Insurance value estimate

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MikeM

MikeM

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First, I am not selling. I am trying to establish a stated value for my insurance company. What is a reasonable insurance value for this machine?
1971 Commando 750. According to NOC information it was originally shipped as a Street Scrambler configuration. It is now pretty much a Roadster.
Matching numbers frame,engine and trans. Rebuilt stock engine. Restored as far as safety and durability, otherwise pretty much original. New tires, brakes, etc. Fiberglass tank replaced due to ethanol fuel. I have the original. Runs and rides great. What is a reasonable value to tell the insrance company?
Thanks in advance.
Insurance value estimate
Insurance value estimate
 
$10,000. Mine is cleaner than that and insured for $15,000, and I'm going to raise it to $20,000 next year.
 
I've also got agreed upon value insurance. I would go at least 12K on that bike. Since you are paying for the insurance based on the agreed cost, it doesn't hurt to go a bit above market value as long as company agrees.
 
I was told by my insurer to get an appraisal to justify an agreed value to avoid a disagreement later. This was when I requested $11k CAD on my non pristine 850.
 
I have Hagerty. On my Mk3 it cost me 23k to do a ground up restoration, I showed Hagerty all the receipts and they then valued it at 23k (usd). If you have receipts it helps…
 
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I have Condon & Skelly. When I first signed up with them I sent detailed photos of my bike and a copy of an eBay listing for a Norton in similar condition. They have since raised the agreed value without my asking (been with them 20 years or more). After my e-start and other mods it would be hard to replace for what they insure it for, so next year I'll send more current photos.
 
I also have have an agreed value policy with Hagerty Insurance for my bikes. No appraisal required. They charge me based on the values I provide. No games.
 
Watch Haggerty! My only dealing after a accident on my Norton was not good!
 
I'm not a lawyer but I thought I was paying for medical. Because no one else (the other party left the seen) was involved, Haggerty required me to use my wife's insurance first. The bottom line was my wife's employer paid out $75,000 medical and I paid $10,000. Haggerty didn't pay out a dime, wouldn't even pay for my lost hearing aid!! The bike didn't meet deductible!
 
mean gene said:
I'm not a lawyer but I thought I was paying for medical. Because no one else (the other party left the seen) was involved, Haggerty required me to use my wife's insurance first. The bottom line was my wife's employer paid out $75,000 medical and I paid $10,000. Haggerty didn't pay out a dime, wouldn't even pay for my lost hearing aid!! The bike didn't meet
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Thanks for sharing.

My wife just reminded me that I am not with Hagerty anymore. I have all bikes with with State Farm insurance now. That sucks Gene, Hagerty policy holders should check what they got!
 
Timely topic!

I have Hagerty with an agreed value for my low mileage MKIII at $10,000. I'm wondering if it's possible to replace it at that number or what one can expect to pay?

Pictures of your Norton Commandos

Well, at least the clutch and front brake are Commando. My daily ride since 1995.
www.accessnorton.com www.accessnorton.com
 
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Other side of the pond, I know, but.... Sure most insurers are cut from the same cloth (scales?). I have 'agreed value' at £10k.
Last year two Mk3s appeared on ebay, both being sold by dealers north of £13k, so I sent copies of the adverts to my insurer requesting to 'up' my value given the rising cost of replacement. Obviously I did expect a premium rise to cover this..
They wouldn't have it, refused to go over the £10k..
 
These are the first two negatives regarding Hagerty; both very significant for collectors who actually ride their bikes, and for those whose bikes are appreciating significantly.

Definitely worth the time to read your fine print and perhaps pick up the phone...
 
I assume that any insurance company is going to use their own "estimate" of what your vehicle is worth as far as replacement/coverage, not the owners estimate. I don't see how they could stay in business if they arbitrarily accepted an owners estimate of value.
 
MexicoMike said:
I assume that any insurance company is going to use their own "estimate" of what your vehicle is worth as far as replacement/coverage, not the owners estimate. I don't see how they could stay in business if they arbitrarily accepted an owners estimate of value.
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It's an agreed value. Hagerty wants photos and they also have their own figures. If they don't agree they won't write the policy. My airplane is the same way - agreed value. After installing lots of new equipment I stated what was installed and increased the value by $30,000. It's in line with similar equipped craft so they're happy to write it at the increased premium.
 
MexicoMike said:
I assume that any insurance company is going to use their own "estimate" of what your vehicle is worth as far as replacement/coverage, not the owners estimate. I don't see how they could stay in business if they arbitrarily accepted an owners estimate of value.
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"agreed value"
 
I'm thinking an insurance company could agree to just about anything, but not pay that number when a vintage used motorcycle was totaled. Add ons and upgrades generally won't be covered unless mentioned in writing in the policy. You guys talking insurers into an agreed value of $20K for a Commando are good talkers.

Last time I talked to Hagerty they wouldn't insure my Norton. Claimed it wasn't vintage enough and not worth enough to insure. This was 6 years ago though before they really got into boats and bikes. My hot rod Chevy is underinsured with Hagerty.

I only buy liability insurance for my Norton. It's only worth pocket change. Kidding, but it isn't worth much.
 
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