Sadly had 2 bikes nicked last week, from my garage. They are both insured separately for 1.5 and 3k (AUD) but I’m kinda regretting being a tight-@arse and not really insuring them for their actual worth (like for like replacement).

I should have learned, as my Trance was insured for 3k but when it went to the appraiser he valued my bike for close to twice what I’d insured it for (which was gutting but my own stupid fault).

I didn’t think I’d be unfortunate enough to lose more bikes so had them under-insured so I could save a little bit more on the premoium. A lesson I should have learnt 1st time.

One of the bikes stolen was a 98 Zaskar LE with full XTR and SID’s. Looking around now, I could get a frame for around 500 bucks but XTR retro kit seems to have Covid Tex applied and just the chainset and BB I’ve seen (pre owned) for anything upwards of $400.

So not only am I annoyed some kids nicked both my bikes, I’m annoyed at myself for not having them insured appropriately. Hell, even a basic Stumpy is 5k here for the entry level. Not a chance in hell I’ll be able to replace both bikes with similar builds (other bike was a Ti Lnyskey full suss.

Just want people to check what their kit is insured for and if it actually covers replacement to the same level. Don’t lose out like I’m going to. Again.

Also. Bike thieves. I hope the brakes fail and you end up hurt.

Yeah basically. I had to take out a 2nd policy for the wifes Ebike when i bought the Bird recently, but i’ve got the G170 valued at £2500 (which is highish) and the Sworks at £2500 which is a little lowish i’d argue. However, neither are much away from correct.

One thing to beware of with insurance though is that they like an up to date valuation of the bikes… Something i should get my LBS to sort out actually.

They’re both insured as “extras” on my policy as separate items. When my last bike went and the appraiser valued it higher, the insurance company would only pay the value I’d insured it for. Wouldn’t budge. Maybe things are a little different here but I’ll see if the appraiser gets involved again (likely) and see what the deal is with how much I’d covered them for.

Still, bloody annoying. I just didn’t expect my bikes to go AGAIN.

Weekend was awful. Sat morning is bike riding time but not this week. I keep seeing bike tools and I forget for a second they’ve gone. Oh look, my helmet…etc etc

If you have new for old cover, then your bikes need to be insured for their current replacement cost.

Given price rises in the last two years, I guess most of us need to review and increase that amount.

Same for all your other belongings on a new for old policy. If your house burns down and you only paid for £20k of cover for your £40k of contents, you’ll only get half your belongings paid for.

MIne are all insured for their new cost. Might be a fight if I get them nicked but the one I did have nicked was no issue getting a new replacement

Short answer, no.
Part of the problem is that three of them would be impossible to find replacements for so difficult to value. And only one frame was bought new.

Guess it’s worth thinking about. If I get the $4500 (and I’m under no illusion that this is guaranteed – this is insurance companies) I’m really struggling to find anything that I’d consider a replacement of worth and value.

I have seen a nice carbon stumpy (the one with blue / purple glittery paint) which is a decent build and the guy has a back injury to he says it’s done 250km according to his Garmin but this is dependant on insurance money and him still having it if the money comes through. My insurance had no issue just putting the cash in my bank last time and pre-loved bikes are a good way of getting better kit and build.

Also, both my bikes are not made any more so a “new” replacement for either just isn’t happening.

Thanks for the reminder OP; my insurance is due for renewal soon and as a new for old policy will need updating as bike prices have shot up and the bike is not standard.

Yes.

This raised an eyebrow from MrsTH when she filled the forms in…

This raised an eyebrow from MrsTH when she filled the forms in…

You’ve explained that the sum insured needs to be twice what you paid for it? 😎

Yes.

No. When we were hit with a big price hike I switched insurers to one with a maximum value of 5k per bike. I thought it was worth the risk as we’ve never had any trouble or made any claims before.

Fast forward a few months and I’m filling in the claim form in great detail watching my bike clock up £6200 in components.

So I should get 5k eventually (we’re still waiting) but it’s not enough to replace the bike with anything similar. I’ll have to reconsider that more expensive bike insurance next time.

Yes,

Mind you it more or less doubled the cost of my insurance, and coupled with a move from a house on the edge of nowhere to South Manchester, I’m paying a sizable chunk ‘o’ cash every year (probably enough to buy a decent bike in a couple of years!)

Mine’s insured for approx RRP as it’s on a new for old policy, might have to review that slightly with current prices! No way could I build my bike again for what I paid originally.

I did make a claim once and had no problems at all, even for example the bike was stolen with the bracket for the Cateye computer, as I could not find a new bracket separately for cheaper than a full replacement they just paid the full replacement value.

