Most motorcycle problems are caused by the nut that connects the handlebars to the saddle.

bike value and insurance

Share
avatar
geewhizz
the 900
the 900

Posts : 613

bike value and insurance

Post by geewhizz on Sat 09 Sep 2017, 11:42 pm

i'm curious, what value do you put on the bike when you are renewing your insurance policy..?
avatar
Jameshambleton
Moderator
Moderator

Posts : 1878
Location : Bedale, North Yorkshire

Re: bike value and insurance

Post by Jameshambleton on Sun 10 Sep 2017, 4:07 pm

1200 as that's what I paid for mine, now she's in a much worse condition but after a crash how would they know those scrates and paint chips weren't already there?
avatar
r1ncew1nd
Newbie
Newbie

Posts : 8
Location : Bedlington, Northumberland

Re: bike value and insurance

Post by r1ncew1nd on Tue 12 Sep 2017, 7:49 pm

Like Jameshambleton, I paid £1k so that's what I put on the insurance. Based on an insurance claim for a right-off car a few years back, I know fine well it'll likely be a fight with an insurance company to get anything near what I think it's worth. For a 20 year old bike they'll probably offer scrap value!

Steve
avatar
trevor machine
the 900
the 900

Posts : 1186

Re: bike value and insurance

Post by trevor machine on Tue 12 Sep 2017, 8:14 pm

It's even worse than that. If you claim any money off them whatsoever, they'll whack your premiums up by 20% for the next five years and claw most if not all of it back. I tell them it's worth thruppence ha'penny, working on the theory that this will result in cheaper price insurance. I also only insure it third party. Although last year fully comp was cheaper - this year, third party only was cheaper. Precisely what the hell that's about I have no bloody idea at all. I swear to god they're making it up as they go along. Oh yeah and another thing - with Bennetts I've got 4 years no claims, with another policy two years and a third one year. WTF?!?!? Not that it makes much difference to the price afaict but it does piss me off because I swear to god they can all see it plain as day on their computers exactly how many years no claims I've got not to mention how many accidents I've had. Surely all these insurers have access to the same data base to see if someone's trying to rip them off??? Or is not quite as Big Brother as all that? At any rate, and what's worse, my premiums are going up year on year despite the fact that I'm not making any claims year on year. Again, what the actual f*ck. Every year I get mugged. And have you even tried changing insurers? It's a nightmare. Aside from them wanting proof on no claims (which imo they can just get themselves by emailing my previous insurer or even just by looking at their sodding computers), I also had to send an image of my driving license and some sort of virtual counterfoil thing as well. It's getting so that the sheer aggro of changing insurers means that more and more punters can't be bothered to do it, meaning in turn that the market isn't a market at all and that the competition required to keep prices low is not happening. It's getting like the energy providers. A total stitch up. Needs some sort of government intervention to actually introduce the market forces that the shade of government we have at present does what it claims to do.
avatar
Beresford
the 900
the 900

Posts : 1446
Location : not that far from Kirkistown

Re: bike value and insurance

Post by Beresford on Tue 12 Sep 2017, 8:47 pm

I love to hear the gnashing of teeth from insurers when I request a letter of no-claim entitlement which they must supply. Then you trade off one quote against another until you find something acceptable.
avatar
eternally_troubled
Admin
Admin

Awesome!
Posts : 3680
Location : 'ere be fens. (near Cambridge)

Re: bike value and insurance

Post by eternally_troubled on Tue 12 Sep 2017, 11:16 pm

I put £500 on the form - it's about what I paid for it and it's about what it's worth (in purely monetary terms, of course). I suspect (for the reasons that Trevor outlined above) I won't be claiming any time soon, even if I have a scrape.
avatar
Jameshambleton
Moderator
Moderator

Posts : 1878
Location : Bedale, North Yorkshire

Re: bike value and insurance

Post by Jameshambleton on Wed 13 Sep 2017, 7:44 am

eternally_troubled wrote:I put £500 on the form - it's about what I paid for it and it's about what it's worth (in purely monetary terms, of course).  I suspect (for the reasons that Trevor outlined above) I won't be claiming any time soon, even if I have a scrape.

