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Agreed Value insurance

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Orcade-Ian:
When I got my renewal for the bikes I remarked on an earlier post that they now have agreed value until 2099.  Might appear a good deal so we don't have to keep filling in forms and taking endless pics every 2 years.  BUT I've never known insurance brokers or companies do anything which benefitted me in the past.  The way classic bike prices have been rising in the recent times (including during lockdown!) means that it could be a ploy to catch the folk who just can't be bothered asking for a higher valuation and you can bet your boots the payout will be the max stated on the policy. 
When my classic Mini estate renewal came through this week, it seems the cars are still needing pics and info every 2 years as before.

When I renewed the policy earlier this year on our MG RV8 which is quite a rare car with only 300 UK spec cars made, I didn't bother with agreed value as the 'market value' is higher than I had asked for last year.  There are no British spec cars with similar mileage to be had anywhere for what my agreed value was last year - averaging about £4k more in fact.

I might be eating my words one day but I think for anything other than a special, then so called agreed value should be the same as market value, so what's the point in jumping through hoops and paying a '£15 fee' every 2 years?

Any unbiased insurance experts out there willing to comment?

Ian

Nurse Julie:
A real, 1 off, rare, special with a very high value is probably best inspected and insured at the agreed value. All the other 'normal bikes' should be at market value for a bike in that condition (whatever the condition is, ie, perfect or a dog) should only be insured for the market value and that is what you should expect to get paid out in the event of a claim. Insurance assessors can be nit picky but they can see from a 100 paces that a bike is worth the value you put on the annual insurance renewal, or not as the case may be.

florence:
It can be hard to know what the value is.  When I insure mine, out of habit I say £1500, which a few years ago was very generous, but now, sometimes I've seen non runners going for that.  I'm never sure what is reasonable.

I do know that when my car was written off recently, the insurance company looked at similar ones for sale and guessed a price.  Sadly, that did not take into account all the money I had spent at the garage getting it really good.

 

Laverda Dave:
So today was the start of my annual insurance telephone challange.
I received my insurance renewal quote from Carole Nash this morning and due at the end of October.  As usual the price has gone up, this year by a staggering 21.6%, or put another way, an increase of £126.70 on my policy :o
Normally I start the merry-go-round of getting alternative quotes resulting in hours on the phone to various alternative insurance companies. When I receive a cheaper quote from someone else I go back to Carole Nash to advise I'll be leaving them. This is when the fun begins; CN will then beat the cheaper quote by a big margin and I stay another year, this was my 29th year with them, that's how good their quotes have been in the past. This annual song and dance goes on every single year without fail.  This year however I called CN after receiving and advised unless they give me a best, new policy holder quote I'll leave anyway. Their new quote was £79 cheaper @£631, still not cheap enough so I’ve shopped around. Bennett’s quoted an eye watering £800 and this didn’t include my VFR, which would be subject to an additional quote :-\. Bikesure wouldn't even provide a quote and Swinton didn’t answer the phone! 
I tried Peter James after reading some great reviews on here, well to say I'm shocked would be an understatement!  Peter James came in at £369, unbelievable! The quote includes unlimited mileage, breakdown and recovery, full Europe cover, helmet and leather cover up to £750, personal injury and only a £50 excess on each bike. They were unbelievably helpful and it only took 12 minutes on the phone from start to finish. Highly recommended for anyone who is about to renew their insurance.
Oh, and when asked by PJ how I heard about them I of course said via the Honda SOHC Forum. Who knows, they may become a site sponsor if enough of us take out insurance with them ;D.

JonnyB:
Crickey!!!! over 600 quid. How old are you 17?

No seriously. My 1200 GT fully comp over 7 years ncd is only 200. and last year I had the k100 and the R1150 it was still only around 280.

I'm with Bennetts Multibike and that includes declaration of  De-ABSing. I was with a preferred insurer with the IAM and was even cheaper but they disowned me when I declared the ABS-Ecomy.

And Swinton wouldn't /  couldn't cover the K100

It all down to covered value and mileage though.

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