Bike Insurance Illusion

**Oscar** · 23rd June 2010, 11:49

Originally Posted by breakaway

Good stuff Oscar.

People who have insurance need to know that if your shit gets fucked up, often, it's not a case of just making a call and a new bike's in your driveway. Often, they will bitch about value and all sorts of shit and string it out for months.

A lot of them have a rosy picture of how it works. Just pay the money and forget about it until your shit gets messed up. More often than not, your shit doesn't get messed up.

The Insurance company business model is based on the fact that you keep paying premium and don't have any prangs. And boy, does it work well.

If you make a claim, always keep records.

If you are speaking to a claims person or Loss Adjuster in person or on the phone, get their e-mail address. When you've finished, send them an e-mail and ask them to confirm your understanding of the conversation. Actually this is summat you should do in any negotiation.

Before you speak to someone, check the policy wording. Off the cuff remarks guarantee confusion.

If you're getting the run around, politely but firmly ask for the Managers/Supervisors e-mail address and copy them in. The squeaky wheel gets their claim paid.

**Shaun** · 23rd June 2010, 11:59

Originally Posted by Maha

An insurance question was cleared up for me last night.
I have my bike insured for $13K and paying the calculated premium for that amount.

Now, I thought (and I was wrong) that if at any stage, the Honda was written off, my insurance company would pay out $13K.
Not so.
They pay out the ' Market Value' correct?
So, if say, I was to write my bike in five years, the insurance company would pay the market Value at the time?
Not the $13K I insured it for in 08'?

Would it be advisable to re-calculate the Market Value on the bike every year or so and pay the reduced premium that would surely follow?

I would contact Dave at Kiwibike Insurance direct mate, Dave is very honest

0800-629253