It is very important to make sure your sum insured is accurate to ensure that we are able to replace your cycle. When new models are released, they often increase in price and thus you should check your sum insured annually to make sure they are adequate.
If you are in any doubt as to the new replacement cost, please consult your cycle dealer.
You should insure your cycle/components for their replacement cost as new, ignoring any discount you may have received as a "special offer" from the retailer or place of purchase.
Please read the following on how we will settle cycle claims.
We will repair, replace or pay for any lost or damaged Cycle, Accessories, and Helmets & Clothing on the following basis:
1. for any standard Cycle, Accessories, Helmets & Clothing the cost of repair or replacement as new;
2. for any discontinued Cycle, Accessories, Helmets & Clothing, the cost of repair or replacement with item(s) of a similar type or equivalent specification;
3. for any hybrid or composite Cycle, Accessories, Helmets & Clothing, where the parts have been individually purchased, we will pay the replacement cost of the individual components;
4. where We can repair or replace an item but You request and We agree to a cash settlement, We will only pay what it would cost Us to repair or replace the item through Our preferred suppliers; but in no event will We pay more than the Sums Insured shown in the Schedule or as limited below
Please note If, at the time of theft or damage, the amount Insured is less than 85% of the value of the Cycle, Accessories, Helmets & Clothing shown in the Schedule amount We pay will be reduced in the same proportion as the under insurance.