View Full Version : Insurance-declare mods or not?
I just tried getting a quote, fully comp for my sv..declared ALL mods (race system/screen/sprockets/bungs etc) and it declined!, so didnt say about race system and its still declined!
Am i better off just not declaring any of its mods? none of it is serious, just aftermarket bits..
I'll have 2 years ncb, and will have (hopefully) passed my test a day :oops: when i get to insure her, shes alarmed/alpa dot/oxford chain and garaged at night.
fizzwheel
13-08-06, 05:44 PM
What insurance company are you getting a quote from.
I'm with ebike and I declared all my modifications and it was fine no trouble at all.
I'm 33, I've got 2 years NCB, 1 non fault accident and 9 points to declare :oops:
I would say yes, declare mods, insurance companies will do anything to get out of paying out for a claim and undeclared mods will be a reason. Do you need Fully comp, how much is the bike worth? Can you go for 3rd party Fire and Theft instead?
kwak zzr
13-08-06, 05:50 PM
i told hastings direct about my scorpion can and they only added £5
it was c.i.a , had my rs 125 insured with them.
do you declare your mods? YES. :D
Carole Nash were fine with mine - and no problems with any I add this year UNLESS they affect the bhp of the bike. Now you may find a full system is one of those accessories that affects it, even slightly. Its one that CN asked about - were fine with just the can changed but indicated it would load the premium if it were full system changed.
So find an insurer that will insure you with it declared. Because if you bin the bike they wont pay out for it if you havent declared it.
Cherrs..looks like it will be e-bike as theyve quoted me..£633.15, yes tahts high BUT thats fully comp with ALL mods declared. :D
The Basket
13-08-06, 06:18 PM
Cherrs..looks like it will be e-bike as theyve quoted me..£633.15, yes tahts high BUT thats fully comp with ALL mods declared. :D
:shock: That is a lot.
You have to tell insurance companies all or they tell you to get stuffed.
A trick is to cancel the policy and give you back your money on finding some undeclared items. Leaving you down the pan.
Cherrs..looks like it will be e-bike as theyve quoted me..£633.15, yes tahts high BUT thats fully comp with ALL mods declared. :D
:shock: That is a lot.
Actually thats not bad for FC with a full system and all mods declared. [sorry, just topped up on my weetabix :wink: :P :lol: ]
A lot is insurance on a GPZ500, 3 year old bike, Croydon postcode, just after DAS.
That was about £550 TPFT. FC was in the over a grand region. Some people on here have had higher quotes for TPFT on their SVs. hmmm that could be a thread in its own right, whos had the highest insurance? :wink: :P :lol:
Carol Nash and declared all mods. No rise in quote. But got a nice letter from them saying that they are insuring me in the knowledge that I have an illegal race can on. :thumbsup:
Ebike was only a bit extra with the list of mods i have. Not worth the risk of having void insurance for a small fee
21QUEST
13-08-06, 06:49 PM
.... hmmm that could be a thread in its own right, whos had the highest insurance? :wink: :P :lol:
Probably ME :( and no , I'm not saying how much I'm paying :P
Cheers
Ben
yes its alot, but hey if they dont mind my mods..im not complaining..
northwind
14-08-06, 12:21 AM
Cherrs..looks like it will be e-bike as theyve quoted me..£633.15, yes tahts high BUT thats fully comp with ALL mods declared. :D
That's almost exactly what I paid last year... Only Carole Nash even seemed interested in insuring me, after you leave aside the ones that can't be trusted (CIA and Virgin).
Personally, I declare absolutely everything. This takes a very long time :) Though i wouldn't declare a change of sprocket, mind, that wouldn't even occur to me when i was making up the list.
Kilted Ginger
14-08-06, 07:08 AM
:? What is classed as a mod? as far as insurers are concerned.
I've only changed cosmetics, hugger, fenda extenda, seat cowl, radiator guard, mirror extenders, scott oiler.
Are these mods or is it only if / when you start changing suspension etc??
Oh :shock: K6 Fully comp, immediately after das, 0ncd, 0 experience, 0 points £240
bobit69
14-08-06, 09:04 AM
As far as I am aware 'MODS' are anything that you put on, that are not a consumable part.
The Basket
14-08-06, 09:19 AM
Insurance seems to have more to do with where you live rather than other stuff.
That is why I said that it was a steep price...it is for me :wink:
northwind
14-08-06, 09:48 AM
As far as I am aware 'MODS' are anything that you put on, that are not a consumable part.
That's a pretty good definition. Basically, the insurance want to know about anything that increases their risk. This mainly means anything that makes the bike more desirable to thieves, anything that makes it more expensive to repair or replace, and anything that makes it more likely to suffer a damage claim (ie, extra power).
