Cycle insurance question..

hyperman
hyperman Posts: 232
edited January 2011 in MTB general
I'm looking at insuring the bike and wondered what value do I insure it for? The price I paid? The full retail replacement value even though it would be a newer model? Or the price the bike is now in the sale?

Comments

  • MountainMonster
    MountainMonster Posts: 7,423
    I would insure it for what it is worth. If it's only worth 400 now, insure it for that. Everything else is cheating the insurance out, and raising my rates if you ask me.
    My London Road
  • *AJ*
    *AJ* Posts: 1,080
    Insure it for what it would cost you to replace.... whats the point in insurance if you end up being out of pocket to end up in the same place you started off?
  • ali$tair
    ali$tair Posts: 373
    Insure it for what you paid.
    Trek Fuel EX 8 (2010)
  • cooldad
    cooldad Posts: 32,599
    Your policy is a contract - read the wording - Basis of settlement. Most will be replacement cost. You can check wordings on line before you take them out. (Not the summary, the full wording. Summaries are often rubbish.)

    Ignore generalised random posts.
    I don't do smileys.

    There is no secret ingredient - Kung Fu Panda

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    Parktools
  • Andy!
    Andy! Posts: 433
    I had my merlin covered for what I paid for it on a new for old policy.

    Then when all the prices increased I asked them for advice and they said to insure it for the receipt value.

    I did this with my old Marin and when it was stolen I got a quote for the new model with the mods I had insured and I got the current new value which was higher as I got my bike in the sale originally. But it is new for old on a like for like basis.

    For my current build it is a self build so I am insuring it for £1200 based on a bike ready built to a similar spec at on one - carbon 456 trail with SLX and rev fork. My current build is LX and rev u-turn and XT brakes.

    But you do need to read your policy and speak to your insurer and write down who you spoke to and the time and date.
    Merlin Malt 2
  • hyperman
    hyperman Posts: 232
    Cheers for the advice, apart from mountainmonster that is..who quite clearly talks rubbish.
  • allen.coulson
    allen.coulson Posts: 424
    Read the policy which will talk about 5 lever locks on the shed door and a silver or gold sold secure lock on the bike depending on the value. Value the bike as per receipt as you've learned and do as the policy says in terms of security or it will be void.

    Good question though.

    HNY.

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