Singlespd

Please help me evaluate the current worth of this bike for insurance. Single speed converted 1985 Focus RT-550 frame. 63CM

Sugino vintage 170mm long crank arms with a Sugino 42T chainring
VP pedals with leather VP straps
Shimano bottom bracket
KMC chain
White Industries 17T rebuildable freewheel
H-plus Son 700C wheels
Specialized Armadillo 700x28c tires
DT Swiss stainless spokes
Phil Wood High Flange, high polished Hubs
Sugino Champion vintage Drop Handlebars
Dia-Compe Vintage brake levers with original uncracked and still soft gum hoods
Dia-Compe vintage Alpha 5000 side pull calipers
Brooks B17 saddle modified to be low profile like the Brooks swallow
Nitto adjustable seat post
Very rare Nitto 90 degree stem
Brooks matching handlebar wrap

Singlespd

miamijim

$350...

Sorry, I know you were hoping for more.

fender1

+1. I said to myself $325 before I saw your reply.

TimmyT 

Yep. Value is in the hubs with some in the frame. It's a pretty bike, but it's not worth much.

SkyDog75

I suppose it depends on whether you're looking for resale value or replacement value.

If you're selling, it the other guys probably have a much better handle on pricing than I do.

If you're insuring it and want the coverage to pay for what it would cost to buy or build up a similar bike, that's a different number. I don't know if it's the same for bikes, but for other valuables like jewelry, you can get an appraisal and submit it to your insurer.

lostarchitect 

Insurance will want replacement value, not resale value, gents.

You will need to look up the selling prices for each individual part, make a list, and then include the labor from a LBS to build it all up (even if you are doing it yourself). If you would have to build the wheels, make sure the LBS includes that labor, too.

For the frame and other vintage parts, look up similar or same items on ebay and check the prices they sold for.

Singlespd

Thanks guys for the replys, it looks like I have some homework to do

michael k

$600 on the Westcoast....just say'n

miamijim

Yes and no. It's always more expensive to build a bike from parts but you can also buy them completed. Completed bikes like to OP's are only worth $350-ish...on a good day.

'Replacement value' IMHO is only $350 because with $350 I think I could find a reasonably comparable bike.

jmeb

You must be a Craigslist ninja. Finding mostly pristine bike, tange 2 frame, brooks saddle and handlebar wrap with a phil woods wheeslet for 350? I need to move to another bike market...

lostarchitect 

IMO, insurance replacement value should be for the exact item if possible, and if not, as close as possible. This is a one off build and finding the exact item won't be possible, so he should tally what would be spent recreating the build. Of course, this is just my opinion and the insurer should be consulted.

miamijim

If that bike was on Ebay how much do you think it would sell for?

Singlespd

I dont agree with your quote at all but thats ok, im open to all opinions. Keep in mind that a set of used Phil hubs on a bad day still go for over $200 themselves and mine are in near perfect condition; so we are looking at around $250-300 used, just for the hubs.

jiangshi

Make a Google spreadsheet with reasonable replacement costs of the entire bike. Share it with the insurance adjuster.

Don't forget any detail, right down to bar wrap and rim strips. Don't forget labor involved to build wheels, or assemble the bike. Get quotes from a few LBS's. $350 for a bike with Phil hubs? Idiots.

Some jaded members have given you very bad advice. This is not a used bike on eBay, this is your bike that you spent time and thought into creating. You have a good head start, great pictures and an itemized list. See what you can find, price wise, on Amazon and other on line retailers. Don't inflate price, but be fair and precise. Make the adjuster's job easy, and they will help you out. They aren't out to screw you, just to be fair. Insurance adjusters know how to value a 2008 Toyota, a bike, not so much.

repechage

I just went through this exercise. Very interesting experience. For art, an appraisal or two will do it. I have two pieces worth doing this for. The appraisals will cost $1000. (rude awakening)
Antique furniture is a problem too, but can be reasonably done after the loss if there is good documentation, I have mostly antique furniture. Not worth doing ahead of time.
For bikes, especially vintage bikes with vintage parts... a conundrum.
For a few, purchase price plus modifications (including repaint) less value of the removed parts gets close to "market"
For some, that I bought new 40 years ago... a challenge. There is no pool of acknowledged vintage bike appraisers.
When in doubt document. Document well. Save ebay transactions of like or very like items.
It has made me reconsider having as much tied up in vintage bakes as I do.

Oldairhead 

I recently insured quite a few of my bikes. Getting an accurate appraisal for bikes from 1958 to 2013 just wasn't possible. There simply are too few comps out there to obtain a valid number for each bike that accurately represents condition or rarity. We used "stated value" instead, where I used original purchase price, added in purchased parts and estimated any added value based on the restoration process. I came up with a number for each bike that will provide me with adequate compensation in case of a loss. I wont make money in case of a loss but at least my investment will be covered.

big chainring 

Receipts or you didnt own it. Insurance companies are in business to make money. LOTS of money. They don't give it away because you say your bike is worth $xxxx. I had a bike, saws, tools stolen. No receipts, no money.

eschlwc

it's replacement value, right? brooks saddle and tape, phil hubs, tange 2 frame, sugino crank and bars, h-plus son rims, beautifully polished and meticulously built ...

could you build that bike for $800 if you paid $100 for the frameset? now add worth of your labor...

jiangshi

Please read again.

Bad Lag

$350 was an off-the-cuff estimate.

What does the OP think it's worth, off-the-cuff?


I would say to the OP, when you are doing the parts replacement cost research, SAVE YOUR SOURCES! Print hard copies of the web pages. Save links to auctions and web sites,... The source is as important as the dollar value. If you write down the hubs are worth $250, the source for that evaluation is as (or more) important as the number.

Singlespd

I have original receipts for everything and piece by piece it all adds up to $1447.69 in parts alone. Crap, didnt know I had that much into this thing lol

The Golden Boy 

The porpoise of the insurance is to replace the item- So the cost of a "used bike on eBay" is the replacement.

Why do you get more for a bike (or guitar or car or whatever) parted out instead of whole?

So, as far as who's an "idiot..." I have a bike that I bought as a frameset, I sourced all the parts that I wanted off eBay and local stores. If/when I decide to sell, I'm not going to recoup all those costs- at the end of the day it's a used bike. The "idiot" is the person who's going to pay the $150 for the frame, the $50 for the crankset, the $120 for the wheels, the $50 for the bars and stem, the $30 for the shifters, the $80 for the derailleurs, the $30 for the cables and housing, the $25 for the seatpost... instead of a $300 used bike.

Will the insurance company insure a "bike" or a "collection of bike parts?"

jiangshi

The insurance company will pay for the collection of bike parts, minus depreciation, plus labor to put it all together. If it's a Cervelo off the floor, they'll pay for another Cervelo off the floor, minus depreciation. The onus is on the claimant, and in this case he has receipts and good pictures.

It's not a $300 used bike, even if that's all some flipper will give him for it. At this point it's a $1500 and counting bike.

4Rings6Stars

Well there's your answer...