INSURANCE QUOATATIONS/VALUATIONS

[stirlinggaz]

Hi all,
picking up another bike tommorrow at well below the market value, from a mate.
anyway, to buy an equivilent bike,same year,milage ect would cost around £1200-£1400.(but im paying a LOT less than that)
im looking at insurance websites the now.(& getting some seriously random quotes,lol)
at the page where it asks me to put in the bikes value, i've been trying a few different things.
& the best quote i have come up with,is when i put the value at £999, this covers me for other bikes as well.
as soon as i go over the grand, it removes the other bikes option & the premium goes up????
(this is with the post office btw, who seem to be cheaper than most places! but most other places are either more expensive or dont give me the other bikes option)
does the amount i put on the "value" have a bearing on any payout, as for £999, i might struggle to get a bike identical to this one. (though tbh i wouldnt be looking to buy another bike the same, im just buying it to help my mate out)
anyone able to answer this?
for example, if it gets totalled or stolen (its a fully comp quotation) do they use my valuation as a starting point, then take off my excess & pay out the remainder?
or do they look at a price guide & then remove the excess?
if thats the case, why do we have to put a value in in the first place, lol?
cheers,
GAZ

[dodger]

I always put £1 in the value column.

After my experience with AXA and all the arguing over a price for my payout I don't see what difference it makes...
____________________
My Bikes: Piaggio NRG| Aprilia RS 125| Suzuki GSX-R 600|Yamaha Fazer Ducati 848
Europe 2008

[Scotsman37]

You could try some of these insurers for a possible better deal quote!

Norwich Union

https://www.norwichunion.com/motorcycle-insurance/summary-of-cover.html


E Bike

https://www.ebikeinsurance.co.uk/


Bennetts

https://www.bennetts.co.uk/


Churchill

https://www.churchill.com/motor/bike_getquote.htm


Swinton

https://www.swinton.co.uk/motor/motorcycle/?aff=OMG


Cia

https://www.cia-insurance.co.uk/motorcycle-insurance/motorcycle-insurance.aspx



Biker's Advice website - A simplified explanation of Breakdown & Motorcycle Insurance, etc...

https://www.bikersadvice.com/insurance/insurance-general.php


If I recollect when my 1st ever bike, 1 year old, was stolen & written off they go by the price guide and deduct the excess, which leaves you the remainder, or if instead your valuation was cheaper than the price guide then they go by that instead, as they will then pay out less at the end.

[Chriss]

Search Bennetts on here and see how many recommend them
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TheShaggyDA: I've got 3 or 4 pairs that predate my wife, so at least 11.5 years old.

[ms51ves3]

[Chriss]

I use a local broker, who aren't quite the cheapest (by £50 or so), but I can add and remove drivers, change addresses, vehicles etc, all with no "admin fee" and talk to a real human at the end of the line.

And everyone talks as if Confused.com etc is a new idea.

We're going back to brokers to compare everything.
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TheShaggyDA: I've got 3 or 4 pairs that predate my wife, so at least 11.5 years old.

[The Disapproving Brit]

If you're after fully comp or TPFT, then the value is what they'll give you if you make a claim for it. If you just want TPO it means sod all, as does the excess.
____________________
Current Bikes: 1983 Honda VF400FD / 2003 Honda VT750 Shadow
Bike Test Passed 18/03/09, Car Test Passed 14/05/13

[Chriss]

They won't offer you the value, they'll offer you "a fair repretensation of the market value". You can insure you bike for £1M and smash it up, doesn't mean they'll offer you a million.
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TheShaggyDA: I've got 3 or 4 pairs that predate my wife, so at least 11.5 years old.

[ms51ves3]

[stirlinggaz]

[dodger]

[stirlinggaz]

Insured Value: This is the maximum value for which you are insured under the terms of your policy. IT IS NOT NECESSARILY the amount you will get following a claim.

hi,
im interpreting this as the maximum i will get in any payout.
this is the question which is asked when getting a quote, "insured value".
therefore if i put in £500, then they wont pay out any more than £500, minus excess, no?
if i put 2 grand in, they will pay out the market value of the bike, up to 2 grand.
& so on.
its just that these bikes go for around , say £1400.
if i put £1400 in, the premium is slightly higher & there no other bikes cover.
but if i put £999 in, then the premium drops & i get other bikes cover.
think i'll ask the insurers, LOL
cheers,
GAZ

[Chriss]

Values of bikes change. Two years ago, a second hand bike was worth less than today, because the market has changed. If you, accidentally, buy a modern classic, it could be worth a lot more next year than this year.

