Value of bikes

[grego]

Just fishing for some input here, my bike is now exactly 1 year old , has got 5000km and hasn't got a scratch on it.
Now I realize it is worth less than when I bought it but how much ?
My friendly insurer takes every year $ 1000 of the value of the bike so starting at $ 11 000 it is now worth $ 10 000.

Does that sound about right ?

Intrestingly enough when I rang them to get the above info they offered to put the Market Value back up to $11000 as long as I was willing to pay the same premium as last year, as they had reduced it by $ 15 to allow for the lesser value of the bike.

go figure ..................

[MSTRS:Me]

If it's the money you are after, you'd best be writing it off then. Never get 10k on the market.

[Sensei]

Be worth about 7K now sad but True !

[kiwifruit]

sad, but true, id cover it for 8k

[James Deuce]

You lost 20% of the value of the bike when you added 1km to the speedo.

You lost another 20% of the original purchase price of the bike over the first year, so $7-$8k is about right. It will stay around that mark until you hit about 30,000km or 5 years.

If the insurer is willing to insure it for that then you are on to a winner, provided you don't mind paying for the premium.

[Lord Derosso]

My understanding is that if something does happen, most insurers go by the current market value regardless of what the bikes been insured for should it be written off. I may be wrong here but I took $1000 off my bikes value after one year because I thought that was realistic and shes now worth about $5500,for insurance, though that would still be a good buy with 3000 miles on the clock.

[James Deuce]

Depends on whether you have an agreed value policy or not.