[Closed] Getting an 'expensive originally, worth little now' bike replaced on insurance

Had a 3 year old bike nicked from my garage, Ins co punted me off to Tredz (or perhaps Wheelies) they gave me new for old. Not sure that would extend to a 10 year old bike, but they mostly seem to want to deal with it as quickly as possible and sell you the most amount of bike possible.

You can refuse the Wheelies voucher and insist on cash if they haven’t got anything suitable.

I've been wondering this recently. So is it the bike shop that you haggle with to agree what the current equivalent is to a 13-year old steel hardtail/RS Revs/full XT or whatever?

I think, and based on my experience if you are new for old you'd be offered an equivalent, modern  HT bike.

The insurance company agents (almost certainly wheelies) will assess what you had and decide what to replace it with.

If you choose a cash settlement instead its something like 80% of the value of the claim you can have

If what you are offered as a replacement bike is absolutely not an equivalent (You're offered some slack gnarrpoon weapon to make sick edits with) you can argue for 100% cash to source your own replacement on the basis what the agent can supply isn't like for like

Well that's basically what happened to me.

Be careful with your insurance wording, Pedalcover now only do new for old on bikes purchased brand new from a shop within the last 5 years.

Over 5 years or second hand they offer the market value.

Be careful with your insurance wording, Pedalcover now only do new for old on bikes purchased brand new from a shop within the last 5 years.
Over 5 years or second hand they offer the market value.

Well, that made me check. The policy wording is "the cost of replacement as new if available or otherwise the nearest equivalent" (Halifax)

all dependent on your policy wording, but most likely if its new for old and you had a mid range hard tail form a mid range brand nicked, thats what they'll replace it with - a new mid range hard tail from a mid range brand. same as anything else new for old on your household policy - i had a 7 year old laptop nicked which was old, knackered and ancient (in laptop tech terms), but was a decent spec when new, they replaced it with a brand new decent current spec new laptop. you don't have to accept replacement items you can demand cash, but this may not be at full value to the replacement items you were offered to account for the insurers discount they have with agreed suppliers

It's the insurance company you're haggling with and don't take no for an answer. You insured a bike for say £3k. They can't replace that with a bike at £1500 unless they're going to refund your insurance premiums for the difference. They tried to fob me off with a bike that was half the value of the one which was stolen. Argued my case and got full whack. They tried to give me a rubbish offer, then a second offer which was a bit better but I pushed and got the lot.

Equivalent spec modern bike or cash equivalent, not sure if that would include any discount in the current insurance world.

Just got paid out for a written off Condor frame and forks - replacement frameset, plus the custom paint cost, plus cost of LBS swapping the parts over.

Well done Aviva! 👍

I was in a similar position. a bike I had bought (cheap) for £150 secondhand but I had put XTR gears and a few other good bits on it. I was "new for old" under my insurance. When it got nicked the claim went thru Wheelies
who said the equivalent bike is this one costing £1000. I didn't like that bike so after a bit of to and fro they basically said pick anything from our range up to £1000.

I was more than happy with that. The stolen bike must have been 15 years old

If you choose a cash settlement instead its something like 80% of the value of the claim you can have

This is only so if you choose cash because you don't like their offerings. If they cannot offer you an equivalent ie its a custom build or ti or something rare then you get the full cash value.

I crashed and wrote off (badly dented frame) a 2014 650B YT Wicked in early 2019. I got a cash settlement based on the equivalent spec, new Capra. This was under a new for old, named bike policy on the home insurance (Lloyds), excellent service!

about 10 years back I had mid 90's zaskar nicked full xtr groupset, sid forks, thompson stem and post. M&S got wheelies to deal with it and because GT didnt make that bike with that spec they had to price the bike up according to the spec at the RRP, came to just over £3k. Had the option of a new bike up to value or a bike built up to the value or the money, I took the money and bought the bits off ebay to replace my old bike for around £500 and had a nice holiday

Ever since M&S ramped up their home insurance prices around 2010, I've not bothered insuring my bikes, they charge too much to interest me given I've never had a bike nicked or damaged in over 40 years.

I’ve never had a bike nicked or damaged in over 40 years.

I could have said the same thing. But having had bikes insured for maybe 5 years now, the £30 a year seemed worth it when they paid out £1250 for my new frameset after I totalled it last month.

Who is that cover with MCTD? And for how much?

I had a 12 year old Orange E2 taken, of which the only original items surviving were the frame and the shifters.
The insurers just asked me to cost up the nearest equivalent build taking into account the upgrades, then sent me that minus the excess.
They couldn’t have been more willing.
That was Aviva.

Ever since M&S ramped up their home insurance prices around 2010, I’ve not bothered insuring my bikes, they charge too much to interest me given I’ve never had a bike nicked or damaged in over 40 years.

Erm?

Other insurance companies do exist???

I live the life of a hermit compared to many, but I had cottoned on to the fact their are other insurance companies, but thanks for pointing this out. 🤣