Insurance Valuation, am I being Done ?

[gel]

I could do with some feedback, I have just had the insurance valuation on my 2002 FZS 1000 that had covered 77K,  £1650, what do you think? It was in excellent condition with R6 Shock Mod, Ivans Jet Kit and serviced every 4K since new. Do you think that is a fair price? BLD are the people that have valued the bike for the insurers, has anyone else had any dealings with them?

[dBfazer600]

Hi gel
 
This is where I go if I need to do a quick check and taking into consideration the milage its not bad in my opinion.
 
http://www.wisebuyers.co.uk/index.jsp?guide=prices&page=used_bikes&no=2&make=Yamaha&bikeid=449&yearplate=2002%2F52&x=49&y=7
 
Daz

[AyJay]

I was just pottering around eBay - Fazers are really holding their value at the moment. There a few really high mileage bikes going for 2k plus.


I would never ever accept their first offer as a matter of principal. Their job is to save their company money and they will always go in low with the first offer.


I'd say you want 2.3k minimum and let them haggle you down to 2k. 1900 minimum, especially given its history.

[Lazarus]

I could do with some feedback, I have just had the insurance valuation on my 2002 FZS 1000 that had covered 77K,  £1650, what do you think? It was in excellent condition with R6 Shock Mod, Ivans Jet Kit and serviced every 4K since new. Do you think that is a fair price? BLD are the people that have valued the bike for the insurers, has anyone else had any dealings with them?

"standard" rule of thumb is to reject the first 2 offers the insurance company makes.


argue the case that your bike is worth more because of x,y and Z

[Hedgetrimmer]

Find ads for similar mileage and condition bikes going at higher prices, and see if you can get a dealer valuation that's higher too (better still, a quote of what they would sell it for) - present it as "this is what I'd have to pay to actually replace this bike". I had a bike stolen, got a valuation from the insurers way under what I thought it was worth, and went down this route. They immediately coughed up the extra. Circumstances might be a bit different, and admittedly my bike had a fair bit less mileage on it, but it might still work.

[dBfazer600]

Premiums will change also for the cost of insurance in most cases if you want to value it higher and they are only looking at the standard replacement of trade prices any how. So forget about the mods as they will expect you to replace all of these as has already been undertaken. They will want to see what risk you are prepared to take on in the event of a claim. at the end of  the day insurance companies with shaft you by one of their get out clauses.
 
Daz

[nickodemon]

Knock back the first offer is rule of thumb... You may get a couple of hundred more

[red98]

yep.....sounds a bit low to me....think 2k would be fair so i would start haggling at 2.5k 

[ghostbiker]

Deff on the low side, you couldn't replace it for that + excess

[sadlonelygit]

did you declare all the mods when you bought the insurance?
a jet kit/shock add nothing to the value of the bike, service history does though.
what you need is evidence that to replace the bike with similar will cost you £X's.
to be honest, with that mileage i'm surprised they offered you that much, or does the excess have to come off as well.
just had a look on the bay and there's a 70K cat c going for 1600 and a 88K for 2300, so perhaps your insurers should reconsider