Forum menu
My home insurance is due and I need to phone them to clarify the bike situation (DL).
When it comes to valuing my bike I've come to realise that it's almost a totally different bike to the one I originally bought. I think there's only the cranks and cassette that are original! Everything else has been "upgraded" 😉
So how do I value it? Is it best to total up the new cost of each component? Or find a similar new bike and give that as a value? It was originally a 2012 nukeproof mega am pro and I reckon it would probably cost upwards of £3k to replace it new. DL offer a "new for old" but unsure about bikes?
I phoned M&S to discuss this, they insure the "new" value.
ON the one hand this is good as you could protentialy get the full RRP on every component of a custom build. On the downside, it makes the insured value cripplingly expensive, which pushes premiums up or even makes relatively normal bikes uninsureable.
I suppose one way to do it would be to spreadsheet each component and the cheapest online place to get it (i.e. the actual replacement cost).
In the end I just insured my expensive bike for the maximum M&S would allow (£2k) and in the event of a claim I'd have just made up a spec as close to £2k as possible (no need to tell them the upgraded bars were £50, or if I did, the 'old' ones were worth £45, honest) which is what it cost me, whereas the RRP's were probably nearer £3.5k.
Or find a similar new bike and give that as a value?
i did this. seemed easiest.
Think of a bike you'd be happy with as a replacement, give the RRP of that.
Or simply - if the bike's not 'worth' much -- don't add to insurance and put in a pot.
We only have one bike of any value, out of - er, 4 of mine and one each for wife and two children. Not added to policy - part from the all road bike - if the others go, it'll be a shame but easier in some ways than insuring..
[i]In the end I just insured my expensive bike for the maximum M&S would allow (£2k) and in the event of a claim I'd have just made up a spec as close to £2k as possible (no need to tell them the upgraded bars were £50, or if I did, the 'old' ones were worth £45, honest) which is what it cost me, whereas the RRP's were probably nearer £3.5k. [/i]
I did this too.
Yes it cost me more, but it isn't worth what it cost and to get new-for-old was pretty much doubling my house contents/buildings premium.
I think my bike is probably worth £1.5k if I sold it so I'd happy to get that back if it ever got nicked tbh. I need to double check DL policy but AFAIK their maximum is £1k for bikes.
it may be 1k ,but your unlikely to get 1k if you underinsured and your bikes are worth 2k.