If you bought a bike in the sale for £2k that retailed at £3k what would you insure it for? If you insured it for the lower value (which you paid) would there be an issue if you had to claim? Ie. Insurer says you aren’t covered because value of item to replace is greater than sum assured? So instead of getting the sale price you get nowt?

Replacement value so full rrp

Insure it for what it costs to replace.
If the insurer find it on sale at the time of a claim, they may well offer less.
(This happened to me recently with a dewalt power tool claim. They paid less than full rrp and sent me a link to where I could replace for the price offered)

As above, full retail.

Get a shop to write you up a valuation if needed.

Take photos every time you change something on it, when its clean obvs.

If it’s reasonably new then RRP.

Ive got one older bike that I didn’t do that with as there is no point trying to pretend my 15 year old Cannkndale CAAD with dura ace is worth anywhere near the latest superbike, so I picked a value that would get me the 105 bike and some nice wheels.

The other potential fly in the ointment is that an expensive bike is a scrote magnet. They could argue that the risk of a £3k bike being stollen is higher than a £2k bike and the difference in premium is reflecting that as well as the difference in payout.

so If you were only insured for 2k (because that is what the bike cost and you have the receipt) would the insurer refuse to pay out because the non discounted price is much higher?

If the worst was to happen and the bike was nicked I’d be happy with the money I paid back, which is what I’d be out of pocket, rather than full retail.

That would seem reasonable, especially as you could prove its value.

Give them a call and ask them, it probably varies between underwriters.

Can’t speak for all insurers, but we would recommend insuring at RRP so that we can get you back on the same bike or an equivalent spec.

If you insure at sale price and we can get you a replacement at sale price then we would definitely try to do so.

If that wasn’t possible, we would still pay out, preferably by getting you closest to your original spec for the value you insured at.

What we couldn’t do, is pay out more than the value you insured at.

DT there are circumstances where being underinsured means that your pay out is pro rated (by 1/3 in TINAS example) but I forget the details.

there is no point trying to pretend my 15 year old Cannkndale CAAD with dura ace is worth anywhere near the latest superbike,

There is an argument, which I have seen work (perhaps depends on policy, insurer and how hard you argue) that the new for old equivalent of your old high end bike is the similar spec one of today.