25-07-17, 12:07 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.
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.