Your bike may be worth £1000 now, but that's not to say in 10 months time, when you claim, it's not going to be worth £5000. It would then be deemed unreasonable for the insurance company to offer you £1000.

The insurance company can put whatever they like in their terms and conditions, they still have to account for their actions.
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TheShaggyDA: I've got 3 or 4 pairs that predate my wife, so at least 11.5 years old.

[stirlinggaz]

Hi,
incidently, the best qoutes so far have been from the good ole Post Office!
insurers seem to make up the rules as they go along.
the premium & excess does drop dramatically as soon as i put the value over a grand.
& if i drop it below the grand, the "other bikes" cover disapears, unless i pay 3 times as much!
"insured value"
"market value" blah blah blah,
just dont want to end up with a couple of hundred quid if it gets nicked or i write it off.
looks like im either going to have to lose the "other bikes cover" or be prepared to lose a lot of money if the worst does happen.
cheers,
GAZ

[trevoriv]

The value is a material fact and failure to provide accurate information could give the insurer grounds to void your policy.

ie it's a tiny bit like fraud.
____________________
Past: '96 Thundercat, '02 ZX636R (A1P), '58 KTM 690 SM LC4 Current: '06 ZX636R (C6F)
Mudskipper wrote: Someone just has to sig that...

[dodger]

[stirlinggaz]

Hi,
the point im trying to make is this :
what if your bought the bike as a xmas present or the like?
im not qualified to value a bike, so i just looked at what other bikes of the same type were selling for on ebay etc.
but i didnt pay anywhere near those kind of prices, but if i had to go out & buy a bike identical to the one i have, then it could cost up to £1600.
so thats what i started puting in the on line quotes.
but when i dropped the figure to less than a grand, suddenly the premiums dropped slightly but the excesses dropped dramatically & the "other bikes" option disapears.
if your given the bike for free do you put the value as nil?
or if your an idiot & pay 3 grand for a bike thats only worth £1500, if you put in a claim, even though you put the value down as 3 grand, there only gonna pay out what THEY think its worth (closer to the £1500), not what you think its worth.
cheers,
GAZ

[Chriss]

They're fairly extreme examples. You need to put down what would be considered a fair representation of the current market value. Weather you got ripped off or ripped someone off.
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TheShaggyDA: I've got 3 or 4 pairs that predate my wife, so at least 11.5 years old.

[Chriss]

[trevoriv]

[stirlinggaz]

hi,
my original qustion still remains, lol
if i put the value down as a grand & it gets nicked do i get a grand or what the insurers thinks its worth? say £1500.
or do i put down £1500, which is what it would cost to get a replacement.
bearing in mind neither of these 2 figures are anywhere near what i paid for it?
if i deliberately lower the value, apart from being dishonest, means i gain from a lower premium & better policy but lose out if any payout ever occurs.
or do i put the higher figure in & pay inflated premiums for a less suitable policy but gain if any payout ever occurs??
cheers,
GAZ

[dodger]

[trevoriv]

Stirlinggaz - most if not all motorcycle policies are not 'agreed value' policies. That is to say that you are insuring the bike at market value not at a value agreed between you and the insurer. So on that basis you would get market value of the vehicle at that time.

The flip side of that is that if the insurer realises that you put the value in at seriously less than realistic amount (eg £1) in order to get a cheaper premium then they could try and void your policy or at least charge the correct amount of premium for the correct value before any claim is to be paid.

The value is a rating factor and determines the premium level therefore you are obliged to be as honest and accurate as is realistically possible. This is known as utmost good faith and although not strictly legally binding if an insurer finds a policyholder has lied or not divulged the correct information on purpose then they will look to repudiate the claim and/or void the policy on the grounds of non-disclosure of material fatcs.
____________________
Past: '96 Thundercat, '02 ZX636R (A1P), '58 KTM 690 SM LC4 Current: '06 ZX636R (C6F)
Mudskipper wrote: Someone just has to sig that...