Skip to content

General insurance bike value General

You are in... Forums > General > General > insurance bike value

Got something to say?

Got something to say?

Go to most recent reply

bobsnicholson

Joined:

Aug 02

Posts: 995

insurance bike value

Could anyone advise the legallity of undervalueing ones bike to get it insured.

For example, new Gold Wings are 24kish. Most compare or even insurers not on the compare sites have a limit of 20k. Declare the correct value 23/24k and they wont offer a priemium. Value it at just below 20k and no issue.

But what is the problem to undervalue if the owner is prepared to accept he would not get the worth in case of claim.

Bob

Reply to this Topic  
  • Posted 3 years ago (03 April 2012 07:41)

Post a message in General

Fields marked with an asterisk * are required

   

Please note. You cannot submit more than 4000 characters as a message.

Upload image(s) from your computer (up to 3 images)

  1.  
  2.  
  3.  

Terms of use

Use of our community areas and forums is subject to important terms of use. By joining our community and using the features you agree to be bound by these terms. See terms of use below. 

Cancel
kawathrasher

Joined:

Feb 10

Posts: 1137

kawathrasher says:

Don't really see a problem !!

Please shoot me down if am wrong but as far as the insurance crooks are concerned it's a win win for em

They get a nice fresh premium out of your good self and if (god forgive) you through it up the road then they have £4000 head start on what it's really worth

No diffrence to telling em your cars worth £4k instead of £3k coz at the end of the day you are never gonna get anywhere near what it's worth so they'll just take your insurance money n run

 

Sound plausable ??

:blink:

Reply to this Topic
preunit

Joined:

Dec 10

Posts: 11938

preunit says:

So you've got a 24k Wing

and you can't afford to insure it or can't?:unsure:

 

Reply to this Topic
bobsnicholson

Joined:

Aug 02

Posts: 995

insurance

I didn't say i had a 24k wing.

Doing the shopping around and i found that IF you put in 24k MOST insurance brokers wont quote. Put in 19.9k and they will. One quote i did get after putting in 24k was 9,200 pounds?????go figure.

It's the legallity of UNDER valueing i am interested to know.

Then i might go buy one.:wink:

Reply to this Topic
preunit

Joined:

Dec 10

Posts: 11938

preunit says:

Your using compare sites

Just phone a few specialist insurers up and see what quotes you get, there'll be minimal difference between a 19.5k wing or a 24k wing. If I list all the mods on my bike and I mean all (tank pad inc) I can't get a quote on a compare site,phone and the insurance is £230.

So i can't see why you'd under value your bike tbh,legal probably?,sensible........not really.

Reply to this Topic
steve_n.yorks

Joined:

Nov 07

Posts: 72

Undervalue

There's a massive problem undervaluing your bike!

 

If you have a total loss claim the insurance company cap the limit of the pay out to what the advised estimated value you've advised them of the machine !!

So if you have bought a brand new new CBR fireblade for £10500 and accept an estimated value of say £8500, the maximum payout the insurance company will pay is £8500 on a total loss claim.

I know as it happened to me.

Reply to this Topic
ninjachica

Joined:

Jul 08

Posts: 4399

ninjachica says:

Value

The value of your bike is subjective, so there can be no legal implication.:wink:

You might think it's worth £10,000, but the book price might be £8,000 - that's what they'll pay out.

Equally, you might think it's worth £8,000, but the book price might be £10,000 (ha ha!), but they will only pay out the lower value.

Also, of course, the very day you ride your brand spanking new £24,000 bike out of the showroom, it instantly devalues anyway.:wacko:

Reply to this Topic
AdieR

Joined:

Apr 08

Posts: 3042

AdieR says:

Basically

a machine loses value as soon as it turns a wheel, and insurers will always look to limit there loss by offering / paying a lower value on a write off.

There is also whats termed "gap" insurance: what this does is "bridge the gap" between an insurers perceived value (ie, the book price) and the price you've paid. So if you pay £9000 for a bike, total it a week later, the insurer might offer £7500, and the gap ins will make it up to £9k.

Reply to this Topic
steve_n.yorks

Joined:

Nov 07

Posts: 72

Undervalue

Guy's I think what Bob is really asking is this....

Alot of insurance companies now ask you the owner of the bike to provide an estimate of it's current value (irrespective if its bought from new) this value that you provide is put into a 'banding' that the insurance companies along with other factors,( age, points, cc capicity etc etc) generate a premium for you to pay. If your machine is determined as a total loss after a claim the insurance companies as a general rule will not offer more than the book value of your bike (Class's Guide).

The problem arises when your 'estimate' is actually lower than the book price, as the terms and conditions of most insurance policies which have this 'estimated value' provided by YOU the client, will cap the maximum payout to the estimated value that you provided nothwithstanding that the book price might be more.

So in a nut shell if you undervalue your bike it's your liability !!

 

Reply to this Topic
bobsnicholson

Joined:

Aug 02

Posts: 995

insurance confirmation

Thanks for your comments and suggestions.

I called several company's direct as preunit suggested.

Gave all the correct information and values.

Quotes ranged from  685 to 875.

Compare sites i fibbed (as they wouldn't quote at true value) ranged from 155 to 9245 pounds.

Is it me or is insurance nutts??

I have now confirmed a new Wing from HGB with insurance from Honda Happiness.

Steve, thanks especially for your contribution.

Bob

Reply to this Topic
preunit

Joined:

Dec 10

Posts: 11938

preunit says:

Congrates

on your new bike, enjoy and ride safe.............insurance, yep, totally fcuked up. Regulated by the monster raving loony party.:smile

Reply to this Topic

Page

Compare Insurance

Save money by comparing quotes. It's quick and easy

Motorcycles for sale

 

It's only £13.99 to advertise your motorcycle on MCN

Sell your Motorcycle

Motorcycle pricing tool

New! Find used bike prices