Date: 01-06-20  Time: 23:25 PM

Author Topic: Insurance claim  (Read 786 times)

Vladigood

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Insurance claim
« on: 25 July 2017, 10:35:16 AM »
HI, never had to claim for a bike but what are peoples experiences? Do they pay anywhere near the agreed value, how much are they to buy back?

PaulSmith

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Re: Insurance claim
« Reply #1 on: 25 July 2017, 12:07:41 PM »
Usually it is the lesser of market value and agreed value but there is a gotcha if the difference is big.

If you say your bike was worth 3k and the market says 9k then you are only covered for one third of the risks, so you only get 1/3 of the payout, 1K on a 9k bike! This is a real killer for home insurance as most people grossly under value the replacement costs of what hey own.

A gen1 Fazer is going to have a market value of no more then 2.5K, no matter how much you love it. 

Kenyun

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Re: Insurance claim
« Reply #2 on: 01 August 2017, 06:36:41 PM »
HI, never had to claim for a bike but what are peoples experiences? Do they pay anywhere near the agreed value, how much are they to buy back?
 
If you have taken out 'Agreed Value' insurance [with photographic evidence], then that is what should be paid out, you may have paid extra for it.


solorider

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Re: Insurance claim
« Reply #3 on: 13 August 2017, 10:25:11 PM »
I had an accident 3 years  ago and the payout was higher than expected, I got paid out £1800 for a 51 plate with 75k miles on it, I only paid £1400 for the bike 2 years earlier!! Sometimes you can get a very good offer but not always, it depends on the insurance company.

robby boy

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Re: Insurance claim
« Reply #4 on: 13 August 2017, 11:45:05 PM »
After a recent accident on my Triumph Sprint I made a claim on my insurance (Devitts), I got exactly  what I thought I would for my written off bike.


 I was very impressed with the speed and professionalism of both Devitts and Zenith who underwrite their policies, I phoned and lodged the claim on the Tuesday, the bike was collected the following Friday and taken to 4th dimension in Surrey, I got a phone call on the Monday to say the bike was written off then a phone call on the Tuesday to agree a price and the cheque came in that Friday all in 3 weeks from making the call to getting the cheque.
If you worried about falling off your bike, you'd never get on.