Topic: Bike insurance question

[brooze72]

So disclaimer on this issue, we're talking Canadian insurance, generally lots more than our US brothers.

A short history, was with another ins co (which had 90% of market here & sold this year to a bigger co) in ON that only offered liability, no collision, fire, theft, said bike was too old.

Recently changed auto ins & asked for bike quote too.  Lo & behold, they came back with a number 60% less than old rip off artists.  LMAO while I am talking to them as they have no clue about a vintage CB & can't find it in any data base, think think they pulled a number outta their ass.

Bonus, they offered me collision, fire & theft & still less than old guys w/o that stuff.

Finally to question, sorry for the wind storm.  After asking purchase price of bike (remember it was back in '79) & my estimate of current value, (I pulled a # from the air, 3X purchase).  After a discussion on what they would pay if a total loss, I am wondering if it is a worthwhile buy.  They would pay market value unless a pro appraisal done.  No anwer as to the "market value" as they say a third party would provide a number?

As there is a $300 deductable & a cost for appraisal (no idea on cost), is it worth it on the old girl?

[Frankensteins Bride]

Do you love your bike? If so yes. 

All seriousness I would go for it. If it's 60% less and has all that coverage, what's too lose?

I'm also in Ontario. Who are you looking at? I'm using Jevco from Quebec. Cheapest rates for the graduated system.

[brooze72]

LOL, I was riding many years before anyone thought about a graduated system  Yes I was with Jevco too, practically the only game in town.  With collision etc, the new rate is about 15% less.  It is with Desjardin, they have the rest of my stuff so maybe that's why they offered.  My original question/discussion was about loss vs payout.  EG, if "they" say it's worth $1000 with 300 ded I get 700 & it costs me 200 I get 500 net.  If I pay xxx for an appraisal they would pay that price. 

Can I buy another CB in as good a shape as mine? No, I put 2K into the rebuild.  My dilema is that simple but ...(& yes I do love my bike)  I am a bit of a cheapo.

[brooze72]

FYI Jevco was sold to Intact

[Frankensteins Bride]

I didn't know that! Hope my rates don't go up!

The graduated system isn't actually much of a big deal. Don't drink. Easy peasy. LOL

Hmm if those were the numbers it's not really worth that much. How much do you think an apprasier would list it as? I'm thinking I'd go that option just to be safe.

[brooze72]

FrankensteinsBride, my renewal quote with Intact only went up 6 bucks, you shouldn't have to worry.
I kind of agree with you, guess I better get a price for an appraisal & hope the valuation is really high!
Think I'll ask some guys at the CVMG.

[Frankensteins Bride]

Thanks for the info!

Let us know what an appraisal will put you at!

[brooze72]

Yea, just heard from HondaNutRider & he told me of a guy in the CVMG who does appraisals.  Will give him a call soon.

[heffay]

Is medical in there too? 
I try to run as close to zero deductible on everything as possible.
Here's the thing... I know I won't get much for the bike, even if I got $5k, that is a ridiculous number and still just a drop in the hat compared to medical bills.
It really isn't much of a monetary difference from $300 deductible to $0 deductible from my insurer. 
I would rethink my entire stance though, if medical coverage is not included.

My experience with value and recovering losses has repeatedly been... book value. 
Unless you cover it in gold filigree and call it Art.   

I tried to weigh in keeping in mind that you are in CANADA, hope you don't mind. 

[brooze72]

Oh no Heffay, that's fine, I welcome all comments.  To the best of my knowledge medical limits above & beyond standard health care are mandated by government (remember we have universal health care for all) & there is no offer of 0 ded, min $300.  This makes it very difficult to compare to US rates.  HondaNutRider had his 350 appraised by an accredited CVMG member, and it was well below your 5K figure though.  Very difficult to say what an insurance company appraiser would evaluated the bike at, but I do realize who they work for thats why an independant may be worthwhile IMO.

[Xnavylfr]

Even here in the USA if the bike is more than 10 years old ,INS companies don't put much VALUE on them. I have State Farm Ins. I was able to TELL them what I wanted my bike valued and insured for 5K.  Even if you have a SANDCAST in SHOWROOM condition/ low miles you'll need to find an Ins. Company that covers Antiques/Classics with a Reputable estimate from a M/C antique dealer. It would be a hard press to convince an Ins. Company a M/C over 40 years old is worth 20K.


Xnavylfr(CHUCK)