I'm just looking at getting contents insurance. Most of them do a new for old, assuming you can prove you bought the bike new in the 1st place.
I have 2 bikes. 1 is about 15 years old, and I'm not sure I have the reciept any more. The 2nd one, the important one, is second hand and I didn't get a reciept when I bought it. I paid 500, it was 2000 new.
Am I wasting my time thinking that I can insure either of them? FWIW I'm only after new values, just replacement values.
Cheers
UH
I had a second hand bike stolen - actual value around a couple of hundred. M&S gave me a thousand quid new bike in exchange.
List the parts on your bikes and take photos for evidence
"New for old" would usually have a time limit (eg 1 or 2 years). After that they would reduce for wear and tear. But it's not as clear cut as that since you should be insuring the replacement cost* (not what it cost you) to put you in the same financial postion you were in before the claim. So if you have a niche retro bike it's replacement cost could be quite a lot higher than when it was new or what you paid for it.
* replacement cost can be subjective
Similar to TJ here. I thought I was possibly ripping off Co-op insurance claiming for a e-bay purchase on my house insurance. My bro, (who works for them, (hi Our Ed)) said it was OK as what I claimed for was a modern equivalent.
If you take pics and make a list of components, frame material (especially if it is somthing good , like 853 instead of just 'steel') and including mudguards, rack, lights etc. then that settles a lit of the subjectivity.