How do I value my bicycle?
The Velosurance policy, issued by Markel Specialty Insurance, is known as a “stated value-replacement cost" policy. This means that the client “states” the "replacement value" to be insured and that is the amount covered, subject to the client chosen deductible, with no deduction for depreciation.
The value to insure is the current replacement cost of a new, same make and model, bike, including the cost of upgraded wheelsets and/or components.
In the case of a total loss, like theft, the policy will pay the insured amount, less deductible. In the case of a partial loss, such as crash damage, the policy will pay to replace or repair damages at MSRP, on a new for old basis. Depreciation is never applied to bike claims.