Insurance Valuation

[KhaoYai]

My bike insurance (Ist Class) expired in March 2020 and as it was unclear when I was going to be able to come back due to Covid restrictions, I didn't renew it.  The bike has been locked in a secure garage so I wasn't too bothered about having no theft cover.

 

The renewal valuation was down from 120,000 baht to 100,000.  Clearly that will have gone down since but I don't know by how much as I've only just asked for a renewal quote.  In the meantime I have obtained a quote from a discount insurer that regularly advertises on this site and their valuation is 63,000 baht. Granted, the bike has covered around 33,000 km but its in good nick and has always been well maintained. 

 

Some aspects of the cover can be increased - such as medical cover but the valuation cannot be changed.  I would like to see the insurance company buy a 2013 ER6-N in good condition for 63,000 baht!! What do they use for their valuations - is there anything like Glass's Guide in Thailand?  I'm not surprised they can qoute such cheap premiums - they are only insuring 65% of the replacement cost.  It will be interesting to see what valuation my previous insurer gives.

 

Anyone else have this problem or have you even looked at the valuation on your policy? Maybe you should.

[scubascuba3]

They may just use a straight line scale down, my policy showed the scale, even brand new out the showroom is 10% down. At a certain age maybe don't get 1st class, maybe not worth it for 63k

[Etaoin Shrdlu]

As scubascuba3 mentioned above, insurers usually use purchase price less depreciation. Factors such as replacement cost or whether the vehicle is in good or poor condition are usually not taken into consideration. 

 

You could ask an insurance broker to find an insurer that will cover your bike for a higher amount.

[NanLaew]

A few years back, I was able to negotiate a higher replacement value for my pickup than the standard industry 'sliding scale' valuation. As expected, this came at a slightly higher premium but was acceptable. However, this was a one-off instance and on the subsequent renewal, the option to "pay more to get more" wasn't offered or supported.

 

39 minutes ago, Etaoin Shrdlu said:

You could ask an insurance broker to find an insurer that will cover your bike for a higher amount.

Sound advice. Shop around with at least two brokers.

[KhaoYai]

10 hours ago, Etaoin Shrdlu said:

You could ask an insurance broker to find an insurer that will cover your bike for a higher amount.

 

10 hours ago, NanLaew said:

A few years back, I was able to negotiate a higher replacement value for my pickup than the standard industry 'sliding scale' valuation. As expected, this came at a slightly higher premium but was acceptable. However, this was a one-off instance and on the subsequent renewal, the option to "pay more to get more" wasn't offered or supported.

Understood guys. I am waiting for the quote from my previous insurer - as I don't know what their valuation is yet.  The quote I've already had seemed quite clear that the valuation was none negotiable.

 

I might not go for 1st class now, as long as I can get decent medical cover - that's what I'm more interested in to be honest.  If I could get a realistic valuation at a reasonable cost, I would but at 63k, it doesn't seem worth it.

 

I also have to take into account that it can be difficult to get 1st class insurance on a bike older than 5 years.  If you have owned it since new (or nearly) and the insurance has been continous then its not normally a problem but a change of owner or a break in cover changes that.  It took me a long time to find an insurer that would give me 1st class when the insurance that was with the bike when I bought it expired.

[scubascuba3]

2 minutes ago, KhaoYai said:

 

Understood guys. I am waiting for the quote from my previous insurer - as I don't know what their valuation is yet.  The quote I've already had seemed quite clear that the valuation was none negotiable.

 

I might not go for 1st class now, as long as I can get decent medical cover - that's what I'm more interested in to be honest.  If I could get a realistic valuation at a reasonable cost, I would but at 63k, it doesn't seem worth it.

get PA insurance, 6,900 baht with Axa for 250k medical per accident, much better than 1st class

[KhaoYai]

11 minutes ago, scubascuba3 said:

get PA insurance, 6,900 baht with Axa for 250k medical per accident, much better than 1st class

At the moment I'm not in Thailand full time and unusually, my annual travel insurance includes medical cover whilst riding a motorbike.  As I understand it, most travel insurance excludes bikes.  So, for the moment, as long as I stay for 45 days or less each trip, I actually have £15 million (pounds) of medical cover.

 

That will end at some stage though - certainly by September 2023 so I will need to find cover.  Is the AXA cover you mention stand alone accident or is it part of a health plan?  I have a problem with health plans as I have a pre-existing condition. Never tried so I don't know if it would also affect accident cover - it didn't affect my travel insurance.

[scubascuba3]

I've always had travel insurance which included motorbikes, just need to keep checking until you find one, the very cheapest policies may exclude it. As for the Axa its stand alone Personal Accident insurance, no deductible, no preexisting issues as its for accidents only