Agreed Valuation

[Dom]

I'm filling out an agreed valuation for for Bennetts insurance for my xs650b that in semi restoring. I need to decide a value which is presumably as it stands now the ammend as and when I feel it has changed. Can anyone help with this or send me in the direction of someone who can? I presume I'm not over doing it by getting an agreed valuation?

Thanks
Dom

 

[Raymond]

It was discussion of agreed value with Bennetts, or was it Carole Nash (I've used both), that prompted me to switch to Peter James. I was on the phone with some woman about insuring my 1978 XS650. When she asked what model and colour, I said it had been done in custom colours, she wanted to know whether those were factory colours? It seems the concern was being able to go to a Yamaha main dealer to buy and fit things if the bike was damaged. It was like we were on different planets, me talking about an old bike I'd be restoring and servicing meself, she seemed to be talking about taking a vehicle to an approved place of repair to take it back to new. When I pointed out that no main dealer will touch a 40-odd year old bike and many parts will not be available from Yamaha, she wasn't sure they would be able to provide cover . . .

Speaking to a person from Peter James, they were quite happy to insure an older bike, happy the bike was non-standard, happy to take my valuation, requested a list of changes & non-standard parts and asked for a few recent photos. If the valuation had been higher they would have asked for a valuer's report, which seems fair enough. And their premium was significantly lower. And they were happy to put all my bikes on the same policy. I have no connection with Peter James Insurance.

 

[Grewth]

Get the bike finished to as good as it's ever going to get, then go for the maximum value that the insurance co. will accept, even if you have to pay a valuers fee.
If you keep your eyes open you should have a very good idea of what mint examples are selling for, so don't let them stitch you up with a low valuation

 

[Dom]

Get the bike finished to as good as it's ever going to get, then go for the maximum value that the insurance co. will accept, even if you have to pay a valuers fee.
If you keep your eyes open you should have a very good idea of what mint examples are selling for, so don't let them stitch you up with a low valuation

This is what I wondered mate but wasn't sure I'd I should get a current valuation first. Getting it finished or at least very close before going the agreed valuation route seems the best idea though.

 

[650Skull]

Why wait. Get an agreed valuation done for now and change it later in line with the value of the bike when close to original as you are going to get it. If the insurance company will do that. say $3000.00 for now and bump it up to $4000.00 later

 

[Grewth]

This is what I wondered mate but wasn't sure I'd I should get a current valuation first. Getting it finished or at least very close before going the agreed valuation route seems the best idea though.

You've certainly got the right idea getting an agreed valuation policy.
I don't know about the US, but UK insurance companies have some very nasty rules that can catch you out.
For example, with just a normal policy, if you bought something like a classic XS650B 25 years ago for £500 in mint condition (which was most definately possible then), and it catches fire next week, you'll only be getting a £500 payout.
This is because their rules state that you cannot make a profit out of a claim.
So if you tell them it cost £500 that's all you're getting.
If however, you sold the bike to your brother 10 years ago for £2000, and then bought it back this year for £5000 because you really missed it, you've got a chance of a decent payout.
Far better to have an agreed value policy but check over the small print really carefully.
It may only be insured against theft if it's parked in your locked garage while at your address.
At someone elses address it's insured parked on the drive at night, but not on your drive at night.
So if you do leave it on the drive and forget about it, and it walks off during the night, force the garage door locks pronto, before reporting it stolen.

 

[Adamc]

I agree with most of @Raymond assessment above. In addition the difficulty is agreeing the valuation at this moment in time; If any insurers will offer cover it would be on today’s agreed value. You then accumulate the kit you wish to improve / modify / restore the bike at considerable expense. Over time you fit said kit; and the bikes value increases by your parts investments, up to the point of completion. If something happens within the year before renewal with all parts installed; you lose out.