Insuring your retro collection?

[Jam_SWorks]

Hi all, I'm still fairly new here but with one retro build complete and another started my bank balance is feeling the pain while my postie brings gifts every second day...

Which brings me onto the subject of insurance. For me I'm chasing those dream bikes I could not afford in my 90's youth but can today by cobbling parts together. How are people here valuing and then insuring their prized retro bikes?

I certainly need to consider updating my home contents but deciding their value is proving tough.

Any advice or tips?

Cheers
James

 

[Rodrigues]

Stupid answer really but just insure them for what you think they are worth (somewhere between what you paid, and what you could sell it for.....being realistic!). Make sure the contents policy is clear about where they can be kept, if they need to be locked to anything, and if there is any requirement for proof of value. On this latter point I believe you can get some kind of certificate of value on this, although I've never done it myself.

I guess it depends on what sort of value we are talking about here and what excess is on your policy. My bikes are not worth much (low £100s at most) and the excess is such that it barely makes it worthwhile claiming.....even though I have 2 of the more expensive ones named on the policy as 'high value' items. The rest I didn't even bother with....but then I picked them up on eBay for peanuts so I can afford to be relatively relaxed about it.

 

[Titiritero]

Re:

No matter how painful it would be if my beloved first mtb would get stolen, I have not reached the point where I would think I should insure my bikes. If I reach it, I think the time to downsize has arrived. Be aware of the Diderot effect https://en.wikipedia.org/wiki/Diderot_effect#Origin


Remember...

[youtube]https://www.youtube.com/watch?v=tPPvkhGZT7Y[/youtube]

 

[Rodrigues]

^^ genius dude

 

[Silvergoat]

Re:

Man, that's deep... it's time to ditch my rented storage lock-up.

 

[Baulz]

Check your policy first for what it covers, where I live most will only cover a bike up to $1,000 and it can be expensive to increase to cover it's true value. $3-5 per $100 of bike value per year, with a 10 bike collection it's too much for me to cover them all.

Also your insurance company may cover you for replacement cost. Which could be a brand new bike of similar kind and quality to what your retro bike is. Example would be giving you a bike with M9000 XTR to replace a stolen bike with M950 XTR. But again, you have to be covered for that amount.

Best thing to do is call your insurance broker/agent and ask lots of questions.