So i got my bike insured the otherday before i crashed into the WRX. I insured my motobike for $4700 3rd party fire and theft. Here is my question, If my bike gets stolen, how much would i get, the whole $4700??? or what if it burns to the ground?? I was speaking to some crazy dude @ work and he said that i wont get anywhere near the $4700 because its not agreed insurance value.
I assumed that if $4700 is the amount that the insurance company and you have agreed your bike to be worth then that is what you should get. That would be the agreed value of the bike. In worst case scenario you can refer to the redbook pricing (<!-- w --><a class="postlink" href="http://www.redbook.com.au">www.redbook.com.au</a><!-- w -->) where the national average private selling price is listed between 3600-4300 for a 1991 3ln (don't know if this is what you have or not) - and given that the insurance company SHOULD give you dealer price I think the $4700 is a reasonable estimate of replacement cost.
Just curious how much extra you pay for fire and theft onyour insurance?? When I did my quote they said its the same as Full insurance if I get that.
you also gotta remember, if you do make a claim, you get paid out the agreed value but i think they deduct the rest of the years premiums and the excess fee. But i may be wrong. Im pretty sure someone on the forum works in insurance. please correct me if i'm wrong. But thats what happened when i wrote my car off. It may be different. Who knows?
Yep Kev, your friend at work is right if lived here in NZ, where its paid out at market value, including any accessories or modifications you have advised them of and they agree to insure, and thats a comprehensive cover which is accident, fire etc. Bear in mind all policies differ.
i hope thats your yearly repayment, not your market value. : <!-- s:shock: --><img src="{SMILIES_PATH}/icon_eek.gif" alt=":shock:" title="Shocked" /><!-- s:shock: -->
