bike insurance.

[ssr1]

I heard a lot about e.bike insurance and thought id give them a go so after calling them and them telling me they would do agreed value of $9000 for my 99 r1 i paid them. I got my policy in the mail and it had market value written down so i called them up to be told they dont do agreed value and i must have heard things, i said to them how about we check the recorded conversation they made when i got the quote and they gave me a full refund and i went back to qbe. Im not using this thread to bag them but if anyone uses them or any other company make sure you ask for everything in writting that it is agreed value. I also recommended a fellow rats member to them and the same thing happened to them, so be aware.

[Zee]

I've never had an issue with market value and therefore paying less for the premium :confused1:

[pan]

I'm the "other RAT"... I had our 2002 WRX insured at Market Value

with GIO: $27K
with e-Insurance: $15K

Big difference!

[Dr freedom]

27k!! How many kays??

[Captain]

That's not the premium, is it?

[pan]

Over 100K
It wasn't the agreed value, just the GIO Market value on the policy

[jasonbw]

If you have accessories/extras/mods the agreed value can be very important if the bike is written off or stolen. Market value would be fine if it's an accident and they chose to repair the bike/car.

Basically ask yourself this, is paying less of a premium by taking the market value option acceptable when the potential exists for the ins. company to only pay you market value on the bike/car if its written off/stolen?

People with considerable mods on their vehicles could well lose a lot of money after a theft.

And remember, once a vehicle claim is made for a write-off or theft you have to pay your excess AND your yearly coverage is cancelled and you have to start paying for a new policy.

I.e. 1 day into a year policy your bike is stolen, they will take your excess and close the policy since the policy has been filled. So you lose your excess and the year's worth of a premium.

[Zee]

Pretty sure all insurers use the industry std 'the glasses guide' as the keep referring to in my quotes (ask 'em what the figure/value is when obtaining a quote).
I'll put this down to another one of those insurance policy inconsistencies but mine out performed all the all the main-streamers by literally thousands, both in product and premium price.

[ssr1]

Ebike use the "red book" to give a market value which is lower than the guide other insurers use, but what frustrated me was being told its agreed value when they know its not. they are hoping people wont notice it on the policy until its to late.

[Dr freedom]

Over 100K
It wasn't the agreed value, just the GIO Market value on the policy
Imo if thats what they reckon its valued at, i'd be bbq'ing it yesterday.