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Bike insurance

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NORTY40:
Thanks again for all your replies lads  :4_17_5:

The main thing im getting from this is the fact you have to be 100% sure that what you are paying your premium on you are going to get back should you suffer a loss .  I have this type of insurance on my Fiesta RS Turbo .... ie a Guaranteed/Agreed value , should something happen to it I know exactly what i will get back as it is all in writing and backed up with an independant valuer . This was all done through the RSOC and there specialist insurance partner though . Unfortunately we don't have a specialist insurer connected with RAD/old school BMX's but maybe it could be something someone could look into .  :-\

pickle:

--- Quote from: NORTY40 on March 04, 2015, 10:53 AM ---
 Unfortunately we don't have a specialist insurer connected with RAD/old school BMX's but maybe it could be something someone could look into .  :-\

--- End quote ---

well volunteered Joff  ;D  :daumenhoch:

NORTY40:

--- Quote from: pickle on March 04, 2015, 12:01 PM ---
--- Quote from: NORTY40 on March 04, 2015, 10:53 AM ---
 Unfortunately we don't have a specialist insurer connected with RAD/old school BMX's but maybe it could be something someone could look into .  :-\

--- End quote ---

well volunteered Joff  ;D  :daumenhoch:

--- End quote ---

 :LolLolLolLol:  Thanks Rob  :P  ......


 but I was thinking someone like Griff as he has loads of time on his hands  :D  ( only joking Griffster before you ban me from the FB page  :-* )

To be honest it wasn't aimed at any of the mods but to any RADster in general who maybe works within the insurance industy or maybe knows a broker who might be interested in setting something up .  In all honesty it might not be worth their while as the take up could be quite low , i guess it all depends on how much work is involved .

pickle:
I know mate, i was only kidding  ;D

rodriguez:
I've a working knowledge of the insurance industry in terms of both underwriting and claims and to be totally honest I'm not convinced those of you who have added your bikes to your insurance policy are as well covered as you think you are.

Collections can be difficult to get insurance and tend to be a niche market.

http://www.moneysupermarket.com/home-insurance/collectors-insurance/

Here's an example of an insurer that specialises in collections.

http://www.mjacroydon.co.uk/index.html

Most off the shelf household policies give you a certain amount of contents cover say £40k, they will ask you specify certain types of items or items of a certain value, for example, if you have a painting worth £5k you will be asked for a valuation from a Autioneer/Valuer, this will be provided to the underwriters who will set the additional premium that you'll be charged and this valuation will be used if there is a claim.

If you go to make a claim and there is no valuation, you will be asked is to prove the value, even if you have provided pictures and a breakdown of every part used, does it prove the value?

An insurance company will not pay out on something unless it has already has or can assess the value to it's satisfaction.

At the end of the day the proof of the pudding is in the eating and in this case it's whether or not your insurer will pay out on a claim and I agree with Terry that you might have a hell of a battle on your hands.

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