SOHC.co.uk Forums > CB350/400

Bike valuation for insurance purposes

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Ken4004:
Hi everyone

Looking at getting my bike back on the road but have just been considering the valuation of my bike for insurance purposes.
This is very subjective and can vary a great deal as your bike is only worth what someone is prepared to pay for it, is there a way of getting an accurate valuation  ?

You may know an insurance company that is used to dealing with older bikes to get a fair valuation.

McCabe-Thiele (Ted):
The one thing you need to avoid is to under insure the bike in terms of value.

My understanding is that lets say you insure a bike for £3000 and it's value is actually closer to £6000. If the  bike is stolen your insurance might only pay out £1500 as you are 50% underinsured.

There is so much hidden  in the terms & conditions I find it impossible to fully understand a policy.

Bryanj:
Look for similar bikes on ebay and at specialist dealers plus motorcycle papers

Mikep328:
My two experiences with UK insurance companies is that they are going to find a way NOT to pay...;(

In this case, I suspect THEY will end up deciding what your motorcycle is worth if it is totaled and we all know that won't be much.  If you went with a company that specializes in insuring antique/vintage machines that might be different - I have no experience with that.

I get the insurance for the best rate I can that meets the legal requirements for road use.   

TrickyMicky:
AHA!!! Insurance, life's eternal minefield. For over 30 years I have always put my vehicle insurance through the same broker who has served me well, as I'm afraid I do not have the patience to sit and trawl through countless terms and conditions of numerous companies. My broker does all this for a set fee of £20 per renewal, it's all done over the phone, so I talk to a real person, and receive my paper documents by post. Ancient system, but I love it!!  My 400 is insured fully comp. valued at £4000, and my renewal fee this year was £52 plus the broker's £20 fee.  Now for the sting in the tail, I also own a 1987 GB250 Clubman which was nearly double the price for insurance. Last year I put it on a SORN for a couple of months whilst I carried out some work on it, and asked the broker to put my renewal on hold, which was agreed.  When I came to resurrect the policy the broker informed me that the insurance company would not renew as I was over 75 years old!!  I asked what would have happened if it had carried on without a break, and was informed that it would have been ok, but because of the 2 month postponement it was classed as new business, and the insurance company, like many others, will not accept new business from anyone over 75. Gobsmacked is the polite response. In keeping with my broker's good name, they phoned me a couple of hours later and gave me a phone number of an insurance company that they do not deal with, Classic Line Insurance.  I contacted them, my age was no problem, and if I provided them with about 4 recent photos of the bike then I could have agreed value insurance. This was done, and my full comp cover was £77, this year it was £72. One happy bunny.    Now trust me, this was all a piece of cake after crossing swords with a very well known pet insurance company.  Stay upright good people. Mike.

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