Bike Insurance

I did it with hiscox home insurance. They pay cash for the agreed replacement value.

However:
1) Hiscox are not cheap (for a good reason, they give you cash and not vouchers so they're not getting backhanders from which they can reduce the premium to you).
2) The bike cannot be worth more than 5% of the total policy and if it's worth above £5k then the premium increases substantially as an underwriter will put it into a separate clause.

I wish I could use Hiscox- see above post!