You can value your Pedal Cycle using one of the following methods, depending on how your bike was purchased or built. The value you choose should reflect the actual cost to you, not an estimated or future replacement price.
Accepted ways to value your Pedal Cycle
1. Purchase price (new or second-hand)
The price you paid in GBP for a new or second-hand Pedal Cycle, including VAT.
This can also include the cost of any parts you purchased that form part of the bike.
2. Accessories and equipment purchased
The price you paid in GBP for pedal cycle accessories, bike boxes, helmets, and clothing, including VAT, where these are insured alongside your Pedal Cycle.
3. Vintage or antique bikes
For vintage or collectible Pedal Cycles or accessories, you can use a professional valuation, provided:
The valuation is less than three years old, and
It is supplied by a vintage cycle retailer or suitably qualified valuation expert.
4. Bikes bought with a significant one-off discount
If you purchased a new Pedal Cycle from a recognised dealer using a substantial one-off discount, you may insure it at the undiscounted replacement cost at the time of purchase, rather than the reduced price paid.
5. Custom-built bikes
For custom builds, the insured value should be the total price paid for the individual parts that make up the bike.
Labour or build costs are not included in the Pedal Cycle Value.
Why accurate valuation matters
Your Pedal Cycle must be insured for its correct value.
If it is underinsured, any claim payment may be reduced in proportion to the shortfall.
