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Discussion Starter · #1 · (Edited)
Ive had a bit of a rollercoaster of it sorting out Insurance for the new bike, which is due to expire on the 12th.

I had a renewal notice from Carole Nash for a stupid amount. Over £750 FC for the two bikes. I asked them about just insuring the Honda and they gave me a revised quote of just over £640. I told them to cancel the DD and i would get back to them.

I went on a comparison site and entered the details and gave a value for the bike of £10,000 it came back, first with "are you sure about this value as it seems a little high?" I double checked and confirmed and was given with quotes FC that started at £180!!

So, I called the first MCE and gave them the ref number for their quote and they came back with "Are you sure the bike is only worth £1,100?

I told them I had entered £10,000 and went back to check and sure enough the value was £10,000 - they then gave me a quote of just over £650. for the Honda alone. Laughable.

I had a think about this and tried another comparison site, only this time I changed the value to £9,999

The first 2 quotes i ignored. the first was MCE. even lower than last time. The second was Bennetts and I have an aversion to them. the 3rd was Devitt.

Only fly in the ointment was there was no field for convictions. So.. i went to the site and entered the ref number for the quote I had and there was a live chat window so I asked about this almost expired conviction. They promised to call me back within minutes. and they did. The conviction an SP30 from July 2014 was added and the woman went through the entire quote an its details. The quote went down.

£202.70 I paid and they have sent me by email the full document pack, i have been through it carefully and everything is correct.

I then went back to the comparison site once more and entered details for the GS. I went for TPO and 0 NCB - Quote I'm going for is currently £84. (my full NCB has been used for the Honda)

So.. a bit of a battle. and Im sure some dodgy dealings from MCE. But the bikes are both insured at half the price, or less.


edit. I am actually very sorry to be leaving CN, they have over the years been competitive for the GS and I will be forever grateful for the way they dealt with a breakdown I had in middle of nowhere Austria. I was facing a disaster and they went the extra mile to locate a dealer that had a donor bike for the part I needed. and sorted everything so only one day of slight inconvenience. I rode back to our campsite that same day in the late afternoon.
 

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And here's another thing. I've just been having a discussion with my insurer about the value to insure my bike. Since I am buying a new one you'd think I should insure it for the price I am paying wouldn't you - list price is £12495 (for the 2018 DCT - £500 more for the yucky blue 19 model).
But the insurer will only give me what I would have to pay to buy another similar one (I think - I'm sure it cannot be trade-in price). The issue is that Kent motorcycles are selling a pre-registered 2018 model with zero miles for £9350. So is that all the insurer would give for mine if it got stolen in the first couple of days I had it? (£3k on the insured value makes quite a difference to the premium)
Mike
 

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Discussion Starter · #3 · (Edited)
You have to bear in mind the VAT which is not a part of the bikes actual value. for my bike that was £1,934. there is also the slight, from brand new, depreciation. the bike immediately becomes 2nd hand the moment you ride out the dealers door.

So, if you were to insure at the full value, assuming this was allowed. then you are paying for money that will never be returned to you in the event of a total loss. you cant insure tax that has been paid.

The only way to fully protect yourself and get back the FULL amount paid, including the VAT is to take out a separate insurance policy that is called "Gap insurance" - it does just that, fills in the gap between what your insurer paid you and the cost of a new bike. (or a bike of the same age if the insured bike was not new)

Can be worth buying. so.. in my case, my bike cost £11,944 it gets stolen. My insurer pays me the 'Book' value..say, £10,000. but first deducts the excess. say £500

so.. I get back £9,500

The Gap insurer then pays me £2,444

at the end of that I have in my hand the full amount I paid for the bike £11.944

You buy Gap insurance for a fixed period. it cannot be renewed. some give up to 5 years as a lifetime.

Only thing I'm unsure about.. because I have never looked into it is, my bike was discounted as an 'end of year'. a replacement bike might not come with anything like that discount. will the gap still fill.. the... err 'gap'? i don't know. They may, they may not. I would hope so because the list price for a replacement for my bike is almost £14,000 so in the above scenario i could be another £2056 short. on a replacement Adventure sports DCT.
 

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Just taken mine off CN and added to a Bikesure Policy I have for a 20 year old K1200RS. Cost me £82....£30 of which was the adjustment fee. Added bonus that the remaining bikes with CN are over 40 years old and got switched to an agreed value vintage policy; further £200 saved....and I can earn NCB. Bikesure also cover my (voluntary unpaid) advanced tutoring sessions, so won't have to drag the Brick out every time...
 
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