RADBMX.CO.UK
BMX General => BMX Chat => Topic started by: boltactionuk on November 26, 2016, 10:13 AM
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Can anyone advise me on insuring my bikes please and how can they be valued correctly without guessing ?
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Not sure about insurance but i guess it's upto yourself to decide what your bikes are worth and what it would cost to replace em. ???
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Have a look at your policy, most insure single items upto 1k without it being specified.
What I tend to do is take a few bits off each bike so its less than 1k value, not that practical I know, lol, that said no one wants to nick a bike without a seat or pedals.
Obviously this approach won't work if your house burns...........
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Got mine covered separately on my contents insurance ..
But be careful when asking for a quote.
I asked about extra cover and told them the approx $$$ they was worth etc..but this is what I wasn't happy with.
Because I declared about my collection I was more of a risk , and my house insurance will go up even without the extra cover
Anyway I wanted the cover emailed them a list of the collection for there records and approx costs to replace each bike but in the end they just wanted the total amount was worth to quote with.
Was told to make a note of serial numbers/ pics and that was it..It was around £300 ish if I remember on top of my original policy.
At first they did have to check if this sort of thing can be covered but it can be done.
There was a thread on here if I remember..
I used ebay as a guide for prices but some of mine are very rare, I just put a price I would be happy with if the dreaded happened but would they payout that's another question..
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Who are you insured with? :)
Got mine covered separately on my contents insurance ..
But be careful when asking for a quote.
I asked about extra cover and told them the approx $$$ they was worth etc..but this is what I wasn't happy with.
Because I declared about my collection I was more of a risk , and my house insurance will go up even without the extra cover
Anyway I wanted the cover emailed them a list of the collection for there records and approx costs to replace each bike but in the end they just wanted the total amount was worth to quote with.
Was told to make a note of serial numbers/ pics and that was it..It was around £300 ish if I remember on top of my original policy.
At first they did have to check if this sort of thing can be covered but it can be done.
There was a thread on here if I remember..
I used ebay as a guide for prices but some of mine are very rare, I just put a price I would be happy with if the dreaded happened but would they payout that's another question..
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Most in if any at all high street insurers off the shelf products will NOT cover this type of risk, ie, old school BMX bikes and I'd bet my bottom dollar on it having worked in Insurance for years, in underwriting and claims for my sins.
If you can find an Insurance company who is willing to provide cover, each bike would have to be specified with an agreed value similar to a piece of jewelry and an additional premium would be charged and terms and conditions might be imposed. When getting an agreed value for a ring you have to provide a valuation from a valuer/auctioneer, who can accurately value an old school BMX?
There are insurance companies who specialise in insurance for collectables/collections where it is difficult to assess the value etc but to have your collection of old school BMXs covered properly this is what you need.
I usually don't bother replying to these threads because people tend to believe Tim, Tracey or whoever's on the other end of the phone when they've got the cheapest quote off the comparison site and contacted the company to see if their bikes are covered.
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I had a game renewing my existing insurance a few months ago as my provider was stopping house insurance.
Ended up with Admiral Platinum, all bells and whistles for buildings and contents, garage etc, 11 bikes individually specified with a couple of the other half's Pashleys no problem at all. I've kept each no more than 1K.
Policy cost about 200 quid :daumenhoch:
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House insurance should cover anything up to £1k without listing it. Ours even covers the bike if it's stolen whilst out riding it
all this you must list everything is bollox
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You are so fookin angry with your replies!!! :LolLolLolLol:
Admiral were my 3rd call of the day, can't remember the other 2 but they wouldn't insure them when I specifically asked.........
So bollox!!! :P
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Outbuilding cover btw even with this platinum thingy is 5k.... Just saying
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I had a game renewing my existing insurance a few months ago as my provider was stopping house insurance.
Ended up with Admiral Platinum, all bells and whistles for buildings and contents, garage etc, 11 bikes individually specified with a couple of the other half's Pashleys no problem at all. I've kept each no more than 1K.
Policy cost about 200 quid :daumenhoch:
If you ever have to claim which I sincerely hope you don't, the problem will be providing valuation to the loss adjuster so Admiral will pay out on your bikes.
Just because you specified them at a value doesn't mean you'd get that, you still have to provide a valuation, ie, prove what the bike is worth. I just don't know if a loss adjuster will accept Ebay auctions and my gut instinct tells me it's highly unlikely.
