Bike Insurance Illusion

[Mom]

Yes indeedy there are traps for young players all over the show. Interestingly enough though, the premiums do not reduce in any way close to the amount that insurance companies will drop the market value at claim time

[Laava]

You want a job Mom? You can be the assessor! Assessing if the claims manager and all require coffee and cake etc!

[Maha]

or you could ask about agreed value coverage

So thats like say....insure for $10K and thats what you get, even if the bikes Market Value is under that?
Guess the premiums would be at a slightly higher rate?

[slofox]

In my experience, Insurance Companies are more than happy to have you pay premium on a value that they never intend to honour. And, they can be very reluctant to let you know just they would be prepared to pay out when you ask them. Believe me. I've been down that road before.

The only option is some kind of "replacement value" policy - if anyone does one for bikes. You can get such for houses and contents but I have my doubts about vehicles in general and bikes in parsnickular...and they still try to squeal their way out of it anyway.

[Maha]

Well, I have not long paid my annual premium so may look into it next time round.
On the other hand, I may have a different by then.

[Warr]

Kiwibike Ins. (Swan I think)
My experience was 20 year old bike insured for $3k, written off & paid out 3K less excess.

I queried them as to, what if my Insured Value was queried / deemed excessive.
Local bike shop said, no issue, & Swan said if I wasn't happy with the payout I could withdraw my claim, giving me the damaged bike back still with rego etc.

[hellokitty]

I am insured with Vero, they are not interested in what the bike is, what CC or anything - they just want to know what dollar value I am insuring it for.......
Unusual I thought, in fact they didn't even ask about what license I have!

[Mom]

You want a job Mom? You can be the assessor! Assessing if the claims manager and all require coffee and cake etc!

I wonder who will assess which one of the the staff will assess if my arse needs kissing by the claims manager and his cronies before they order cake in for themselves

[Rogue Rider]

without preempting my own agendas......

My bike was insured for $5k. at renewal (about 6 months ago) the insurance company suggested it was underinsured and a new policy was taken out for $6k..... then I crashed it and all of a sudden ... its lucky to be worth $3k? Ahem.. something doesnt add up!

I had an issue like that once with State insurance. After that I have always insured with companies who pay the agreed insurance amount. In saying that, I re calculate my insurance regularly to make sure I don't pay as much as little as possible without scrimping.
I am with AMI, they are a bit dearer, but the pay out straight away with no probs for what is insured for.
Classic cover is a good firm as well, they will insure at a reasonable rate too.

[breakaway]

I am insured with Vero, they are not interested in what the bike is, what CC or anything - they just want to know what dollar value I am insuring it for.......
Unusual I thought, in fact they didn't even ask about what license I have!

I wish you the very best of luck if you ever have to claim.

[Laava]

I wish you the very best of luck if you ever have to claim.

Agree, you need to be proactive here to save yourself some grief.
I am still with Classic Cover, after they paid out on our quite new bike. We got a hole punched thru the sump by road debris and they wrote it off. You get full replacement with brand new bike for the first year, so we found out. Very happy!

[hellokitty]

I wish you the very best of luck if you ever have to claim.

I got this insurance through Coleman's Suzuki when I bought a bike there last year - the excess is $300 compared to $1500 with IAG

[hellokitty]

I wish you the very best of luck if you ever have to claim.

I got this insurance through Coleman's Suzuki when I bought a bike there last year - the excess is $300 compared to $1500 with IAG

[Scotty595]

So Then... What happens when the bike goes up in value?

[DMNTD:Me]

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?

100% advisable to recalculate your bikes' value every year(I can do it officially for you) so one can avoid potential BS when it comes to claim time.
No one can expect to get paid out what their bike was worth 5 years (an example) ago if they bin 'today.

My bike was insured for $5k. at renewal (about 6 months ago) the insurance company suggested it was under insured and a new policy was taken out for $6k..... then I crashed it and all of a sudden ... its lucky to be worth $3k? Ahem.. something doesn't add up!

Due to the fact that it was re insured a mere 6 months ago and the fact that the insurance company mentioned that it was under insured at $3,000, you re insured at the higher amount would suggest that you're correct...something isn't adding up