It all depends on what is in the wording.On the balance of probabilities it is new for old,unless you ask the Insurer if they can endorse the policy to note that the bicycle has been insured on an agreed 2nd hand value.If you wish to insure at new replacement cost, on a built up bike,any bike shop should be able to supply an appropriate value.Fail to understand why your LBS cannot assist in this regard.
