Value MY SV !!!!

[SoulKiss]

K6 Red, on an 06 plate, almost 11k on the clock, been dropped a couple of times, never been near a tube of autosol, has a couple of little mods to the electrics.

No, I am not about to sell, but my insurer just called to remind me about my renewal being due, noticed I still had the stated value as the full book price.

Dropped it to £3500, declared my 6 points for 2xSP30's and it knocked £100 off the renewal.

Is £3500 realistic, or would be £3000 be better - likely to drop another £50 off I think.

Opinions?

Thanks

David

[jambo]

£8.50




Look on Autotrader, what would it cost you to get an equivelant bike?

Originally Posted by jambo

£8.50




Look on Autotrader, what would it cost you to get an equivelant bike?

This is pretty much how insurance works... They work out the odds of you doing a mischief / having it half-inched or torched, and you tell them what you want your "win" to be if you manage to pull one of these off within their draconian legal terms ("Didn't have your bike locked with both the chain and disc lock AND alarm enabled while parked in your brick built garage underneath your bedroom, hey? Tcat kept jumping in it and setting the alarm off? Policy terms breached, DON'T CARE NO PAYMENT ")

It's not a question of how much it's worth, it's how much it will cost to replace. If you can make do with a stock SV650, 2nd hand dog of a runner for 2 years while you save money to replace it properly, insure it for 2k and save on the premium. If you want a brand spanking new shiny "I've just been rolled off the assembly line" replacement, do it at book value and pay through the nose.


It's like gambling, but in reverse.

£2800-£3000

but no matter what its insured for they will only give you the book price..... wont they?

Originally Posted by hovis

£2800-£3000

but no matter what its insured for they will only give you the book price..... wont they?

Yup, doesnt matter at all what value you put on it, if you bin it you'll just get current market value based on their assessment. Thats why its a good idea to declare any extras you've added. Its no good saying after its been nicked 'oh aye, i forgot to mention the £500 aftermarked exhaust, can i have the cash for that too' as they'll generally say s0d off.

Originally Posted by hovis

£2800-£3000

but no matter what its insured for they will only give you the book price..... wont they?

Yes, they will only give you list price for your year/mileage. I am surprised that the value of the bike has had any effect on the cost of the premium for you, personally I've never had it alter the value at all. Are you sure the £50 being dropped off wasn't the fact it was 1 year on (more NCB) and not the lowering of the value?

[jambo]

You will get market value, or your declared value (whichever is lower), less the excess for a theft claim. Worth inflating the value a touch to get past that....

[G]

I was having this problem, some people say the prices have dropped massively, some say not.

I didnt know what to price mine at when renewal time came.

Mines a December 06 (Supposedly fully faired Ltd edition) Sport, 3000miles on the clock, and pretty much showroom condition.

The prices vary so much though I dont know what to insure it at.

[SoulKiss]

Originally Posted by Durbs

Yup, doesnt matter at all what value you put on it, if you bin it you'll just get current market value based on their assessment. Thats why its a good idea to declare any extras you've added. Its no good saying after its been nicked 'oh aye, i forgot to mention the £500 aftermarked exhaust, can i have the cash for that too' as they'll generally say s0d off.

Issue I have is that I dont want to say too little as I could see that being a cap on any payout - ie I say £2k to lower the premium, book price if nicked/binned is £2500, they only pay out £2000.

Looks like dropping it to £3k may be doable - unless it doesnt drop a load off the renewal.

David

if binned?


I thought that the price of the bike had no relation to the premium price, or am I being a tad naive?