Simple steps to update your bike's value
Keeping your bike’s value up to date ensures you’re fully covered, especially if it’s been upgraded. Updating it is quick and easy through your online account.
How to update your bike's value
Follow these simple steps:
- Log into your Bikmo account
- Click 'Manage Policy'
- Select 'Make an Adjustment'
From here, you can update the value of any bike currently insured.
When should I update my bike's value?
You should update your bike's value whenever the replacement cost rises or when upgrades increase its value. This includes:
- New or upgraded wheels
- A better groupset
- Pedals
- Any other upgrades that increase the value
These upgrades make your bike worth more, so you need to increase your insured value to match. Keeping your insured value in line with current replacement costs ensures you’re fully covered if your bike is stolen, damaged or vandalised.
Why it matters
Not updating your bike's value can lead to underinsurance, which means:
- Your insured value is less than the bike is actually worth
- You may not receive enough to replace or repair it after a theft or major incident
- You could be left out of pocket when trying to replace like for like
How much should I increase the value by?
Add the total cost of any upgrades to your current insured value.
Example: If your bike is insured for £2,000 and you add new wheels worth £500, your updated insured value should be £2,500.
Will my premium change?
Yes, your premium will increase slightly because your bike is now worth more. But this extra cost is worth it - you'll have the right level of protection if something happens.
What if my bike has gone down in value?
Although bike prices rarely decrease, you can reduce your insured value if you’ve removed high-value components. Doing so will lower your premium.