Say you picked up a 1k bike new for say 400 would you insure it for the full replacement value ie 1k??
Figures aren't actual..
Thanks
any idea???
The insurance company will go by the value at the time of any 'incident' most of the time anyway, so go somewhere in between would be what I would do.
You should declare the value as being what it would cost you to replace it on the open (and legitimate) market so for insurance purposes it's value is £1k.
I would speak to the insurers and find out how they would manage a claim. I had 2 different experiences with the same insurance company 8 months apart. (Sainsbury's underwritten by Halifax- they let you specify bikes and pay a bit more and have paid out twice: shed theft and stolen from locked Thule roofrack).
The first time I had nominally insured for £2000 (one of several stolen). Claims investigator came out the check story documents etc. Wheelies then checked out details of bike and upgrades added, etc and said I could spend £3500 in their shop (or 75% as cash still more than the 2000 i had it listed for- a whole different argument about having to use their shop though, I know). I checked- "Are you sure, I only had it insured for £2000?... er ok then!"
The second time I had insured exdemo bike for the price I paid plus upgrades (also £2000) and this time, despite the fact that to replace the bike would cost more, they would give me that as a maximum payout for Wheelies or anywhere else. But they never took either the police crime number or copy receipt!
So... check how they'd handle a claim would be my advice.