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kazmiaad

Active member
Yes i can ask these questions with my agent, but id rather have an understanding of how insurance works before.
I was insured last year on someone else's policy, and now need to get my own
so, i was using TD's online quote system and i noticed that the value of my bike affects the premium

so heres the question: if i purposely devalue my bike when getting insurance, and if i get into an accident, would the insurance company only cover me up to the amount that i valued the bike originally less the deductible?
 
kazmiaad said:
Yes i can ask these questions with my agent, but id rather have an understanding of how insurance works before.
I was insured last year on someone else's policy, and now need to get my own
so, i was using TD's online quote system and i noticed that the value of my bike affects the premium

so heres the question: if i purposely devalue my bike when getting insurance, and if i get into an accident, would the insurance company only cover me up to the amount that i valued the bike originally less the deductible?
Click to expand...

So if I have this straight, Last year you were commiting some sort of insurance fraud and this year you can't so you are trying to commit insurance fraud a different way? lol



dsburfitt said:
Pretty much. But often they will compare it to the bluebook of your bike and settle with that figure.
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There is no bluebook value on a bike, But I would be weary about telling your insurance your bike is worth less than it is.
Most insurance companies will look on kijiji, autotrader, etc to get values, But if they nptice you valued your $10K for $2K, don't cry when they offer you $2K as that is what you told them it is worth.
And the other way, If you value your $2K at $10K, don't expect to get !0K if you write it off.

Just be careful you don't get caught while frauding the insurance companies as you might just get nothing if it comes to it.
 
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