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01-04-14, 12:24 AM | #1 |
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Classic Insurance
Well the time has come to look at getting the TZR insured for the road. Due to its age and work I've done to it I've thought about classic insurance. Trouble is I know nothing about it.
I phoned my current insurers who will do classic insurance for a quote of £160 with an agreed value but it doesn't earn NCD. They will also put it on my current road policy for £60, but things will be done at market value should they need to. For the classic insurance I will need to send them a few pictures and if they agree with the value all good, if not I then need to submit them evidence or we negotiate. So apart from an agreed value I don't know what benefit there is or what I should really do? It does make me wonder about why they asked me the value of the bike on the normal road policy as apparently that is meaningless and they only use market value for replacements etc. |
01-04-14, 11:27 AM | #2 |
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Re: Classic Insurance
All policies are designed to pay out the market value of your bike. The ombudsman's guideline for write-off value is basically a dealers retail price for that vehicle, modified for it's mileage and pre-accident condition. This is commonly arrived at using the usual trade guides.
Your problem is that the trade guides make allowance for the expected condition of a vehicle of that age - and that will be far from "showroom". As your bike has been fully restored you would reasonably expect it to command a higher price than even the average "top-book" example. In the event of a claim you might therefore have to endure a bit of negotiation to establish the correct pre-accident value of your bike - this can be particularly difficult when it's very badly damaged, burnt out or nicked. Also the lack of similar condition bikes on the market makes it difficult to establish a price. You'll have a big pile of receipts plus lots of detailed photos of the restoration process and the finished result. That would go a long way towards establishing the correct market value for your particular bike, so you might decide you can live with a regular policy and go into negotiations with a strong argument (albeit with an uncertain outcome). With an agreed value, you basically get that negotiation out of the way now and, in the event of a total loss, you already know you'll get the agreed value. This is still going to be based on market value. Agreed value is very useful for rare or historically important vehicles where a dispute on value can be difficult to resolve. The benefit for you would mainly be convenience in the event of a claim (and possibly a better result). Bear in mind agreed values are usually a cap, not a collar. If your bike is appreciating in value you need to keep reviewing it or you could end up with an agreed value that's less than the bike's worth. Last edited by TamSV; 01-04-14 at 11:31 AM. |
01-04-14, 12:54 PM | #3 |
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Location: Nr Southend-on-Sea, Essex
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Re: Classic Insurance
Some classic policies also give you first dibs on the leftovers should you unfortunately have an accident. This doesn't mean much to your average rider on an average bike - but 'classic' bikes don't have a never ending supply of bits so it keeps more parts in the loop so to speak -instead of going straight to the scrapper.
It's unfortunate but with a lot of 'middle aged' bikes they are worth more in parts than a bike. If you wanted to build another it could save you a bit! I would go classic policy with agreed value. When you take pics of your bike for the insurer put a newspaper front page in their somewhere as it dates the photo - ie the insurer cant argue that "these pics could be from the early 90's, I mean look at your hairstyle!"
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