Price estimation for replacing stolen bike

dited

My two bikes were stolen last week and I'm claiming for them on my house insurance. Insurance company told me to get a written estimate for the value of each bike from a bike shop, and to fax it in to them.

Went to my LBS on the way home this evening; they've carried out numerous repairs on both bikes over the past couple of years so I thought they'd be happy to give me an estimate, with half an eye on possibly supplying me with the replacements!

Unfortunately they wouldn't give me an estimate on how much either bike might be worth, as they didn't sell them to me (I bought both secondhand and upgraded over the years), they didn't accept that an insurance company would ask me to look for an estimate, and they have no way of knowing if I ever even owned the bike (I was in there with it two days before it was stolen).

I'm not looking for an over-estimation of their value; I know how much each one is roughly worth and I don't want any more than that. Too much to ask? They've lost my custom anyway.

Okay, rant over.

Anyone been in a similar situation? I don't really have a relationship built up with any other LBS; been using the guys above since they opened three or so years ago. Any recommendations for more accomodating LBS in the south dublin area?

Cheers!

Vizzy

Very strange !!
If it was me I would find a LBS that supplies your particular brand of bike(s) and explain that the bikes were in good condition,were 3 years old( or whatever) and that you had upgraded them by changing X Y Z components.
They should have no problem giving you a reasonably close valuation.
A couple of photos would be good too,if you had them.

As for your local shop,well it's their loss really isn't it?
I mean they have lost the sale of 2 new bikes valued at €1,000 (conservatively) and probably more if you tell any of you friends about their "service"

dited

Yeah, I brought in a photo of both bikes along with a list of the components on each, to make estimation a bit easier/more accurate.

Will definitely be retracting the recommendations I've given for them in the past.

cdaly_

Go shopping for equivalent new bikes and ask for a written quotation. The insurer should accept that.

If they won't give you a written quotation, start the process of buying the bike under the Bike to Work scheme, ask for an invoice for your employer and submit that to the insurer...

dited

cdaly_ wrote: »

Go shopping for equivalent new bikes and ask for a written quotation.

Thanks, hadn't thought of that. I'll get back in touch with insurance and see how flexible they'll be.

Beasty

cdaly_ wrote: »

Go shopping for equivalent new bikes and ask for a written quotation. The insurer should accept that.

If they won't give you a written quotation, start the process of buying the bike under the Bike to Work scheme, ask for an invoice for your employer and submit that to the insurer...

But the OP requires a 2nd hand valuation. New bike prices can easily be supported by internet links/searches

I suspect one of the issues with getting a LBS to provide an estimate is they will not necessarily deal in 2nd hand bikes. I would have thought the insurer would be better off taking a new bike price adjusted for depreciation based on age. Alternatively maybe they could accept something based on prices being asked for similar bikes on sites such as Adverts or Donedeal

dited

TBH, it sounded like the insurance co. were looking for a ballpark figure which they can approve or not as they see fit.

I do appreciate the difficulty of putting a precise value on a five-year old bike based on a picture and a list of components, but it is just an estimate, nobody could reasonably expect it to be absolutely exact.

ford2600

Get quote for new bikes to replace what you had with nearest equivalent. Don't worry about the depreciation, the Insurance company will do that part for you!
Fight your corner with them(be straight but hard with them), any extras on bike, pedals, lights, bottle holders etc include. Include for bike fit also.
It's just haggling, they'll cut down valuation no matter what you submit.
Best of luck with it

Beasty wrote: »

But the OP requires a 2nd hand valuation. New bike prices can easily be supported by internet links/searches

I suspect one of the issues with getting a LBS to provide an estimate is they will not necessarily deal in 2nd hand bikes. I would have thought the insurer would be better off taking a new bike price adjusted for depreciation based on age. Alternatively maybe they could accept something based on prices being asked for similar bikes on sites such as Adverts or Donedeal

clog

I take it that the bikes were stolen from your home, in this case you will be claiming on your general home contents policy. Many insurance companies cover new for old on general contents so you only need to get estimates for the equivalent bikes new.

dited

clog wrote: »

Many insurance companies cover new for old on general contents so you only need to get estimates for the equivalent bikes new.

Yeah, bikes were taken from my shed so am claiming on house insurance. Had a look at the fine print of the policy just now and it does indeed offer new for old .... except for on household linen and bicycles :rolleyes:

Cee-Jay-Cee

Ring some other LBS's and ask if they will provide an estimate of what your bikes were roughly valued at. You can add that once you get the insurance money through that you will be in the market for a new bike too.

Remember you have an excess on your home insurance and so that will be taken from the value of the bikes too (basically make sure the valuation they give makes it worth your while claiming as you will lose or step back in your NCB)

KingMambo26

Something similar happened to me. Luckily I still had the original receipt and the insurance company took it no problems. The only downside is that since I hadn't explicitly listed the bike on the policy it affected my house insurance premium the following year and other insurance companies wouldn't quote me cause I had made a claim on the main policy of the house.

Wishbone Ash

dited wrote: »

they have no way of knowing if I ever even owned the bike

I don't understand their point there. They are being asked to estimate the value of a bike - not to establish ownership. The bike should have the same value regardless of ownership.