What you want to do, is 2-edged. First, you want to make sure you're covered. No point in paying out for comp if you stick £1000 worth of mods on it and they're not covered (warning, CIA and Virgin customers!). Second, you want to make sure they won't try to avoid a payout. This could be, for example, "Your bike was probably targeted for theft because of your aftermarket wheels, you never told us about those" or "The probable cause of the accident was an undeclared modification, your turbocharger was to blame"
.... hmmm that could be a thread in its own right, whos had the highest insurance? :wink: :P :lol:
Probably ME :( and no , I'm not saying how much I'm paying :P
Cheers
Ben
Do we count quotes in this? If so I'm pretty sure I got anything beat:
Quote from 6 years ago when I was a courier:
Third party only
1981 CX500, probable value £450 if it had a fresh tank of petrol and a new tax disk:
£3395.
Yes.
Close to 3.5 grand for THIRD PARTY ONLY!!!
I declined...
:D
21QUEST
14-08-06, 10:45 AM
.... hmmm that could be a thread in its own right, whos had the highest insurance? :wink: :P :lol:
Probably ME :( and no , I'm not saying how much I'm paying :P
Cheers
Ben
Do we count quotes in this?
:D
Only if taken up :wink: . ..so how much did you end up paying on the maggot then :lol:
Cheers
Ben
As far as I am aware 'MODS' are anything that you put on, that are not a consumable part.
If I was being pedantic, I could say my aftermarket can was a consumable, especially my Blue Flame one by all accounts! :lol:
DanAbnormal
14-08-06, 12:32 PM
Well I've never declared mods. The only thing I've added thus far is an aftermarket exhaust which makes little difference to the performance. It's a road legal can and is only worth £120 but when declared to Bennetts they want an extra £300 for the privelage. Thanks but no thanks. Besides, aftermarket parts are sometimes much cheaper than OEM ones (SV standard can £400 - £600!). I've made several claims and never once had a problem (never say never though). I am up for renewal next week so will shop around to see fi I can get my can added intoa premium at a reasonable price. I am currently paying £320 FC.
DoubleD
14-08-06, 12:44 PM
I've not told the insurance about my mods.... but then how can a screen, tail tidy, belly pan, LEDs and clear lenses make it go faster...
maybe the Blueflame makes it go quicker but I can't tell the difference....
northwind
14-08-06, 01:22 PM
I've not told the insurance about my mods.... but then how can a screen, tail tidy, belly pan, LEDs and clear lenses make it go faster...
Nothing to do with speed- it's replacement value, and theft.
Replacement value's not such an issue, this works on common sense- undeclared mods aren't insured, generally. Most companies will use their brains and allow garages to quote for replacement "mod" parts when they're cheaper though. So, you can save money by not declaring, but increase your own risk. Check your small print, though, it can be considered fraud.
Theft, though, is a real issue. Your bike with mods is potentially more valuable to a thief- aftermarket parts have good, quick resale values and are basically untracable.
So, here's a real scenario. Your bike is stolen and recovered, but sustains damage durin the theft. Your insurers respond "the bike was targeted for theft as a result of its cosmetic modifications." But you didn't declare them, the policy wasn't weighted for it, and so you actually haven't paid for the theft cover. Insurers can and will refuse to pay out for the damage in those cases, and if this happens you're going to need a pretty good lawyer.
DoubleD
14-08-06, 01:28 PM
So, here's a real scenario. Your bike is stolen and recovered, but sustains damage durin the theft. Your insurers respond "the bike was targeted for theft as a result of its cosmetic modifications." But you didn't declare them, the policy wasn't weighted for it, and so you actually haven't paid for the theft cover. Insurers can and will refuse to pay out for the damage in those cases, and if this happens you're going to need a pretty good lawyer.
I think I need to talk to my insurance company :oops:
northwind
14-08-06, 01:42 PM
You can think of it as a gamble... The actual cicumstances needed to cause these problems are fairly uncommon- it's got to be stolen, recovered, and then have a claim against it. If the bike just disappears forever, the problem goes away, since your insurers will never know... I'm just playing devil's advocate here.
To be honest it is up to you but I wouldnt take the risk I would want the peace of mind that it is covered and that eventuality is sown up.
northwind
14-08-06, 01:53 PM
Me too. Life's complicated enough. Policy weighting tends not to be massive either, it's worth getting a quote in any case- phone up and say "I was thinking of getting these parts, what would it add" rather than "I'ev fitted these, what will it cost" "Oh, better not then". Too late. It's like asking your boss for a day off then taking a sicky when he says no :)
i declared my scorpion to bennetts they said thanks very much for letting us know, no extra payment required. my policy covers me for 300 quids worth of pounds for any after market can
i declared my scorpion to bennetts they said thanks very much for letting us know, no extra payment required. my policy covers me for 300 quids worth of pounds for any after market can
did they not ask if it affect the bhp of bike before they agreed to that?
i declared my scorpion to bennetts they said thanks very much for letting us know, no extra payment required. my policy covers me for 300 quids worth of pounds for any after market can
did they not ask if it affect the bhp of bike before they agreed to that?
no.
