What value should I insure my bike for?

Whether it's a Road bike, MTB, Tandem, E-bike or custom-build, you can insure your bike irrespective of its age, brand, model, upgrades or whether you bought it second-hand.

You need to decide on a value against which to insure, and that's the value you'll pay your premium on and the limit we'll pay in the event of a total loss and successful claim.

If you underinsure the value of your bike, you may not have enough cover to be able to get a suitable replacement in the event of a claim.

If you're unsure as to the value of your bike, your local independent bike shop should be able to help. You could base the value on the cost of buying a current like-for-like equivalent model or use the examples below.

I have the current model:

If your bike is still available or the current model, we recommend to base your insured value on the undiscounted RRP, including the additional cost of pedals and any upgrades you've made. That way, should the worst happen, you'll have enough cover to get the same spec bike again.

Example:

€2699.00 - Giant TCR Advanced Disc 2 
€124.99 - Shimano 105 R7000 Carbon Pedals
€144.99 - Fizik Antares R3 Saddle

Total: €2969.98

My bike is a few years old and no longer available:

Manufacturers can change the prices of their range of bikes over the years, due to advancements in materials and technology, so it's not uncommon for the same bike to rise in price.

If your bike is no longer available, we recommend to base your insured value on the undiscounted RRP of the current equivalent spec model, including the additional cost of pedals and any upgrades you've made. Insuring your bike for the price that it cost you, rather than the cost to replace it today, may mean that you're underinsured and don't have enough cover to get a suitable replacement.

Example:

€1185.00 - Brompton M6L (2020 model & RRP)

€1350.00 -  Brompton C Line Explore (current model & RRP)

I have a second-hand bike:

If your bike is second-hand, then you could either base your insured value on the undiscounted RRP, including the additional cost of pedals and other upgrades you've made, of the current model, or on an equivalent current like-for-like spec model.
If you insure it for the price you paid, you may not have enough cover to get a suitable replacement.

Example:

Second-hand purchase price
€799.00 - Carrera Vengeance E Mens Electric Mountain Bike

Cost to replace as new
€1099.00 - Carrera Vengeance E Mens Electric Mountain Bike

€29.99 - Shimano PDEF202 Flat pedals

Total: €1128.99

If you insure it for the price you paid, you may not have enough cover to get a suitable replacement. In the above example, you may need to add an extra €329.99 to a claim settlement.

I have a custom-build:

You no doubt spent hours deciding which parts you wanted for your build, so you'll want to make sure you have enough cover to get the same spec again.

Grab a calculator, add up the sum of all parts based on their current RRP...and you're good to go!

Example:

€1499.00 - Frameset
€899.99 - Groupset
€549.00 - Wheelset
€73.99 - Tyres and tubes
€58.99 - Bottom Bracket and Headset
€186.03 - Finishing kit (bars, stem, bar tape, saddle, seat post, pedals etc)

Total: €3267.00

I have a bike with an e-bike conversion kit:

Much like a custom-build, in the event of a total-loss claim, you'll need to be happy that you have enough cover to get a replacement of the same spec.

Example:

€1099.00 - Standard bike
€399.99 - E-bike conversion kit
€29.99 - Pedals

Total: €1528.98

Please also see 'E-bike eligibility' below.

I have a vintage bike:

If your bike is vintage or antique, due to its age, style or collectability, you'll need to get a valuation by a vintage cycle retailer or other suitably qualified valuer.

Provided the valuation is less than three years old, you'll be able to insure the bike for that value.

Other things to note:

Evidence of ownership

What we look for with our policy is proof of ownership, which can come in a number of forms.

You'll have to evidence this to our satisfaction when making a claim, so please keep or gather all evidence such as:

• your purchase receipt
• a photo of you with the bike (with a time and date stamp)
• a bank statement showing the purchase
• messages between you and the seller
• details/screenshot of the original listing
• other information relating to the ownership of the bike/item being transferred to you.

This evidence can be uploaded and stored in your online Bikmo account 'Kit list', so you need never worry about losing a receipt again.

Accessories

All of our policies include 300€ per item (max 1000€ per year) of additional cover for your accessories as standard, and this includes:

• Equipment attached to your bike (not critical to its operation)
• Cycling-specific clothing (not more than 7 years old)
• Bike box
• Sport tracking-specific computers and sport-specific GPS units (being used to record ride data at the time of the incident)

This means that accessories are not to be included in the value of your bike.

E-bike eligibility

If you have either a manufacturer spec e-bike or a standard bike with an e-bike conversion kit, there's a few requirements to ensure it's eligible for our policy.

The requirements are that your e-bike:

• must have a maximum continuous rated power of 250 watts; and
• must have electrical assistance that cuts off at 15.5mph or 25km/h; and 
• must have pedals that are used to propel it.