Insurance - new for old cover for > 3 yo bike

larkim

I appreciate insurance is an ever-present topic, but it's usually addressed in respect of new bikes.

Looking to get some cover in place with eldest son taking bike to Uni, but the bike is over 3 years old so it looks like most providers head down the "market value" route rather than new replacement. Home cover not available, so stand alone policy is what we'll be needing. Uni cover appears expensive and seems to have the same market value flaw.

Anyone know of insurers who extend the cover so that a £1400 bike 3 years ago would be replaced by something of a similar spec but brand new? Or alternatively just pay out the £££ value that you ask to be insured? (I appreciate from the insurer's perspective that is a bit of a blank cheque, but if the policy is contingent on the price of the bike which most seem to be, it seems only fair for the cover to match that in some way).

fenix

Don't take a £1400 bike to uni unless he can keep it in his room. It will go. Will he actually be MTBing ?

larkim

Damned if you do, damned if you don't on that one. As he rightly points out, if he gets up there and hooks up with the MTB club then Q1 will be - "where's your bike". So not much point in being a MTBer if you've got nothing to ride. Personally I don't think there'll be much riding being done (distance to study is 1km so no need to ride in) but it would be shame to miss out on group riding with new found mates.

Accommodation has secure facility, insurance covers theft (if appropriately purchased) and Sold Secure Gold lock already acquired. There comes a point at which 18 year old men start to take their own risks, and he's paying for the insurance!

steve_sordy

Even if the bike is in his room it will go missing if he is burgled. Burglary is high on student accommodation, especially if not on campus, hence the high premiums. Gold Secure lock to the radiator or the banister rail. It absolutely will not stop a determined thief, but it may help to convince the insurance company when they survey the damage that he didn't just leave it lying about after a few pints too many.

Is it possible to have it covered as an extension on your contents insurance?

larkim

Home insurers won't cover it. Found emporium insurance which allows life time new for old cover at a reasonable premium (£75). I've warned him!! It's his bike...

jamski

Try Assetsure. Mine is insured through them and is covered for the original value of the bike, even in the future.

larkim

Thanks - already taken out a policy with "emporium" which seems to do what I need. Assetsure wouldn't cover an 18yo at the postcode unfortunately too!