Like a lot of people I’ve got M&S contents cover, which is new for old, with a single item limit of £4k.

The bike cost me just north of £3.5k to build, with a couple of secondhand parts, a couple of unused bits I bought from people who’d replaced upgraded off factory builds, and most everything else bought at discounted prices.

So, what should be the valuation for insurance purposes?
Cost to me to build the bike?
Cost to replace the build at street prices for the kit on it?
Cost to replace the build with current year kit at rrp?

At full price with current model of the kit on it, the price is going to be well over the single item limit, so would have to be specified separately, with of course an additional premium.

Anyone in this situation claimed?

Yes claimed through M & S for a stolen bike.

First off you need a picture of you and the bike as proof of ownership.

Second, if its a none spec build then you need to obtain two quotes from independant shops for a rebuild price, it will be based on like for like new for old.

In my case it was an old ti frame with old XTR on but rourkes and swinnertons could only quote for new prices so the price was huge in comparison to actual value, though i dint complain as a cheque landed a few weeks later.

Very good in my experiance just make sure you have photos of you on/stood by the bike inc detailed pics as extra weight when claiming if needed

Second, if its a none spec build then you need to obtain two quotes from independant shops for a rebuild price, it will be based on like for like new for old.

would most good bike shops do this for free?

i rang and queried this with custom builds on numerous occasions, was just told to keep the receipts as long as the receipts came in under 4k, so if i was to get paid out it would be for the value of the receipts…

even with full RRP’s mine is under the 4k limit anyways…

and yes if its over 4K then you need to specify it on your policy just like you would on a std household policy, which isnt always as bad as you think cost wise. I cant get M&S insurance in oldham as its full of dodgy geezers but the halifax insurance premium is only an extra £90/yr for £10K of bikes, which i dinst think was bad at all!

So taking that into account and the fact that M&S insurance is a hell of a lot more it may not pay to go that route

would most good bike shops do this for free?

They usually charge to stop time wasters but you get a recipt and claim the cost back on the insurance. Its normally only £10-£15 which is fair enough

i got a payout without receipts, just a photo and a list of components.

just make sure you have photos of you on/stood by the bike inc detailed pics as extra weight when claiming if needed

Can’t say I’ve ever felt the need to photograph myself with the bike or anything else I have insured – besides, they don’t know me from Adam

Purchase receipts [+ photos of the kit if a self/custom build] will suffice

Thanks, but I’m not really much the wiser, I’m afraid.

So, if you’ve got receipts, then the replacement value is based on those?
I don’t quite understand that- if I’ve been gifted or inherited something, or bought an item at a knockdown price how much will the policy pay out? I’ve next to no receipts- surely this wouldn’t prevent a payout?

And I’m still not really any closer to understanding how the bike should be valued- presumably a valuation by a bike shop will be at rrp?

I would just record the spec of the bike.

if it ever gets stolen and you claim, they’ll get wheelies to source a direct replacement or make you a cash offer.

i think the cash offer I took was about 15% below the initial spend they offered me with wheelies.

if you dont have receipts – then the logical step is to get a valuation signed by a shop, just ask m&s they are usually very helpful…

i spoke to them very recently about custom builds, and all my receipts for each part would be paid out as long as under 4k in total – so as the receipt reads in total is what id get…

What I really really want to know is whether I should value the bike at less than 4k (cost to me to build) or over 4k (retail prices), which would mean an additional premium to pay.

i didnt have one recipt if that helps.

Valuation will be at full rrp on the like for like or currently available comparative parts.

I got cash for the value of the valuation.

Pretty simple

well it depande if you increase your premium it will cost you more and in the off chance you need to claim you get more, or just be happy that you will get 4K and pay no more.

Only you can decide that

What I really really want to know is whether I should value the bike at less than 4k (cost to me to build) or over 4k (retail prices), which would mean an additional premium to pay.

they’ll pay what they think its worth, not what you think its worth….

Oh and i needed the picture of me and the bike as i had no recipts i presume

they’ll pay what they think its worth, not what you think its worth….

Well I’d hope not- the policy is new for old.