Bike value for insurance renewal

[spajohn]

Hi all,

This is probably something we have all struggled with, but just wondering what solutions anyone else has used to determine the "market" value of their bike? Talk nicely to their friendly dealership? Scour TradeMe? Use redbook.co.nz?

cheers,
Spa

[vgcspares]

might depend on the company you are insuring with - we base it on full retail off a dealer's floor, others don't so you might want to find what measure your insurer uses - that way you won't over-insure

[spajohn]

Thanks...who is "we"?

[spajohn]

PS. I'm currently insured by John Baker, and a member of BMWOR.

[vgcspares]

have PM'd you rather than declare my colours in public

[spajohn]

Thanks for that...I'm a newb to the site and it's telling me I can't reply via PM. cheers, John

[YellowDog]

I know that some companies will pay an 'agreed' value from the time of insurance.

They only agree to the value if it is lower than their book value.

Just add $5k to what you paid for it and see what they say.

Drop it to their max, which is hopefully more than you paid.

[ukusa]

It's always easy if you have a new bike, but as that bike gets older, you have to look at what to drop it's value by. With my cars (through State), the value drops a little each year on the renewal notice. My bike's with Vero & it's new, but my previous bike which was new in 2007 was insured originally for it's new/replacement value, and for each yearly renewal the value hadn't changed, even though the bike had obviously dropped in value. I should have rung them to change the value, but didn't. When I sold it, the purchaser went through Vero also, insured it for $5000 less than I had it for, & paid around $200 - $250 less premium.

[ukusa]

It's always easy if you have a new bike, but as that bike gets older, you have to look at what to drop it's value by. With my cars (through State), the value drops a little each year on the renewal notice. My bike's with Vero & it's new, but my previous bike which was new in 2007 was insured originally for it's new/replacement value, and for each yearly renewal the value hadn't changed, even though the bike had obviously dropped in value. I should have rung them to change the value, but didn't. When I sold it, the purchaser went through Vero also, insured it for $5000 less than I had it for, & paid around $200 - $250 less premium.


oh, forgot to answer your original question... I'd just check what they're selling for. Check bike shops & trademe. True value is probably somewhere in the middle.