Insurance on a new GSX-R 600 K7

Re-read what I said. I agreed that value is highly material.

 

I don't!

What do I win?

 

I live in a London borough.

no - it's considerably higher, I'd say.

 

*ding*

The only point I was trying to make was that the OP is too young to
get cheap insurance on a brand new fairly-expensive bike.

 

Thanks for all the replies, there were oh so many of them!

That particular insurance broker said that the £5k value limit was the
limit for an ungaraged motorcycle in my postcode group (Group 6).

Regarding undervaluing, that particular insurer said that it was a
complete no-no, while another one said it would simply affect the
maximum claim that could be made. However, I would naturally prefer to
avoid any risk, so I kept searching for insurers, giving them the
correct full value.

After calling around a lot of brokers, I got two fairly reasonable
quotes given the circumstances (I knew this wouldn't be cheap). MCE
came back with a quote from Zenith, £2716 fully comp. H&R came back
with £1374 TPFT from NIG.

The rest apologised profusely and declined to offer any form of
insurance

As long as MCE honour the quote when I call up to purchase it, I'll be
happy.

Thanks again for the replies, it's been a, er, "interesting" experience
getting quotes. I'll have to move somewhere with a garage before
renewal time, methinks.

 

Jeeze, is a brand new one really that important that you'll spend 3
grand on insurance?

You could buy a K2/3 600 for that money and probably insure it for a
hell of a lot less.

You may as well have the 1000 if you're going to spend that much cash
on insurance.

 

I'm sure I heard somewhere that if an insco found you'd only insured the
bike / car / whatever for, say 80% of its value, then the payout on any
claim would only be 80% of the claim, or summat like that. Or did I dream
it?

 

No, it can happen but afaik, it's more of a goodwill gesture. If they
suspect that you've deliberately undervalued (esp in this case just to get a
quote), then don;t be surprised if they don't pay at all.

 

Monkey tossed off:

That's what is known as "applying average".

Not come across it with motor insurance, but it's fairly common with
household cover, which is why it's essential to get your sums insured
correct.

--
Dan L

1996 Kawasaki ZR1100 Zephyr

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