1300gs TE ASA Insurance- No Quotes !

[littleade]

Do you think, valuing at 19.500 would have much difference ? Im paying over 27k for mine. But will value it at 19.500

If you do that and make a claim the insurers will likely refuse to pay out because you deliberately undervalued the bike to get a lower premium and as it's a new bike that would be impossible to refute. On the bright side once 12 months old and worth under 20k his premium will likely drop to something more swollowable.

 

[richardbd]

Do you think, valuing at 19.500 would have much difference ? Im paying over 27k for mine. But will value it at 19.500

£27k+ for a GS???

What has the world come to FFS?

 

[richardbd]

The Park ability is a definite positive for anti theft. My argument about the value for me, Is that the price im paying is for all the luggage. Tank bag, Side bags, Panniers, Top box. Which, Will be taken for the next bike ? Also the Sports exhaust. So the actual value is much less, plus the VAt lost as soon as you ride it out the showroom. A friend of mine, xactly same bike, Got his insured for £17.50 more when he moved it over from his 1250. It really is a lottery.

Good luck running that argument when it gets nicked unless you can produce an invoice for the bike that equates to the price you declare to the insurer.

DAMHIK…

 

[Deleted account 250319001]

If you do that and make a claim the insurers will likely refuse to pay out because you deliberately undervalued the bike to get a lower premium and as it's a new bike that would be impossible to refute. On the bright side once 12 months old and worth under 20k his premium will likely drop to something more swollowable.

Why do they ask you the value of the bike when insuring it ?
Because its the current market value you'll get on any claim ?
Also. Will the fact I've bought it for cash, instead of a PCP deal, make the insurance cheaper? 100% investment ?

 

[littleade]

Why do they ask you the value of the bike when insuring it ?
Because its the current market value you'll get on any claim ?
Also. Will the fact I've bought it for cash, instead of a PCP deal, make the insurance cheaper? 100% investment ?

Because they are trying to work out the risk (to them). You're entering into a legal contract with them so if you don't answer their questions truthfully you risk voiding your policy. I'm sure @Wapping will be able to shed further light on this

 

[Deleted account 250319001]

Because they are trying to work out the risk (to them). You're entering into a legal contract with them so if you don't answer their questions truthfully you risk voiding your policy. I'm sure @Wapping will be able to shed further light on this

You misunderstood.
I understand answering questions accurately. Im asking. Why they would be asking me, the current value of the motorcycle when.
A) Im a retired astronuaught. Not an insurance expert.
B) They are the insurance experts.
C) They'll tell me the value if i make a claim.

 

[wessie]

Why do they ask you the value of the bike when insuring it ?
Because its the current market value you'll get on any claim ?
Also. Will the fact I've bought it for cash, instead of a PCP deal, make the insurance cheaper? 100% investment ?

for the first year of a NEW vehicle, most insurance policies work on a replacement with a brand new in the event of a total loss. The insurer will ask to see your purchase invoice if you make a claim.

When you get a quote, you are entering into a contract. If you misrepresent your side of that contract then the other party, the insurer, might feel they do not have to honour the agreement.

If you go ahead with what is effectively fraud then you are giving the insurer at least two excuses to fúck you off in the event of a claim. You risk having a "declined insurance" mark against your name and potentially a criminal conviction.

 

[Deleted account 250319001]

for the first year of a NEW vehicle, most insurance policies work on a replacement with a brand new in the event of a total loss. The insurer will ask to see your purchase invoice if you make a claim.

When you get a quote, you are entering into a contract. If you misrepresent your side of that contract then the other party, the insurer, might feel they do not have to honour the agreement.

If you go ahead with what is effectively fraud then you are giving the insurer at least two excuses to fúck you off in the event of a claim. You risk having a "declined insurance" mark against your name and potentially a criminal conviction.

Poxy insurance companies.
I remember being 18 and thinking, as i get older my insurance premiums will come down. . . . .
Doh !

 

[pbbanks]

yes garaged alarmed garage big chain value £20965

Drop the value to below £20k if you are trying to get online quotes. £1k below what you actually paid for it won't matter and you should get more quotes back.
The ASA does put the bike into P (park) when you switch off. You have to hold the D\M or hold the gear lever down to get it into neutral.

 

[R_otor]

Poxy insurance companies.
I remember being 18 and thinking, as i get older my insurance premiums will come down. . . . .
Doh !

I moved places 2 weeks back, literally 200 yards. Very outskirts of London suburbia. I now garage my car. Car gets older, value goes down. Better storage. Insurance has gone up Go figure....

