Buying a bike on credit, and insurance?

[SoulKiss]

Originally Posted by wtdafk

Opps guess what i done......












well im going to look around for the extra £350 so i can go fully comp just to be safe, well im soooooo exited !!! bike will be ready in a week!

ok

same question as before do i insure it for the value i payed or what its worth when i drive it away? dont want to pay extra if an insurance company wont caugh up all the cash.

il be sticking round here still as the triumph forum is a bit quiet.

grr i cant wait

As far as I am aware you dont/cant insure a vehicle for a specific value.

Its done on the value at the time of the accident.

Which is where GAP insurance comes in.

New SV Price = £4000

Value on leaving shop = £3500

Accident 2 miles down the road means they pay you £3500, and your GAP insurance pays the other £500

Normal insurance alone would only pay you £3500, although you might get lucky and get the full value as its so new.

Originally Posted by SoulKiss

As far as I am aware you dont/cant insure a vehicle for a specific value.

There's actually a type of insurance called agreed value where you do that, but it's normally used in heavily modified/custom situations (I think Northwind has this for example) where it's harder to judge the price.

But, I think he might just be talking about what price he puts down on the insurance quote, as they all seem to ask anyway. It's pretty much irrelevant as far as I know - they will assess the value if and when you have an accident and what you put down there means nothing. I think if you make it stupidly high (like over £50k) then sometimes insurance companies change their mind about insuring you, but in general don't worry about it. I don't think you'd get a different quote whether you put down the £7k sticker price or the more realistic £6k just-left-the-shop price...

[Stu]

When I take out ins. online I try for as a high a value as possible without the premium going up. When I w/o my bike their first offer was this value, so I didn't think I could argue with them, slightly wish I had tried for a higher value at the time of taking out the policy.
In your case I don't think there's any issue, just put down the RRP.