Bike Insurance - will they pay out on upgrades? Experiences?

optimisticbiker

If you buy a bike and insure under household policy say, then upgrade it, do you need to inform them (as you do with a car) and will they pay out on the new bits?

My last (and fortunately only) experience from 10y back is the insurance wanted to replace like for like with a branded bike rather than give me the money (cos they get 25-35% discounts) but they did agree to replace the blackburn rack as an extra item.

piquet

OptimisticBiker wrote:

If you buy a bike and insure under household policy say, then upgrade it, do you need to inform them (as you do with a car) and will they pay out on the new bits?

My last (and fortunately only) experience from 10y back is the insurance wanted to replace like for like with a branded bike rather than give me the money (cos they get 25-35% discounts) but they did agree to replace the blackburn rack as an extra item.

my insurance (hiscox) company paid cash on receipt of a quote for replacement from my preferred LBS (corridori) - as it was it was standard, but had the quote been for a modified bike that would have been honoured.

Specialized Needs

posting fail

Specialized Needs

and again (or maybe a sad attempt to up my posting figures?)

Specialized Needs

RSA paid out for my wife's bike and additional parts/upgrades (minus excess) on our contents insurance (didn't need to list bike separately as under singler item limit), but she did have all of the receipts.

That said, she went for the replacement option through them. They used Wheelies for the bike (not so good); Evans for the replacement extras (actually very good). And RSA upgraded anything they couldn't source from Evans or allowed us to purchase and submit receipts.

Clever Pun

My bikes are insured for a price, I assume that price will be paid out if one gets nicked

I doubt they would pay out if you lost it though would they Brun?

estampida

so this is not for every 1, and bear in mind this is my only insurace claim ever, and you should be carfull, because some firms dont pay for upgrades, as a bike comes with a fork, handlebar, brakes, and they may be difficuilt

I had a bmx stolen,

Report to police, get a crime number and never see it again.

Talk to insurace company the first question is " Is it a complete bike or frame set"

you say "frame set", then give the frame you had with a better spec (this bmx could have been dripping in profile parts) - but was an exceptional high end bmx, the sort a man in mid 20's can buy...

the insurace company then hands the list over to some "experts" but they are really checking if that build would ever be done.

i.e. if you had a £300 giant and said it was dripping in hope, they know your telling porkies,
but my BMX claimed build was within reasonable limits, Imagine my surprise when a cheque turned up for £950+, so the valuation was over woohoo

biwinning yay

veronese68

My bikes are on the household policy through Axa. My bike was nicked from my back garden. The policy states a £1000 limit for any bikes not specifically mentioned. Insurers got Wheelies to call me and we went through the bike at £750 plus mudguards, rack, lock, different tyres and lights that were fitted. The total came to over £1100. I could have had a bike up to that value or a bike plus accessories. I actually opted for a cash settlement and bought a used bike, having checked it wasn't nicked.
2 days after buying a replacement, 6 weeks after the theft. My bike turned up on Ebay. Got it back through the police and notified my insurers. They really didn't know what to do about it. After many phone calls I gave up and still have my original bike.