 

[Deleted account 251212001]

Drop the value to below £20k if you are trying to get online quotes. £1k below what you actually paid for it won't matter and you should get more quotes back.
The ASA does put the bike into P (park) when you switch off. You have to hold the D\M or hold the gear lever down to get it into neutral.

I would be careful with this, I had a car stolen a few years ago, they sent a retired police detective out from the insurance company to take about 20 pages worth of information, copies of invoices/license/service receipts etc. No stone unturned. I would be squeaky clean when it comes to motor insurance. As said, they could claim you undervalued the vehicle to get a lower premium (or premium full stop) in the event of a claim, and a more expensive vehicle is potentially a more desirable vehicle - risk. They might argue the vehicle doesn't meet their requirements for cover once they've seen the purchase invoice in the event of a claim.

 

[pbbanks]

They might argue the vehicle doesn't meet their requirements for cover once they've seen the purchase invoice in the event of a claim.

I know what you mean but in some ways they back you into a corner by not even giving quotes on a bike above £20k.
Whether they could argue you under valued it by not putting the purchase price would depend if the quote asks for "market value" or "purchase price" . If it asks for market value surely that's the price you would expect to get in the event of a total loss. The insurance company wouldn't even pay market value if it was £1k below new price as in this case.
Unless the policy has new for old on it??.
It's a tricky one.

 

[JohnnyBoxer]

Do you think, valuing at 19.500 would have much difference ? Im paying over 27k for mine. But will value it at 19.500

Underinsurance is a stupid idea and one that is potentially fraudulent by making a statement of dishonesty
I used to work in the insurance industry, by way of association
Their solicitors and fraud investigators (as SiRich says) will leave no stone unturned and once they find grounds for fraud, will have no hesitation in handing over their findings to the Police, so they can pursue a conviction if deemed, one has been committed

 

[Deleted account 250319001]

Underinsurance is a stupid idea and one that is potentially fraudulent by making a statement of dishonesty

Thank you for your input, however, this was pointed out several posts prior.
Unless of course you just feel the need to repeat. ?

 

[JohnnyBoxer]

Thank you for your input, however, this was pointed out several posts prior.
Unless of course you just feel the need to repeat. ?

Didn’t read it all
Just think you are being naive if you think the mere suggestion is clever and wise
A stupid notion

 

[Deleted account 250319001]

Didn’t read it all
Just think you are being naive if you think the mere suggestion is clever and wise
A stupid notion

Thank you for you input.
Please do in future read the full post before being a silly sausage.
Im Naive, stupid and make unwise & unclever notions ?

 

[Golf Sierra]

Unfortunately insurance companies make the rules whether we like those rules or not. They will always have the upper hand.

If I recall correctly, BMW Motorrad (Devitt? at the time) wouldn’t even provide me with a quotation for a new BMW bike as they don’t (didn’t) provide cover in NI. Go figure.

Good luck and hopefully you get your insurance sorted. It has now become an annual pain fest at every renewal.

 

[JohnnyBoxer]

Thank you for you input.
Please do in future read the full post before being a silly sausage.
Im Naive, stupid and make unwise & unclever notions ?

Yep, if you fail to declare to an insurance company
But as you’re cleverer ……carry on
Doesn’t matter to me

 

[Deleted account 250319001]

Yep, if you fail to declare to an insurance company
But as you’re cleverer ……carry on
Doesn’t matter to me

Why are you telling me how clever i am, if it doesn't matter to you ?
Im meeting wapping for a beer, come along Johnny boy, you can explain.

 

[er-minio]

When you get a quote, you are entering into a contract. If you misrepresent your side of that contract then the other party, the insurer, might feel they do not have to honour the agreement.

I asked the same question Onahi did.
The aim is not to undercut/lie to the insure, but to understand why they ask me a figure that can potentially be wrong and would be routinely ignored in case of a claim as they state that they would - rightly so - reimburse you at market value, not what you declare at quote.

It seems like just adding an extra potential litigation point from their side, to be honest.

And, again, with no intention of misdeclaring to the insurance company.


To make an example, I had to declare insured value of all my bikes each time I renew the insurance contract. As widely discussed in my thread these days, I do insure my GS for 3.5k, that I think is a fair value, given the mileage and state of the bike and seeing some sale ads. But I have no idea how accurate it is. I didn't do accurate research.
I could potentially be in breach of contract?

On the other hand, when I insured my car last year, rang the insurer (Admiral) and during the quotation, after giving plate number they told me:
"we value this vehicle at £XXX".
The price was fairly close to what I paid the vehicle, actually spot on with the market price. I agreed and went ahead.
The onus is on them, not on me. As it should.