Insurance question

Baffler186 · World Chat Champion Joined: 31 May 2013 Karma :

I've never claimed on insurance but was just wondering:

When they ask how much your bike is worth, I've always put down the amount I paid for it. If someone wanted to "gamble" to save a few quid, could they in theory put that their £3k bike is worth £500 and get cheaper insurance? Presumably if you stated £500 and then the bike was written off, you'd only get £500 back? Or if you made a claim would they use the price discrepancy to say "you lied, so you're not covered"?

Minty · World Chat Champion Joined: 23 Dec 2005 Karma :

Insurance rate on current market value. I assume it asks for value to possibly highlight thems what value their bike wildly outside of market value - would possibly indicate modifications.
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Motorhate · Nearly there... Joined: 02 Aug 2013 Karma :

Never understood the how much is it worth question that insurance companies ask you. You'll always get the market value regardless of what you say. I paid £600 for my CB500 but its got a scottoiler, stainless steel downpipes, SP Engineering exhaust and an aftermarket fairing kit.
It was written off as a CAT C and the assessor simply looked on gumtree.com as a price guide for a CB500 of similar mileage and year. Got £550.00 for it minus £50.00 buy back - £495.00 in all.
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Current - Harley Davidson FXDB Street Bob | Harley Davidson FLTR Road Glide | Harley Davidson Road King
GONE - Honda CB500 Ratbike | Yamaha FZ750 | Yamaha XVS1100 | Kawasaki VN2000 | Kawasaki ER-6 F | Harley Davidson XL883L Sportster

ws4936 · World Chat Champion Joined: 10 Sep 2009 Karma :

I had me a very nice bike off eBay for a ridiculously cheap bid. Told insurers of what I paid, and they paid that back minus the excess. Then, when the ombudsman got involved,(isolated incident, but relative to that bike), the insurance company paid out another cheque for more than the first one, because it was worth twice as much. When I asked why pay a second cheque at all, purely out of interest you understand....they replied with - they have too if the ombudsman is involved. Thumbs Up

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P. · Red Rocket Joined: 14 Feb 2008 Karma :

Every bikes value is 1000 to my insurers. Laughing

They pay out what its worth, book/market value at the time.

i.p.phrealy · World Chat Champion Joined: 07 Oct 2012 Karma :

clancy · World Chat Champion Joined: 11 Apr 2009 Karma :

They'll pah yiu market value, so over estimate the value of your bike. Might as well, brings your premium down in some cases
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KLX 300r