Insuring bikes - advice please.

[Beckyboo]

Have been renewing my home contents today and trying to make sure all BMX related things are well insured but am not confident they are.

Basically my insurers say the best way for them to agree a value that I say a bike was worth wll be by me producing a reciept. I pointed out that I might have a Clarence Cliff complete set that has a reciept in shillings but that will not reflect the price it will cost to replace it. I wondered if anyone here has ever had to make a claim and how you can arrive at a value if you bought, swapped parts, resprayed, found a frame at the tip etc etc but may need to replace a stolen bike. Photographic evidence and ebay prices not enough apparently.

We are not keeping bikes in the house to be extra safe or tucking them into bed at night

[RATTY]

Thats a very scary thought, how many of us have proper insurance cover on our bikes, its surprising just how much money is tied up in them when you look....

[MartyC]

Thats a very scary thought, how many of us have proper insurance cover on our bikes, its surprising just how much money is tied up in them when you look....

Not many but then again my bikes are mostly still in boxes or bags in either me loft or me garage    Definitely need to get something sorted out as my Kona MTB alone would cost over £2k to replace 

[Trev]

your best bet is to probably get a quote from someone who sells old-school like baggio.

i'm not sure how insurance companies work, but i thought they have to try and replace the goods stolen or compensate at the current market rate.  i mean if your house got severe structual damage by either a car crashing into it or a tree falling on it, they whole thing would get fixed. they wouldn't give you the value that the house cost when you bought it would they..

but i do think that when you take out your insurance, you can list certain items with values and they charge you a premium accordingly.

[Flaz]

waxin is your man on this subject hes got his insured i think,,, speek to him 

[Waxintaxin]

I  spoke to my insurance co and explained what was up , You are not covered for anything over your limit for said item on general contents , which is scary as bikes are personell posesion and you will have a 500 1000 limit on each single item

SO

I took out a ammendment to my policy for a named value item/items with a declared value . so I had to list items / bikes and add a value against it , they then worked out a premium , which was about 150 quid, the policy is a little different as it insures to a named non provable ammount

Its like insuring your hands or something , there is just a value against loss not a replacement value

be sure to really expain and document it

I have thought that this is an underwriters wet dream , mmm , RAD insurance

all it needs is an underwriter mmm

Rich

[oberonspacefruit]

but how do yo prove that a set of  nos unstamped lg's are worth 100,dabs? i have no receipt....

[selfpreservation]

you can assign a value to something and pay to have it insured for that amount eg ant and dec , but it costs more

[oberonspacefruit]

doesnt seem my insurance company likes that kind of thinking. i need a reciept, or a valuation. Rich, what are you doing next monday.....

[Waxintaxin]

I took me a while to get them to understand, as i have declared a value , and wish to insure at that value , without having to prove they are worth that, it does cost more , but apparently you can insure anytjing , i mean how do you prove a painting is worth what someone says it is, and as old bmx bikes are a new collectible , i would think loads of people are not insured

I do wonder if this is a good chance to get a broker on board and pays the commish to rad

its a simple enough insurance need and many brokers would do it

Rich

Rich

[zed4130]

uzi 9mm  or a baseball bat     

[MartyC]

I was thinking about this and one of my friends is an Insurance Risk bod, does lots of funny stuff for insurance companies and even worked on the World Trade Center insurance claim as an advisor/consultant.  He has dealt with loads of odd insurable items like Formula 1 racing cars, very old Ferrari's and the like, I'll ask him on Monday if he knows of any companies that specialise in sports collectibles 

[Badbaldie]

something to remember about your insurance...!!!!!!!!   if you policy says it will insure a bike for up to £1000 . then u have to claim  and say it is worth £1500. your insurance on the bike is instantley £500 under insured . (£1000 -£500 under insured =£500)so the best you can hope to get is £500 back . also make sure that your insurance doesnt have a disclaimer saying u must have your bike locked up or in the house when not in use. ..... this happened to my mate with a motor bike . his insurance asked him when he took out the policy "do u keep your bike in a garage when not in use"  which he did . so when he parked it out side while he nipped back in for the toilet ..only to go back out to find it stolen ... guess what . insurance wouldnt pay out .. coz it wasnt stolen from the garage.......  if anyone does find an insurance company that understands old school bmx and will insure us may be best to post on the site so we can all get proper cover .. but one last thought .. u only know how good your insurance is when you have to claim...!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[Waxintaxin]

Or if you read the contract

[Beckyboo]

Thanks for the contributions!

Well, I have sorted out insurance for the bikes in the house and shed as well as out of the house up to a maximum of £1000 per bike but with no limits on the amount of them (other than my whole contents insurance value).

The valuing bit still seems problematic and I need to look into this more. With classic cars you say the value provide pics and they agree or not  so easy peasy but I imagin with bikes they wait until they are nicked and then tell you you will get sod all.

Am leaving it till Monday to find out more.