Hello to all
I know we all have insurance for our classics, however mine is insured as "market value" if it were to be stolen or wrote off. So I have no idea what the insurance company would pay out, but I assume probably the least they can get away with.
My question is do most people have agreed value insurance and is there a premium to pay for having it?
Cheers
Peter
Mine is also Market value. I am afraid I could not be bothered with the valuation process (too idle) but probably should do so.
Graham
Graham
What I am wondering is how would the insurance Co know what condition and therefore the real value is. The best bet would be to have plenty of pictures which I suppose nowadays everbody has. I know insurance companies will give the least they can.
According to my documentation to get an agreed value they need at least four good quality pics and the price and will then take it from there.
Another thing is how do you value what you have got?
Cheers
Peter
Hello Peter;
In Holland we have a official taxation of the value of a bike that is conducted by a certified person.
On the bas of this taxation the insurance company accepts the value for 3 years. Taxation costs about 100 euro's.
Greetings, Hennie
Hello Hennie
That sounds like a workable system. Over here in the UK it's a matter of deciding if you want extra cover as in an agreed value which you have to sort out with the insurance company or just a market value policy where the insurance company decides what the payout will be if you were to make a claim.
Which I would assume they will give a low estimate.
Cheers
Peter