Need help with insurance

[phiretrojan]

Dnt worry, or delete this message, its all been sorted,! my partner brought it $2700 2007 new unsed first owner

[Pumba]

So you insured a $1500 scooter for $3000, sounds harsh but so what. From your description your insurance policy is a market value policy and the insurance company valued the scooter at $1100.

I dont know mate, I think the insurance company have got this one right 2,600km = $520 depreciation, less excess = $800

[imdying]

Why did you insure a $1500 scooter for $3000? If I were them, I would cancel your policy due to you taking out a fraudulent policy, and pay you nothing.

[phiretrojan]

Problem Solved !

[Jantar]

What you paid for it new is almost irrelevent. A 2nd hand 50 cc chinese scooter would be worth no more than $1200. So you may be able to talk the payment up by $100, but that would be it.

The resale value of any bike is something to consider when you buy, because that is the most that insurance will pay out if its damaged or stolen.

[canarlee]

yes but its not allways about repairing/writing off the bike is it!


what about (i hope this never happens) if the rider comes off through a fault of their own and damages another vehicle? thats why the high premium for the scooter. think about these things will ya. its not what the damage to the scooter is, its how much damage the scooter could cause to other vehicles/people.

[phiretrojan]

thanks for your reply, its all sorted =),

[Pumba]

yes but its not allways about repairing/writing off the bike is it!


what about (i hope this never happens) if the rider comes off through a fault of their own and damages another vehicle? thats why the high premium for the scooter. think about these things will ya. its not what the damage to the scooter is, its how much damage the scooter could cause to other vehicles/people.

Dont qoute me but im pretty sure my insurance will pay out to a couple of million on a third party claim, not just to the value of my bike.