Same here, if you do ever need to make a claim do three things. 
1 get the bike recovered to your home and not to a recovery yard/insurer. 
2. if you need to claim against a 3rd party use a company such as mcams, this means that it isn't logged on the insurance database so you don't need to declare it when taking out your renewal next year. 
3. always refuse the first payout amount
avatar
rick1
Newbie
Newbie

Posts : 7

INS

Post by rick1 on Thu 05 Oct 2017, 8:10 pm

I put £900 on my 1999 model, it was £7 dearer then I paid on my 2009 CBF 1000 valued at £3800, I sold this bike to get the 500. Do I feel ripped off, you bet!
This is with Carole Nash with whom I have my car ins.
avatar
trevor machine
the 900
the 900

Posts : 1186

Re: bike value and insurance

Post by trevor machine on Fri 06 Oct 2017, 8:10 am

Beresford wrote:I love to hear the gnashing of teeth from insurers when I request a letter of no-claim entitlement which they must supply. Then you trade off one quote against another until you find something acceptable.





Just on that note, I requested a letter of no claim entitlement from my insurer last week - and they promptly refused to send one.

Interesting, eh?

Reasons being were:

i). It was not the end of the 12 month period for that policy

ii). I had already "used" my no claims discount to pay for their policy and it could therefore not be used a second time to discount a second policy.

I therefore asked them how I should answer a question on confused.com which asked me how many years no claims I had. The truthful answer to this is 3 years. However, as I now discovered this could not be used as an answer - despite its factuality - I had to effectively lie and say I had nought years no claims bonus on the online form. Otherwise the quote I got was less than it should be.

Yesterday I cancelled my policy with my insurer because I just sold one of my CB500s. The policy cost me £100. How much do you think I got back from, after one month of insurance? 75% of that? 50% of that? Ok, ok - but surely 30% of it?

Answer - absolutely f*** all. Nothing. Nada. Bupkiss. Not a red f***ing cent.

How is that even legal?? I've been totally mugged.

No wait - because here's the real criminality of it all. I ran a quote - 2 weeks ago - to get insured on the zx9r. Came up with a figure of £120, 3rd party. Ace!! But as I said, this was for 3 years no claims. Which apparently I'm not entitled to - because it's been "used" on another policy. But this was the policy I subsequently cancelled as I sold the bike!!!!!

So how much did my zx9r quote come to w/out the no claims? £300.

But now - and I hope you can follow this awful bureaucratic shit - I have effectively NOT used my no claims discount because I cancelled the policy to which it applied.

So theoretically I should now cancel my zx9r policy and re-run some quotes with my 3 year no claims, right? So I can get my original zx9r quote of £120 back?

Yeah - you know what. FTS. I'll incur another mammoth cancellation charge not to mention wasting days of my life waiting on automated call systems going pillar to post speaking to morons who haven't a clue.

When I was told I was not entitled to any refunded monies upon cancellation of a policy costing £100 that had run for only one month, I asked the person on the phone if they personally thought that was fair? Of course, they prevaricated and effectively answered a question I had not at all in any way actually posed to them. So, being somewhat pissed off at this juncture, I calmly and politely repeated my question - i.e. did they, personally, think it was fair to offer no refund of any size, for the cancellation of policy costing £100 that had run for only one month? Again, bullshit thick-person evasive garbage. I was determined to receive a response from a human being rather than a pre-programmed clerical drone. I said would you yourself feel satisfied with the high cost of the cancellation fee if you were in my situation? I reminded them that they had cancelled my policy at the stroke of a key - literally, they informed me that straight away that my policy had been cancelled immediately. It was an administrative process that took no longer than a second. I kid you not. Yet it had cost me more than £90.

But as I said, it had actually cost me the best part of three hundred pounds. 

