insurance question
Discussion
My fairly new 125 has a px value of around £1500, so im thinking of insuring it 3rd party only,by the time the excess is taken off id get around 900 quid back if i claimed,which is decent mountain bike money.
Am i right in thinking if it gets nicked i dont have to tell the insurance company for the next renewal?
Am i right in thinking if it gets nicked i dont have to tell the insurance company for the next renewal?
A500leroy said:
My fairly new 125 has a px value of around £1500, so im thinking of insuring it 3rd party only,by the time the excess is taken off id get around 900 quid back if i claimed,which is decent mountain bike money.
Am i right in thinking if it gets nicked i dont have to tell the insurance company for the next renewal?
Not sure I understand.. Am i right in thinking if it gets nicked i dont have to tell the insurance company for the next renewal?
- You have a 125
- It gets stolen
- You claim on insurance to get your £900 (after excess)
- What are you insuring then? Another bike? If so, yes - you'd need to tell your insurance provider about claims you've made in the last (5?) Years...
A500leroy said:
My fairly new 125 has a px value of around £1500, so im thinking of insuring it 3rd party only,by the time the excess is taken off id get around 900 quid back if i claimed,which is decent mountain bike money.
Am i right in thinking if it gets nicked i dont have to tell the insurance company for the next renewal?
Might be a problem if the stolen bike is involved in an accident or whatever...Am i right in thinking if it gets nicked i dont have to tell the insurance company for the next renewal?
CallorFold said:
A500leroy said:
My fairly new 125 has a px value of around £1500, so im thinking of insuring it 3rd party only,by the time the excess is taken off id get around 900 quid back if i claimed,which is decent mountain bike money.
Am i right in thinking if it gets nicked i dont have to tell the insurance company for the next renewal?
Not sure I understand.. Am i right in thinking if it gets nicked i dont have to tell the insurance company for the next renewal?
- You have a 125
- It gets stolen
- You claim on insurance to get your £900 (after excess)
- What are you insuring then? Another bike? If so, yes - you'd need to tell your insurance provider about claims you've made in the last (5?) Years...
A500leroy said:
CallorFold said:
A500leroy said:
My fairly new 125 has a px value of around £1500, so im thinking of insuring it 3rd party only,by the time the excess is taken off id get around 900 quid back if i claimed,which is decent mountain bike money.
Am i right in thinking if it gets nicked i dont have to tell the insurance company for the next renewal?
Not sure I understand.. Am i right in thinking if it gets nicked i dont have to tell the insurance company for the next renewal?
- You have a 125
- It gets stolen
- You claim on insurance to get your £900 (after excess)
- What are you insuring then? Another bike? If so, yes - you'd need to tell your insurance provider about claims you've made in the last (5?) Years...
A500leroy said:
CallorFold said:
A500leroy said:
My fairly new 125 has a px value of around £1500, so im thinking of insuring it 3rd party only,by the time the excess is taken off id get around 900 quid back if i claimed,which is decent mountain bike money.
Am i right in thinking if it gets nicked i dont have to tell the insurance company for the next renewal?
Not sure I understand.. Am i right in thinking if it gets nicked i dont have to tell the insurance company for the next renewal?
- You have a 125
- It gets stolen
- You claim on insurance to get your £900 (after excess)
- What are you insuring then? Another bike? If so, yes - you'd need to tell your insurance provider about claims you've made in the last (5?) Years...
I guess in that instance, no you wouldn't tell the next insurer as the question asked is if you've made a claim, and you haven't.... As has been mentioned, bike involved in an accident and your name is still on a policy etc. I guess the way around that is IF the bike gets stolen, cancel your policy?
Look at it this way.
your not insuring the bike, your insuring yourself if you have an accident on the bike.
you fall off, not only do you have to repair your own bike, your NHS only for any damage to you.
go fully comp and the insurance company are on the hook for your gear, helmet, physio etc etc etc.
my 125 scooter is only worth £500 at best, its still insured fully comp as i want to make sure that "I" am covered, not only the other persons car/bike etc.
your not insuring the bike, your insuring yourself if you have an accident on the bike.
you fall off, not only do you have to repair your own bike, your NHS only for any damage to you.
go fully comp and the insurance company are on the hook for your gear, helmet, physio etc etc etc.
my 125 scooter is only worth £500 at best, its still insured fully comp as i want to make sure that "I" am covered, not only the other persons car/bike etc.
eybic said:
Not sure if it's the same with Bikes but most of the time with cars it's actually cheaper to insure fully comp than a lower level of cover.
