How to insure Retro Rides

[Fleming]

How do you guys insure your retro rides?

 

I have a 1995 Kona Explosif that I love dearly however it isn't insured. Back in its day it was considered a top end bike with high end components and a XT/XTR drivetrain. I want to ensure it but don't know how to value it.

 

If it was a newish bike I would insure it for the value it would cost to buy a new bike that is similar but since the modern equivalent to this bike would probably be over R50k I don't think it makes sense to insure it this way.

 

Can one insure a bike for its secondhand value, which in the case of my bike isn't much, but If I ever lost my Kona I would like to know that I would be able to replace her, even if it meant watching gumtree for a few months?

 

[Captain Fastbastard Mayhem]

Correct way to insure is as you've detailed above - for the price of the modern equivalent. You CAN insure it for the current market price, but if you do you need to check if your insurer applies an "averaging" cost to your listed / specified items. If they do, then either find another insurer or insure for full replacement cost. 

[HeyYou]

Some ideas on what it would cost you to replace it, given that you are unlikely to find too many in SA, they've all become gardener's bikes!

 

https://www.ebay.co.uk/sch/i.html?_from=R40|R40&_nkw=kona+explosif+1995&_in_kw=1&_ex_kw=&_sacat=0&LH_Complete=1&_udlo=&_udhi=&_samilow=&_samihi=&_sadis=15&_stpos=&_sargn=-1%26saslc%3D1&_salic=3&_sanli=3&_sop=12&_dmd=1&_ipg=50

[Fleming]

Thanks, Think I need to speak with my broker.

[HBO]

What Myles said. Another to thing to consider when you wish to insure it at a lower value is partial damage.

 

For example you only insured it for R 20k because you feel that you can replace it for that and now for example only the wheels are damaged and you submit a claim for R15k because that is replacement of the wheels you have.

 

the insurer may decide (especially if it is an competent assessor)that they would settle the wheels in proportion to the value of the bike. For example the bike is insured for 50% of it's replacement value, so then they will just pay 50% of the wheels value as well. This is not average, just settling in proportion.

 

Also remember that it is the insurer's prerogative to either repair, replace or settle in cash. Just also then make sure that in the case of a claim they will settle in cash. under the All Risk section you won't/ shouldn't have a problem to get a cash settlement in case of total damage/ theft, but again when there is partial damage things might get complicated.

 

Considering that besides theft any other damage will most likely be only partial damage, it will be best to take this up with your insurer/ broker and give full disclosure. It's better to sort these things out beforehand than to wait for a claim.