Bike Insurance - All Confused
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silky666



Joined: 21 Aug 2010
Posts: 7

PostPosted: Wed Dec 28, 2016 7:36 pm    Post subject: Bike Insurance - All Confused Reply with quote

Hi. Sorry of this is in the wrong section, I did look about but couldn't find a suitable place to post. So feel free to move if needed admin Smile

I have recently bought a rather expensive mountain bike. Always owned good bikes... but this one is a little bit special. New it is approx. £7500 .. but I got it second hand for £1000.

The issue I have is that when insuring the company's all want to insure 'new for old'. eg: I have to enter the new cost , which immediately generates a quote that is higher than my motorcycle or car.
But if it gets stolen I DONT want a new bike.. I simply want to buy a second hand one of the same spec for around £2000.

So what I need is a 'market value' insurance policy.
Does anyone have any experience with insurance or similar issues ?

Thanks in advance,
Silky
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Gunner



Joined: 15 Apr 2007
Posts: 29327
Location: Under Whitestone-Cliffe on the Lake.

PostPosted: Wed Dec 28, 2016 8:38 pm    Post subject: Reply with quote

Either add it to your home insurance policy as a "specified item" with a max value of £1000, or go to a cycle shop and get them to produce a receipt for you for £1000 for a fictional cycle, you will need to pay them a small fee, I paid £20 a few years ago and use that. Then if your bike gets stolen you just submit the receipt for the fictional bike to get your £1000, obviously if your bike does go missing then you can't report it as stolen......................
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Doomanic



Joined: 26 Aug 2011
Posts: 547
Location: Evesham, Worcs

PostPosted: Wed Dec 28, 2016 10:22 pm    Post subject: Reply with quote

How did you manage to buy a £7.5k bike for a grand? Shocked
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silky666



Joined: 21 Aug 2010
Posts: 7

PostPosted: Thu Dec 29, 2016 2:08 pm    Post subject: Reply with quote

Doomanic wrote:
How did you manage to buy a £7.5k bike for a grand? Shocked


Got a rich mate that buys the very best .. gets bored .. sees something new ... then decides to sell the old thing to me at mates rates Smile A very handy friend to have Smile

Bike is a 2012 SWorks Carbon FSR Stumpjumper - with additional Mavic SLR tubeless wheels and assorted extra bits.
New I think it was around £7500.
Regularly serviced by dealer and Fox.

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