Insurance cover for upgrades?
Discussion
Evening all 
Never posted in here before but am a long time lurker. Unfortunately my first post isn't very positive but I really need a bit of realistic advice.
My bike was stolen from my locked shed during the week, and have a call with the insurance handler on Monday.
Has anyone had experiences in claiming for bikes with upgrades? Mine was a
Trek Fuel 80 frame, but over the last 2yrs I had changed the chainset to
XT/XTR, plus new pedals, bars, grips etc.
My insurance seems to say they work on a new for old policy, but obviously to buy a new bike that comes standard with an XTR set will be way over the odds for my old Trek.
Anyone got experience in any similar claims for upgraded components? If so, what was the outcome?
Cheers
Dave
Never posted in here before but am a long time lurker. Unfortunately my first post isn't very positive but I really need a bit of realistic advice.
My bike was stolen from my locked shed during the week, and have a call with the insurance handler on Monday.
Has anyone had experiences in claiming for bikes with upgrades? Mine was a
Trek Fuel 80 frame, but over the last 2yrs I had changed the chainset to
XT/XTR, plus new pedals, bars, grips etc.
My insurance seems to say they work on a new for old policy, but obviously to buy a new bike that comes standard with an XTR set will be way over the odds for my old Trek.
Anyone got experience in any similar claims for upgraded components? If so, what was the outcome?
Cheers
Dave
Some policies only do new for old cover on bikes for a limited time eg for the first year or two of the bike's life; then revert to like for like or 'market value'.
In any case, the insurance company would need to some evidence to back up your upgrades. So do a search for your invoices for the upgrades. If you bought them on-line then maybe an email trail would help.
And if the settlement is to be based on market value, do your research on similar unmodified bikes and negotiate on the upgrade.
In any case, the insurance company would need to some evidence to back up your upgrades. So do a search for your invoices for the upgrades. If you bought them on-line then maybe an email trail would help.
And if the settlement is to be based on market value, do your research on similar unmodified bikes and negotiate on the upgrade.
Be careful what you wish for...
...some policies put an upper limit on the value of general 'bicycles' covered by any insurance. If your bike exceeds that value they expect you to inform them, make/model/frame number/etc, so that they can 'adjust' your schedule, and (probably) increase your premiums. Take care that the value of any fitted upgrades/accessories does not take you over said value, or the insurance cover could be invalidated due to you 'omitting to inform', allowing the company to legally refuse a claim on the grounds that said bicycle was in excess of the upper limit of the risk assured.
Other than this, in my experience an insurer can be an 'all round good egg' when it comes to dealing with claims. I and my son both had our bikes nicked at Centreparcs near Thetford. His was 3 months old, fully documented with receipts for the bike and accesories such as mudguards and lights etc. Mine was a second-hand GT Aggressor which I bought for £30, and needed serious work doing on the drive train and bearings. I was insuere 'new for old', and both bikes were below the maximum value covered, and I fully disclosed the fact that mine was an older bike. The snag came when I submitted the claim, and was told that the combined value of both bikes exceeded the upper value, and as they were stolen together, the value of the claim was beyond the limit of my cover. I would be paid, but the amount would be capped at the level of the maximum value stated on my schedule, less my excess. Disputing this rule (they'd been nicked together, in one theft, but were secured separately) I ended up speaking to 'someone more senior', who, despite the fact that the company's terms were, when I re-read them, correct in so far as the combined value was to be the one on which to apply the limit, authorised the issue of a cheque for the replacement cost of both bikes, less 1 x policy excess. Little'un got a carbon copy of his Christmas pressy, same accessories, the lot. I ended up with a new bike (GT Avalanche3) which was the closest spec that the LBS could supply to the one that was nicked. Lots of good will from the insurer too, as I'd been with them a good while, and had never before claimed on my home contents insurance. I suppose there's a bit of Karma involved - if you deal straight with people (even insurance companies), then at some point in life it will pay you back.
...some policies put an upper limit on the value of general 'bicycles' covered by any insurance. If your bike exceeds that value they expect you to inform them, make/model/frame number/etc, so that they can 'adjust' your schedule, and (probably) increase your premiums. Take care that the value of any fitted upgrades/accessories does not take you over said value, or the insurance cover could be invalidated due to you 'omitting to inform', allowing the company to legally refuse a claim on the grounds that said bicycle was in excess of the upper limit of the risk assured.
Other than this, in my experience an insurer can be an 'all round good egg' when it comes to dealing with claims. I and my son both had our bikes nicked at Centreparcs near Thetford. His was 3 months old, fully documented with receipts for the bike and accesories such as mudguards and lights etc. Mine was a second-hand GT Aggressor which I bought for £30, and needed serious work doing on the drive train and bearings. I was insuere 'new for old', and both bikes were below the maximum value covered, and I fully disclosed the fact that mine was an older bike. The snag came when I submitted the claim, and was told that the combined value of both bikes exceeded the upper value, and as they were stolen together, the value of the claim was beyond the limit of my cover. I would be paid, but the amount would be capped at the level of the maximum value stated on my schedule, less my excess. Disputing this rule (they'd been nicked together, in one theft, but were secured separately) I ended up speaking to 'someone more senior', who, despite the fact that the company's terms were, when I re-read them, correct in so far as the combined value was to be the one on which to apply the limit, authorised the issue of a cheque for the replacement cost of both bikes, less 1 x policy excess. Little'un got a carbon copy of his Christmas pressy, same accessories, the lot. I ended up with a new bike (GT Avalanche3) which was the closest spec that the LBS could supply to the one that was nicked. Lots of good will from the insurer too, as I'd been with them a good while, and had never before claimed on my home contents insurance. I suppose there's a bit of Karma involved - if you deal straight with people (even insurance companies), then at some point in life it will pay you back.
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