Getting a bike valued (for insurance)

milko9000

I bought a second hand Spicy 916 (2009). Boy is it nice. Boy was it more money than I should be spending, says the wife.

ANYWAY. I need to get it insured quick. I have my other bike insured on my home contents policy with Halifax, no probs there as I bought it new. However for this one they want me to produce a valuation from a bike shop. As far as I can tell, my only option is to take it to Evans, who tell me they'll do it for £40. £40! It pales by comparison to the bike's value but sheesh, don't they just look at all the bike, check the price online and then press print?

So, I was wondering if anyone had advice about a better way. My more-local-than-Evans LBS indie only does it for the brands they sell, which are Raleigh and Brompton

Many thanks for whatever you have.

GHill

I think you only really have two options:

1) Find an LBS that will do it. Trying ringing round a few in the Yellow Pages.
2) Stump up and pay at Evans.

Sorry I can't be more helpful.

nicklouse

a valuation will cost you. I will take some time for some one to do as well.

£40 does not sound too bad.

cooldad

Seems a bit pointless, surely the value now is what you paid.
A year of hard riding and it's not going to be worth the same anyway.
Think your insurer is confusing a bike with jewellery.

diy

should go on replacement value. perhaps have a look at similar used bikes and what they currently sell for. Seems a perfectly acceptable model for cars?

Alternatively work on List price today - 10-15% for each year of age.

GHill

cooldad wrote:

Seems a bit pointless, surely the value now is what you paid.

But he probably doesn't have a receipt for that.

aaronmroach

It goes on the value on the policy minus a bit of wear and tear!!!

I know this as we had two bikes lifted last year!! We thought we would get what the replacement cost were (as per new for old policy cover) however I had down they were worth £2250 and £750 respectively, and in the time we had had them prices had rocketed so much that the equivelent replacements were £3000 and £1250, so we got what we paid for them (after a big argument and the innsurance ombudsmen getting involved) not the replacement costs!!!! Be aware that most companys do not cover spares and accesories unless they are Itamised!!! The ombudsmen advised us to up the cost by inflation every year or put the price of a 2011 / 2012 etc and add on your accessories so a £3000 bike with lights computer pedals upgrades insure for £3750 (keep receipts and loads of pics too). equivellent every renewal time!!!!!

BTW they were both data tagged and the police did nothing with the data!! Theyve got to find them first and as were insured take the new bikes and call it a day!!!!

aaronmroach

Leisure lakes sent me an email quatation for both bikes for free BTW

Bike Bloke

Any companies you can recommend?

pilsburypie

Depends on your insurance. My home insurance with Sainsbury's was excellent. Cheapest around and I could specify my bike on it.

Had my 2009 Trek Fuel Ex 8 nicked at the end of last year. Cost me £1800 new when I got it back then. Some company acting on behalf of Sainsburys phoned me up and asked all about the spec of the bike (could have looked it up?!) and said to replace the bike of same spec now would cost £2400 so that is what I had to spend.

That would have bought the 2011 Zesty 314 but I realised that without the carbon rear end of the 514 I would not be cool nor able to enjoy riding again, so I stumped up another £350 and got that.

snowden_88

If you are with an insurer that offers a "like for like" replacement or "market value replacement" then you are with the wrong insurer.

"New for old" is what you want!

Just think, you're having this much hassle just adding the bike to your policy, think how much hassle they will give you when you make a claim.

I work for Aviva, and it definitely pays to pay a little extra.

milko9000

Thanks for the advice folks, much to ponder. I've found a place that'll do it. Come renewal time I might look more into new-for-old places too.

Anonymous

Where did you go eventually?

I have an old bike, but its pretty well kitted out and I think it warrants a proper valuation and itemisation for insurance purposes.

Cheers

bigpee

aaronmroach wrote:

BTW they were both data tagged and the police did nothing with the data!! Theyve got to find them first and as were insured take the new bikes and call it a day!!!!

Datatagging like any form of marking does not help locate a bike, only reunite it with it's owner when it is found. Probably helps keep insurance costs lower though. In terms of locating stolen bikes unless there is CCTV, witnesses etc there is little that can be done to trace them.

Interesting debate though as I'm in the process of building up a cheap Commencal frame and replacement costs will be far greater than my purchase costs (if I do it right) and I will be insuring it if possible for replacement cost. Something I'll need to check at the time.

milko9000

So, my bike broke! Thank gawd I got it insured. Kind of regret not trying to get it insured for full replacement value now, it would've been simple to just get a brand new complete bike. But I didn't intend to break it! And speccing out a custom setup to replace it has been fun, I'm gonna run a Yeti SB-66 frame and carry over nearly all the rest from the Spicy. If Lapierre did replacement frames or even rear triangles I'd have been fine, but they don't. Something to watch out for in future.

Coriordan, some shop up north, I forget to be honest as it wasn't local at all, just passing through. Didn't need it in the end anyway, since it got bust instead of nicked.