How much to insure for?

doc1976

I have my previous Giant Rapid 3 insured for its value €675 a couple of years ago. However, I've sold it and bought a second hand road bike.

Any idea how much I should adjust my insurance for?

Pics of bike below. All Shimano 105 components and I've bought new Gators tyres.



DSC_0226.JPG

DOC

Beasty

Insure it for what you paid for it

Lusk Doyle

Check your household policy single article limit and the bike cover on it. You may not need to specify it if it's less than these.

el Bastardo

Beasty wrote: »

Insure it for what you paid for it

Surely the idea of insurance is that you'd have to replace it if it were pinched? So maybe you want to go looking online or elsewhere for something similar and use the price as a guideline?

Lusk Doyle

el Bastardo wrote: »

Beasty wrote: »

Insure it for what you paid for it

Surely the idea of insurance is that you'd have to replace it if it were pinched? So maybe you want to go looking online or elsewhere for something similar and use the price as a guideline?

The ins co will cover the cost of replacing at the time of loss but subject to the policy limits and excess.

Beasty

I would have thought the price paid is the best indication of replacement cost. I'm not sure, but presume unless you have a "new for old" type policy, you are unlikely to get more than you paid for something under an insurance policy

doc1976

I bought it for €400. My point really is that if you take a new bike at from €800 /€1000 you get Sora components at not much else.

Did I get a bargin? Should I insure it for more than I paid for it assuming its worth more than that?

Is there anywhere that will give me a valuation?

cdaly_

Could you buy it again for €400? See what it would cost you to replace and insure for a bit more than that.

That said, my bike cover costs about €10 on the house policy. If I up the value by €100 the premium shoots up so I end up with the bike under-insured...

Lusk Doyle

Beasty wrote: »

I would have thought the price paid is the best indication of replacement cost. I'm not sure, but presume unless you have a "new for old" type policy, you are unlikely to get more than you paid for something under an insurance policy

It's the cost of replacing the damaged/lost/stolen article at the time of the loss (assuming a repair is not possible/not acceptable). Replacement costs can vary significantly from the original purchase price. Take for example, a gold cartier watch. These shoot up in value as the years roll by and therefore, the original purchase is not what the payout would be based on. If the policy is not new for old then the current cost of replacement less a deduction for wear and tear/depreciation may be made (eg bed clothes).

doc1976

Right so...change of question.

Can someone value my bike?

DOC

Lusk Doyle

doc1976 wrote: »

Right so...change of question.

Can someone value my bike?

DOC

Get on the google-web and check out the current models and their costs. Badda bing badda boom - there's your answer