I've always had difficulty with the VALUE aspect of insurance policies.
For bicycles in particular how do you determine the value?

For instance I have a Ghost 5000 Race bicycle - purchased January 2012, it was reduced from £1300 down to £899 in a sale but if god forbid I needed to replace it spec for spec it would be £1300 I would need to stump up.

what with depreciation value and the fact that there seems to be a 3 year limit should I still be putting that the bike is worth £1300 and that if I ever needed to claim this is the value that I would be asking for?

Never really needed to make a claim before (hopefully wouldn't have to) so eager to avoid any pitfalls and any advice would be appreciated.



Shades [382 posts] 3 years ago

I had occasion to claim for a stolen bike a few years ago. The LBS did the paperwork, listing the bike and all the 'extras' that were needed (mudguards, rack and lights, lock etc as the mounts were all on the bike - quite a bit when you add it all up). The insurance co claims department (house insurance) questioned the 'extras' and said I should have included that in the value of the bike. They 'cut me some slack' and paid up (£900 in total) but hiked my premium up at the next renewal. I think my house policy now allows for multiple bikes with a max value per bike (not sure, but possibly a £1000 max - don't have to itemise the bikes), so quite flexible. The 'T&Cs' on bike specific policies are so prescriptive that you could get nothing back, but then if you have a mega-expensive bike, it's not going to work on a house policy. I even lock my bikes up at home (inside the house). Conversely, I also do dinghy racing and have to insure my boat (3rd party min - club rules). For a £2500 boat it costs £70/year and I can't stick it on a house policy, so having specific insurance is part of owning an item of expensive sports equipment.

notfastenough [3729 posts] 3 years ago

I just added the RRP (since there's nothing to say I'd be able to replace at the discounted price that I paid) to the RRP of the upgrades (pedals, saddle, tyres, bottle cages, garmin mount all add up pretty quickly).