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Question about bike value?

JesseDJesseD Posts: 1,961
edited December 2010 in Campaign
Hi all,

I got knocked off my bike about 5 weeks ago and am claiming through the third parties insurance company for the damage to my clothing, helmet and bike and also for personal injury.

My solicitor asked me to get reports on the damage to the bike which I have from 2 independent bike shops, both of which have deemed the bike a write off and have valued the bike at just under £4k to replace with a new equivalent model, no issues so far. I have now been asked to get a pre-accident value for my bike.

My question is how do you value a second hand bike that was built to my own spec? I understand cars as insurance companies use glasses guide etc, but bikes are different, I have never seen another bike with the same spec as mine in the right size!

Has anyone claimed successfully for their bike from a third parties insurance company, if so how did you value your bike and how did the insurance company validate the amount you claimed for?

I honestly thought that I would have to prove how much the bike would be to replace new and the insurance company would make me an offer based on age and condition, probably anywhere between 50-75% of it's value??

Any advice/experiences welcome.


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  • You right its not like you can just look on line and find other bikes to the same spec as your beloved bike.

    Though its not all doom and gloom and not all is lost. The TP insurers will want to know that they are not paying more than they need too (they are a business afterall) & will probably want to comapre hence your solicitor asking you to get 2 reports on the damage to the bike.

    So all you need to do is play by their game & its up to you how far you wish but you will need the following to show them the cost to you;
    Original Bike - if bought as complete bike
    Parts - for each part you either upgraded if it was an off the peg bike or the whole lot
    Labour - either yours if you built it up yourself or the standard rate your LBS charged

    The more evidence you show them as to your loss the stronger your position & I doubt your legal advisor would argue any difference.

    If it were me I'd take lots of photos of the bike in its current condition and specifically the component parts. Then you can with the costs of the parts from what ever source you use (personally I'd use a middle of the road website e.g. wiggle) to compare the photo of what was on your bike versus the cost of replacement.

    It may sound like a complete ball ache - but as long as the TP have confirmed liability your on a win win as they cant back out of it now. All they can do is put you to strict proof and basically delay or reduce their offer to you. However if you present a structured and truthful picture of what was damaged and how much it costs backed up with evidence of your costings & also photos of your bike so they cant argue with you they will have no other option.

    If it were me I would write the list in word then simply copy paste a picture under each item in your list and then add in 2 ad's from say wiggle, chain recation pro bike kit (ad others as needed). Keep your list going until you get to the end. If you get on well with your LBS maybe you could ask them to review it for you, as I presumme you will be either rebuilding or getting them to do so for you?

    Good luck and hope you get things sorted pretty quickly.
    P.S. I just re-read what I said and I sound quite grown up there
    Pain hurts much less if its topped off with beating your mates to top of a climb.
  • cooldadcooldad Posts: 32,904
    My son was knocked off recently - I went to Evans to price the parts and they simply added all the bits to the 'Basket' and printed it off.
    A new bike (slight upgrade) was much cheaper, so effectively a write off, and they just agreed to pay for a new one.
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  • MattC59MattC59 Posts: 5,433
    A while back whilst driving on the M25, a truck rear ended me, totaling my bike which was in the boot. His insurance company made it hard and difficult to claim, asking for second hand values etc, but I just stuck to my guns and they paid out on the damaged components (frame, wheels and a few components) which actually came to more than the price of a new bike ?!!?

    My argument was that it wasn't me claiming on my insurance, the driver had damaged my bike and therefore it was up to his insurance to replace the goods. Simplistic argument I know, but if you keep on at them and make a nucance of yourself, they'll eventually give in. Try threatening them with the relavent ombudsman.
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  • cooldadcooldad Posts: 32,904
    Even easier, just mention that you don't think you are injured but may be getting delayed whiplash and might need to see a doctor and lawyer.
    I don't do smileys.

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