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Working out insurance value on upgraded bike.

captainflycaptainfly Posts: 1,001
edited February 2010 in MTB general
After doing quite a bit to my teocali, replacing broken and disliked parts. I think I will have to re eyaluate it's insured value but the thing is I got my forks and brakes at sale or special offer prices that are about half retail cost. So how does this figure in replacement value. Do I put the retail cost or how much I paid for things? I know if won something in competition I would insure for it's retail value but am unsure about bargains.
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Mongoose Teocali
Giant STP0

Why are MTB economics; spend twice as much as you intended, but only half as much as you wish you could afford? :roll:

Posts

  • delcoldelcol Posts: 2,848
    i would insure it @ what it would cost you to replace, today... ie retail..
    www.bearbackbiking.com

    http://www.youtube.com/user/MrDelcol#play/uploads
    hd vids
    http://www.youtube.com/user/topasassin#play/uploads
    http://www.vimeo.com/user2514116/videos
  • jairajjairaj Posts: 3,009
    You would have to look at the terms and conditions for your policy.

    I've had a policy where they will replace like for like and I've also had a policy where they only insured for the cost of the bike and had to supply proof of purchase ie how much I paid for it.

    They may also not have a new for old policy and so will factor in depreciation when handing out compensation.
  • delcoldelcol Posts: 2,848
    aint it with in the fisrt 2 years they replace with like for like then after it would be a set value..
    i rember reading something like this on a few insurance websites...
    www.bearbackbiking.com

    http://www.youtube.com/user/MrDelcol#play/uploads
    hd vids
    http://www.youtube.com/user/topasassin#play/uploads
    http://www.vimeo.com/user2514116/videos
  • GHillGHill Posts: 2,402
    You can get an LBS to evaluate it for you, get them to put it on letterhead paper. This has more chance of being accepted by the insurance firm that your own guesstimate.

    They'll probably charge a small amount for it, unless you know them well.
  • cavegiantcavegiant Posts: 1,546
    If you have an insurance question ask an insurance broker, or me an ex-insurance broker.

    The insured value of an item is the cost to replace it, no more, no less.

    So it is ALOT more than most people think.

    Add up the value of all of the individual parts at non-sale prices.

    Get your LBS to put it in writing on headed paper.

    to make it easier for them, e-mail them the parts list with prices, get them to print it off.

    Then the MOST IMPORTANT STEP:

    Tell your insurance company it is a custom bike and has been insured on component value and make sure they will get you the exact same thing (they never do always cash pay out, it is easier for them and better for you).
    Why would I care about 150g of bike weight, I just ate 400g of cookies while reading this?
  • captainflycaptainfly Posts: 1,001
    thanks :D
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    Mongoose Teocali
    Giant STP0

    Why are MTB economics; spend twice as much as you intended, but only half as much as you wish you could afford? :roll:
  • The Northern MonkeyThe Northern Monkey Posts: 19,174
    For any insurance i've looked into.. custom bikes have to be valued by a bike shop.
    Not sure how that relates to a upgraded bike, but I'd say its pretty much the same..
    Santa Cruz Butcher
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