Old School Valuation ??

[AL]

I have a normal Household insurance policy which only covers  bikes up to about £300 each..   

But I got the  insurnance agent coming to see me tommorow, about  our Motor trade policy renewal....    And going to ask him about some extra cover.....   

  With my Boys New School Race bikes and my Old school stuff ......... £300 per bike , god forbid if my house got done over wouldnt go far 

First thing the agent is going to ask me is what are these  worth

1....       (Mint )       Mongoose  1979 Roger De-coster

2...   (Mint )    NOS   Rickman Freestyler

3...  ( Mint )      Mongoose  MotoMag   / Yellow Tuffs     +  And same again Red Tuffs...

Not asking you to buy them, or anything ....   Just what do you reckon would be a fair Insurance value ....

Thanks in advance 

[QuadPaul]

Al, personally I would say base them on what they cost you to build rather than what you could sell them for as complete bikes, becuase should the worst ever happen you want to have the cashola to build them again as you had them and not buy a complete already done which just wouldn't feel right - But this is just my opinion and it won't be cheap with the insurance man.

I had £700 of cover for my GT and the insurance wanted top charge me £120ish quicd at my last renewal so told them to Jog on!! Bloody insurance con merchants

[digitaltransfer]

a Good ins broker will tell you what to do my neighbour has got me a policy with indivial items costing up to £1500 so each bike is covered more of less

if they are good they will give you the best policy for the house hold contnets rather than individial items unless they are worth more than £1500 then they need to be specifically listed accordingly !! well thats how I did it !!

hope that helps

R

[thecrooch]

this has been the bane of MTB'rs for quite a few years mainly because of the cost of the bloody things!!!  After years of pissing about trying to find somewhere that doesnt charge the earth i have finally found teh answer!!! 

Marks and Spencer - yes say it loud and proud!   what they do as standard is have a larger single item limit ie the maximum you can claim for any one item - normally this is about £2000 but with M&S its £4000 (both of my MtB's are over this but you can declare the value and as long as they have the value on file you are covered and they dont charge an additional premium.). 

With BMX's its a bit easier as they are normally well within this amount (unless you happen to have just found a JMC AP frame down the back of your shed) but with normal insurance policies you have to put them under a seperate section, which you will be charged and they will also normally be covered while in the house.

With regard to valuation - get them valued for the full amount - never under insure as they will charge average which basically means you will only get a proportion of the real value and never what you actually insured them for. as for what to value - i agree its hard to figure out especially for old school parts but do your homework and something in writing from an 'expert' goes a long way - so if youc an get friendly with a bike shop that sells some OS parts you can get them to do you a valuation in writing.  its always going to stand up rather than you sayign what 'you' think its worth.

Hope some of these ramblings help...  better get back to the day job.. err Insurance Broker! 

[AL]

Thanks guys ... That makes sense.....

The agent  always looks after us well  on the Business side of things , so I will give him photos and some old school info...


Just dont want to have a converstaion along the lines of ......     

  "  So this old kids BMX bike you say you lost Sir ...  You think its worth How much    "