Insurance; replacement estimate

[Goldcoast]

I've been thinking about getting insurance cover for my bike. Now I thought that if I got insurance I would be covered for what I paid for my bike, (although the bike is in mint condition its still second hand) however speaking with an agent earlier it seems that the insurance would cover an actual replacement at RRP and not what I actually paid for it.

They advised me to get a written RRP replacement estimate - is this something that LBS would do?

 

[Boris Bajic]

I have no idea, but it might depend on your relationship with your LBS.

At mine, I am lent funky tools and given tips on fitting parts. That is probably in part because he is a nice chap and in part because I've bought several bicycles and a gazillion parts from him over fifteen years.

I imagine if I walked in off the street, quite unknown to an LBS owner who was having a bad week and losing the battle against the Internet, he might say he was too busy.

You can but ask...

But be aware, bicycle values plummet once you've driven them out of the showroom or used the ashtrays in the rear.

 

[Goldcoast]

That's what I was thinking, why would they take the time to do it, unless they charged a fee for it. I need to buy a few bits and bobs next week so It might be a good opportunity to ask.

 

[vickster]

When my bike got stolen, I got back what I paid including the cost of the fitted accessories (guards, lights, saddle bag etc ), less the not inconsiderable excess on my policy... to note I had to provide the receipt (which may be a problem if you bought second hand)

 

[Goldcoast]

Ive told them I bought it second hand, that's why they advised to get a replacement estimate from a lbs. They do say in the event of stolen / damage w/off that they replace old with new. Im still not 100% so I think I'll call them again tomorrow see if they say the same thing.

 

[vickster]

Ask for it in writing

 

[Mr Haematocrit]

They advised me to get a written RRP replacement estimate - is this something that LBS would do?

Insurance companies will not replace with second hand bikes as if it fails they will end up with a court case. Any decent LBS will give you a replacement valuation as they can potentially gain business this way. All you would need to do is take your bike in and ask for a quotation respective to obtaining a bike of a similar specification. I obtained five evaluations for my insurance.
Unfortunately dedicated cycle insurance is a complete ripped off in price imho