Bike valuation - for insurance?

[Hack0r]

Hey Everyone,

My bike was stolen about 4 weeks ago and recovered 4days later by the police. I had it insured for $2800, my insurance company has decided to write it off.

Only problem being their "market value" is lower than what I paid for it and what I could replace it for.

The bike details are below and I attached a photo before it was stolen. First valuation from Wellington Motorcycles was $1500. A second one not sure where its from was for $2500. Atm they have averaged them and are offering to settle for $2000. Any advice would be much appreciated. I've asked them to get another one, which they are doing atm.

They have said I can get my own valuations but I dont know any place that does them.

1990 Yamaha FZR250R 3LN
70,000ish kms

[Asher]

I think $2500 sounds fairly reasonable.
I was looking at those bikes a few months ago and could get one with around 30k for around $4k

[Crasherfromwayback]

Seriously...what do you think a very average in condition, 22 year old 250 with 70,000 km's is actually worth?

[Madness]

Seriously...what do you think a very average in condition, 22 year old 250 with 70,000 km's is actually worth?

$2,500, a pair of Thor MX boots and a free dyno run at AMPS.

[G4L4XY]

Hate to think what my 6yo, 60,000km hyo would be worth :(

[pzkpfw]

Insurance is always a bit of a rip, like that.

They'll let you insure for more than something is "worth" and take premiums based on that. When you claim, if they offer less than what you've "insured for" there's no "refund" for the difference in premiums between the insured amount and paid-out amount.

In reverse, they can screw you for under insuring. My Father in law once claimed for some house contents. Even though the amount claimed was less than he'd insured for, they decided he was 50% under insured and therefore paid half the claim. Of course, they were happy to accept the insured amount all those years the premiums were paid.

Not much of a fight available, that's just the way it works. And anyway, that $ for that bike seems "good enough".

(Which reminds me to drop the insurance on my bike from full cover to 3rd party+theft. The premium is becoming too high a % of the insurable value... may as well shove the difference in a bank account labelled "next bike".)

[LBD]

i do not understand why would somebody consdier a bike insurance..

On that value of bike I would opt for 3rd party cover only....

[Asher]

On that value of bike I would opt for 3rd party cover only....

Dont bother, its a bot

[tigertim20]

I wil throw my 2 cents worth in.
firstly, they are offering you about what your bike is worth, its a 20+ year old, flogged, high km, high revving 250. its not worth much, and just because you paid more for it does NOT mean its worth more.

With that out of the way, what you can do is ask where the bike is being stored, and get your own valuer to go and do an assessment.
When one of my bikes got written off, the insurance company offered me a pittance. i told them to get fucked and went to a local bike shop - one that I would frequent for parts etc, and asked them to do a valuation, which they did for me.
I took that valuation into the insurance company, and negotiations began again.

Go get some independent valuations, and take them into the insurance company, and work from there.

[GrayWolf]

Hey Everyone,

My bike was stolen about 4 weeks ago and recovered 4days later by the police. I had it insured for $2800
The bike details are below and I attached a photo before it was stolen. First valuation from Wellington Motorcycles was $1500. A second one not sure where its from was for $2500. Atm they have averaged them and are offering to settle for $2000.
They have said I can get my own valuations but I dont know any place that does them.

1990 Yamaha FZR250R 3LN
70,000ish kms

Sadly you've run into the sports 250, fetches more because 'you all want them'... but the realistic value is considerably less. So often new riders are warned about this here, and they listen to the, they don't know shit, they are the bomb, always worth xxxxx bucks because they are unbreakable etc etc,,,,,
I would say the 2 grand offer is more realistic... they never pay out the 'market value' only other option I can suggest is ask them to find and buy a replacement same/similar year and milage?? They may up their offer, or might JUST find one for you.

[Asher]

If i was you i would take the $2500 and not a replacement.
Your asking for trouble if you want another little inline 4 thats done 70000km, you may be lucky that you had no trouble with your one but dont think you wont be getting a bomb with another one.
Not only that but a bike that old and with that many km's will be worthless when the lams come in.
Take the money and save some more or use it as a deposit on something newer.