Written off, insurance payout. Query.

[innominate]

General query here.

Hypothetically.
You have a bike that you bought for a bargain price of 2K under market value and insure it third party for the amount you paid.

You then get in a crash, other partys fault & the bike is written off.


How much is your payout?
Book price for a new bike of same condition/milage/age?
Of the amount you have it insured for on your own policy?



I would guess book price.
But don't know how the insurance companies work this.

Ta



N.B. Hopefully my bike is not a write off , went to the garage yesterday...
____________________
I, as a responsible adult human being, will never concede the power to anyone to regulate my choice of what I put into my body, or where I go with my mind. From the skin inwards is my jurisdiction, is it not? I choose what may or may not cross that border. Here I am the customs agent. I am the coast-guard. I am the sole legal and spiritual government of this territory, and only the laws I choose to enact within myself are applicable.

[G]

What you said to your insurance company shouldn't matter, as it's the cost to replace it.

However they do often try and rip you off, so if they do, stand your ground and insist on it's full value.

If need by you may have to get some ads for places selling similar bikes to show how much it would cost to replace.

[kwacky]

Replacement value.

[innominate]

Cool


Ok if its a write off then I may but a deposit down on a Speed triple :p
____________________
I, as a responsible adult human being, will never concede the power to anyone to regulate my choice of what I put into my body, or where I go with my mind. From the skin inwards is my jurisdiction, is it not? I choose what may or may not cross that border. Here I am the customs agent. I am the coast-guard. I am the sole legal and spiritual government of this territory, and only the laws I choose to enact within myself are applicable.

[dainesefreak]

If they get really shitty I'm fairly sure you can ask them to replace the bike rather than a cash payout too.

[Chriss]

[Jamie.]

when you insure the bike they should have asked you how much the bike is worth, they will not pay more then this, and even at that they will try and find a way to give you less

[True Blue]

[Baloo]

Unless the bike is new at the time of the loss ,when insurers may pay for a replacement, it will be the value you insured it at or that less depreciation since buying it.

If you have deliberatley under insured it, insurers could apply average and reduce the pay out accordingly e.g. bike is worth 4k you insure it for 2k (and pay the due premium). You put in a claim and they will pay
2 divided by 4 x the claim, in other words, in this example only 50% of the amount claimed.

If you have insured the bike as a boat (or on a marine policy), average does not apply and the amount insured would be the max paid out.

Insurance issupposed to put you back in the same position financially you were in at the time of the loss (except when average may be applied - see above).
____________________
"We are not heroes, we are from Finchley"

[Chriss]

[craigs23]

[G]