You Can't Take Them With You

[npn]

Maybe it's been discussed already... but search for "inheritance" didn't bring anything.

So, I couldn't resist and picked up this 1996 Marin Bobcat Trail viewtopic.php?f=1&t=401190

Bike's history... I picked it in a somewhat wealthy suburb of Chicago, the owner a 35 yo woman. When she was 12-13 years old, her old man bought it for her. A Marin bike, not too expensive, but a different make. Different since at that time everybody was going crazy about either a Trek, or Klein. Trek was the most popular bike in the area since it was built in the nearby State of Wisconsin.

So maybe the father knew what he was buying, maybe he just got convinced by the salesman but, this girl (now woman) took amazing care of it - by NOT riding it. She's got the original Manual (no sales paperwork as it was a gift), which of course I accepted with a big smile on my face.

So she took care of the bike, barely rode it, when moved make sure it wasn't thrown around etc... but at the end of the journey, she sold it for $50!

Now, I can't not think what would happen with my 15 Marin, and a couple of other high(ish) end (Klein, Stumpjumpers, Zaskar) bikes. I am certain that if I they ended up in my kids hands, they might take care of them for a while, but then they would end up either selling them for no where near the price I paid for or what they are actually worth... or my biggest fear, dumping them on the curb on garbage pickup day.

I keep picturing the woman above walking to the near by coffee shop and spending the $50 she got from me on coffee, sandwich and/or ice cream!

Is this what happens when you leave your prized possessions behind?

 

[sinnerman]

I have thought on this too. My problem may have just been resolved however, my insurance comapny came to do my annual renewal and cleary didnt have any idea of what they were insuring, so now ive been asked to catalogue everything and add a cost to each item. Thankfully they have asked for it within the next 8 weeks, i have no idea where to start, but i guess once its complete updating it will be far simpler.

The only other option is to Stop buying, and sell everything.

 

[npn]

Re:

Why would you think that solved your problem? In my case, even if I label each one of them with the price I think their worth, I doubt my kids would go through the trouble of getting what's they are worth.

 

[Retro Spud]

Re: Re:

Why would you think that solved your problem? In my case, even if I label each one of them with the price I think their worth, I doubt my kids would go through the trouble of getting what's they are worth.

just be thankful they waited until you were dead before cashing in / cashing out

 

[sinnerman]

Re: Re:

Why would you think that solved your problem? In my case, even if I label each one of them with the price I think their worth, I doubt my kids would go through the trouble of getting what's they are worth.

They havent asked for my interpretation of the market value, they have asked for the total cost of each build and/or assembly, this in itself will be hard enough though as some were assembled 10 to 20 years ago. More generic models will be far easier to price obviously, but frames that have had paintwork etc need to be considered too.

I figured the best way for me to move forward is to literally catalouge everything, detailed pictures, showing condition, detailed spec lists, NOS or not/Polished and fettled etc. Adding a real world cost to assemble each bike.

The open market would determine the price, but only if direct comparisons could be found. I guess from my point of view the goal is to catalogue and then agree a total valuation and insure and pay a premium accordingly in the event of a fire or theft etc.

Appreciate this doesnt cover death, although a catalogue with all the relevant information, Builder/manufacturer/size/frame number/tubing type/every component used for assembly/condition rating and finally any hisorical/provenance details should there be any, would go a long way to helping the kids in the event of an untimely death. With all the info in hand, i would encourage/leave instuction for them to simply advertise them appropriately and hope the market finds a suitable value.

The Joke is, the only one everyone argues over whilst im alive is a Breezer, an not because of an extortionate value, just who will end up with it because of all the fond memories that particular bike has provided everyone over the last 23 years

 

[greencat]

Is this what happens when you leave your prized possessions behind?

If you are lucky, they get sold. If not, they'll get skipped. But I'll be no longer in a position to care. I hope someone who's appreciative gets a bargain.

As an aside, I recently had a health scare and it got me thinking about material objects and leaving others with the hassle of disposing of them.

 

[npn]

As an aside, I recently had a health scare and it got me thinking about material objects and leaving others with the hassle of disposing of them.

Going over the handlebars and having a concussion for a week or two did it for me.

 

[d8mok]

Re:

My insurance just simply asks for a brief description and then the value id like back. I.e Gt Zaskar 1996 -£1000

Took about 20 seconds per a bike. Not sure the insurance is going to be bothered about a catalogued spec but just the value you want back.

Out of interest which ins co are you using as mine has a £10k limit which isn’t great

 

[sinnerman]

Re: Re:

My insurance just simply asks for a brief description and then the value id like back. I.e Gt Zaskar 1996 -£1000

Took about 20 seconds per a bike. Not sure the insurance is going to be bothered about a catalogued spec but just the value you want back.

Out of interest which ins co are you using as mine has a £10k limit which isn’t great

The company is Axa, and they have asked for a lot of detail, the stock bikes are straight forward, as are the tools and work stand, truing jig etc, but its the stuff that has no comparison, for example, cost 700 to refinish, or is irreplaceable as it was a custom built one off.

 

[d8mok]

Re:

Might be worth trying a different company. Halifax does mine and costs next to nothing really. £10k limit and max value of £5k for a bike.

In terms of custom built stuff then surely it’s just a case of a agreed value. I’ve got a 1 off bike that couldn’t be replicated and I just say a value I’d like back should it be stolen etc.

In terms of value , are you declaring the price it cost to complete or the true value for it on the open market. For example just because it cost £700 to refinish doesn’t mean it’s worth £700 more.

My Evil is around a £9k build but I’ve insured it for £5k as that’s more than I’d get selling it. Same for my kingdom , built for around £4500 but insured for £2000. Same principal as car insurance , it’s not got the value you paid but market value and no point paying extra premiums when it can be replaced for said amount.