Value for insurance purposes?

[Ray Gardner]

Need some serious help. My son in law has just won an actual bradley wiggins 2012 Tour de France bike in a "Sky" competition and I have "suggested" that he gets it insured very quickly. Does anyone have any idea what it's worth might be for insurance purposes?
Many thanks for any help and apologies if this is not the correct forum for such a question.

 

[Master50]

A Pinarello Dogma is around $6000, electronic groupo is $4ooo and wheels $2500. Add seat, bars, stem, pedals, cages, pump, spares, seat post, tires, and there goes another $1000.
Around $14,000 but recognize that insurance for a bicycle is very expensive. Some policies are $3.00 per $100 of bike or 140 X $3 or $420 a year.
Check your homeowners policies for rules on bikes. Most policies require the bike to be scheduled, hence the big rate. If you have a long standing policy with no claims. maybe you can do a lot better. My experience is Canadian so costs could be vasty different where you are.

 

[Ray Gardner]

Many thanks for the response, I'll check his house insurance policy.

 

[StyrbjornSterki]

That doesn't cover the provenance. If you have documentation that it was one of Wiggo's 2012 TdF race bikes, its historicity boosts its value. I have no idea by how much, or who you might consult to make that determination, but that does increase its value. Which, if I may suggest, is something your son-in-law might want to consider when deciding what to do with it. Unless he intends making a museum piece of it, he might be able to peddle it (pardon the pun) on eBay or Craig's List or some such and net more than the retail value of the bike from the sale. Which lends the possibility that the bike could end up in a collector's hands, and your son-in-law ends up with cash enough to buy an equivalent bike (maybe one with a frame size that better suits him), plus a few extra ducats in his pocket.

 

[winkybiker]

Don't insure it. Just keep it secure. Insurance should be reserved for losses that you couldn't bear (house burning down, maim someone with your car, medical costs etc.) Otherwise, insurance is just throwing money away (on average).

 

[Wallace]

Unless your son-in-law is a huge Wiggins fan, I'd advise selling the bike. First of all, riding it is only going to lessen the value (chips, dings, etc.--and your son probably isn't as good as a Sky mechanic when it comes to bike up-keep), and then there's the question of whether your son-in-law can actually ride the bike: is he the same size and dimensions as B.W.? If you start monkeying with the bike's fit, seat height, stem length and so on, then you're losing one of the bike's selling features: that it's set up for Wiggins. And if your son is substantially shorter or taller than Sir Brad, then the bike is nothing but a wall hanging, so what's the point? Take it to the best local bike shop--they'd probably love to have something like that on the wall. And they'll trade an excellent bike which actually fits your s-o-l, and probably some $ too.