Buying a used motorcycle - Cost to tell insurance company | GTAMotorcycle.com

Buying a used motorcycle - Cost to tell insurance company

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demopeng

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Hi everyone, I just bought a "new to me" used motorcycle for the first time, and am unfamiliar with this process.

My question is, if the seller was nice while writing the sales receipt for me, does the "cost" of my motorcycle told to my insurance company have to match the amount on the UVIP that I paid taxes on?

Has this ever been an issue for anyone else to have the UVIP written value be different that the amount paid told to the insurance company when calling to put insurance on the bike for the first time?

Thanks all
 
Tell the insurance company in the ballpark of market value of your bike. Ultimately, what they pay out will be based on current market value at that time. They don't care about the price you paid taxes on (maybe it wasn't running when you bought it and now you have fixed it).
 
My argument would be the cost (what you paid on paper) and value of the bike (what is said to the insurance company) can differ and is different.
This might affect the payout if your bike is stolen or in an accident.

What did you get anyways?
 
GreyGhost said:
Tell the insurance company in the ballpark of market value of your bike. Ultimately, what they pay out will be based on current market value at that time. They don't care about the price you paid taxes on (maybe it wasn't running when you bought it and now you have fixed it).
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Okay great thank you. WIll they ask for any copy of our "invoice" or anything like that?

If I tell them high end range of the price (~$8000) vs the low range for the price ($6500) is it likely to have any impact on the cost of my insurance premiums for this bike? Or is this strictly for reference for replacement value?
 
BTW, AFAIK they only ask this question to check that its value is around what they expect. If it's way higher, they may ask for an appraisal or refuse to insure it. I dunno if anything happens if it's way lower
 
demopeng said:
Okay great thank you. WIll they ask for any copy of our "invoice" or anything like that?

If I tell them high end range of the price (~$8000) vs the low range for the price ($6500) is it likely to have any impact on the cost of my insurance premiums for this bike? Or is this strictly for reference for replacement value?
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When I was registering my sportster they asked what I would consider the value to be now for replacement purposes (I bought it for $1500 with lots of damage) I pulled a number out of the air and that was the end of it. I must have been in the correct range because I was shocked that they didn't ask for an appraisal. Especially because he asked if there were any modifications and I told him the list of stock parts would be shorter.
 
woot said:
When I was registering my sportster they asked what I would consider the value to be now for replacement purposes (I bought it for $1500 with lots of damage) I pulled a number out of the air and that was the end of it. I must have been in the correct range because I was shocked that they didn't ask for an appraisal. Especially because he asked if there were any modifications and I told him the list of stock parts would be shorter.
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It won't be an agreed value policy. You gave them a number to type in but the number they pay out will be based on market value at the time of claim. I don't know if you can get agreed value policies for newish vehicles. You can get them on classics but they require an appraisal. On the upside, if something happens to it, there's no fight, you know the number on the cheque.
 
GreyGhost said:
(maybe it wasn't running when you bought it and now you have fixed it).
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Maybe?

Of course it wasn't running. ;)

TK4 said:
They have a 'blue book' - they know what the bike is worth. They would only ever pay out based on that.
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Not necessarily true. A lot of policies will pay replacement value. Yeah, they'll make you a (typically lowball) offer to start, but you're not obligated to ever accept the first offer on a write-off settlement. You can negotiate.

For example, when I bought my 2011 Volt I paid something like $12K, and it's current book value might actually only be $9K, but in todays realities this same car today is ~$13K all day long (despite being 4 years older and with another 70,000km on it since I bought it), and there is no way I'd settle with a $9K offer if it was written off tomorrow - I'd have no issues at all finding lots of comparable models for sale online to show it's current value for the purpose of settling a write off.
 
When I insured the Kymco scooter they asked what it was worth. Told them $1500 tops so we agreed on it's value if written off.
 
GVH said:
When I insured the Kymco scooter they asked what it was worth. Told them $1500 tops so we agreed on it's value if written off.
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Did they actually give you an agreed-value policy or just have the conversation? The agreed-value policy has some different wording in it.
 
Recorded the conversation they said and I had to say I agreed to the value. I think the problem was no real values for the scooter online.
 
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