Topic: Insurance Co wants to know the value of my K1 750

[ZTatZAU]

I called to add the recently resurrected 1971 CB750 K1 to my insured stable of motorcycles.  I generally only get liability and comprehensive (which covers road service) but no collision because they never think the bikes are worth what you think.  So I take that rebuilding risk/decision myself.

Today after calling in the make, year, model, VIN and mileage, I thought we were good to go but they called back shortly to ask what the bike was worth; "so they could put the value in their system".  I told the lady some might say, $500-600, others would say $2500-3000, still others might say $10,000 or more!

She then said she found a listing for a restored 1971 CB750 but it didn't have a price or she would have just entered that value, but that's why she was calling to ask me for a value.

Unfortunately, so far, they haven't quoted me a premium but I would suspect the premium might well depend on this "value".  I told the lady I'd do some research and get back to her.

As long as it's up to me this bike will remain in the family so I've never concerned myself with costs, expenses, returns, or value.  So what IS the value of a recently refreshed/resurrected, one owner, 1971 K1 CB750?



Timely replies are appreciated!  I'm supposed to call the insurance lady back!
ZT

[calj737]

$8,000. I don’t think you could replace/repair it with professional labor rates for 1 penny less. In reality, it’s probably even higher, but that might be a value they can live with (without getting special coverage) and you can recover in the tragic event of a complete loss.

[ZTatZAU]

$8,000. I don’t think you could replace/repair it with professional labor rates for 1 penny less. In reality, it’s probably even higher, but that might be a value they can live with (without getting special coverage) and you can recover in the tragic event of a complete loss.

Thanks Calj737!  I haven't added up the costs of this resurrection (I've been warned against doing so!); but your number sounds reasonable.  I'd like to avoid "special coverage" and this may be why they asked if I had regular plates or antique/vintage plates.

Anyone else care to opine?
ZT

[newday777]

A friend restored a 74 K4 and sold it for $10,000.
Repop pipes, seat, Yamiya paint set.

[Don R]

 Go to "bring a trailer" and search cb750 Honda, it will show active auctions and a chart of sold values, it looks like 5K to 15K.

[jwurbel]

Not sure who your carrier is, but I have found Hagerty to be easy to work with and competitive in the marketplace.  I did it on line, and entered the value that I thought was correct. 

[ZTatZAU]

^^^
Thanks everyone!  I appreciate your replies.

ZT

[CycleRanger]

BaT is good place to find recent sales.
With the market as it is for nice 750's these days I'd say 8-12K.
You want to insure it for not necessarily what it's worth but what it would cost to replace it.

[MauiK3]

I insure my 1996 Honda Acty HA4 Attack with Hagerty. They asked the value and I told them $20K. They were happy. Good company so far.

[Stev-o]

I called to add the recently resurrected 1971 CB750 K1 to my insured stable of motorcycles.  I generally only get liability and comprehensive (which covers road service) but no collision because they never think the bikes are worth what you think.  So I take that rebuilding risk/decision myself.

So you are not getting full coverage?  [including collision & theft?]   

The best way to fully insure a vintage bike [or car] is to have an "agreed value" which with most companies, you can set the amount yourself. That way in the event of a theft or totaled-out claim, that is the amount you receive. 

[Rookster]

Take Steve-o's advice.  Agreed value policy.  You set the value.  I wouldn't go less than $10k.  K1s are desirable and have many 1 year only items that are difficult to replace. 

Scott

[BenelliSEI]

Take Steve-o's advice.  Agreed value policy.  You set the value.  I wouldn't go less than $10k.  K1s are desirable and have many 1 year only items that are difficult to replace. 

Scott

+1 to the above.

[willbird]

I am thinking they just need to know their exposure on the comprehensive coverage. Our bikes are old enough that they do not have any valid valuation for them. I seem to recall the agent asking when I put coverage on my CB750K2 even though I did not get collision.

[RAFster122s]

I'm in favor of agreed value policies or they are going to pull a collection of cars or bikes, depending on your policy to establish the market value and you cannot tell from photos really how nice those examples are but they are rarely in your favor. You don't wanna fight with them over it as they are very good at paying you as little as possible. Agreed value takes all that away, very simple in event of loss. If you have a loss then negotiate to buy the bike from them, it will be salvage titled and you can build another from the wreck transferring parts to the replacement frame/forks/etc. generally salvaged bikes are outrageous price for buying it from them.

They are totalling cars quickly these days as parts availability and price for parts has skyrocketed since pandemic. Totalled cars often are prevented from being rebuilt and titled again in many states after passing a certain age, or all but impossible to get a title for them. Fwiw

[seanbarney41]

Take Steve-o's advice.  Agreed value policy.  You set the value.  I wouldn't go less than $10k.  K1s are desirable and have many 1 year only items that are difficult to replace. 

Scott

+1 to the above.

+2

[MauiK3]

+3

[ZTatZAU]

^^^^^^^^
Thanks everyone!  I appreciate your thoughtful replies.
ZT

[Redline it]

I called to add the recently resurrected 1971 CB750 K1 to my insured stable of motorcycles.  I generally only get liability and comprehensive (which covers road service) but no collision because they never think the bikes are worth what you think.  So I take that rebuilding risk/decision myself.

Today after calling in the make, year, model, VIN and mileage, I thought we were good to go but they called back shortly to ask what the bike was worth; "so they could put the value in their system".  I told the lady some might say, $500-600, others would say $2500-3000, still others might say $10,000 or more!

She then said she found a listing for a restored 1971 CB750 but it didn't have a price or she would have just entered that value, but that's why she was calling to ask me for a value.

Unfortunately, so far, they haven't quoted me a premium but I would suspect the premium might well depend on this "value".  I told the lady I'd do some research and get back to her.

As long as it's up to me this bike will remain in the family so I've never concerned myself with costs, expenses, returns, or value.  So what IS the value of a recently refreshed/resurrected, one owner, 1971 K1 CB750?



Timely replies are appreciated!  I'm supposed to call the insurance lady back!
ZT

sorry about violating the timely replies. but peeling off years of high insurance payments for the possibility of someone backing into your bike at a donut shop has to balance out with how many years it takes before that happens. so far I've got 2 bikes insured for 75 dollars a year, comes with 1 or 2 haul homes. i  push it home if it breaks or change flats on the side of the road.  accidents with a car involved good chance of your next of kin haggling over what the insurance company is working down what they think of paying is worth. it's kind of a catch 22 decision.

[HondaMan]

All this said:
mine is worth more than $1,000,000.99
(to me).

[Floshenbarnical]

All this said:
mine is worth more than $1,000,000.99
(to me).

Haha. I wouldn’t sell this bike as long as I live. I told the insurance company it was worth $10K though.