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If you can sell it you would do so anywhere you can modify vehicles. I've heard you can't sell vehicles over a certain amount anymore from a friend of mine but haven't bothered trying myself.
You can't sell bicycles.
I played gta online but i didn't realize that i had a bicycle in my garage all the time.
So how can i sell my bicycle?
I don't think I've ever lost a bicycle in this fashion in my 7 years of playing; and I actually use them on heists sometimes.... (not to mention screwing around in free roam)
edit:
and I don't know of any insurance glitches so I know that ain't why for me. I'm not saying I don't believe you, I'm just surprised I've always had a bike (and just bought 2 more the other day to screw around with friends. I think one of them might have even blown up a Cruiser I had, but I can't remember if that was an NPC one I stole or my purchased one)