-
That depends on the type of insurance you have. Mine replaces old with new. Some give current value regardless of what you believe it to be worth.
-
Ask the insurer before you take the quote. Even though I've also always had "old for new" cover, most home insurance companies just have approved bike suppliers they'll put you in touch with for a replacement. If the approved supplier doesn't have an "equivalent" replacement that you're happy with, they'll only give you the cash value you insured the bike for.
So for example, I had a canyon stolen while I had my nice wheels on it. I was offered a Ridley as a replacement, but it had poor quality components so I didn't accept their offer. Because I insured the bike for the price I paid for it 2 years prior, they just offered me that amount. Problem was that the retail price for an exact replacement had gone up in the meantime, and I hadn't insured the value of the nice wheels. So, I was left unable to actually get a true replacement with the insurance settlement I was offered.
Learnt my lesson the hard way, I now make sure every time I renew that I update the value of each bike and any accessories attached to it. Even pedals, bar tape, Garmin mounts, bottle cages, etc all add up, so make sure you include those things in the value you're insured for.
You are reading a single comment by @ewanmac and its replies.
Click here to read the full conversation.
GoatandTricycle
hazzelfrazzel
@ewanmac
Just looking at contents/bike insurance... am I correct that when valuing bikes you should quote the value as the cost of replacing like for like, new for old?
For instance take my TT bike... I bought the whole bike new in 2007 but have upgraded with mostly second hand bits. If I were selling it on here I'd probably value it at £1,500?? But a new P2 is >£,2000, H3 £650, Zipp disc £1,500, aerobars £500? power meter etc. All in all including other bits and bobs I'd probably be looking at >£5000.
What number should I quote for the insurers?
1 Attachment