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 (Cycle)
£124.99 - Shimano 105 R7000 Carbon Pedals (Upgraded component)
£144.99 - Fizik Antares R3 Saddle (Upgraded component)

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, and here's how you do it - Update your 'Kit list'

Accessories

All of our policies include additional cover for your cycle-specific clothing and accessories as standard, and the value of cover you have is dependant on the policy you have.

• £250 or 10% of your insured value for accessories fixed to your cycle, other than mobile phones and PDAs; and
• £250 or 10% of your insured value for cycling specific clothing and headgear; and
• £500 or 10% of your insured value to cover your bike box.

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

For details of your exact levels of cover, please refer to your policy schedule within your Bikmo account, where they are clearly listed.

For a full list of what is covered under accessories, clothing and headgear, please visit the Product Definitions section.

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 power output of 250 watts; and
• is restricted to 15.5mph or 25 km/h; and 
• is pedal-assisted, and
• is not 'twist-and-go' (electrically assisted by a throttle only) unless 'Type approved'; and
• cannot be ridden by someone under the age of 14. 

Multi-bike discount

When insuring more than one bike, or adding your family's bike yo your policy, you benefit from our multi-bike discount. Your multi-bike discount is applied automatically during the quote journey.

As you enter the details of the bikes, your lower value bikes have the discount applied and are highlighted to show this.

Contact us:

If you need any help with valuing your bike, checking your evidence of ownership or checking your e-bike eligibility, please just reach out to the Bikmo team - Contact the Bikmo team

Key words: 2nd, hand, customized, customised, used