Bike Stolen - Insurance Question

[Steven8294]

Afternoon Fellow Bikers!

So, I've come across that unfortunate situation that none of us want to find ourselves in, walking out of your house to find your bike, gone.

So, unrecovered, insurance happy, ready to pay out... but wait. When I took out the insurance policy I put my bike value as 1600 (as at the time there were a fair few ER6's in my area with slightly less mileage going for 1800, now I was of the understanding I was simply estimating my bikes value, I didn't do this to decrease premiums, so the insurance engineer has said he values my bike at 2300, and would be happy to pay that, but says he cannot go over what is on the insurance policy, which was 1600. He told me to call the underwriter, and ask them to change the bike value (likely to incur additional premium costs, and an admin fee, which is fine.)

So I call my underwriter (AXA) - the rude individual on the phone told me it would be illegal to amend the policy after a claim, and that they wouldn't entertain this, given that the difference is £700, I decided to contact the financial ombudsman, who told me this was not illegal, and that the insurance should pay me at Market Value unless this was an agreed value insurance policy, which it isn't.

Just wondering if anyone has had any experiences like this in the past, and if so what the outcome was? Feel like an idiot and like I've shot myself in the foot with this one, by not overvaluing (in my eyes) my bike.

Regards

Steve
(Kawasaki ER6-N 2008 - Green)
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| Passed; 14th November 2012 | 1st Bike: Yamaha YBR125 2009 Model |
| 2nd Bike: 09 Kawasaki ER-6F (Stolen) | Current Bike: 08 Kawasaki ER-6N

[Mudshark]

no idea depends on policy...
had a car nicked a few years ago, was written off, had to argue the toss on value with evidence of sales of similar age models of the car, no-one ever mentioned whatever it was I'd put as it's value on the policy


Sorry for your loss BTW

[MarJay]

Stick with this line:

It was worth that much when I purchased it, why should I account for the increase in value?
____________________
British beauty: Triumph Street Triple R; Loony stroker: KR1S; Track fun: GSXR750 L1; Commuter Missile: GSX-S1000F
Remember kids, bikes aren't like lego. You can't easily take a part from one bike and then fit it to another.

[Steven8294]

Exactly my thinking, nowhere did it say, Bike Value: (PS, if it gets half inched, you'll be held to this value)...

The engineer from the claims team agreed with me too!
____________________
| Passed; 14th November 2012 | 1st Bike: Yamaha YBR125 2009 Model |
| 2nd Bike: 09 Kawasaki ER-6F (Stolen) | Current Bike: 08 Kawasaki ER-6N

[tom_e]

Tell them if they don't come to an agreement with you on a payout you're both happy with you'll be lodging a complaint with the ombudsman.
They get a fine every time a complaint is made against them never mind the outcome so it usually gets them to pull their finger out of their arse.

[M.C]

Sounds a little strange. Different circumstances but I put my bike value down as £2350 (what I paid for it), and they paid out £3300.

[TheArchitect]

[rubyhorse2]

exactly what they did to me, i put down what i paid for it, got stolen, bike was valued way more than i paid, they will only pay out up to what you put down even if valuation is over this.

[johnsmith222]

To be fair, I think it's unreasonable to expect to get more for your vehicle than you claimed it was worth when you insured it.

Then again, if you can get more then good luck to you.

[Rogerborg]

[iooi]

[Steven8294]

[Steven8294]

[CaNsA]

Hold on a sec, all advice in this thread is full of shit.

You valued the asset £1600 and declared it as such.
The insurer offered you a policy for a £1600 asset.
You agreed and took out the policy on the asset you valued at £1600.
You made a claim on the policy.
The insurer is happy to payout to the value of £1600, as per the agreed valuation and terms the policy.

There is no problem here. Everything is working as it should.

You are wasting your time, you can't go straight to the Ombudsman because you have to go through the complaints procedure with the company you are not happy with.

It's always better to slightly over-value the asset, not under-value.



Sauce:- Ms CaNsA Cert CII

[CaNsA]

[CaNsA]

[Rogerborg]

[iooi]

[arry]

[CaNsA]

[Steven8294]

Well, I am already following the companies complaints process, I only contacted the ombudsman for advice, not to complain.

I'll drop an update in here, good or bad.
____________________
| Passed; 14th November 2012 | 1st Bike: Yamaha YBR125 2009 Model |
| 2nd Bike: 09 Kawasaki ER-6F (Stolen) | Current Bike: 08 Kawasaki ER-6N

[Rogerborg]

Have you read your contract (schedule) yet?

...is what I meant to say earlier.
____________________
Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike

[sgtcalle]

What the fuck is an insurance engineer anyway? Does he have a frigging engineering degree? Does he fuck.
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CBR600F '02
Manchester

[.Bishbash.]

Fisrtly, the job of the insurance agent to go view the vehicle isn't just to value it. They look out for a number of things, like damage, is it the correct vehicle that was insured(colour, make etc), and any undeclared modifications so they can cancel the policy and not payout, basically anything out of sorts and is needed for a claim.

Regarding the value, I have been told by insurance companies two diffferent things, one told me it's a guide and the value can increase/decrease over time with any vehicle and they go by the current list price. The second told me it is what they will payout in light of a theft.

If this helps you at all, the last bike I had stolen I got back and it was assessed, I haggled with the insurance broker over a £400 difference between list price and what I told them I paid for it. We met in the middle and that's what I got.

Don't be scared of them, hold your ground and always ask for everything in writing. If they can't produce it, then don't ever beleive it, EVER.....They are not your friends.
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Current bike - GSX-R1000 k8

[Ste]