contents insurance is almost always cheaper though.

My Kona was only around £600 built from new/secondhand parts BUT Zurich needed a written quotation from the LBS to replace it as per the parts list.
Envelope contained a cheque for over £2300 😉