Fixed Value insurance question

[Saint aka ML]

Ok so in case of my bike it is worth much more then book value due to mods and work that went in to it.

If I have a theft at the moment insurance company will only pay book value for it with no extras and stuff. Even minus extras just paint-job and new engine it is worth more then book value. In case of accident, with fully comp that I have, they will only replace to stock parts where I see a huge possible problem. If I need a new front calliper I do not have stock so will they replace two callipers to stock or brake reservoir or braided hoses and list goes on and on.

Only way I can think to go around it is fixed value insurance, how does that work? How does one go about doing that? I am not looking at full value but a bit more over book value, about 3k - 3.5k rather then 1.2 - 1.8k

[J_Dub]

Hope you told the insurance company about the mods. If you haven't, you may end up with nothing not even the book value in the event of a claim.

[jimbo696]

Even thought the insurers wont cover the extras you do need to tell them as the previous post said; otherwise they can void any claim that you have.
I thought agreed value normally applied to 'classic' bikes?? Not sure I have heard of 'fixed value'??

[Saint aka ML]

Hope you told the insurance company about the mods. If you haven't, you may end up with nothing not even the book value in the event of a claim.

They know about everything mate all of it. That is the problem as they were the only insurance company that wanted to speak to me leat alone insure me. With mods I have usually first one made them disconnect ;)

They just do not like bog bore high comp pistons setups at all

[slob]

If you can find someone who will sell you a fixed value policy, you'll need an engineer's report that basically agrees said value. Anything that gives a significant performance increase over standard is likely to cause insurers to walk away,

[Qba]

Sorry for being a dummy but should I then let my insurer know about changed exhaust system? It does affect bikes' performance but only slightly because of its smaller weight, and it's obviously not standard any more as it should be according to the policy.

[Qba]

And 14 teeth sprocket...

[gary tompkins]

Yes and yes

Any undeclared modifications however insignificant would make your insurance null and void in the event of a claim. I'll always mention additional mods when renewing my policy, and make sure anything critical is stated in writing. Cosmetic changes aren't deemed as important as performance enhancing ones, but everthing should be declared.

The trike was a special case being heavily modified to start with. I had to submit photographs, a written description and valuation before I could get insurance. It's now insured at an agreed value of £8000, which is roughly what it would cost me to rebuild it from scratch.

[Qba]

Thanks Garry and sorry for hijacking Lukasz.

[cairojay]

Sorry for being a dummy but should I then let my insurer know about changed exhaust system? It does affect bikes' performance but only slightly because of its smaller weight, and it's obviously not standard any more as it should be according to the policy.

My insurance company (Equity Red Star) said it didn't matter as they would only return the bike to its original spec in the event of a claim: any mods would be disregarded, therefore wouldn't affect the policy. This to me seems like a very intelligent approach from an insurance company!

I'd still check though!

[jimbo696]

What about significant performance mods though?

[cairojay]

What about significant performance mods though?

I'm not sure what constitutes significant performance mods, I spoke with a race garage the other day and they said most mods are a waste of money if you're looking for increased performance, for sure you can improve throttle response, maybe increase total power output a bit with some remapping but he said most of it is marketing nonsense. You only have to look at the time differences between factory spec WSB bikes and standard to see that the difference is marginal.
Anyhoo, I'm a total mechanical novice so I don't really know what I'm talking about. I did have full termi race system fitted to my bike and to me it felt faster but maybe its just psychological!

In a nutshell, I have no idea!

Sure to open a can of worms with this one!

[Saint aka ML]

What about significant performance mods though?

Significant mods are those that increase performance over 5% as per insurance company.
They have for example exhaust mods that increase from 0% to 5% and then from 5% onwards.


cairojay in regards of all mods being not worth it. In a way yes you could always get a faster other bike. If you want the same bike but faster you have no choice and marginal performance is understatement. My bike came out of factory with about 70 bhp, with mods (some expensive) you can get it close to 100bhp that is a big increase and at the same time you will also loose weight.

[Kato]

Lukaz your selling the bike short there mate your bike is the same model as mine and I'm getting over the 100 bhp but your right it was expensive..:banghead:

[Saint aka ML]

Lukaz your selling the bike short there mate your bike is the same model as mine and I'm getting over the 100 bhp but your right it was expensive..:banghead:

I know at the moment I should have about 90bhp with stock carbs. I now need to finish a bit of looks again (front light and dash/camera bikeeye), then brakes, rims and then FCR's

BTW I have tit con rods waiting for next engine strip any idea what else I could replace with lighter items, crank is for one I would think.

BTW MY idea of dash:

Tachometer with ambient temp and I think oil temp reading:
http://kosoeurope.com/shop/product_info.php?language=en&info=p534_GP-style-tachometer---white---55mm-----0---16000-RPM-.html&XTCsid=da989fff5bdade8ac5c05805f62953a5
or simple:
http://kosoeurope.com/shop/product_info.php?info=p687_DL-01R-D48-Tachometer.html&XTCsid=da989fff5bdade8ac5c05805f62953a5

Speedo:
http://kosoeurope.com/shop/product_info.php?info=p628_DL-02S-D55-Speedometer---with-clockwise-bar.html&XTCsid=da989fff5bdade8ac5c05805f62953a5

[He11cat]

My xj was heavily moddied to the pint of people asking what the he'll is it??? However it was all body kit and frame work and exhaust system .bennets where fine about it a list of mods and photos where sent to them and they said nothing drastic or mega performance wise so where happy.

What about tail chops then???

[He11cat]

Oh one insurance company. Was funny about me having a respray!!! Apparently having a stripe or stripeson your bike was a modi !!! How mental is that??? It was one of the major ones either carol Nash or bennets again.

[gary tompkins]

There are plenty of companies that insure in heavily modded bikes & cars

Bikesure cover the trike through a division of Adrian Flux, who I used direct for over 10 years for kit kar insurance. So there are companies out there who specialise - you just have to ring around. Using a "quote from the list" company like Bennets, when you know your bikes far from stock is just asking for trouble.