SOHC.co.uk Forums > CB500/550

Insurance Value?

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z1100r:
Hmmm..insurance..good point.. I paid

s35will:

--- Quote from: z1100r on May 25, 2011, 11:30:04 AM ---Hmmm..insurance..good point.. I paid
--- End quote ---

z1100r:

 I wouldn't put down

matthewmosse:
with my current insurer when I had a bike good enough to do agreed valuation on they had a detailed form to complete regards condition of each major componenet - right down to the seat base and cover as well as wanting at least 4 shots of the bike in good focus - front rear and each side. on that basis it would be easy to sort outif the vehicle is worth what I thought it was. They also advised collecting adverts for similar machines in terms of condition etc to send off with the veluation- that would be what you'd need in event of a claim and dispute and as the insurance broker points out, means you get any payout faster as there is little wriggle room for low offers from other insurers. They also offer option to buy back salvage and reasonable costs paid for self repair which to me is well worth having as I have pretty well everything needed to rebuild most of my bikes and have a couple I'd always weant to rebuild (my first bike and my 500/4 sidecar outfit) Lynbrooke is who I use.

K2-K6:
The agreement with your own insurer is usually of a current market value so you can get that from doing a market sweep as suggested above that'll give you a good honest base to proceed with getting a policy and reasonable negotiating start in the event of loss.

If you were to have it damaged by another party, you have no agreement with that insurer (unless it happens to be the same company) and I believe that legally they have to place you in an equivillant position prior to the accident. It's during this process that you would benefit most from accurate documentary evidence as to condition, value etc.

Normally if you have good evidence in making a claim it's much harder to be compromised as that won't exist in such detail for the other side.

It would be reasonable to review and retain any updated valuation prior to each year renewal also, so you'll be able to maintain an accurate value as they do seem to be climbing slowly as less of them are around and to take account of any parts replacement that keep it in good order.

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