Yes, but only in cash value of what I bought them for, insurance is for 8k across both my bikes, but as they are both custom builds rrp would be closer to 11or12k as many (all) parts were bought in some kind of discount or other.

Well just got off the phone to insurers. Claim is progressing and it’s been sent to a bike assessor for valuation, which I know will be more than I’ve got them covered for. The insurer will only pay what I’ve covered them for, no extra.

I will ensure that this bike (or bikes) are covered more suitably. Thinking of all the new parts and time spent driving to bike shops around Perth to get work done. Stupid things that add up – tubeless valves, new tyres, sealant, lube, special tools.

Kinda sad seeing my helmet just sat in the garage! 🙁

Hope it’s been a timely reminder for all to review your cover. Maybe others can benefit from my experience (I know I will!)

When I claimed recently, eSure were good enough to waive the excess since my bike was under-insured.

IIRC bought at £3600, I recently updated the insurance to £4200 since that’s what a replacement (Canyon) would have cost, but eSure’s preferred supplier (Wheelies) couldn’t supply anything comparable for less than £5,000 (mostly because they don’t stock bikes from direct-sellers like Canyon). So they settled for £4200 in cash but waived the £400 excess. Which was nice.

I’d only changed the value a few months earlier, too, when I made sure my new gravel bike was on the policy. They charge £20 to update policy values which is slightly annoying but worth doing in my case!

I’ve just got mine insured for the what it cost new price – Aviva just ask for the highest value bike then all are covered up to that amount.

Timely thread… Since my most expensive bike came from YT, priced before Brexit taxes (c15%?), I’d better up the amount next year 🙁

Yes, but only in cash value of what I bought them for, insurance is for 8k across both my bikes, but as they are both custom builds rrp would be closer to 11or12k as many (all) parts were bought in some kind of discount or other.

So “no” then. You’re bikes aren’t insured for what they are worth.

Mine are insured as for a like for like.

The value increases every year to compensate for inflation.

All named items on home insurance.

just a quick heads up, if you are knowingly underinsuring the cost of your bikes on a re-instatement polciy (new for old) to bring down premium the insurer may well likely take a pretty dim view of this and can apply an ‘average clause’ if your policy has one (most have)

if they do (and they are well within their right to)g the claim will be reduced by the percentage you were underinsured. the rational being that you haven’t made a fair and equitable contribution to the pool of risk with your premiums because you’ve told the insurer something is worth less than it is and they have calculated the premium (in part) based on this value

in short, any savings you may get by being sneaky are very likely be outweighed by a claim being held up / reduced / denied due to wilful underinsurance

I got my giant tcr for £1200 trade but the current direct replacement is £2800 so it is insured for £2800

I don’t have a new for old policy.
I have a 2001 26” wheel straight steerer forked titanium hardtail which, as far as I can find via some Googling, they only made about 150 in my size. Chances of finding another exactly the same? Pretty much zero I would guess.
I bought the frame for about £500 in 2008, and transferred all the parts from another bike that I had bought for £1000 second hand in 2006. I am assuming that I have put about £500 of parts in from that. So, I have a bike that cost me about £1000 in 2008, and just had consumable items on it since.
How much would such a bike be worth now? What would an insurance assessor regard as a new for old replacement?
So it is just insured for £1000 and as I have all of the receipts I assumed that’s what an assessor would give me for it and I’d be satisfied as I have accepted the risk.Naive??
Would I be regarded as being ‘ wilfully underinsured’?

New for old policy. Paid £12K when I has seven (yes seven) bikes stolen. Not a single receipt was required. I did however have photos and a spreadsheet of every bike component on every bike plus a link to retail price. I had to get an independent valuation for my Merlin. God I miss that bike. They had no idea what they took.

A few years later they paid out on my race bike that was written off in an accident – another £4k as also new for old. Half of that was recovered from the driver.

You don’t want to see the premiums.

Watching this, especially any answers to @jimw’s question – not sure how to value my 26″ straight steered Soul, which isn’t in great condition so not really worth much on the second hand market. I could probably find another one in good nick for…£800? Or a brand new SLX/XT level BFe or Solaris would be about £3k!

No – and I have learnt the hard way that this was a mistake. Now they want more £££s to insure my bike than my car…

I expect they expect you to insure it to the current spec at RRP. So that Soul would be insurance value 3k. Otherwise it’s under insured. That’s what Laka say anyway. It’s annoying but not at all unreasonable. Worth just contacting your own provider (or very likely they’ll have an FAQ / explanation).

not sure how to value my 26″ straight steered Soul, which isn’t in great condition so not really worth much on the second hand market. I could probably find another one in good nick for…£800? Or a brand new SLX/XT level BFe or Solaris would be about £3k!