A specified item insured for x amount and a specified item insured for x amount with an agreed value based on a proper valuation are two different things I'm afraid.
I'll try to explain it in a different way it's like the difference between normal items of contents and collectables in the same way there's a difference between normal everday cars and classic cars and you need a different type of insurance for the latter.
House insurance should cover anything up to £1k without listing it. Ours even covers the bike if it's stolen whilst out riding it
all this you must list everything is bollox
How do you know it's bollox?
I reckon you know as much about insurance as I do about hanging out of a helicopter attached to a rope, which is fuck all.
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that's funny
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I sat down and spoke to my insurer, I even explained in depth what they were, where they were and how difficult it would be to replace SOME of the parts. They were great they stated it was all covered. So I guess they know fook all too!
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:LolLolLolLol:
I guess what I'm saying is........
Although it sounds like you got it good with your insurer, my previous quotes wouldn't entertain my collection when I asked. Although a pain in the ass, Admiral would cover them but asked for specific details and value. Who am I to argue. Just think it's best to state your bikes and take it from there, not presume they'd be covered at home or out and about.... Which of course you did. ;)
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:LolLolLolLol:
I guess what I'm saying is........
Although it sounds like you got it good with your insurer, my previous quotes wouldn't entertain my collection when I asked. Although a pain in the ass, Admiral would cover them but asked for specific details and value. Who am I to argue. Just think it's best to state your bikes and take it from there, not presume they'd be covered at home or out and about.... Which of course you did. ;)
and I wasn't talking to you!
see you next Sunday at 1400 x
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I sat down and spoke to my insurer, I even explained in depth what they were, where they were (garage) and how difficult it would be to replace SOME of the parts. They were great they stated it was all covered. So I guess they know fook all too!
To be 100% truthful I'm sceptical.
You'd be surprised how poor the level of knowledge is at the end where you discuss your requirements and buy your policy, they're mostly just poorly trained, poorly paid nodding dogs who's job depends on sales.
How do you provide a valuation of an Old School BMX to a loss adjuster? if you can't you're in a spot of bother, can it be valued by a value auction house? Whether or not an Insurer will pay out on a claim will depend on the valuation.
Read this.
https://www.moneysupermarket.com/home-insurance/collectors-insurance/
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I sat down and spoke to my insurer, I even explained in depth what they were, where they were (garage) and how difficult it would be to replace SOME of the parts. They were great they stated it was all covered. So I guess they know fook all too!
To be 100% truthful I'm sceptical.
You'd be surprised how poor the level of knowledge is at the end where you discuss your requirements and buy your policy, they're mostly just poorly trained, poorly paid nodding dogs who's job depends on sales.
How do you provide a valuation of an Old School BMX to a loss adjuster? if you can't you're in a spot of bother, can it be valued by a value auction house? Whether or not an Insurer will pay out on a claim will depend on the valuation.
Read this.
https://www.moneysupermarket.com/home-insurance/collectors-insurance/
They stated that below £1k it doesn't need proof of value.
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I sat down and spoke to my insurer, I even explained in depth what they were, where they were (garage) and how difficult it would be to replace SOME of the parts. They were great they stated it was all covered. So I guess they know fook all too!
To be 100% truthful I'm sceptical.
You'd be surprised how poor the level of knowledge is at the end where you discuss your requirements and buy your policy, they're mostly just poorly trained, poorly paid nodding dogs who's job depends on sales.
How do you provide a valuation of an Old School BMX to a loss adjuster? if you can't you're in a spot of bother, can it be valued by a value auction house? Whether or not an Insurer will pay out on a claim will depend on the valuation.
Read this.
https://www.moneysupermarket.com/home-insurance/collectors-insurance/
They stated that below £1k it doesn't need proof of value.
For a normal everyday cycle yes but collectables are different and your old school BMX is a collectable and more than a couple is a collection.
If your house burnt down (god forbid) and your showing pictures of your bikes to the loss adjuster I think they'll view it as a collection.
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:LolLolLolLol:
I guess what I'm saying is........
Although it sounds like you got it good with your insurer, my previous quotes wouldn't entertain my collection when I asked. Although a pain in the ass, Admiral would cover them but asked for specific details and value. Who am I to argue. Just think it's best to state your bikes and take it from there, not presume they'd be covered at home or out and about.... Which of course you did. ;)
and I wasn't talking to you!
see you next Sunday at 1400 x
My phone crashed again.... I thought it was you talking to me!!! I'll get my coat and hurl this out the door. My apologies x