There needs to be clearer and stronger regulation of insurance companies.
avatar
trevor machine
the 900
the 900

Posts : 1186

Re: bike value and insurance

Post by trevor machine on Fri 06 Oct 2017, 8:45 am

rick1 wrote:I put £900 on my 1999 model, it was £7 dearer then I paid on my 2009 CBF 1000 valued at £3800, I sold this bike to get the 500. Do I feel ripped off, you bet!
This is with Carole Nash with whom I have my car ins.

Year on year my premium increases - and yet each year the length of my "no claims" period also increases.

Remember the times past? When, if we went for a year without making any claims, the cost of our policy would decrease? Halcyon days.

Now, here's one thing. As one of my biking mates found, when he too was continually confronted by this development - if you ring your broker and take them to task over all this, i.e. if you tell them that you find this situation unacceptable and that you will try to take your custom elsewhere, what do you think the broker does?

Is it answer "A" -

Stick to their guns and say there's nothing they can do about the increased premium, and that the customer is more than welcome to take their trade elsewhere?

Or is it answer "B" -

Immediately offer the customer a revised figure for re-insuring with them, and one that is significantly lower than the initial one communicated to the customer?

I mean, surely it can't be answer "B", right? After all, wouldn't that be borderline fraudulent? Surely a customer who effectively decides to stay with a broker, i.e. one who has not contacted them to inform them they are going to be using a cheaper insurer this year, surely such a loyal customer should be provided with the lowest renewal price possible, right?

Wrong. So wrong. It's answer "A". We are all, afaik, being issued with higher than necessary renewal quotes as a matter of course, i.e. as standard practice. And I strongly suspect that most of us accept this and that we do not brave the horrendous soul-destroying process of talking to a moron in order to obtain the lower figure.

None of this is right. Being punished for loyalty. Being charged higher and higher premiums year on year despite having greater no claims years. Being informed that this year on year increase is a consequence of fraudulent claims and that therefore, in effect and implicitly, loyal and honest customers have to foot the bill for the expenses incurred by these dishonest claims (of course, those who really SHOULD pay are the investers i.e. share holders for a given underwriter and NOT the customers of a particular broker).

Ah f*** it.
avatar
eternally_troubled
Admin
Admin

Awesome!
Posts : 3680
Location : 'ere be fens. (near Cambridge)

Re: bike value and insurance

Post by eternally_troubled on Sat 07 Oct 2017, 11:16 am

trevor machine wrote:
Ah f*** it.

Indeed. There isn't a right answer. One ends up paying more money for the privilege of avoiding administrative work changing insurer. Insurers know that people (naturally) don't like work and exploit this to make money.

This is actually made worse by so-called 'comparison' sites which encourage insurers/brokers (most 'insurance' companies are actually brokers) to discount the first year of their policy to get top of the ranking.

I tend to try and stay with the same insurance company unless the price goes up by more than some notional amout - (say) 5% (£10 increase on a £200 premium) - if this happens then I have another look at the 'market' and try and pick something lower. Obviously I end up paying slightly more this way but at least I don't feel the need to change every year.
avatar
teamster1975
Admin
Admin

Posts : 2467
Location : Woking, Surrey

Re: bike value and insurance

Post by teamster1975 on Sat 07 Oct 2017, 12:31 pm

I've been with Bennetts for god knows how long, the only reason I have stayed with them is that I had a total loss claim about 9 years ago, bought the bike back and repaired it myself (economical write off), they were very fast with the assessment and payout.
I really should shop around again, the premium does seem to be increasing year on year.

Edit: Didn't answer the original question, I'm still valuing it at £2000, it's slightly irrelevant really as they always take market value into account.
avatar
geewhizz
the 900
the 900

Posts : 613

Re: bike value and insurance

Post by geewhizz on Thu 19 Oct 2017, 7:40 pm

I went with bennetts too - £127 full comp. 5 yr protected no claims, legal, leathers, rac and personal accident. Bike valued at a grand.

Sponsored content

Re: bike value and insurance

Post by Sponsored content


    Current date/time is Tue 24 Oct 2017, 3:18 am