What's the value of my bike?

Give the latest MCE news, I'm once again shopping around for insurance.
I don't remember if I asked this before but:

I have 3 bikes, normally on a multi-policy.
One of the main issues I ever had is the HP2 Sport. Insurers see an old (2009) motorbike worth a fairly large value and the problems start.

Now, the thing is, I don't really know what the value of the bike is. I always see them on sale at about 12k, so I insure mine a bit below that (11/10 + I have a ginormous excess).
The bike is used mostly as a track-bike. It has done some miles and it has a few marks here and there (even though most of the original fairings are in storage) so, fair to assume it is not worth like a showroom one. Also, insuring it at the slightly lower price helped with being able to actually have an insurance contract in the past.

One thing I am worried is if the insurance thinks I'm misrepresenting the bike (declaring too low of a value – even though I really don't think it is the case). At the same time, though, if you read the fine print most underwriters say that they will only reimburse you the actual market value of the bike, not what declared. So why the fuck do you ask me the value of the bike? Why don't you assign its value if you have access to that data?


Bottom line is: for me insurance is 90% for third party. In case of theft I want to recover money to buy another bike, but I'm under no illusion that I will get the full (potential) price of my bike. I also used it for years, enjoyed it, there's depreciation, yadda yadda...
What I'm getting at: I don't want to end up in the situation where an insurance contract is void because I declared too low of a value, or the opposite. Makes sense?

Have you asked them about a fixed value insurance for that bike. I had it when I had my g/s restored 12 years ago. The insurance company asked me to provide proof of value and 4 pictures of the bike, 1 from each side/end.

For proof I gathered some sold prices from adverts. I would also suggest that a letter from your local independent may also help.

If you have an older bike in your collection, you might consider talking to RH Insurance who, so far, have been incredibly good for me on quotes etc.

Edit, Agreed value, not fixed.

Have you asked them about a fixed value insurance for that bike.

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What is that?

Sorry, it's Agreed Value, not fixed. My mistake

No worries at all. Thanks!
Will ask. I'm waiting for BeMoto to call me back for the quote.

I'm actually ok for whatever value it actually is. I want them to tell though.

er-minio said:

No worries at all. Thanks!
Will ask. I'm waiting for BeMoto to call me back for the quote.

I'm actually ok for whatever value it actually is. I want them to tell though.

Click to expand...

Find some adverts for what it would cost to replace yours with one in the same condition. Take an average.

Bikesure (Adrian Flux) & doubtless many other specialists will accommodate agreed value, but it's not always that simple to build the case.

Certainly with classics, it's best to have an expert/club valuation certificate, plenty of pics from all angles, examples of recent sales transactions &, of course, agreed mileage & extra premium to keep everyone happy.

Agreed value usually only applies when a vehicle is:

a. Much better than a typical vehicle of that age. For example a fully restored 400-4 probably has an agreed value of more than one that has sat in a shed for 30 or more years.

b. When there is no ready liquid market for the vehicle, due to its rarity very high value. For example, my Frazer Nash (1932) has an 'agreed value', simply as you cannot go out and buy another.

The op's question is not about that. He has an HP2 Sport. It's not a mass market bike but not so rare that it can't be valued. His, by his own admission, is not in show room condition, so it's not worth top dollar. My advice would be to call 'We buy any bike', describe the bike exactly to them and get a buy it now price. Then add whatever percentage on top of that you fancy, to establish a fair 'replacement' value.

Alternatively, or better still in addition, look at some adverts and knock a bit off for haggle factor and then knock off a bit more as yours won't be in tip-top condition. In the event of a big smash, the insurer will probably move to write the thing off anyway, as the waiting time for parts (though you have the fairing) is maybe not straight off the shelf fast. The insurer will want to cut a cash deal, I think. Get a good deal and, if you fancy it, buy back the salvage.... if there is anything worth buying, that is.

tuftywhite said:

Sorry, it's Agreed Value, not fixed. My mistake

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Most companies don’t do agree value. I insure my HP2E with Footman James for that reason, agreed value and agreed pay out.

It is very difficult to set the value of these less common bikes, but I set the value at what I think it would cost me to replace it should I need to.


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