The price to replace my bike is now $1000 more than I paid for my bike three years ago. Can I insure my three year old bike for the current replacement cost?
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Yes, you can insure your three year old bike for its current replacement cost. The whole point of insurance is to make you whole again after a loss, so your coverage should reflect the real cost of rebuilding the bike you actually ride today.
How do I calculate my insurable value?
Add up the purchase price and everything you have spent improving the bike. Say you bought the bike for $3,000, added a $2,000 wheelset, and upgraded the derailleur from mechanical to electronic for $750 — you now have an insurable value of $5,750. Accessories like a GPS count toward it too.
What if my bike costs more to replace now than I paid?
Your insurable value is yours to set from what you have actually invested, and you can raise it whenever you add a wheelset, a drivetrain upgrade, or other components. Keep it matched to what it would cost to put you back on an equivalent bike, and review it as prices and your build change. How that replacement value pays out at claim time is covered in how we value your bike at claim time.
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