Bike Valuations for insurance propose?

Ronin2009

Hey guys
I was wondering if anyone can help, i have a bike i built from pieces on eBay and I’m looking to get it valued as I’m sure it is over the standard 1,500 that is covered in normal contents insurance.

For insurance purposes would i need to get the bike valued? And would i need receipts? (Don’t have many for the parts)

Would they only pay out on what i spent on the bike or what it would cost to replace the bike with another of similar spec?
the main reason i ask i got great deals on the parts and would find it hard to get them again at similar prices.

Does anyone know i bike stores that would do valuations?

Or maybe someone could make an attempt if it was to list the bike and parts?


And one last question, who are the best for contents insurance with bikes in mind? as i see the bike as the main risk. are you covered if the bike is locked out on a balcony 1 floor up on a duplex and if it's robbed in a mugging or lock cut while locked somewhere?

Thanks in advance for any responses

Paul

stuf

all these things will depend on the insurance policy so best to contact the company and find out where and how a bike will be covered and what the deem as a valuation.

penexpers

An insurance company will look for a replacement quote when you make a claim.

Vélo

It all depends on the insurance company. The one I'm with look for a valuation for anything worth €1500 or more. So as someone said check your policy or ring your broker/Insurer.

Is the €1500 what you paid on e-bay or what it would cost to replace if bought in a shop?

Ronin2009

The bike i think i spent around 3k for on eBay, and going from a quote I got from BOI contents insurance will only cover a bike under the value of €1500 anything above has to go on as a special item and it cost me near 150% extra on the yearly premium.

My contents alone was €105 (based on 27k with an excess of €100) and then with the bike (example value of 4k) its €261 (with an excess of €400)
I think I’ll just interrogate them on the phone as to what is cover and how

So penexpers, the replacement quote would be pretty much the same as a valuation

Does anyone know if places like cycleways or Cyclelogical etc would do valuations?

Thanks again

Freddy687

You would want to tie down your insurance company on exactly what they cover and how much. Most house insurances policies will not cover a bike for more than €400-€500. The over €1500 listing is usually used for jewlery, antiques etc.
The only policy that I know of that covers bikes specifically is the one sold by cycling ireland. Only thing is that it runs from Jan 1 to Dec 31. But this does cover bikes up to €10K. Also covers for damage during racing.
http://www.cyclingireland.ie/html/site/resources/index.jsp
Click on the download for bicycle insurance

Ronin2009

Thanks Freddy
I'll see if i can get some terms and conditions for the cycleireland insurance,
see if they will cover for robbery etc and non race accidents and damage

Paul