Agreed Value Insurance?

rmarinel

rmarinel

New member
I recently moved my insurance to a new company and gave them a valuation on my bike, specifically the Sport Classic, I valued it at £5,000 which I think is probably the most any insurance company would pay out on it. It is arguably top price for a standard bike, although mine has had a lot of extra work done, it's also well used so not in the usual showroom condition!

So today I get a letter with a form to make this an agreed value, for which I need to pay an extra £15 otherwise the policy stays on a market value basis.

If I was putting an agreed value on it, I think it would be much higher (although the insurance may not accept that!). I just spent another £1,200 on suspension upgrades and I recon with all the other extras, I have probably spent the best part of £6,000 since I got it. I never intend selling it so have no idea what it would be worth, they do seem to be holding there value very well at the moment though.

Any advise or thoughts?

Thanks

R
 
Agreed value should take any hassle out of the claim when it comes to paying out.
Many classic bike policies are on this basis.
Not that common for policies to offer this on "modern" bikes which is possibly why there is a charge here.
Sport classics are holding their price and the problem you could have is if bike was written off the book price may not reflect the fact they are changing hands above that price.
This is quite common for some types of cars as well.
Personally I would pay the £15 and set the figure high enough (and allow a little for inflation during the year) to cover what you are realistically going to have to pay to get a similar bike in similar spec.
If the Insurer needs a form signed by someone from a club I am sure that could be sorted as well.
 
When I insured my bike this year I asked for an agreed value (almost twice the price they are selling for now) was asked to fill in a form with what had been done price and invoices if poss, photos front rear and both sides there was no problem they accepted the price I was asking to be covered for. What can you get for £15 nowadays?
 
I think I'll give them a call in the morning and see if I can up the value and put the agreed value on as it sounds like a good idea!

Thanks

R
 
So I spoke to them today....nothing is ever simple with insurance companies though! I need to write up all the mods to the bike, back up with receipts if I have them and explain why I think it's worth the value. I then pay £15 for them to review the notes and decide if it's worth it - not sure if I get this back if they won't agree it!

I originally gave them a value of £5K so they won't increase it, although they may at next renewal. My thoughts are that it will be under insured on an agreed value, but then if I went for a standard policy and it was written off I'd end up getting bottom book value for a standard bike! You really can't win!

Why don't insurance companies just tell you what the value is of your bike and set that as the policy value? It'd make life much easier and we all know where we stand!

Can anyone check 'Glasses guide' or whatever the current one is, for the good/forecourt price of an 06/56 Sport 1000? I can't seem to find anything online.

Thanks

R
 
rmarinel said:
So I spoke to them today....nothing is ever simple with insurance companies though! I need to write up all the mods to the bike, back up with receipts if I have them and explain why I think it's worth the value. I then pay £15 for them to review the notes and decide if it's worth it - not sure if I get this back if they won't agree it!

I originally gave them a value of £5K so they won't increase it, although they may at next renewal. My thoughts are that it will be under insured on an agreed value, but then if I went for a standard policy and it was written off I'd end up getting bottom book value for a standard bike! You really can't win!

Why don't insurance companies just tell you what the value is of your bike and set that as the policy value? It'd make life much easier and we all know where we stand!

Can anyone check 'Glasses guide' or whatever the current one is, for the good/forecourt price of an 06/56 Sport 1000? I can't seem to find anything online.

Thanks

R
Click to expand...

whats the mileage on it, I can check cap tomorrow if i have it.
 
Thanks, good site and prices are what I was thinking (for all my bikes) in standard condition! Interesting to see how it fairs with Cap. I think my SC is probably closer to the Bip than the S, but as usual the 06 'mono' model isn't listed - obviously due to its rarity ;)
 
shit! think i got the wrong bike, but here since i got it for you are the prices for , Firstly a Paul Smart
Retail @14k miles £5925
Clean @14k miles £4650
Avrge @14k miles £4350
For A Sport 1000s
Retail @14k miles £4695
Clean @14k miles £3625
Avrge @14k miles £3400.
these are for standard bikes at the mileage shown as average in the book
you would need to adjust upwards abit for your mileage.
That is the October edition. Cap is a Trade Guide, whether you will find one like yours in your condition for the price listed
is hard to say. but it is one of the guides that Insurance companies gop by
 
Thanks, I recon the price of mine will be similar - £4,500-5,000 seems to be about right for standard. I've seen PS's go for well over those prices though!

R
 
rmarinel said:
I've seen PS's go for well over those prices though!
Click to expand...

That was exactly what I was saying in my previous post.
You won't pick up a tidy Paul Smart for less than £5k and that is the problem with using Glass's or CAP for specialised or rare vehicles.
Perfect examples here and here.
If you find that similar bikes to yours are on the market for over £5k you can easily justify telling the Insurer that on checking prices £5k is too low and it should be £x and that is the sum insured/agreed value.
 
gordj65 said:
thought your first one was optimistic, but your second was unbelievable.
Click to expand...

Maybe but I have seen several selling at £8-£10k on ebay. Just did a quick search and 2 sold recently for £8200 and £9999
Thread resurrected on here a few weeks ago someone looking to buy one and bike in question was sold a year ago.
For a while you couldn't give Sport Classics away. Dealers selling thousands off list to get rid of them. Try and find one for sale now though. ;)
Hailwood Evo exactly the same.
Prices at one point not long ago under £8k now selling £11k+ easily. What is the book price on them?
Even bikes like the 996 and 998. Book price will say £2k but try and buy one for that money that is half tidy.
Guide prices might be ok for a CBR or an R1 but they have never been accurate for likes of Ducati.
Sure dealers will quote book price when you trade in but they sure don't use book price when they retail them! :lol2:
 
gordj65 said:
thought your first one was optimistic, but your second was unbelievable.
Click to expand...
You wont pick up a Paul Smart for any less than that anywhere, all of these models seem to be selling for about what they were when new, I've seen them for a lot more- these aren't just ticket prices either rather the prices they actually sell at.
Whether they stay at these prices is anyones guess-they may even go higher.:p


Would a swathe of adverts displaying price ranges have any sway with insurance companies?
Its been my experience of them that they'll pay out as little as they can get away with despite what they agree, so you'll end up paying a higher premium and still not get the cover you want.
 
I've had Agreed Value for a few years on my old bikes, and my insurers have always accepted the valuation of the respective club official (..usually the Chairman). They have no interest in the prices realised by other similar machines.

The club chairmen (..as well as the insurers) have always wanted up-to-date photographs to back up the Condition Report, and the valuation they agree upon is reassessed bi-annually.

This year, I received the insurer's renewal quote before I'd received an updated valuation from the club - only to find out later that the club had substantially increased their valuation. When the insurers were informed of this increase, they accepted it (..reluctantly) but raised their renewal quote by a similar percentage. As might be expected, the premium quoted is directly linked to the bike's agreed value.
 
Can I just, try never go through all your receipts for mods to your bike...or maybe you should to give yourself a shock! :eek:

I was writing up all the mods to my SC for the insurance and have only just realised how much I have spent over the years! It reads like an addiction, year on year....and then the servicing, tyres and repairs:eek: I better not open the folder for my 748!

Giving it some thought though, it's probably been the best fun per £ I have ever spent! :D
 
I've got receipts for all the work on the monster..... I'm really really really glad that someone else forked out for most of it!:D

Well worth it tho isn't it R?;)
 
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