We regard the current value to be the original recommended retail price for the year and model of your bicycle and any upgraded components such as wheels, groupsets, seat posts, etc. If you are insuring a second-hand bicycle or upgraded components or your bicycle or components were purchased as new by you but not insured within a year of the purchase date, we regard the current value to be the recommended retail price of the bicycle or components when new reduced by 10% per full year up to the date of policy inception. We will not apply any further depreciation after the inception of your policy. If you underinsure your bicycle we may reduce your claim payment.