Insurance and modifications

[R6_kid:Me]

I purchased my current bike in September last year and insured it at the price that I paid for it (market value). I knew from the start that it has been modified in a number of ways and if I was to get prices for all the after market parts on the bike the total would probably be around what I paid for the bike.

On my Insurance policy I didn't list any of the modifications, and I haven't done any extra since, but I'm wondering if I should notify my insurance company of the modifications.

Is it likely that any claim I make (theft or crash) will be turned down if I haven't notified them?

Is the insurance company worried about increased value/increased likeliness of theft/more power = more chance of crashing? Or is there a good chance my policy and premium will still remain the same?

[Oscar]

I purchased my current bike in September last year and insured it at the price that I paid for it (market value). I knew from the start that it has been modified in a number of ways and if I was to get prices for all the after market parts on the bike the total would probably be around what I paid for the bike.

On my Insurance policy I didn't list any of the modifications, and I haven't done any extra since, but I'm wondering if I should notify my insurance company of the modifications.

Is it likely that any claim I make (theft or crash) will be turned down if I haven't notified them?

Is the insurance company worried about increased value/increased likeliness of theft/more power = more chance of crashing? Or is there a good chance my policy and premium will still remain the same?

Theoretically, you must advise them about any change in the risk - modifications to the bike, tickets you got etc.

However they may only legally decline a claim if the nature of the modifications change any aspect of the risk (i.e. make it go faster, easier/more likely to be stolen).

Short answer - tell them about any and all modifications now (it's waaay easier than arguing about it with a claims assessor).

[DMNTD:Me]

Short answer - tell them about any and all modifications now (it's waaay easier than arguing about it with a claims assessor).

+1...detail right down to after market bar ends etc.

[kiwifruit]

Tell them now, before you bin it

[WRT]

Definitely disclose any mods to them - you are legally obliged to inform them of anything that could affect their decision on whether to offer cover or not.

If you don't disclose the mods and they aren't anything too major then it wouldn't stop a claim from being accepted but it will cause dispute over the amount paid out (the insurance co would be within their rights to have charged a higher premuim or excess if they had known about the mods, and take the difference out of your claim payout).

If the mods are major (ie; you've fitted a turbo), then it can be treated as non-disclosure, and the claim could be refused. This would need to be on the grounds that had the insurance company known about the modifications, they would never have insured the bike in the first place.

I don't think any insurance company will charge more premium for common mods on a bike such as exhaust, power commander, suspension changes, etc - it's really only major changes that would seriously affect the level of risk. Fitting a turbo or NOS would count as major, as they would indicate an increase in the level of risk (more chance of crashing), and you'd definitely need to clear that with the insurer to make sure they accepted the risk. They might charge a higher theft excess if the mods would increase the risk of the bike being stolen however (say if you'd covered the bike in bling).

Just call your insurer and chat to them though, they'll be able to inform you of what they need to know about.

[spajohn]

I'm not an insurance expert but from my insurers the mod's in particular they want to know about it are after market / non-manufacturer ones. Affecting performance would be grounds to not pay out, although I did have an insurance company increase my premium on my 4x4 as they considered higher risk for theft, rather than accident concerns. I changed insurance company to one that didn't however so shop around.

Oh, and none of these mod's are considered added value...they only seem to pay out on the market value of the bike without any improvements.

[Squiggles]

my insurance co only seems to care if the mods are worth more than $1500

[R6_kid:Me]

my insurance co only seems to care if the mods are worth more than $1500

That's half the problem with the after market parts on my bike. A lot of them aren't made anymore due to the fact that the model only ran from 1995-2000, and wasn't sold very widely around the world, only Europe, Japan, Aus/NZ. You can't replace them anymore unless you find the parts on ebay being sold second hand and even then the market value fluctuates so it's hard to put a reliable value on the parts at any given time.

[DMNTD:Me]

That's half the problem with the after market parts on my bike. A lot of them aren't made anymore due to the fact that the model only ran from 1995-2000, and wasn't sold very widely around the world, only Europe, Japan, Aus/NZ. You can't replace them anymore unless you find the parts on ebay being sold second hand and even then the market value fluctuates.

This may be so however if it has an aftermarket pipe on it that needs to be replaced, then a suitable replacement would need to be sort.
List EVERYTHING.

[mynameis]

Tell them now, before you bin it

While you're at it don't forget to tell them about ALL the tickets and accidents you've had over the past 5 years (at fault or not).

Chances are your preimum won't change depending on how much of a mongrel you have been.

Good luck aauuu...

[breakaway]

Holy fuck, so to get insurance at a reasonable rate you have to be a saint? God damn.

[kiwifruit]

Holy fuck, so to get insurance at a reasonable rate you have to be a saint? God damn.

No, not at all.

[R6_kid:Me]

While you're at it don't forget to tell them about ALL the tickets and accidents you've had over the past 5 years (at fault or not).

Chances are your preimum won't change depending on how much of a mongrel you have been.

Good luck aauuu...

They already know about that, but I had a GSXR1000K3 insured with them for a year, and I managed to keep it in one piece and not get any tickets so they reduced my premium back down to a "normal" level.

This may be so however if it has an aftermarket pipe on it that needs to be replaced, then a suitable replacement would need to be sort.
List EVERYTHING.

Cheers mate, will do. You've dealt with insurance companies enough to know

Holy fuck, so to get insurance at a reasonable rate you have to be a saint? God damn.

Not necessarily, it depends on what your traffic record is and the seriousness of those offences. It also helps to have a good insurance history to begin with. How often you get caught speeding and the number of times you've crashed/claimed aren't entirely related, and having a history the proves you can handle a bike usually helps to keep your premium reasonable.