Topic: Appraisal for Insurance

[Weatherman]

Has anyone insured their bike with collision/comprehensive and had to get an appraisal? My local Honda dealer said they can provide a $ figure for stated or agreed value but I'm wondering what other and how much information insurance (Progressive) companies require to satisfy them.

Thanks,
Dennis

[SteveD CB500F]

Carole Nash in the UK offer "agreed value" insurance valuations.  You send them detailed photos of both sides of the bike and their experts assess the market value. It seems to work.

[supersport_CB400F]

Steve CN was one of my more expensive quotes, I found the same cover and agreed value via Bennett’s they put me through to another firm. I have the number if you want itfor next time you renew..

[Pinhead]

When I wrecked my CB360 I took it to a Honda dealer and they worked with the insurance company to figure the worth. They called me back and asked if I agreed. If not, I would have to find someone else to appraise the damage, etc. The key is to make sure whoever is doing the appraisal knows exactly what was "good" before the accident. Give them a list of what you see, every scratch, dent, oil leak, and noise that your bike makes. Tell them that before the accident, everything was immaculate.

Edit: I see, you're getting the apprasal so you can get the insurance, not for a wreck. My bad. Just make sure it's really clean and shiny when you take it in. In my experience, a lot of the insurance guys that do the appraising don't really know the ins/out of bikes. So make it nice and shiny and they'll give it more of a value. I got $1500 for my wrecked CB360.

[Greg]

dennis
you might also search places like craigslist cycletrader etc to demonstratte the real market value of these bikes. when my 750 was hit, they wanted to give me like 400 bucks. i demonstrated that bikes were going for more like 1500, and eventually got it.
good luck

[Dennis]

My insurance company usually tells me what they think the bike is worth when it is added to the policy. They are usually pretty reasonable with their valuations. I don't know where their numbers come from. I give them some pictures and we rate them from 1-5 on condition (or something like that) and they give me a value.

We disagreed on my Yammie RZ by about $1000 but that was the only time. I just let it go, but I could have had it appraised independently (or submitted receipts for work)  As long as I can get most of my money back if something happens, it wasn't worth jumping through hoops for it.

[Weatherman]

Thanks guys. And you're right Pinhead, I need the appraisal to get the insurance. Hopefully I'll not need it to collect it!

I purchased insurance with Progressive Direct through their website and one of the blanks to fill in was an "agreed value". I entered a figure that reflected what I would have invested in it once I had replaced the tires and exhaust. The paperwork they sent me stated "we need an appraisal for the agreed value to provide collision/comprehensive coverage".

I took the bike to my local Honda dealer and the general manager told me what he thought it was worth (way more than my agreed value), and gave me an appraisal for just that. All it has is the VIN number, year, make, & model, list of accessories, date, and the $ value.

So if my original post wasn't clear I apologize. Essentially I'm picking y'alls brain based on previous experience or opinion if this is adequate information. I've never actually seen a vehicle appraisal so I don't know what level of detail they expect.

Thanks,
Dennis

[mcpuffett]

lyndbrook insurance services 2 750's agreed value £70 odd a year   mick.

[supersport_CB400F]

lyndbrook insurance services 2 750's agreed value £70 odd a year   mick.

Mick does your policy have European breakdown cover? 

[mcpuffett]

erm cant remember off the top of my head?, has breakdown cover etc , will have a look and let you know, mick.

[supersport_CB400F]

erm cant remember off the top of my head?, has breakdown cover etc , will have a look and let you know, mick.

Cheers Mick, if it has got the cover a phone # would be helpful I'll give them a call. I've got no (no claims)
£110 is my best so far but the Euro cover I need is 100 with RAC so my insurance is 10 and I wan't to pay less 

Dave

[Pinhead]

... I took the bike to my local Honda dealer and the general manager told me what he thought it was worth (way more than my agreed value), and gave me an appraisal for just that. All it has is the VIN number, year, make, & model, list of accessories, date, and the $ value. ...

In my experience (which is very little) it's the exact opposite with cars. You generally think it's worth more than the dealer/third party does. Same thing happened with my bike, though. I didn't think it was worth more than a few hundred bucks. The insurance company thought it was worth at least $1500, and that's the first offer they gave me. If I would've been thinking, I probably could've pulled $2000 out of 'em.

[Gordon]

Dennis,

Something you might want to consider before going with the collision/comprehensive coverage is the difference in price between the full coverage and the minimum liability. 

It's usually not very cost-effective to fully insure a relatively inexpensive vehicle.  You could put $50 a month in a savings account and have enough cash to replace your bike in two years, without subtracting the, most likely, $500 deductible the insurance company would charge you.   

Anyway, like I said, just something to consider. 

[Roach Carver]

I had progressive insurance on a 74 xs650. I had to do the whole dealership value deal, took it to a dealership and they gave me a fair value on it. I ended up collecting the insurance about a year later when my bike was flooded for 3 weeks in hurricane Katrina.

[Dennis]

Dennis,

Something you might want to consider before going with the collision/comprehensive coverage is the difference in price between the full coverage and the minimum liability. 

It's usually not very cost-effective to fully insure a relatively inexpensive vehicle.  You could put $50 a month in a savings account and have enough cash to replace your bike in two years, without subtracting the, most likely, $500 deductible the insurance company would charge you.   

Anyway, like I said, just something to consider. 

Most times I would agree with this except for my bikes. They are insured as historic vehicles so I am "limited to hobby activities and less than 2500 miles each per year" So you can't ride 'em to work, so they say!
But there is no deductable, except on the RZ (1984 is too new - when it turns 25 deductable goes to $0) and the cost for the 4 bikes is about $70 or $80 more than minimum coverage. I haven't seen this years bill, but I think the total last year was around $160.

[seaweb11]

I just sent in the photos and paper work for the CL350s Collector plate here in BC Canada.
Seems here, no limit on km, just no driving to work or school.
You also need another licenced and registered insured vehicle in your name.

I will get back to this post when I start asking about  damage / stolen / collision value if any one here is interested.

[Weatherman]

Thanks for all of the responses. I think I have too much invested in it to not carry full coverage. And I have a new set of NOS exhaust for it too.

71cb750: How much information about your bike did your value document contain? Did it go into great detail? The document Honda gave me was short and sweet. and after I left I noticed it didn't show an odometer reading. I guess all I can do is send it to them and hope it is acceptable.

thanks,

Dennis

[Roach Carver]

wellll. I have slept since then, but if memory serves me, all my piece of paper said was what the bike was and the estimated value. I guess the proof that it was a REAL dealership, was that it was printed  on dealership letterhead. 

[Weatherman]

That sounds exactly like what I got from my local Honda dealer. I sent it to Progressive today and if yours worked for you then hopefully this will work for me. Thanks!!!