Just spoken to M&S about renewing and the new T&C's around bikes over £2k. Apparently anything would be replaced new for old, so it's the value of the a new equivalent bike that matters.
So my 9 year old Cannondale CAAD with DA 7800 groupset and assorted other upgrades is probably worth around about £2k to buy something new to replace it (like a CAAD10 ultegra and some upgrades, a custom build). But could they be picky and say like for like is dura ace 9000 at RRP (which is almost £2k alone!) which would put it significantly over £2k, and therefore uninsured (as arguably more desirable to thieves?).
Basically, would they pay out £2k as the maximum or nothing at all?