Insurance on 2nd hand Bike

[EugeneH]

Hi All

 

 

I need advise please. I bought a second hand MTB and I want to add it to my insurance. This model in not produced anymore and I don't have an invoice for this as it was a private buy.

 

How do you guys go about this?

 

 

 

Regards

Eugene

[dirtrider]

Replacement value should be ok .

[ShanRam]

Go to your local bike store and ask them for a replacement quote  and to list all components in a detailed format including serial numbers in any. Then take pictures of everything. Send that to your insurance and ask them to insure it.  

[RocknRolla]

Also take many photographs indicating serial number, components etc. Send to your broker to include into your policy file.

 

Letter from Bike shop indicating replacement value (although this may make the premiums slightly higher, due to you paying insurance on the "new bike" value.

[EmptyB]

Just make sure you insure it for current replacement value and not what you paid for it. A written quote/evaluation with serial numbers will be sufficient for the insurers...

[Winstonian1984]

I was in a similar situation with my insurance, they asked me to get a quote on a similar type frame and spec to estimate its replacement value. 

[Bateleur1]

Also keep all these photos and information save.  Although you send it to the insurance, the day you claim they will ask the info again and they most propably will not have the original info you send with them.

 

Once you have this information you get the replacment values updated every year and resubmit to the insurance.

[Grebel]

Two things that are very important. Proof of ownership and current replacement value

 

In the event of total loss, your insurer will only pay you out if you can prove that you actually owned the item. The insured value is for your benefit....

[Grebel]

Discovery has what they call a document wallet. All info that you send them regarding evaluations, receipts, photos etc gets stored in your policy document wallet so that they don't have to get that when you do process a claim and the claims are supposed to get processed quicker.

[Patchelicious]

Such good advice being given here, its like watching little insurance flowers blossom.

[J∆kk∆ls]

Just make sure you insure it for current replacement value and not what you paid for it. A written quote/evaluation with serial numbers will be sufficient for the insurers...

+1. 

Worked for me! 

[eddy]

Such good advice being given here, its like watching little insurance flowers blossom.

True,but the oak tree answer is still " speak to your broker "

[Bateleur1]

Another tip:  Make sure you know exactly what is written in your contract.  What the requirements would be for bicycles specifically.  If it is not written in there they can't come with stories.

[JJDT]

My one MTB was stolen and recoverred (no insurance) and now I want to ride with it again and also want to insure it now. My problem now is that although I know what the serial number is the number on the bike has been filed off due to the theft. Can I just re-punch the numbers back on somewhere else and insure the bike then?

[igg]

A lot of insurers don't care about the frame serial number, so its (non) existence doesn't have any impact. You should probably give the claims dept a call and find out what they recommend.

[Grebel]

My one MTB was stolen and recoverred (no insurance) and now I want to ride with it again and also want to insure it now. My problem now is that although I know what the serial number is the number on the bike has been filed off due to the theft. Can I just re-punch the numbers back on somewhere else and insure the bike then?

 

Give your broker a call and see what they suggest