Insurance on a new GSX-R 600 K7

Collective,

I wonder if anyone could give me some advice on the following.

I'm attempting to get a quote on a brand spanking new GSX-R 600 K7.
Being 24, living in London, with no garage (Thankfully there's a
"driveway" of sorts, I've installed a ground anchor), it's proving
difficult.

After a lot of effort, I've managed to get a TPFT quote of only £1350
(or around £2500ish for fully comp). I did this by under-declaring the
value of the bike, at only £5000 (Full value is £6750). If I declare
the value as being over £5000, almost all the insurance companies
refuse to provide a quote, or quote insane numbers.

I'm fairly happy to roll with £5000 as the value, if the only
consequence is that I can't claim more than that figure. However some
people have pointed out that the insurer may void the policy on the
condition I misled them over the value.

So, does anyone know for sure what the situation is? Is it safe to do
this? I'm going to call them up tomorrow and ask, but thought I'd ask
here too. Also, any other advice/comments on insurance welcome.

Thanks in advance!

 

Then some people are thick and incorrect. If you declare value as 5k,
then that's the maximum you can claim.

 

Seems a bit silly really, then they payout 25% less into the bargain.

Mike h.

 

Collective,



So, does anyone know for sure what the situation is? Is it safe to do
this? I'm going to call them up tomorrow and ask, but thought I'd ask
here too. Also, any other advice/comments on insurance welcome.

Don't do it. let the force be with you.

Thanks in advance!

 

Indeed you are. I doubt it would be that difficult to prove that value was a
material factor in determining the premium. i'd expect most actuarial models
to take into account, so if you misrepresent the value, you risk having the
entire policy avoided.

The OP should declare the correct value.

 

I'd be inclined to take heed of the advise given by Kiran in a
previous post. Ignore the rest.

 

Surely the value is subjective? Simply by riding it off the forecourt,
I'm knocking a whack off the value, since it's no longer new. Subtract
vat. You're getting on for £5k.

They also asked for the purchase price, which I correctly stated as
£6750.

 

I would, except that if I give the full £6750 value, I get quotes of
£10k/year+, or no quotes at all.

It seems quite clear to me - there is a threshold of £5000 for the
value above which insurers will not insure.

Bend the truth very slightly, or cancel the order for the gixxer? Hmm!
I hope you can understand my dilemma.

 

Rubbish - value is mostly objective, based on what the market will pay. I
doubt you would sell your 1 mile/1 day old GSXR600 for £5k. And since when
do you subtract VAT?

Declare what you like, but don't come here crying when it all goes tits up
and your insurer won't pay. If you call your insurers and they're willing to
offer a fixed value policy (but you declare the correct market value) that's
one thing. I'm not sure of any who do, but no harm in asking.

 

Buy a slightly older, cheaper used bike.

 

If nobody bought new bikes, there would be no old ones

I'm fairly keen to hear from other people who have bought new
sportsbikes with values over £5k, and how they got on with getting
insurance.

People *must* buy new bikes, especially given how few K6's there were
in the dealers when I went shopping. I didn't want a K7, but that's all
they had

 

Spend £4999.99 on a K6 model instead?
--
Alex

"I laugh in the face of danger. Then I hide until it goes away"

www.drzoidberg.co.uk www.ebayfaq.co.uk

 

I think they generally bought a house with a garage first.

--
Alex

"I laugh in the face of danger. Then I hide until it goes away"

www.drzoidberg.co.uk www.ebayfaq.co.uk

 

You'll find it'll be a pain to get insurance until you're 25, then
it'll simply be "a lot" instead of your current situation. Try
something not quite superbike - a Triumph Daytona was surprisingly
cheap on insurance for me.

 

To put it bluntly, I'd get a bike you can afford. It took me 10 years
to get to the 10R, so if the time isn't right just yet find something
more suitable and wait until next year.

 

The trouble is, you're relatively young, and I assume haven't had a
license for very long, and you're trying to insure a brand new example
of one of the hottest middleweight sportsbikes on the market. You live
in a big city with high rates of crime and don't have a garage.

Buy something older / cheaper / less sporty so you don't get raped by
the insurers and can build up some NCB meaning that, in a few years, you
*can* buy whatever the latest bit of kit is and insure it for a
reasonable amount.

 

I phoned an insurance company and got a quote. No problems at all.

Of course, I have a garage and am a little older than you.

Maybe you should wait until you're a little older before you start
wasting money on shit like this. You're only going to drop it anyway so
why not get something pre-disastored and save yourself the future
heartache?

 

That's true, but it's more expensive to buy a new bike.

I bought my 10R new. I looked around for quotes, then prepared myself
for a large cost-to-change on my current policy. As it was, it was
quite a small amount. If they hike it next year I'll look around, and
if worst comes to the worst I may have to sell it.

Bike insurance isn't cheap when you're dealing with male, young,
sportsbike. For you, add undesirable area, no garage.

To insure an SV650 the premiums went from 650-ish to 400ish over the
three years I had it. A daytona was about 700ish, and then 600ish for
the renewal.

People do buy new bikes. I'm afraid you've gone about this the wrong
way. Always get an insurance quote on any vehicle before you buy one.
It might do to look at cheaper alternatives, so how much riding have
you done? What on? What else apart from the gixxer have you looked at?

 

Christofire says...

My Daytona costs me 30 quid a year more than the Gixer Thou it replaced,
with both being valued at about the same.

 

I have never, ever, ever heard of anyone having a policy cancelled
simply because they undervalued the goods. And material value *is* a
factor, Kiran - just try insuring a bike worth £1000 and one worth £5000

Well, OK, and then just say, but maximum value for the insurance is £5k.
*Shrugs*.