New 1250 GSA - Value is too high!

[ncpierce]

That's what I did when contemplating the change from a 22MY R1250GSA to a 24MY R1250GSA. Small increase in premium for the remaining couple of months so I did the deal! Renewal duw in about 6weeks so will see what they do then!

Well as expected there was an increase at renewal time.

Premium up to £100ish to £1700ish for R1250GSA (declared value just under £20k), and the C400GT scooter. That’s for a 44year old with full no claims, licence for 19years, both bikes garaged but a CR postcode and Class1 business use.

 

[Ex-Call Centre Chimp]

As more and more bikes cost above £20000 this will become a more familiar story.
When I bought the goldwing, my insurer ( LV) wouldn't quote .
Many other insurers where quoting stupid prices and excesses.
I then e mailed the CEO of LV on a Sunday evening asking why they couldn’t quote, and explaining that even then many bikes are difficult to insure. I didn’t really expect a reply.
Monday lunchtime I got a reply stating it had been passed to his right hand man who would contact me.
About an hour later I got the call. He explained about the 20k limit insurers work on and explained this value had been in place for years. I put it to him that more and more bikes cost above that now and perhaps it was time to re assess the value limit. A lot of other stuff was discussed as well. I got the impression that I was being used as a sample to get the views of the average customer .
He promised to get someone to ring me back with a resolution as quick as possible.
This happened shortly after and I got cover at a reasonable cost.
2 years later LV pulled out of the bike insurance market.

So it's your fault!
Prepared to be hanged then burned!

 

[boatman]

£82 for my old 13 plate GSA 1200
If INS companies have to pay out those 20K plus sums on anything approaching a regular basis , it ain’t surprising the premiums are high .
They are after all business,s and need to make a profit AND be broadly competitive in the market or they won’t survive .
The whole new bike thing has become VERY costly - i blame low interest rates an PCP myself !

 

[Flipper_Man]

Getting similar problem.....2.5yr old R1250 GS TE replacing with new one next Wednesday......Hastings (my own insurer) initially wouldnt quote for some reason (2x3point speeders in '23; quiet village location, proper chain/lock/anchor etc). Quote has doubled for new bike vs insurance arranged on old one only 5weeks ago ! The 'value' (debatable considering the number of GSA's that are going out the dealer doors at the moment) is obviously more but its exactly the same bike !

Any chance of people noting which Insurance companies ARE quoting please? I understand everyones circumstances are different, location, age, experience etc. but getting nervous for collecting Wednesday as Hastings will NOT agree premium until I tell them the registration number....when I give them my private plate it confuses their system to quote (identical bike, identical plate etc). So I gave them another plate number and got the 'doubled' figure noted above. Its starting to take the shine off getting a new bike (which was a cracking deal btw). I dont mind paying more but worried they'll decline completely !

For info, Hastings wanted to go from £318 to £722 for remaining 10months or a new policy for 12months for £756. All sorted now but a pain the arse.
Picked bike up today though, very pleased.

 

[Airborne7647]

Ordered a new 1250GSA to replace my 4 yr old 1250GSA; last year paid £192 fully comp with Carole Nash so thought I’d make the call to swap insurance to my new (pending) bike… “sorry, the value is too high, we’ll have to give you a new quote” was the response. Their new quote was £2055!!!

Post codes don’t help, but I shopped around (A LOT) and finally got it for £575. Even so, it’s still almost 3 times my last premium. They’re a law unto themselves are insurance companies.

I had the same thing happen to me when I went from the 850GSA to my new 1250GSA. The premium tripled. I ended up with Bennett’s at £550. It’s insane.

 

[stever1]

I had the same thing happen to me when I went from the 850GSA to my new 1250GSA. The premium tripled. I ended up with Bennett’s at £550. It’s insane.

Hardly the same thing though is it. You’ve changed to a much bigger and expensive bike so there’s bound to be a raise in premium.
It is mad though. I’ve just been quoted £600 with £1550 excess for my goldwing…….madness

 

[littleade]

For info, Hastings wanted to go from £318 to £722 for remaining 10months or a new policy for 12months for £756. All sorted now but a pain the arse.
Picked bike up today though, very pleased.

It's not unusual for this sort of thing to happen, each time I've bought a new GS the premium has roughly doubled. The following year it comes back down to a reasonable level, I'm guessing mainly because if your new bike is stolen or written off the cost of replacement is very high as they provide you with a new bike, rather than pay you the (lower) market value. Once you're bike is usually 12 months old the new replacement option goes out of the window so their risk/financial exposure is less so your premium comes down accordingly. It's obviously also effected by these bikes now being north of 20k too.

 

[Airborne7647]

Hardly the same thing though is it. You’ve changed to a much bigger and expensive bike so there’s bound to be a raise in premium.
It is mad though. I’ve just been quoted £600 with £1550 excess for my goldwing…….madness

I get that but the comment from a number of insurers was ‘the bike is too expensive to insure’ is the same as what I had from a number of insurers when I changed bike so I concur with the original post. I expected a bump up in price but nothing like what I was quoted and my excess is through the roof now.