TLW down:(

[Gazza77]

Originally Posted by Paws

Yup and thats why ive taken out GAP ins on my 675

You might know the answer to this one Paws as an ex insurance worker.....

Most car insurance policies offer new car replacement if the car is written off within 12 months of first registration. Some even offer this for 2 years.

Do any bike insurance policies tend to have this benefit?

Originally Posted by DMC

Woolfie, read your policy booklet, it forms part of the Insurance contract you and the Insurers are bound by. Look at the Special Conditions on page 12, it specifically states that any total loss settlement will "not be more than the value shown on the schedule". Also, "we will pay you the market value of the motorcycle at the time of the accident up to but not more than the value shown on the schedule". Now assuming the schedule value is the £6k you declared, then this is the maximum Insurers will pay you.

The ombudsman will only provide you with a judgement other than this if he deems the contract terms to be unfair, which is unlikely.

Not true, i valued my sv at £1500, i got paid out £2500 as that what the market rate was for it at the time of the accident, they said to me i had undervalued it but i argued that they had to put me back in the postion where i was BEFORE the claim (indeminty) and to get a similer bike to mine-age and mileage wise would cost X amount

Originally Posted by Gazza77

You might know the answer to this one Paws as an ex insurance worker.....

Most car insurance policies offer new car replacement if the car is written off within 12 months of first registration. Some even offer this for 2 years.

Do any bike insurance policies tend to have this benefit?

Still work for ins lol
Not sure as we don't deal with GAP ins (which is what i think that cover is ) but the idea is that you don't lose any money out on the diff between market and actual cost of new car/bike so it may be covered

[Gazza77]

Originally Posted by Paws

Still work for ins lol
Not sure as we don't deal with GAP ins (which is what i think that cover is ) but the idea is that you don't lose any money out on the diff between market and actual cost of new car/bike so it may be covered

It isn't GAP I'm on about..... it's a standard term in most (if not all) car insurance policies. It means that if you write your car off you get a like for like replacement supplied, rather than a cash settlement, but only if your car was brand new and is less than 12 months old. GAP is a seperate policy that you can take out to underwrite the difference between what you paid for a car/bike (new or used) and it's value when written off.

I used to work for the motor dealer that supplied replacement cars to any Direct Line/Tesco/etc customer's that had written off their brand new car. And it happens quite a lot.

Originally Posted by Paws

Not true, i valued my sv at £1500, i got paid out £2500 as that what the market rate was for it at the time of the accident, they said to me i had undervalued it but i argued that they had to put me back in the postion where i was BEFORE the claim (indeminty) and to get a similer bike to mine-age and mileage wise would cost X amount

Afraid it is true. Whats the point of having a contract of Insurance if the terms and conditions mean nothing Woolfies contract specifically states he will not get paid more than the value shown on the schedule, end of Now he can argue all he wants regarding fair, but unless the contract terms are found to be unfair (persuant to Unfair Contract Terms Act 1977) or if Insurers are prepared to offer an ex-gracia consideration, then he's fairly much stuffed

Your case may have been settled differently, but then I assume the terms and conditions in your policy werent on all fours with the KGM wording

So what people are saying, undervalue your bike, and your insurance will still give you what you want? Sounds good, where do I sign up

Originally Posted by DMC

Afraid it is true. Whats the point of having a contract of Insurance if the terms and conditions mean nothing Woolfies contract specifically states he will not get paid more than the value shown on the schedule, end of Now he can argue all he wants regarding fair, but unless the contract terms are found to be unfair (persuant to Unfair Contract Terms Act 1977) or if Insurers are prepared to offer an ex-gracia consideration, then he's fairly much stuffed

Your case may have been settled differently, but then I assume the terms and conditions in your policy werent on all fours with the KGM wording

Terms & conds were the same and i work for a bike ins co so i know my stuff so yes he can argue his case, he MAY not get any more, but its worth arguing it out

Just had a look at the KGM policy wording and it states:

"Market Value– the cost of replacing your vehicle at the time of loss or damage with one of a similar make, model, age, mileage and condition"

"NEW VEHICLE REPLACEMENT
If you are the first registered owner from new of the insured vehicle and it is no more than 12 months old, we will, at your request, replace it with one of a similar make, model and specification (if available in the UK)"

"Should a replacement not be requested/available, we will pay you the market value at the time of the incident."

It does not state that they will pay no more than the value outlined in the policy schedule.

[Gazza77]

Originally Posted by RatchetJob

"NEW VEHICLE REPLACEMENT
If you are the first registered owner from new of the insured vehicle and it is no more than 12 months old, we will, at your request, replace it with one of a similar make, model and specification (if available in the UK)"

"Should a replacement not be requested/available, we will pay you the market value at the time of the incident."

That answers my question too.

Originally Posted by plowsie

So what people are saying, undervalue your bike, and your insurance will still give you what you want? Sounds good, where do I sign up

Not at all mate, but you HAVE to be able to prove that its going to cost x amount to put you back in the position where you where BEFORE the claim, i sent in loads of ads showing same age/milage/cond etc as my sv