Is it possible to get a vintage bike insured ?

[citizen-snips]

I've asked myself this one on numerous occasions but have never actually followed it up. Not until just now when I looked at 'Mark34's' impressive collection of vintage steeds did it really hit home. Is it possible to get NOS bikes built with old components insured with any of the bicycle insurance specialists.

 

[Andy B]

My bikes are insured on my home insurance for the value I specified (how much I believe they are roughly worth based on cost to build and resale vales on here)

If the insurer wanted a valuation of the bikes a local bike shop should oblige, especially if you take cake/biscuits/beer with you...

 

[Old Ned]

My bikes are insured on my home insurance for the value I specified (how much I believe they are roughly worth based on cost to build and resale vales on here)

If the insurer wanted a valuation of the bikes a local bike shop should oblige, especially if you take cake/biscuits/beer with you...

Likewise. Let's face it, unless you've got a completely NOS frame from Colnago etc. and Super Record groupset etc. then the value isn't going to be much more than £250-300 at most which is generally within the 'personal effects' category (or whatever your insurance company call it). Only my 'modern' road bike is named and even that ain't worth a lot now!

 

[Andy B]

My bikes are insured on my home insurance for the value I specified (how much I believe they are roughly worth based on cost to build and resale vales on here)

If the insurer wanted a valuation of the bikes a local bike shop should oblige, especially if you take cake/biscuits/beer with you...

Likewise. Let's face it, unless you've got a completely NOS frame from Colnago etc. and Super Record groupset etc. then the value isn't going to be much more than £250-300 at most which is generally within the 'personal effects' category (or whatever your insurance company call it). Only my 'modern' road bike is named and even that ain't worth a lot now!

£250-£300...

guess I over estimated the values on my bikes then, best to be safe eh

 

[JeRkY]

Likewise. Let's face it, unless you've got a completely NOS frame from Colnago etc. and Super Record groupset etc. then the value isn't going to be much more than £250-300 at most which is generally within the 'personal effects' category (or whatever your insurance company call it). Only my 'modern' road bike is named and even that ain't worth a lot now!

Really!

I wouldn't accept less than a grand for any one of my collection (alright a few I would). And one in particular is covered for a metric ass-load more.

 

[Old Ned]

You might not accept less than a grand but try selling it at that at a jumble etc. The insured value will be the lowest that an insurance company will find. An old bike is just that - old! Classic cars for example have developed a complete industry around them to justify the values that are obtained. Old bikes haven't and the 'normal' LBS probably wouldn't even place a value on one. I value mine at the prices they have taken to build which is never at inflated e-bay prices. Mind you, none of them qualify for the 'NOS Super Record etc.' category

 

[citizen-snips]

My bikes are insured on my home insurance for the value I specified (how much I believe they are roughly worth based on cost to build and resale vales on here)

If the insurer wanted a valuation of the bikes a local bike shop should oblige, especially if you take cake/biscuits/beer with you...

Does your insurer actually know the age of the bikes? (Im assuming we're talking vintage rigs here not modern steeds judging by your stable).

 

[Andy B]

My bikes are insured on my home insurance for the value I specified (how much I believe they are roughly worth based on cost to build and resale vales on here)

If the insurer wanted a valuation of the bikes a local bike shop should oblige, especially if you take cake/biscuits/beer with you...

Does your insurer actually know the age of the bikes? (Im assuming we're talking vintage rigs here not modern steeds judging by your stable).

they know the make, model and value, that was all the info they wanted. All 5 of my bikes in my sig, modern and retro are insured using the same info as above.

 

[Spokesmann]

Mine are insured under my houses contents insurance, although I pay extra for the cover it provides - the bikes have to be put on as an add on to the basic policy.

 

[wilfh]

Insuring objects which has a subjective value is allways problomatical for a insurance company. they will be quite happy to charge a premium based on your own estimation of the value of your bike. This is fine when nothing goes wrong, they get the money and you as the customer are happy in the belief that you are covered.
The problems start when there is a claim.

You as the insured have to prove the value of your loss. Simply put you have to justify the value that you put on it when you took out the policy. This is easier said than done and becuase most insurers are general household insurerers will not be versed in the differences between a colnago, a dave loyd or a claude butler for example.

If they want to be difficult they can be and this depends on who the insurer is. Unfortunately like all things the best claims service one year is the worst the next.

If you have put a high value on the bike that is significantly more than say superficially similar bikes are available on say flea bay then you will get the flea bay prices. As Old Ned says an old bike is just that and not worth a lot.

Most insurers look at claims as a cost to be managed down and a claim for an old bike that is worth more than they would expect will ring allsorts of bells about fraud etc.

The household insurance industry is awash with fraud talk which goes up with the economic downturn and an overinflated value on an old bike fits that catagory.

If you are sitting on a gem then try and find a specialist broker or insurer who hopefully will have an idea of what you have. I don't have any suggestions but the CTC or British Cycling would be good places to start.

For my own part I do what you do and go with a general insurer however I personally think that I can argue my corner if there is a claim.
the general insurers are cheaper but likely to give more problems than the specialists although I expect a deluge of people telling me that they had a claim with great service.



cheers
Wilf