Estimated value for insurance claim for stolen Brompton?

[Janehop80]

Brompton stolen in Bristol 11.11.23 - I have reported this to the police but now need an estimated value for a possible insurance payment. It's a black 6-speed Brompton (no titanium) in very good order - little or no rust (always kept indoors when not in use) kept fully serviced, and includes bike cover for carrying on trains, etc. It is about 10 years old. How much can I say its now worth to my home contents insurance firm. If anyone can help, I'd be most helpful. Sadly, in various house moves, its original documentation has been lost or mislaid.

[a.twiddler]

Does the insurance give you new replacement cost or like for like cover which is what it would cost to buy a used one in similar condition? That would give you a starting point.

[PH]

Sorry for your theft. Check your policy, mine would be new for old, if I had a bike stolen it would be replaced by a new one. The purpose of insurance should be to return you to the the position you were in before, buying a secondhand bike of unknown quality doesn't do that.

[djnotts]

For current used value surely simply check completed sales prices of exactly same model/year on ebay?

[Pinhead]

My insurance on all things has always been new for old !

[djnotts]

My insurance on all things has always been new for old !

Apart from legal necessity of road vehicles and big sums of rebuilding a house, I "carry my own insurance".

[Pinhead]

My insurance on all things has always been new for old !

Apart from legal necessity of road vehicles and big sums of rebuilding a house, I "carry my own insurance".

??? meaning what ?

I too have five lots of independant insurance, I was saying "My insurance on all things has always been new for old !"

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[djnotts]

If I lose something I cover the loss! The phrase comes from 'the Crown covers its own insurance" . Tanks and warships not insured!
New for old on Life insurance sounds interesting!

[pete75]

My insurance on all things has always been new for old !

You've obviously never had car insurance, it only pays the market value.

[pete75]

My insurance on all things has always been new for old !

Apart from legal necessity of road vehicles and big sums of rebuilding a house, I "carry my own insurance".

Vehicle insurance isn't a legal necessity either. You can carry your own insurance with that.

[djnotts]

Driving without insurance is a criminal offence - not sure how one could prove own cover acceptable?

[simonhill]

Even 'new for old' usually has small print.

[a.twiddler]

Historically, if you were able to provide a deposit of £500,000 or prove that you had security to that amount in the end of a claim by third parties, you could be exempt from buying third party motor vehicle insurance. This was unlikely for individual vehicles but more beneficial for vehicle operators with a large fleet, for example. Following a consultation ending in 2019, this provision was removed and since then all users of motor vehicles on public roads have had to have at least third party insurance, and not to have it is unequivocally an offence.

[djnotts]

"Historically, if you were able to provide a deposit of £500,000 or prove that you had security to that amount in the end of a claim by third parties, you could be exempt from buying third party motor vehicle insurance."

I did not know this, but it would have had no relevance to me!