One needs to be careful with valuations for probate. Over valuing is only beneficial to the Inland Revenue and also can increase the expectations of the beneficiaries of the estate. An insurance valuation is for replacement by a machine of equivalent standard. The Market price of a machine will depend on the state of the market at that time and also how rushed one is to sell.
My advice would be to value the bike as if for a distressed sale. ie priced to sell within a month. This would then minimise the death duties payable and if you manage to get more once probate has been granted, then all well and good.
As usual the estimate of the bike’s value depends whether one wishes to buy or sell!
