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Hi, I have just purchased a nuke proof mega comp 2015 and need to add it to my insurance, whether it be to my current home insurance or a separate cycle insurance. My question is regarding the value of the bike. As it is a 2015 model and that I bought it during the black friday sales i got it for 40% off the RRP. When i go to insure the bike it asks its value. Do i put what i paid or the true RRP e.g £1550 or £2500? Just a bit worried if i do need a replacement and put £1550 they will not replace for new.
Hope this makes sense!
Cheers
Depending which option you choose, make sure you either keep, or don't keep, your proof of purchase.
Have you looked at Pedalcover? No need to list each bike < £10,000 I believe.
Is pedal cover just bike insurance as I've only just recently commenced a policy with direct line. It will be either adding it to that or taking a cycle only cover somewhere. I just need to know what value to declare whether its the sale price i paid of what it would cost to replace.
Bearing in mind if in a years time i claim there won't be any 2015 models potentially.
Pedal cover are a house insurance company that specialise in Bikes!
I have just (about 2 weeks ago) got my contents insurance with them, including bikes at and away from home unspecified - and their price was cheaper than my existing contents only insurance even including any cancellation penalty!
I would really recommend giving them a call (I dealt with Hugh) as you may find the saving and service is much better!
Oh and they are new for old cover - plus they will deal with you for a replacement bike directly, finding what YOU want, not what the insurance company can get hold of (usually a WHEELIES voucher)
I'lll watch this with interest, I've previously done the lazy thing and rang existing home insurance people and got bikes added on but when looking closely they aren't nearly comprehensive enough to cover the kit.
As an interim last year I went with protectyourbubble for one bike which covered it ok, but that one wasn't particularly expensive.
I'm looking to change and bring everything under one policy and a local shop have recommended Bikmo, who have some good points, no excess on replacement bikes over £1000 for example, and new for old.
Thanks for the advice...
So do i cover price paid (bought in sale) or full list price
I had new for old policy & a 2015 Solo went along with a 2015 YT Capra & we got all paid out in full though they asked for receipts and also photographic proof of the bikes, I keep frame numbers etc & all this was sent to them they didn't quibble full pay out in a timely manner.
It pays to shop around & get exactly the cover you want.
Insure it for the value of the bike. Which is full RRP. If it was stolen in 6 months, would that bike be available again with 50% off?
Have it as a named item at agreed replacement price = full list price or more if it it likely to go up in price soon. If they accept the price of the risk then they should pay out as long as it is reasonable.
Keep receipts. If you change the bike for an equivalent bike make sure you inform the insurance so they can update the details.
I have just had two bikes nicked and the insurance agreed to pay the full whack for both, the realised one was. Is named so refused. I pointed out it was a component upgrade and threatened the financial ombudsman and the backed down and paid out.
Another +1 for Pedalcover, cheaper than my existing contents and buildings cover, no need to name bikes,no specific security requirements and cover worldwide for my bikes up to £15K (from memory)
If you insure for the price paid, a like-for-like replacement could be a lower spec bike as the payout won't be enough to get a RRP bike. You would need to keep your proof of purchase as if they claim its underinsured (i.e. to try and get a £1.5k bike covered under a £1k value limit) they will generally reduce your £1k payout. I.e. 30% underinsured, they can reduce the £1k max by 30%, as the more expensive bike is a higher risk.
Or, you can legitimately insure it for the RRP as far as I'm aware, as that is the replacement cost. Your not insuring what you spent, your insuring against losing the bike and wanting the same item back. You may still need your proof of purchase but would argue the bike is now more expensive. (I once claimed £400 for a stolen bike, and the insurer paid something like £500 without being prompted as the RRP of the bike had increased!)
Insure it for the cost of replacing it with something the same or similar.
thanks for all the posts, i called direct line today and they wanted the RRP so 2450. Added £8 per month so cheaper than getting separate bike insurance. 🙂