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I have bicycle insurance through my renters insurance that covers theft outside of the house (if I use a certified lock and lock my bike to a fixed object, in my case ABUS Granite X Plus 540). The bike is built from parts mostly from chainreaction.
How should value be calculated?
Part cost from Chainreaction etc OR
Part cost MSRP OR
Bike shops valuation (probably closer to MSRP but you'll have to pay to get it evaluated)
+ labor? (~200£)
Or just ask the insurance company what they want to see? Currently I have a list of chainreaction parts cost that's signed off on by a bike shop.
EDIT: Forgot to mention you have to claim the value of the bike when you insure it and pay a monthly premium based on this, so I assume that value will be what matters?
I've always just added up the parts at RRP
Part cost from Chainreaction
tricky as their prices are often for limited period of time so if you needed to replace they'd not be available at the time you needed the parts.
So MSRP makes sense but I'm not sure how insurers look at claims for more than something cost to start with and might ask to see receipts?
Photo's of the build, itemised parts list and RRP for each part
I’d give them the cost to replace it, as it stands today. If you give full rrps it’s unlikely that the ins co will rummage through the internet look for the best deal on a specific rear mech...
I’ve recently put in a claim for a custom chameleon that got squashed in a car accident after only its second ride (it was a very sad day). I ended up claiming for a considerably more expensive off the peg build of the same bike that the local dealer suggested as a comparable build for insurance replacement purposes. This put a replacement cost of £3200 on a bike that cost just shy of £2300 in bits (though this did include those £200 fox 34s from Germany that have all gone now).
Having said all that, I imagine they will charge you a lot more to insure a £3000 bike than a £2000 one so it may be worth thinking that various options over and see how the valuation impacts the premium costs.
Edit, it may be worth saying that the claim I put in was against the insurance firm of the driver that hit my car, so I may not have been able to try claim so much back if I’d just insured the original parts cost on my own home insurance policy.
RRP. Insurance payout will be based on using their preferred supplier* who I doubt will be CRC.
*less a healthy swipe in the opening offer