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@Scilly.Suffolk
It depends upon which basis your policy is written: indemnity or agreed value.
Your Household Contents policy will be one of indemnity, so in the event of a loss consequent to an insured peril, a loss adjuster or the insurer themselves will attempt to establish the value based on the cost of replacement, subject to betterment and depreciation.
Agreed Value policies are commonly available for classic cars, where their rarity and age makes establishing a market price more difficult. When the policy is effected the proposer must present evidence to support their valuation and have it agreed by the underwriter.
If you have a particularly rare or valuable bike, then it is worth asking a broker to find an underwriter prepared to cover it on an Agreed Value basis.