True. Only thing I have not got covered FC is my dirt bike - I find it inconceivable that you write one off unless you do something mental like ride off a cliff, in which case you’d probably be riding it outside the scope of the cover anyway. A claim for own damage is highly unlikely.
Yes, you have to declare it.
You will find the question asked by ALL insurers is:
Have you or any named driver had any accidents, claims or losses in the last x years ?
The answer is Yes, as having your bike stolen or stolen recovered with no claim is still classified as a 'loss' albeit a personal one.
Hope that helps.
You will find the question asked by ALL insurers is:
Have you or any named driver had any accidents, claims or losses in the last x years ?
The answer is Yes, as having your bike stolen or stolen recovered with no claim is still classified as a 'loss' albeit a personal one.
Hope that helps.
dibblecorse said:
Yes, you have to declare it.
You will find the question asked by ALL insurers is:
Have you or any named driver had any accidents, claims or losses in the last x years ?
The answer is Yes, as having your bike stolen or stolen recovered with no claim is still classified as a 'loss' albeit a personal one.
Hope that helps.
Damn it, Yes it does help but not the way i wanted!, Looks like ill be selling before anything happens then!You will find the question asked by ALL insurers is:
Have you or any named driver had any accidents, claims or losses in the last x years ?
The answer is Yes, as having your bike stolen or stolen recovered with no claim is still classified as a 'loss' albeit a personal one.
Hope that helps.
dibblecorse said:
Yes, you have to declare it.
You will find the question asked by ALL insurers is:
Have you or any named driver had any accidents, claims or losses in the last x years ?
So I go green laning (legally) or riding off road or whatever. I fall off. I fall off quite a bit. I end up in ditches.You will find the question asked by ALL insurers is:
Have you or any named driver had any accidents, claims or losses in the last x years ?
"Any accidents or claims, Mr DS?"
"Er yes. About 374"
<CLICK!>
Dog Star said:
So I go green laning (legally) or riding off road or whatever. I fall off. I fall off quite a bit. I end up in ditches.
"Any accidents or claims, Mr DS?"
"Er yes. About 374"
I tell myself that they’re not accidents.... as I absolutely know I’m going to end up upside down in a bush at some point on the ride that it’s almost part of the plan."Any accidents or claims, Mr DS?"
"Er yes. About 374"
Your point is fair though. I guess we have to draw our own line over what’s a reasonable declaration. I think not declaring a stolen bike (with probable crime numbers and subsequent issues with where the bike turns up) is a step too far for me.
chanmenie said:
Dibblecorse is correct
I work for an insurance company
The question is have you any losses weather insured or not
So yes you would have to declare the theft even though it wasnt insured.
How is that fair tho?I work for an insurance company
The question is have you any losses weather insured or not
So yes you would have to declare the theft even though it wasnt insured.
youve lost the value of the thing not insured, it hasnt cost any insurance company a penny but they get to put your price up next year just because, thats really not on.
A500leroy said:
How is that fair tho?
youve lost the value of the thing not insured, it hasnt cost any insurance company a penny but they get to put your price up next year just because, thats really not on.
It's down to risk assessments, the same as they consider that if you've had an accident, you're more likely to have another. With a theft I guess they think that you may have a habit of leaving it somewhere dodgy etc. so are more likely to suffer theft again.youve lost the value of the thing not insured, it hasnt cost any insurance company a penny but they get to put your price up next year just because, thats really not on.
eybic said:
It's down to risk assessments, the same as they consider that if you've had an accident, you're more likely to have another. With a theft I guess they think that you may have a habit of leaving it somewhere dodgy etc. so are more likely to suffer theft again.
but if they dont have to pay out for it why does it concern them, they arent losing anything! Gassing Station | Biker Banter | Top of Page | What's New | My Stuff