Agreed Value Insurance

[Flip]

My renewal is a little way off but as original modification parts are getting harder to come by for the old girl I wondered if this might be a better route should the worst happen rather than take a ‘Market Value’ figure.

So, anyone got one?
Are they worth it?
Do they work and how do you come up with the ‘Agreed Value’?

Thanks everyone!

[Dukedesmo]

I have agreed value on my bike insurance. Policy is a multibike policy for 3 bikes, with an agreed value on each but started as 1 bike with many modifications - too many to get a standard policy which is the reason for the 'custom' agreed value policy.

To get the value I had to fill in a form listing modifications etc. along with the approximate cost of them and my proposed value which they then consider and then either agree or counter a value. They also wanted pictures of the bikes taken from both sides, front and back.

Once value agreed they came back with a figure (plucked from the air no doubt) and of course every year they do the 'increase renewal by 25%, only to back down to about the same as last year once challenged' dance that insurers always do.

In fact this year they dropped to about £100 less than last year but I think this may have been due to desperation over covid causing people to not bother riding their bikes? and so I'm expecting a hefty increase attempt next time round!

Of course all this has to be done with a real person by phone as online doesn't seem to cater too well for anything non-standard, it's with Carole Nash for the record and the experience has been OK so far although I've not made a claim so can't say how that works...

[350TSS]

As with all insurance companies you just have to "smile on impact".

[Darren69]

Footman James also do a multibike policy with agreed values and no extra stuff required if the proposed value is under 15K (I think from memory) and since all of mine are I didn't have to do that part and it was all painless. The pain will no doubt be if I have to make a claim which is pretty standard for any vehicle insurance policy. The other advantage of the FJ policy is the salvage retention part which you decide to keep the bike or not and may or may not be offered with others.

[Jez900ie]

Do they offer a no claims discount yet? Footman James never used to give one at all.

[Jez900ie]

Straight forward really imo Flip.

I made a list using an adapted Microsoft Word invoice file. Each part then listed with the purchase price and numbered, plus a final total. I then took the four required photos and marked them with the parts appropriately numbered as per my list. Emailed it in for review with my requested "Agreed value". Took about a week and they agreed for an addition £35 per year on the premium.

I expect my bike is valued in the trade at £2K ish, and after all the money I have spent that would be a real kick in the crown jewels should the bike be stolen or written off.

Hope that helps.

JEZ

[Darren69]

FJ don't appear to mention a 'no claims' in the policy as far as I can see but if you're an old giffer like me riding old bikes then they probably make the risk assessment based on your age rather than your riding/crashing history. Probably worth checking though becuase if you had NCB on another policy they may be able to transfer it and give you the equivalent quote.

[Flip]

Thanks everyone.

I too am with Carol Nash and have a multi-bike policy which I have had the misfortune to have had to make a theft claim on (Suzuki DR350) a few years ago and apart from the anger/emotions that brings on the actual claim/pay out was a fairly painless procedure.

So back to the agreed value thingy.

How do I go about working out where to start?

I've had my M900 around twenty years, it's got a fair amount of DP parts mostly from when they were currently available along with stuff done in more recent years such as Nitron rear shock and Maxton re-worked forks etc.

In addition, I have every original screw, bolt and part removed wrapped, labelled and boxed.

On top of that there is a file about four inches thick with every receipt and work done documented since it was new.

Obviously some of these parts are like the proverbial Rocking Horse poop sprinkled with Fairy Dust and almost impossible to replace.

So help me- where to start with a value please?

[Chriswilly]

Pay £102 for the OLD M900ie Dark with Swinton - is that reasonable?

[Flip]

Originally Posted by Chriswilly

Pay £102 for the OLD M900ie Dark with Swinton - is that reasonable?

Well that depends on the usual factors of age, where you live etc. which adds up the the Insurers perceived risk of course.

But I’m not asking how much my premium should be, I’m asking for advice on how to put a value on it from a total loss payout point of view (if I just fell off it with no one else involved- I doubt I would make a claim) such as if it was stolen or another driver hit me as the ‘market value’ would likely mean a wright off in the normal case of insurance.

[Flip]

So next question- is there a way to find out what the total loss value of a vehicle is in the eyes of an insurance company?

Just for a giggle I entered the details into ‘We buy any bike’ but they only went back to 2000/V registration- let’s just say no one in their right mind would take up that offer!

So I’m still unsure what mine would be worth other than a sum of its parts.

[mickj]

No bike is worth the sum of it's parts, just look at the cost of building any bike from the spares catalogue, not many could afford a bike. I think you would have to base it on how much it would cost to replace with good second hand parts (because essentially that's what you have). Just my thoughts on the matter.

[slob]

I guess you’d have to find a couple of suitable replacements for sale to back up your valuation, or do an on-paper exercise of building a replacement. Then submit photos of your bike plus pics of your stored parts and any receipts you can provide. None of which will compensate you for the sense of loss you’d feel losing your ‘old friend’, but you’ll never get an insurance company to recognise that aspect of what’s just an asset to them.

[Flip]

Originally Posted by mjgt

No bike is worth the sum of it's parts, just look at the cost of building any bike from the spares catalogue, not many could afford a bike. I think you would have to base it on how much it would cost to replace with good second hand parts (because essentially that's what you have). Just my thoughts on the matter.

Sorry I should have made myself clearerer

What I meant was give a price for my bike back to standard and then try to put figures on the aftermarket items which have been fittted over the years, plus try to get something added for the Maxton reworked forks and Nitron shock etc. as quality replacements for worn out original parts.

Originally Posted by slob

I guess you’d have to find a couple of suitable replacements for sale to back up your valuation, or do an on-paper exercise of building a replacement. Then submit photos of your bike plus pics of your stored parts and any receipts you can provide. None of which will compensate you for the sense of loss you’d feel losing your ‘old friend’, but you’ll never get an insurance company to recognise that aspect of what’s just an asset to them.

Yep I think you’ve hit the nail on the head for what I’ll try to do and totally agree with you regarding the sense of loss should the worst happen.

It was bad enough a few years ago when I was mugged at knifepoint outside my flat for my Suzuki DR350 that I had bought for green-laning.

Police never caught them and now the bike is back on the road according to DVLA- how is that allowed to happen after a total loss payout?

[Darren69]

Yea and I would tend to go on the high side, and as high as feasibly possible. My S4 Foggy has an agreed value of 14k but the last one that I know of sold for 9.5K and there is a virtually new one that failed to sell recently on ebay for 13k, but how can you replace something like that as there were only 30 imported to Europe afaik and only about 10 in the UK so, if you've got one to sell you can ask what you want for it. If someone wants it they will pay. Same with my Laverda, they are fetching silly money now, but what is it actuall worth, whatever someone is willing to pay?