I have my 26″ Genesis 853 Altitude insured for £3k, as I figure it is /was a quality hardtail with fairly top of the range (at the time) bits on it, and if I wanted to replace it with a new quality hardtail with fairly top of the range bits, that’s what I’d have to pay.

I prices mine up last year and this year.

The hardtail has gone up in replacement cost by 30%

The frames, forks, wheels,brakes, group set, infact everything has gone up a bit or is no longer available at any discount.

So replacement cost what they are insured for.

Would I be regarded as being ‘ wilfully underinsured’?

depends your policy and the ‘basis of settlement’ for claims on your policy wording. typically this will either be on an indemnity basis – ie the value of a similar item to that that is lost of similar age and condition, with adjustments made for wear and tear, or it will be on a re-instatement basis – ie new for old.

most household contents polices are on a new for old basis these days (saves time and cost for insurers) so i would be surprised if yours wasn’t, however some are still on and indemnity basis and if yours is, it sounds like you are over insuring at a £1,000 given the indemnity value will be roughly 2nd hand value accounting for wear & tear

if it is on a new for old basis, you want to be looking at the new value of a similar level & spec (or it’s modern equivalent) bike, in which case it sounds like you might be accidently underinsured

the other common option is to have your bikes as specified items on your policy, this tends to work on agreed value basis – i.e. you tell the insurer what you want to insure it for that accept it at policy inception and that’s what’s it’s now worth in the event of a loss, you may however have to prove value declared being reasonable

if in doubt, check your policy wording and speak to your insurer

How much would such a bike be worth now? What would an insurance assessor regard as a new for old replacement?

What would it cost you to replace it with the nearest currently available similar quality spec?

I have Mk1 Soul. All obsolete standards. But it’s insured under a new for old policy for the cost of replacing it with the similar XT spec current model, because that’s what a current replacement would be.

I have Mk1 Soul. All obsolete standards. But it’s insured under a new for old policy for the cost of replacing it with the similar XT spec current model, because that’s what a current replacement would be.

I imagine it’s going to be a tough chat if someone has a 20yr old SWORKS insured for for its current replacement value 😂

God yeh… Sworks Stumpy is 20k here. Not even joking. 20k for a bike.

Bikes insured for new replacement value, not specified as a dollar amount individually but no limit as part of our total house contents.
No problem if we get robbed but if the house and garage burn to the ground I guess we’d either have to choose between replacing bikes or replacing our clothes, furniture and appliances.. bike’s it is then 😉
Hope to not use it obviously.

Timely question Aphex. I had my renewal notice come through yesterday, and should check my cover before letting it renew. Thanks for the reminder!

but if the house and garage burn to the ground

I learnt very early to get my home and contents insured for ++ more than I expected. After hearing a story form a work colleague who stood there in his jocks watching his entire home and contents burn down when caught in a bushfire. He told me that things add up. Cost of rebuilding AND refurnishing AND replacing contents soon eats up what you thought would be enough cash. Very sad story. Had collected coins over the years to pass on to his grandkids, photos, memories etc. All dust.

Sadly I didn’t learn my lesson after my first bike got stolen. Durr…. now two have gone and it’s all a bit sh!t, really.

The insurance should come through this week but I’m camping for the school hols with the kids from Friday so no bike shopping for me…Yet.

Had this conversation with my insurers at the last renewal and they asked for the price I paid (invoice price they termed it as) for each bike. The policy is new-for-old so they said as long as I have the receipts for each bike they just pay out for the equivalent model at current prices. I asked specifically as one bike is now nearly £2k more for the same spec and both of the expensive, named bikes are Direct brands (Cotic and Canyon) so would be most likely cash settlement rather than them sourcing new ones.

The key is to have the conversation with them so a good reminder aphex_2k.

My preference is the cash as I can get a much better spec on a pre-loved bike than I could with current covid-tax off the peg bikes which seem to have shot up and base models appear to have lower specs too compared to 12 months ago.

Insurers just called and the assessors value the 2 bikes at 15k AUD. Were insured for 4500. A slight under-valuation on my part. Bugger.

I’m not sure mine is up to date actually- everything was insured for value but I might have changed a bike since my last renewal.

I had a pretty brilliant experience with Churchill, which had a £500 per bike cap- we got broken into and a bunch of stuff was taken, including a frame. We put in an honest and fair assessment of the value, they basically said “don’t be daft, here, have twice as much money”, including assessing the frame at its full replacement value because “it’s not a bike, so it’s not capped at £500”.