Agreed Insurance Value

olympus · Jul 4, 2020

Hi all, fast approaching first outing on the bike
So this question is really for the guys on this side of the pond
Some of the insurance brokers contacted so far are asking for an agreed valuation
I know what I've spent on the restoration.. but in reality what would be the insurance valuation be??
Am I right in thinking that the agreed valuation can be negotiated
Sorry never been presented with this one before

Fast Eddie · Jul 4, 2020

Yes, the point of agreed value is that you agree it... and pay for it. If it’s worth more, you pay more.

Without agreed value, they’ll go on market value, which for a ‘nice‘ Commando might be what, £7-8k?

Bernhard · Jul 4, 2020

How much is your bike worth to you?
How much would a ship pay to prise the bike from your fingers?
Remember the higher the value, the more your insurance will be. But whatever you do,, do not agree to any excess, this is a scam as I found out to my cost when I had a bike stolen, it will not be any cheaper, but they will not pay out that excess.

kommando · Jul 4, 2020

Agreed valuation is based on the condition of the bike, you have to supply photos to back up a higher than market valuation. There is some negotiation but the photo's are the key. The amount you have spent on the restoration is not really applicable other than confirming what the photo's show. So its not a way to guarantee you do not lose the money spent on the restoration unless you improved its outward condition and its valuation enough to cover your costs.

DevonNorton · Jul 4, 2020

Olympus
I've been through this process with Peter James Insurance - I'm sure other companies will be similar.
This is a link to their classic motorcycle condition form https://www.peterjamesinsurance.co.uk/documents/180112/9_PDJ_Specialist_motorcycle_VCF_July_2017.pdf
As kommando mentions photos are important.
For my bike I insured initially for what I paid for an MoT'd runner in below average condition. I then provided details of the work done to improve it and agreed a higher figure.
All fairly painless but I've not had to 'test' the insurance so far!
Andy

FastFred · Jul 4, 2020

I can never be bothered with agreed values, I just keep photos and realise if the worst happens then I will lose something. Insurance is to make profits and not to provide a service, just remember that

. Probably £8k average for a good one as stated. Buy some good chains/locks. Will it be your first ride on a Commando?

gortnipper · Jul 4, 2020

I dont know about UK, but NZ has a lot of similarities.

I spent a good deal on my restoration, and the key for me getting a high agreed value was my pedantic spreadsheet of my spends (I know, violates the unwritten rule).

I went through a classic bike arm of a much larger underwriter and am paying less than half what my pervious policy cost, for a much much higher coverage.

olympus · Jul 4, 2020

Many Thanks for the advice guys, much appreciated

EstuaryBoy · Jul 4, 2020

Some used to want 'valuation' by a 'reputable classic dealer' or owners club representative, but I think most now have a rough idea what the numbers are. I had my Mk3 covered at £10K, but the came across a couple in dealers at £12k..... Tried to 'up' mine presenting the ads as 'proof of replacement cost', but the company wouldn't buy it.
Moved to Peter James last year (on my doorstep).. Better premium, and for some reason upping the 'limited mileage' dropped the premium further... Go figure??

FastFred · Jul 4, 2020

Try RH insurance. Amazing, I have 8 bikes worth about 70k including a modern KTM 790 duke for £440 a year.

olympus · Jul 4, 2020

gortnipper said:
I dont know about UK, but NZ has a lot of similarities.

I spent a good deal on my restoration, and the key for me getting a high agreed value was my pedantic spreadsheet of my spends (I know, violates the unwritten rules)

I started keeping my spend on a spreadsheet...then I realised how much this figure actually was...and the current Mrs B could easily view this..... needles to say I quietly binned that idea

gortnipper · Jul 4, 2020

olympus said:
I started keeping my spend on a spreadsheet...then I realised how much this figure actually was...and the current Mrs B could easily view this..... needles to say I quietly binned that idea

Two words: "password controlled".

olympus · Jul 4, 2020

FastFred said:
Try RH insurance. Amazing, I have 8 bikes worth about 70k including a modern KTM 790 duke for £440 a year.

Wow.. that is a competitive premium
I currently have 4 bikes on the road..the Norton will be my 5th (and my only classic)
Originally thought about putting it with the others..but I don't think now that Carole Nash will be good option

kommando · Jul 4, 2020

EstuaryBoy said:
or some reason upping the 'limited mileage' dropped the premium further... Go figure??

Just a guess, but the more miles the greater need for good maintenance. Low miles means trailer queen, looks good but decaying from the inside. Just like electronics under use promotes failures.

olympus · Jul 4, 2020

kommando said:
Just a guess, but the more miles the greater need for good maintenance. Low miles means trailer queen, looks good but decaying from the inside. Just like electronics under use promotes failures.

This is so true unfortunately on most electronic componets

EstuaryBoy · Jul 4, 2020

olympus said:
This is so true unfortunately on most electronic componets

How much is toaster insurance these days?

olympus · Jul 4, 2020

EstuaryBoy said:
How much is toaster insurance these days?

It would be a great start to just find one that toast evenly

EstuaryBoy · Jul 4, 2020

olympus said:
It would be a great start to just find one that toast evenly

If it's not a timing issue, then I'd guess one side burns richer than the other... Sound familiar?

gortnipper · Jul 4, 2020

Sorry for the digression, but this is the best toaster ever. Had it 11 years and the "a little more" button rocks.

kommando · Jul 4, 2020

gortnipper said:
Sorry for the digression, but this is the best toaster ever. Had it 11 years and the "a little more" button rocks.

Got the same one, best ever, 100% even browning and has a crumpet mode for gently warmed bottom and crusty hot top for the butter to melt on.

Agreed Insurance Value

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