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Help! Not sure how much to insure 2nd hand Bianchi Bike for! Details and photo here!

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Help! Not sure how much to insure 2nd hand Bianchi Bike for! Details and photo here!

Old 06-19-12, 03:44 PM
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sapchavda
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Help! Not sure how much to insure 2nd hand Bianchi Bike for! Details and photo here!

Hey everyone! I got a bike recently, its a 2009 Bianchi Via Nirone 7 Alu Hydro.

The Spec as far as I know:

Campagnolo Mirage Rear/Front Mech
Campagnolo Mirage Shifters
FSA Gossamer Crank
Campagnolo Vento G3 Wheels
Continental GP4000 Tyres
Carbon Forks
Alu-Hydro Aluminium Frame
Ritchey SPD Pedals In Celeste (Don't know exact model)

That's as much as I know about my bike. What current Bianchi model is it the equivalent of today? Simply for insurance purposes. I noticed the Via Nirone 7 Alu Xenon has a Campagnolo groupset, yet after talking to a mechanic at my LBS, they said the Mirage has now been replaced with the Veloce, so makes me think it would be the Via Nirone Veloce?

Any advice would be greatly appreciated, I'm not locking this up anywhere before insuring it!

Thanks everyone!

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Last edited by sapchavda; 06-19-12 at 03:47 PM. Reason: addition to spec list
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Old 06-19-12, 06:13 PM
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rebel1916
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Mirage is/was a step below veloce. If you ensure it for a G you will be slightly over insured.
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Old 06-19-12, 06:17 PM
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sapchavda
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Originally Posted by rebel1916 View Post
Mirage is/was a step below veloce. If you ensure it for a G you will be slightly over insured.
So is it comparable to the Nirone Alu-Xenon? Which currently has a RRP of £950 in the UK? The next one after that is the Veloce which you say is a step above my setup.
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Old 06-19-12, 09:20 PM
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Mirage was between Xenon and Veloce. A brand new veloce gruppo, including crank n brakes can be had for 369 sterling in the UK.
https://www.ribblecycles.co.uk/gsg/ro...RIBMO&tmp=_CAR
I don't believe you are trying to insure your bike BTW...
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Old 06-19-12, 09:27 PM
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are you taking out a life insuraynce policy on it? Not sure why something of such kow value needs to be insured.
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Old 06-20-12, 12:33 AM
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zazenzach
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you're bike is not worth enough to even start consider getting an insurance policy on

also, getting insurance coverage for things like bikes are (imho) pretty darn idiotic, because it raises your rates (both monthly premiums and overall rates if you end up filing a claim). the reason insurance providers allow you take take policy on things like that is because they make heeps load of profit.
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Old 06-20-12, 01:17 AM
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Reason I'm insuring it is because its peace of mind for me, It will be insured on a new for old basis, and asked for advice here as there is a significant increase in insurance after the £1000 mark. Hence why I was asking which model it would be the equivalent of today.

Well in London, bikes get stolen very fast. No insurance and I have to worry that some mug has stolen it, and will have to earn X amount of money just to buy another one. For £50 roughly I have peace of mind.

I just got the bike 2 days ago, so what you trying to say with this line:
"I don't believe you are trying to insure your bike BTW..."
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Old 06-20-12, 01:19 AM
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Originally Posted by zazenzach View Post
you're bike is not worth enough to even start consider getting an insurance policy on

also, getting insurance coverage for things like bikes are (imho) pretty darn idiotic, because it raises your rates (both monthly premiums and overall rates if you end up filing a claim). the reason insurance providers allow you take take policy on things like that is because they make heeps load of profit.
I lock it up outside, it's my primary bicycle. Last one I had was a Boardman Hybrid Team which someone tried going through my lock for. Luckily the Abus Granit X Plus held up.
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Old 06-20-12, 04:35 AM
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When I said a G I meant dollars. So call it 750 in pounds. But you could never sell it for that, which is what you are looking to do, I suspect.
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Old 06-20-12, 04:55 AM
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Originally Posted by rebel1916 View Post
When I said a G I meant dollars. So call it 750 in pounds. But you could never sell it for that, which is what you are looking to do, I suspect.
I just bought the bike for £400. Why would I want to sell it 2 days later?
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Old 06-20-12, 05:05 AM
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400 quid sounds about right. Insure it for that.
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Old 06-20-12, 05:09 AM
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Originally Posted by sapchavda View Post
I lock it up outside, it's my primary bicycle. Last one I had was a Boardman Hybrid Team which someone tried going through my lock for. Luckily the Abus Granit X Plus held up.
This is your problem.
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Old 06-20-12, 05:53 AM
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If you are covering it under your homeowners policy, for replacement value, here is what my insurance agent had me do with my older bikes that had multiple upgrades. I listed all the specs on the bike on a computer form I made in Word that had a space on the bottom for estimated replacement value, the name of the vendor, a signature and the date, and took it to three different bike shops and had them list the closest comparable model they had available along with the retail price. These are on file and my agent said the company will most likely be willing to pay the average of the three if I have a covered loss.
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Old 06-20-12, 07:09 AM
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Seems to me that you know how much to insure it for -- the price you paid for it.

I'm sympathetic to your plight, although some things are not entirely clear. Is this your commuter bike, or for recreation? Do you leave it outside overnight, or are you only locking it up when at work or the pub?

Anyway, insurance may work a little differently in the UK than in the US. However, one thing is likely to be consistent, namely that if your bike gets stolen, you'll get a fraction of the replacement cost. E.g. the insurance will almost certainly have a deductible, and they aren't likely to value a 2 year old bike the same as a brand-new one.

Add in the cost of insurance, and it may not be worth it. I'd suggest you review what would happen if the bike gets stolen with the insurance agent.

Since you already bought the bike, I'd try to figure out how to take it inside as much as possible. It's a bit late now, but a folder could have been a much better option.
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Old 06-20-12, 07:09 AM
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Originally Posted by sapchavda View Post
Reason I'm insuring it is because its peace of mind for me, It will be insured on a new for old basis, and asked for advice here as there is a significant increase in insurance after the £1000 mark. Hence why I was asking which model it would be the equivalent of today.

Well in London, bikes get stolen very fast. No insurance and I have to worry that some mug has stolen it, and will have to earn X amount of money just to buy another one. For £50 roughly I have peace of mind.

I just got the bike 2 days ago, so what you trying to say with this line:
"I don't believe you are trying to insure your bike BTW..."
Originally Posted by sapchavda View Post
I just bought the bike for £400. Why would I want to sell it 2 days later?
Well, you should buy insurance if you want to pay an insane amount for piece of mind.

As alluded to above, the first rule of insurance is that you don't insure against risks you can afford to absorb.

And at 50 pounds for a bike worth 400 punds, you're paying a ton of insurance. Do you think there's a greater than 1 in 8 chance that the bike will be stolen in the first year?

The only way this makes any sense is if you're getting liability coverage along with it, ( which could be the case in the UK).
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