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decade |
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decade Derestricted Danger
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Bozzy |
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Bozzy Traffic Copper
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decade Derestricted Danger
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M.C |
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M.C Super Spammer
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Posted: 22:32 - 29 May 2017 Post subject: |
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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 |
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decade |
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decade Derestricted Danger
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Bozzy |
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Bozzy Traffic Copper
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arry |
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arry Super Spammer
Joined: 03 Jan 2009 Karma :
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Posted: 08:17 - 30 May 2017 Post subject: |
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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 Traffic Copper
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decade Derestricted Danger
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Old Thread Alert!
The last post was made 6 years, 316 days ago. Instead of replying here, would creating a new thread be more useful? |
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