My bikes are made up of parts mostly that are new (but less than RRP), a few second hand bits and other bits off of new and second hand complete bikes
How do I go about working out how much to insure them for?
My main bike built up in bits was all new to me, but none of it at RRP, much of it at prices I can't find close to now
Do I add up what I bought them for, as per the reciepts or the total of the RRP of the individual bits?
(Front wheel has had a hub upgrade/swap too)
And should I try totting up with the RRP at the time of purchase, or presuming I'm trying to insure new for old, at current RRP of (equivalent) new parts?
Other bikes have some second hand bits (some without reciepts) on them and from complete bikes (not sure of RRP/value of some bits). Many parts are getting on a bit now too
Tricky I'm in the same situation. Make sure you take lots of photos though and keep the photographic record (dated) and up to date as you replace or upgrade parts.
whats the best insurer? household insurance should cover garage theft, but what about riding my bike to work/uni? i presume an actual insurer is needed?
you can get insurance with british cycling where you just enter the value of the bike, i.e what you would sell it for, + 15%
I've got as many receipts as possible for mine, and taken a few photos. Though I'm missing receipts from stuff I've bought off the forums, and bits off ebay is a grey area. I've heard you can get your LBS to do an evaluation for you and produce a certificate, which might be worth looking into.
You have to be very careful who you go with though, as some companies (including bike specific) pay out based on the frame serial number year. They take off 10% per year, so my 2003 frame with new fox/xt/dt swiss components would be worthless as insurance claim with certain companies. Make sure you read the small print. I spoke to someone with my insurers and it "should" be ok with photos, but I'm still not 100% certain.
M&S House Insurance covered at home and away, and you tell them what its worth (if/when its stolen).
What is the limit on M&S per bike?
Though I'm not sure I seem to think someone told me it was £4k?
Yep...4k per bike - which is quickly reduced to 1k after a claim!
No M&S is 4 k on a bike not specifically put on the policy. But they will cover bikes over 4k if you declare them on your policy.
Personally I'd just record both a written description and photo and not worry about what they cost you. What you need is cover for what replacement will cost you (hopefully never) as for example M&S cover will be "new for old" in effect.
Personally I'd spend an extra £30 on security and put £100 on a horse.