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| Rob W |
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Rob W
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Joined: 09 Nov 2004
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 Posted: 19:30 - 12 Jul 2011  Post subject: Insurance question |
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Last thursday I managed to write off the Blade. Going through a left hander at about 50 or so and the front end tucked under. Smashed the bike to bits, and left me with 2 toes broken on my left foot, and some quite bad grazes on my left side (textiles are SH1T).
The bike was taken by the insurance co. on saturday, and I received the assessment today, apparently it'll cost £9406.02 to get back on the road,  . Obviously it's been written off so now I'm awaiting there first (probably laughable) offer.
My question is, will they only pay up to what you insured the bike for? Or will they give you market value? I had it insured for £2000, but it was literally mint, as in not one mark on it anywhere, and it had just topped the 20K mark. I've seen worse bikes with more miles on going for around £2300 or so.
Cheers.
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| Wafer_Thin_Ham |
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Wafer_Thin_Ham
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Posted: 19:33 - 12 Jul 2011  Post subject: |
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By and large whichever is lower, but in practise, as low as they can get away with. Start gathering ebay/biketrader ads of bikes in similar condition and try and push your offer upwards.
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| Rob W |
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Rob W
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| Posted: 19:39 - 12 Jul 2011 Post subject: |
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Thanks for the reply mate.
Its times like these that I wished I'd insured it for a bit more, trying to save a few quid on your premium doesn't really work out in the long run eh.
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| swampy |
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swampy
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| Posted: 19:41 - 12 Jul 2011 Post subject: Re: Insurance question |
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| RobW1983 wrote: | Last thursday I managed to write off the Blade. Going through a left hander at about 50 or so and the front end tucked under. Smashed the bike to bits, and left me with 2 toes broken on my left foot, and some quite bad grazes on my left side (textiles are SH1T).
The bike was taken by the insurance co. on saturday, and I received the assessment today, apparently it'll cost £9406.02 to get back on the road, . Obviously it's been written off so now I'm awaiting there first (probably laughable) offer.
My question is, will they only pay up to what you insured the bike for? Or will they give you market value? I had it insured for £2000, but it was literally mint, as in not one mark on it anywhere, and it had just topped the 20K mark. I've seen worse bikes with more miles on going for around £2300 or so.
Cheers. |
I dunno, but if you deliberately undervalued your bike to get a lower insurance quote, I can see why they would only give you what you thought your bike was worth.
Bad news on the crash BTW..
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| Rob W |
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Rob W
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| 0l0dom0l0 |
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0l0dom0l0
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| Posted: 22:42 - 13 Jul 2011 Post subject: |
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| RobW1983 wrote: | Thanks for the reply mate.
Its times like these that I wished I'd insured it for a bit more, trying to save a few quid on your premium doesn't really work out in the long run eh.
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Sorry to hear about the accident  .
Sadly, they will only go up to a maximum of what you valued it at. Really it makes no difference changing the value of the bike usually. I normally do 2 quotes, one a little under what I think the bike is worth and the other a bit optimistic. They've always come out the same so let that be a lesson in future
I always over value mine, that way you have a bit more 'le-way' with them. Friends Daytona got nicked recently. They gave him what he'd valued it at so doesn't hurt being a bit OTT 
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CBT Passed: 30/08/2009, Theory Passed: 31/08/2010, Mod 1 Passed: 6/9/2010, Mod 2 Passed: 13/09/2010. Restriction ended 13/09/2012.
Bikes: 2007 Derbi GPR 50, 1998 Yamaha Fazer 600 (written off), 2002 Yamaha Fazer 600, 1994 CBR 600F, 2003 Triumph Daytona 600, Kawasaki ZX6R J1.....Current: 2006 Yamaha FZ6, 1998 Suzuki TL1000R and a Honda VFR 400 NC30. |
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Old Thread Alert!
The last post was made 14 years, 55 days ago. Instead of replying here, would creating a new thread be more useful? |
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