Insurance Shocker!

[Thedktor]

I gingerly tore open my renewal notice from Bennetts ready to be outraged at the premium, only to find it had gone down 20-quid!

Under £200 for a couple of old DRZ's and an even older DR.

However, one thing we all need to be aware of is the stated value. All mine are valued at over what I paid as they were bought cheaply requiring work, but to replace them is another matter when you look at selling prices currently.

For example, my oldest DRZ is not factory fresh and worth £1500 in my mind, but I valued it at £2k. However, realistically, to replace it now you are looking at £2500 for a tatty old wreck!

And take into account compulsory excess is usually around £400 and you could be seriously out of pocket if one gets nicked.

[Snaf MKII]

You can update the value, I've increased it on my XR collection as prices have increased over the years.
I guess they will never pay more than you say it is worth, I've just insured the XR500 for £78 fully comp, limited mileage valued at £3500.

[bowber]

Better than mine then, it went up a good amount and I'd sold 2 bikes so not only was it more but it was for 1 bike only. I did the usual and found it for a 1/3 of the price from Bennetts. Added recovery and the other bits and it was still under 1/2.
Last year my business van insurance went down.

Steve

[garyboy]

Bennetts nearly doubled my premium ... last year it was £258, for monthly payments .. this year they wanted £444 ... it was a good package, as it included breakdown including europe, and europe travel insurance etc etc .... they wanted £37 per month. .. (ultimate package)

I phoned them up, as i had a lower quote from them on the internet, but the girl would not budge on the £444 ... no options like tpft etc were offered ... i think she was new?

So i got it on tinternet ... confused dot com .. £136 for a year fully comp, (one off payment .. no monthly bill, no interest charged etc for monthly payments or arrangement fees) .. but no breakdown cover or extras .. but i have hardly used the bike, anyway, with this lockdown .... i suspect a lot of riders have downgraded this year?

hope i dont break down tho

[Richard Simpson Mark II]

You can go for 'classic insurance' or 'agreed value' where the value of the individual bike is agreed...but you obviously have to pay for a valuation.

Ot, in the event of a total loss, you can reject the cash offer, and demand that the insurer provide you with the equivalent replacement of the bike you lost.

[bill_qaz]

I stand to be corrected but unless you have an agreed valuation as on classic bike insurances you will only ever be paid out at market value.

[Snaf MKII]

I stand to be corrected but unless you have an agreed valuation as on classic bike insurances you will only ever be paid out at market value.

You may well be correct but if you've disclosed a value when taking insurance out I guess that will be the maximum they will pay out, although I had a van written off and they paid the disclosed value when I took the insurance out several years earlier which was way over market value.

I've always found the disclosed value a bit strange as it never seems to effect the premium.

[Thedktor]

Yes that was really my point, that we assume the maximum they will pay out is the value you stated, so best make sure that it *is* market value and not what you paid 10 years ago

Usually referring to a second-hand bike of course.

[Thedktor]

Insurance time again and my renewal came in at £175 for a DR and DRZ. This seemed ok but I decided to check online and see what prices came up.

Interesting! Doing separate quotes for each bike the DR popped up at £65 using my full no-claims. You can only use the no-claims on one policy so a second quote using zero no-claims for the DRZ was £80, just £10 more than with full no-claims, surprisingly.

A modest but worthwhile saving of £30 going to the two separate policies, but more importantly the compulsory excess dropped from £400 to just £50! This was the clincher for me as taking a worst case scenario of both bikes being stolen that is a significant chunk of cash to loose on top.

Anyway, as always shop around at renewal time, and multi-bike policies are not necessarily cheaper. In fact, are they ever??

P.S I am over 50

[redbikejohn]

When my bike was written off last year by a car the insurance would only give me the value of bike taking into account the mileage etc not so called market value of a replacement bike. So cheapest bike on ebay was about 3k but due to me having 116k on bike I got £1800. Still have an ongoing case for uninsured lose/injury etc but so far I'm massively out of pocket despite being blameless.