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Hi all,
Had my Karate Monkey stolen last week and insurance company have asked me for proof of purchase and "How much was item purchased for". I had it as a named item at a value of £1740. I don't have that many original receipts, beyond a few for hubs and stuff like that.
I purchased the frame a few years ago from the bicycle doctor (quite a few years ago) and like most of us am on a constant upgrade cycle of bits, and had recently fitted a new hope/stans wheel set, set of jones bars etc.
When they ask how much I purchased the bike for? Should I write £1740!? I've no idea to be honest. It's impossible to calculate, and the replacement value now would be far more than that amount due to how insane bicycle prices have gone in the last 6-12 months?
I've also no idea how I came to the £1740 price tag. I must have done a fag packet calculation when they asked me what it was worth and when i was taking the insurance out.
I'd list out the spec and send them some photos.
Say it's custom and give them your best guess of purchase price, just make it clear you're not sure.
I suspect you originally said it was worth £1500 or £1600 and each year they increased the value until it reached £1740.
Have you been with the same company for a few years?
As above. I'd list the bike with every part and include some photos. Try and find a link to a karate monkey with similar spec and send it to them but point out how yours is different to the link if important. I. E carbon wheels or power metre etc
Nuts, you would think if they had a query re price they would ask at the point of accepting it as a named item.
Aviva asked me for exact make / model and based on RRP + upgrades at time.
In your case the first Google link says complete builds starting at £2k: https://keeppedalling.co.uk/bikes/surly-bikes/karate-monkey/
Should cover you as long as you have a photo with you on it.
Just list the spec and attach what proof you have. They will use experts to value that. If you are not happy with their valuation you can challenge it.
I had an old marin stolen that I had upgraded with carious bits. Wheelies valued it at £1000. It was all bought second hand and cheaply. I simply provided them with a list of the components as they had a method for valuing "custom builds"
I do now have detailed pictures of all my bikes so I can prove the component list