I was dead worried about not having declared minor mods last year when making a claim (insured with Carole Nash). The only additions to the bike were heated grips, a hugger and a fenda extenda. I took the fenda extenda and hugger off before the insurance assessor came round, leaving the heated grips on and the chap didn't even bat an eyelid. Because it was my first bike policy I didn't even consider declaring them but got worried when it came to claiming. But all was ok.
When I rang up for a requote on my replacement bike and they said 'do you have any mods', I started saying 'Yes, a hugger, heated grips, etc,' and the lady just cut in saying 'not cosmetic changes, just performance enhancing changes', to which I replied 'No, no p.e. changes' and she said 'thats's fine then'. So I wouldn't declare any minor cosmetic changes unless I really wanted something specific covered (like if I decided to get diamond encrusted fairings or something :lol: ).
Bit of a long ramble, but CN (thus, I'm sure, other insurers), only seem worried about performance enhancing mods, and when they ask how much you want it insured for, just add a couple of hundred to what you think you could sell it for, to cover any minor mods.
/Deep Breath.
Cheers,
Matt
northwind
14-08-06, 02:11 PM
Carole Nash, in my experience, are absolutely the best out there for modified bikes... For one thing, their phone monkeys actually have some idea of what you're talking about. It's a little disconcerting when you spend a few minutes talking to someone about stage 2 cams and they say "Well, that'll weight your policy because it's so visible", or say "It's got a GSXR front end and an Ohlins rear shock" and they say "I'll just put that down as "lowered", then. When I told CN about the GSXR front end, the advisor said "Cool, I put one of those front ends on my Spondon"
I can't comment about them being best for mods but in my experience (relatively short though it is) I think they are brilliant.
First they insured me on my first bike following DAS last year for a couple of hundred less than anyone else, then they (or rather their solicitors company, Shoosmiths) helped me no end when I was knocked off soon after :oops: , getting me an interim payment from the third party and handling everything swiftly with regular updates.
They let me insure another bike before my claim had even been completed, for no extra cost (even though the new bike was worth more than the original one) and when I recently changed from the old pointy to my curvy they again swapped the policy for no charge. (The bike was sufficiently cheaper to insure to cover the usual admin fee charged to change a policy).
So thats one payment last September, three bikes and one claim later I've given them no more money and they're very helpful.
Thumbs up so far. Just waiting to see what my renewal quote will be when it drops on the mat soon! :P
DanAbnormal
14-08-06, 02:25 PM
i declared my scorpion to bennetts they said thanks very much for letting us know, no extra payment required. my policy covers me for 300 quids worth of pounds for any after market can
When I had my SV earlier this year I got a can for it. I phoned them up and they told me that if I fit it I would no longer be insured as they don't cover mods of any kind on any policy. Even when you get a new quote it say the bike HAS to be totally standard. But they are the cheapest! :cry: I've made about 4 qoutes through them and not once had an issue and have always had aftermarket bits. Might go with ebike as they allow mods but are a little dearer.
DanAbnormal
14-08-06, 02:41 PM
Just rang Carole Nash on your advice. Not only did they beat Bennetts but they allow mods AND I can ride any other bike 3rd party too. Also get legal cover, breakdown cover and european cover included! Sweet jiminy that's good. £306 FC with 1yr NCB. The lovely Nicola who I spoke to knew a hell of a lot oabout bikes, very impressed and makes you feel more comfident that they know about them.
Great stuff.
stuartyboy
14-08-06, 02:42 PM
To be honest it is up to you but I wouldnt take the risk I would want the peace of mind that it is covered and that eventuality is sown up.
Just a thought...but if it does show up, who's to say the tea leaves didn't do mods after it was stolen?
northwind
14-08-06, 02:43 PM
Sanity :)
All sorted :D
Going to be insured with carole nash WITH full race sytem on and everything else (they are fine about it), fully comp, with free uk breakdown cover...£493.99...£250 excess, im happy with that considering my age and how long i'll have had my licence. :D
DoubleD
15-08-06, 10:20 AM
I have just got off the phone with my insurance company.... told them about every mod I have done and they have added a big fat premium of .......
£0
zero
nothing....
how happy am I - Peace of mind :D
madmalc
15-08-06, 07:07 PM
I haven't asked about the quill can that I've put on mine, I might call up tomorrow just to find out. Do you have to declare other things like tail tidy or bar ends etc??? Would the fact that I've got crash bungs fitted make any difference?
I told bennetts Mine had an aftermarket Hagon rear shock, and couldn`t get on any of there 3 multibike policies because of it!
had to take out insurance on the SV and transfer my NCB to that, and now have to reinsure my XR400 on a seperate policy. price for fully comp on SV £111, so good, but XR will be more, as apparently, can only have NCB on one policy and have to rebuild it on other (never had a claim!!)
seems daft as most bikes over a certain milage will have a non std shock.
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