Just slightly curious as i need to change a couple of bikes this week.

I have the Wifes Liv on there are RRP. The T-130 is at roughly the sale price, the Liv lads bike is at it’s used price…

I think there’s a £5000 limit on the bikes overall value so need to work out the best way of setting them. I guess the question also is, when they see the value, is that their payout figure or the figure of it new usually ?

Obviously with both mine and the boys bikes being 2017s we couldn’t buy either new now, but would happily take the cash and buy a used version if it came down to it.

It depends on what insurance you have and where you keep the bikes, if they’re in a garage or outside of the house then you may find a limit already there in the small print, something like £1000 or £1500 per item, or even total payout, so be wary of that!

Similar if it’s not locked using the appropriate level of security listed, so i’d check the small print and work that out prior to looking at the valuation, which should be set at what your policy covers, i.e. new for old means RRP, price to replace could be less.

I listed mine at price to buy another second hand one.
Insurance co gave me RRP when it got stolen, way over what I’d insured for!

Only thing i seem to have is a max value total of £5000 according to the Docs.

Struggling to find any more on the new for old type stuff etc.

I’m most worried about my lad more than me or the wife, he’s small so the possibility of him wandering away from it and climbing a tree etc exists… Generally i can’t see a scenario where i’d leave it unattended etc… I’ve given him a lock for when he goes places, but things like the local park i don’t see him taking it.

As a slight aside, who are using for insurance? My bikes are on home insurance. I’ve got 3 that are all cheap(ish) and an ebike at £muchos to replace. Raising my limit to cover the ebike adds hundreds to the policy – wondering if a separate bike policy might be the way to go

Bradford and Bingley here as part of a full buildings/contents package.

We are with Aviva for second year, but none of ours are over £5k.

Better cover than the specialist bike insurers it seems if you’re not racing.

I’m with John Lewis. The top level cover gives you £5k with a £1k per bike limit. I recently added my Cutthroat valued at £3k and they just wanted to know what it was made from, not the make or model and it was under a fiver extra. It also covers it when abroad. 🙂

Check your policy, but it will very likely be on a reinstatement/ new for old basis of valuation, so list new price.

Depends if the insurance replacement is new for old or indemnity (used value)

Mine is a named item on a LLoyds home contents policy. New for old, inc accidental damage. £250 voluntary excess. Only stipulation is it’s not insured in the car at home, but is insured in the car away from home so I can’t leave it in there overnight if I’m riding both days of the weekend.

As a slight aside, who are using for insurance? My bikes are on home insurance. I’ve got 3 that are all cheap(ish) and an ebike at £muchos to replace. Raising my limit to cover the ebike adds hundreds to the policy – wondering if a separate bike policy might be the way to go

Did you tell them it was an ebike? Or just an expensive bike? As a lot of co’s don’t cover ebikes as pedal cycles, or if they do, charge (pun intended) a fortune to do so.

IME separate policies are always more expensive than adding to home insurance, even specialist home policies covering high value stuff.

Mine are insured for what I paid for them.

Careful on ‘new for old’ – if you read the small print it often then says they’ll replace at market value. So not actually new for old in my opinion. Found a number that were like that when I did the home insurance recently.

Aviva for me. All bikes covered to as close to retail as the £5k limit per bike allows.

It adds about £100 a year to my insurance to cover 8 bikes inside and outside the home including accidental damage.

phoned them, changed it all. 44p more expensive. LOL

The answer to the OP is it depends on what your insurance co think.

If you list them at S/h price and they get nicked, they might not pay out as you were understating the risk to them – they were more attractive to thieves as they were expensive bikes.

I found this out asking about insuring an old DH bike. It was worth about £600 (cost me about that) but they wanted to know new value (and in this case I eventually ended up with a claim and they paid out nearly new value. Which was unexpected but nice). Their point was a full sus DH bike is more nickable than a new £600 hardtail, you’re not insuring the same risk. That said, I also wasn’t paying the premiums of a brand new full value bike. So they did account for it.

For info, i asked on that.

“We basically pay out new if new and deduct depreciation over 12 months, if you can get a valuation from a shop that would help”.

wondering if a separate bike policy might be the way to go

Only if you want to pay more unnecessarily.

Just find (use confused or compare) a policy where you can list bikes at ANY value on the SPECIFIED ITEMS part of the insurance. I think I’m with Admiral at the mo, previously was Churchill.
Weeksy – you can definitely list at RRP and get new for old – if your current insurance doesn’t cover that, find one that does and switch.

Mine are a mix, usually “replacement cost” if second hand or RRP if new.

Id not be coming on here asking what to do with my massive insurance payout if they got nicked, but wouldn’t be out of pocket either.

No idea what would happen if i actually needed to claim, hopefully it would pan out how i expect, maybe they would just pay new rrp on a 17 year old caad dura ace 😂

Insurance companies usually replace new for old, meaning the RRP of a current equivalent model if no same model exists.

Some insurance companies will also insure for an agreed amount with yourself and pay no more, but thats part of the agreement at inception.

Then of course policy limits might dictate the actual payout if the RRP is above them.

You, when you enter the details online and say “I have 3x bikes worth £5k max” doesn’t equate to at a claim your own view at the time that your hardtail was bought on Ebay for £500 and thats what you’ll get. You’ll get the RRP (usually) so you should always think how much cover do I need if the bike is replaced new for old of a similar or same model.

Every year you should ensure your agreed cover limits are suitable as bike prices increase.

I had this dilemma – I declared what I paid and have a receipt for, not RRP (who pays retail on a bike?), as I’d only expect to be reimbursed for what I paid.

Given I’ve got a receipt for what I paid and only asking for that I think it would be a tough argument for the insurer to justify not covering the claim (should the worst happen). Otherwise you end up profiting from your loss which doesn’t seem right?

None of the insurers I’ve had my bikes as specified items with have asked for valuations/receipts. It’s just another item on the contents to them. You’re paying for it to be insured, so its insured.
Only difference is if the bike is damaged, they may only pay out for the damaged parts (eg, the frame) to be replaced or fixed.

I had this dilemma – I declared what I paid and have a receipt for, not RRP (who pays retail on a bike?), as I’d only expect to be reimbursed for what I paid.

Given I’ve got a receipt for what I paid and only asking for that I think it would be a tough argument for the insurer to justify not covering the claim (should the worst happen). Otherwise you end up profiting from your loss which doesn’t seem right?

It’s not profiting, you may have purchased the bike when there was a 20% sales discount but when the loss occurs no sale exists.

You would then be left to stump up the 20% difference in that case, so companies who do new for old within the policy limits are insuring the shortfall and thats what you’re paying for.

Thats why insurance companies for house insurance typically do new for old cover, as generally speaking they would also source the replacement rather than sending you cash (but nothing stopping that from happening if you ask and push for it). You may if they generally work with a company to find replacement bikes and you ask for cash only give the value of what they could source the same bike for.

Some insurance companies just pay the RRP for you to then source your own, it’s very much down to each companies own claims process. You need to check with the individual company to understand their claims process, it’s not an advertised aspect at the point of sale because most companies will do things in the cheapest way possible which isn’t a great sales pitch.