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Hello & Passed my Mod 2 & a few questions

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decade
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PostPosted: 19:54 - 29 May 2017    Post subject: Hello & Passed my Mod 2 & a few questions Reply with quote

Hello BCF !
Been lurking for a long while but passed my mod 2 on Tuesday & decided it's time to join up.
I'm 37 but never been a car driver (lived in London much of my adult life), so a few things that are obvious to a lot of people my age are not to me.

I had a little over 1 year on my 125, it was my first vehicle, now moving up to a bigger bike but had a few questions about insurance:

- I'm buying a '66-plate pre-reg, when it comes to stating the value of the bike, should I put what I'm paying, or the current list price ? Because it's unlikely that pre-reg will be an option in the event of a claim. Does the amount you state for the value have any effect on what you will get back ? I know it will tend to raise the premium.

- What are your opinions on extras like helmet & leather cover, legal expenses cover, personal accident cover ?
I'm thinking they are pretty useless except the personal accident cover but I'm not sure.

Any thoughts appreciated, thanks.
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Bozzy
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PostPosted: 21:14 - 29 May 2017    Post subject: Reply with quote

Put the invoice price of the bike you are buying for the first years insurance. Although, different insurance companies have different policies regarding return to invoice. For example (for cars) Toyota insurance return to invoice price if the car is written off within 12 months. Alternatively I've known other insurance car insurance companies offering lower than invoice a few weeks after a car has been bought and then subsequently written off. Guess bikes are the same?

Arry???
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decade
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PostPosted: 21:52 - 29 May 2017    Post subject: Reply with quote

Thanks Bozzy. I'll wait to get a few more opinions too.
If anyone wants to throw in any additional info I haven't asked but should know, go ahead. I already know it's generally not worth declaring security.
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M.C
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PostPosted: 22:32 - 29 May 2017    Post subject: Reply with quote

You have to be careful with vehicle value as some insurers consider that a glass ceiling. I tend to overvalue my vehicles now because of this. For a new one yeah I'd put the full list price down, even though I doubt they'd pay out that.

With extras you have to check the small print, they often come with a hefty excess. I think with MCE their helmet/leathers and personal injury cover's virtually worthless. Legal expenses I dunno, I had a situation where it might have applied, arry says it's worthless so I'll defer to him on this one Smile
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decade
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PostPosted: 06:45 - 30 May 2017    Post subject: Reply with quote

Thanks MC, I was kind of thinking that about the vehicle value, it gives them a higher figure to try & negotiate down from if I use the list price.
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Bozzy
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PostPosted: 07:52 - 30 May 2017    Post subject: Reply with quote

M.C wrote:
For a new one yeah I'd put the full list price down, even though I doubt they'd pay out that.


I doubt they'd pay him more than the invoice price, as that would be putting him in a better position than he was before taking out the policy. Best case they'll put him in the same position (in this example) pay him back what he paid. And telling an insurance company a bike is worth more than it is is jist giving them an oportunity to charge more for the policy.
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arry
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PostPosted: 08:17 - 30 May 2017    Post subject: Reply with quote

Bozzy wrote:

I doubt they'd pay him more than the invoice price, as that would be putting him in a better position than he was before taking out the policy. Best case they'll put him in the same position (in this example) pay him back what he paid. And telling an insurance company a bike is worth more than it is is jist giving them an oportunity to charge more for the policy.


But he is right on the point of glass ceiling. MCE are particular gits for it, their wording states their maximum liability is the value in the schedule.

Indemnity isn't about what he paid, that's in the past - the reasonableness test is can he buy a bike of similar age mileage and condition for what their valuation works out to be. If that's a grand more than purchase price because he got a one off special deal then he'd be in trouble if he puts that figure into the schedule.


On the other points - legal expenses, OK if it's free don't bother otherwise. Personal accident - not a chance, pays you a grand or so if you lose an eye or a limb, you could bust both shoulders and all your ribs and get nothing.

Kit cover - never got to the bottom of that one, poor policy wording so couldn't work out whether the excess applied once per accident or once per item; if the latter then total shit, if the former probably still not worth having as it's on an indemnity less wear and tear basis so your lid, for example, is worth 300 quid new, so most you'd get is 200 quid by time you've paid excess and I'd reckon they'll use 5 years as lifespan - basically you'd get naff all back.

I'm also gonna guess wildly this is an MCE policy you're looking to purchase. Go in eyes wide open.
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Bozzy
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PostPosted: 08:24 - 30 May 2017    Post subject: Reply with quote

arry wrote:
Bozzy wrote:

I doubt they'd pay him more than the invoice price, as that would be putting him in a better position than he was before taking out the policy. Best case they'll put him in the same position (in this example) pay him back what he paid. And telling an insurance company a bike is worth more than it is is jist giving them an oportunity to charge more for the policy.


But he is right on the point of glass ceiling. MCE are particular gits for it, their wording states their maximum liability is the value in the schedule.

Indemnity isn't about what he paid, that's in the past - the reasonableness test is can he buy a bike of similar age mileage and condition for what their valuation works out to be. If that's a grand more than purchase price because he got a one off special deal then he'd be in trouble if he puts that figure into the schedule.



Thanks for clarifying that Arry Karma
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decade
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PostPosted: 14:06 - 30 May 2017    Post subject: Reply with quote

Thanks for the responses, guys, very useful.
In fact its with Bennett's, who I've been with for my 125
MCE were cheaper but I don't fancy the big excess & Bennet's were not much more.
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