Insuring a spaning new bike...

EVskij

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Looking to take delivery of a new in March....

Now being brand new how do I declare it's value?

1. Do I declare cash value?
2. Total PCP Value
3. deduct -20% of cash value as an instant depreciation.

What do you guys do? I don't want to declare it for £x only to be told that a month later (should anything happen) it is worth £z.
 
Looking to take delivery of a new in March....

Now being brand new how do I declare it's value?

1. Do I declare cash value?
2. Total PCP Value
3. deduct -20% of cash value as an instant depreciation.

What do you guys do? I don't want to declare it for £x only to be told that a month later (should anything happen) it is worth £z.

Invoice price is the normal figure but you can put down any price you want it wont make any difference the insurance company will know what a replacement will cost and the market value and that what they will work on.
 
Invoice price is the normal figure but you can put down any price you want it wont make any difference the insurance company will know what a replacement will cost and the market value and that what they will work on.

So, does that mean a cash value without PCP interest added to it?
 
Aye - value it at 20% less than you paid............. that would be clever! :blast

Two things:

1 How are you going to replace the bike, if written off, or stolen - if you only have 80% of the cost to replace?

2. Where is this notion of 20% instant depreciation - coming from?

Al
 
Aye - value it at 20% less than you paid............. that would be clever! :blast

Two things:

1 How are you going to replace the bike, if written off, or stolen - if you only have 80% of the cost to replace?

2. Where is this notion of 20% instant depreciation - coming from?

Al

1. with a used bike.
2. it accounts for VAT paid on a new bike, which is instantly lost the moment you ride off the lot.

(I should say that I don't do this, but this is the reasoning people use).
 
1. with a used bike.
2. it accounts for VAT paid on a new bike, which is instantly lost the moment you ride off the lot.

(I should say that I don't do this, but this is the reasoning people use).

You need to think of the VAT as just another constituent cost of a privately-purchased bike (new) - just like say - the engine.

You will not get a 1month old bike for 80% of the original cost.

Al
 
Ok so if I put asking price (invoice) then I am covering my arse 100% more or less


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If it's a new bike some insurance companies will pay 100% of invoice value if stolen and not recovered within the first 6 months. (May apply if written off in accident)


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Insures it what you like , you will still only get trade book price if anything happens (unless your insurance covers new for old on the policy , 6 months usually)
Last two new bikes I bought took out Gap insurance (not off dealer too dear) gold cover , return to cost of new bike at time of claim i.e if £17k when purchased time of claim
£18500 ,insurance will pay £12k for two and a half year old GSA :mad: Gap insurance will pay extra £6500 (approx prices)
Also good if bike on PCP you could land up with 6 month old GSA after the 3 year PCP ends so will be worth a lot more than agreed final payment.:thumby:

Anybody agree or disagree :beerjug:
 
+1 for GAP insurance - and madmechanic is absolutely correct, dealer prices are ridiculous! Try www.ala.co.uk - a specialist GAP insurance broker/agent. Have always found them very helpful and competitively priced. :thumb2
 
Last two vehicles i've bought, I was able to get the dealer to throw in gap insurance as a sweetener.
Worth asking.
 


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