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16-08-2010, 05:42 AM | #1 |
Junior ah to be young
Join Date: Nov 2007
Location: London
Bike: Multiple Monsters
Posts: 2,058
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Fixed Value insurance question
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
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16-08-2010, 09:29 AM | #2 |
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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.
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16-08-2010, 09:32 AM | #3 |
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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'?? |
16-08-2010, 09:34 AM | #4 | |
Junior ah to be young
Join Date: Nov 2007
Location: London
Bike: Multiple Monsters
Posts: 2,058
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Quote:
They just do not like bog bore high comp pistons setups at all
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16-08-2010, 10:26 AM | #5 |
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Join Date: Jul 2003
Location: East London
Bike: Multiple Monsters
Posts: 9,733
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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,
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16-08-2010, 11:51 AM | #6 |
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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.
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16-08-2010, 12:14 PM | #7 |
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And 14 teeth sprocket...
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16-08-2010, 01:30 PM | #8 |
1/2 man - 1/2 pogo-stick
Join Date: Aug 2002
Location: Dartford, Kent
Bike: M900ie
Posts: 7,241
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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.
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GT Fully paid up member of the S.A.S. (Scottoiler Appreciation Society) 27,000 miles on original chain - and still going strong! Last edited by gary tompkins; 16-08-2010 at 01:33 PM.. |
16-08-2010, 01:51 PM | #9 |
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Thanks Garry and sorry for hijacking Lukasz.
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16-08-2010, 03:23 PM | #10 | |
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exhaust mods
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I'd still check though! |
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16-08-2010, 03:26 PM | #11 |
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What about significant performance mods though?
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17-08-2010, 05:06 PM | #12 |
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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! |
17-08-2010, 06:58 PM | #13 |
Junior ah to be young
Join Date: Nov 2007
Location: London
Bike: Multiple Monsters
Posts: 2,058
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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.
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17-08-2010, 09:39 PM | #14 |
Dismantled
Join Date: Feb 2006
Location: East Molesey
Bike: Multiple Monsters
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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..
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17-08-2010, 10:36 PM | #15 | |
Junior ah to be young
Join Date: Nov 2007
Location: London
Bike: Multiple Monsters
Posts: 2,058
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Quote:
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_i...c05805f62953a5 or simple: http://kosoeurope.com/shop/product_i...c05805f62953a5 Speedo: http://kosoeurope.com/shop/product_i...c05805f62953a5
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"I am Lucazade" Last edited by Saint aka ML; 17-08-2010 at 10:46 PM.. |
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