Help with Insurance Valuation

[Max5476]

Having crashed my 600 mile, new in June, Bonneville Speedmaster two weeks ago, I've just had the expected text saying the insurance assessment is likely beyond economical repair, and to hear from my insurance company about settlement. As the bike is less than 6 months old, my insurance offers new for old, or cash at the market value of the bike.

Following the crash, I fancy a change of bike into something a bit more nimble, so am tempted to take the cash, but I am wondering what Market Value on a 3 month bike is likepy to be. The only ones for sale are either heavily accessorised and more than a new bike, or with a lot more miles / older. Any suggestions on offer from the insurance company? Is there a second hand bike price guide, like the glasses guide for cars. Does anyone know what this says.

Thanks

[benjobanjo]

Max5476 said:

Having crashed my 600 mile, new in June, Bonneville Speedmaster two weeks ago, I've just had the expected text saying the insurance assessment is likely beyond economical repair, and to hear from my insurance company about settlement. As the bike is less than 6 months old, my insurance offers new for old, or cash at the market value of the bike.

Following the crash, I fancy a change of bike into something a bit more nimble, so am tempted to take the cash, but I am wondering what Market Value on a 3 month bike is likepy to be. The only ones for sale are either heavily accessorised and more than a new bike, or with a lot more miles / older. Any suggestions on offer from the insurance company? Is there a second hand bike price guide, like the glasses guide for cars. Does anyone know what this says.

Thanks

I've known insurers to use the Glass's and CAP guide, and then go for the median average. I.e. Glass's say £2k, CAP say £3k = £2.5k valuation. It's in line with the FOS's process and makes life simpler - https://www.financial-ombudsman.org.uk/publication...

The best way to know is to ask your insurer, I guess. They should have no problem telling you