Insurance question

If you don't claim against a theft, does it still count against you?

I get the part where I have to tell the insurance company my bike was nicked in case someone else crashes it into a car/ pedestrian/ kitten.

But looking at it my excess is £350, there's something about an extra excess of £100 if nicked from your home and not garaged (I never told them I had a garage,  nor does the policy say on it that I have??) and the agreed value of the bike is only £600 (Twat, that was before I put all that work into it and I never updated it)

So I only stand to get a payout of £250 or £150 if the extra excess bit counts, so it's just not worth me claiming, given the increased premiums that brings, which really sucks. But does it count as a claim anyway if I tell them, but don't ask for any money?

The cops already know, if it makes a difference.

Confused!

[u]Honda CB-1 owners' forum[/u]

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[u]Honda CB-1 owners' forum[/u]

CB-1 for sale
CB-1 current condition / mods.

i'm not 100% sure but i think you only lose your ncb when you actually claim. so if you don't intend to make a claim, where the insurance company makes a payout, i don't think you have to inform the insurance company.

if somebody does trip over it, or the police find it(sorry i had a chuckle to myself then)the police would inform you first anyway.

maybe a phone call to the insurance company wouldn't be out of place,but i'm sure if you don't actually claim then there is no penalty to yourself.

If you do nothing, it's up to you.  You are not obliged to tell your insurance company of the theft if you are not claiming, and when you renew they are only interested in driving convictons and claims, and you won't have claimed.

Personally I wouldn't put a claim in for £150.

the insurance should pay out book value though so you could be looking at more than you think although im guessing this is unlikely as if it is more than the £600 you gave them as the worth im almost certain they would try to pay you this instead of the higher amount.

sorry to heard about the bike dude

burty wrote (see)

If you do nothing, it's up to you.  You are not obliged to tell your insurance company of the theft if you are not claiming, and when you renew they are only interested in driving convictons and claims, and you won't have claimed.

Personally I wouldn't put a claim in for £150.

blessmycg wrote (see)

Or should I leave the policy running and keep using the "other bikes" bit until I get another bike and can change the bike insured because I "had to break the other one" ?

I think, unless anyone has experience of this being a really bad idea, this is what I am going to do.

My dad has offered me a lend of his bike until I can sort one out, so if I do this my insurance keeps running and I can ride "other bikes".

Anyone got a cheap bike for sale around Portsmouth? Thinking maybe a steely CBR600? or anything suitable for 200 miles a week commuting and weekend riding now and then.

[u]Honda CB-1 owners' forum[/u]

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Cancel the policy and take the small (or miniscule) refund of premium. If they ask for a reason you tell them that you are no longer the bike's keeper due to theft or no existence (DVLA need to know if this is your tack). 

Or 

No claim reported by end of insurance year = 1 year more NCD, which you will have paid for.

You may report the bike stolen to the police and claim back any road tax owing without notifying your insurer, but if it's involved in an accident things could become awkward once the MIB get involved - uninsured rider....who was the last insured person?

Best of luck.

Four wheels good, two wheels better.

OK , boring post from me, but genuine and based on my job - Senior Manager in Motor Claims. Theoretically, you are obliged under the T&Cs in your policy to advise your insurer that your bike has been stolen. However, this will not go against you in anyway, as you are not claiming anthing, thus NCD etc is not affected. It'll be logged as a "Nil Claim, not pursued"

If you do want to claim the value of £600 is a tricky one. If you insured on a market value basis then this figure is negotiable, if you can prove the costs of the additional work. But be warned, if the work is modification based ie zorsts etc and you haven't declared these mods then the insurer will void the policy anyway - they'll refer it automatically as you are arguing over non-disclosed mods. If you've insured on an agreed value basis, then the £600 is fixed (usually only available on Classics / really modded bikes).

My view is don't bother claiming, it's a hassle and the couple of quid you get back will be clawed back next year and then some.

One last point is the garaging clause, this may or may not apply based on whether your policy states clearly that it will be garaged - you'll find this on your insurance schedule, not the certificate. Make sure next year that garaging is not stated, otherwise you will get shafted if the worst happens again.

Did you ever hear anyone say “That picture had better be banned, because I might look at it and it might be very damaging to me”

R1 loon wrote (see)

OK , boring post from me, but genuine and based on my job - Senior Manager in Motor Claims. Theoretically, you are obliged under the T&Cs in your policy to advise your insurer that your bike has been stolen. However, this will not go against you in anyway, as you are not claiming anthing, thus NCD etc is not affected. It'll be logged as a "Nil Claim, not pursued"

If you do want to claim the value of £600 is a tricky one. If you insured on a market value basis then this figure is negotiable, if you can prove the costs of the additional work. But be warned, if the work is modification based ie zorsts etc and you haven't declared these mods then the insurer will void the policy anyway - they'll refer it automatically as you are arguing over non-disclosed mods. If you've insured on an agreed value basis, then the £600 is fixed (usually only available on Classics / really modded bikes).

My view is don't bother claiming, it's a hassle and the couple of quid you get back will be clawed back next year and then some.

One last point is the garaging clause, this may or may not apply based on whether your policy states clearly that it will be garaged - you'll find this on your insurance schedule, not the certificate. Make sure next year that garaging is not stated, otherwise you will get shafted if the worst happens again.

Brilliant, thanks very much for the informed answer, just what I needed

I think the market value of a good CB1 is only up to £800, and not many really go for that. The mods on mine weren't disclosed except the exhaust so I can't use them to up the value, and really it's not worth the hassle of making a claim for £150.

The policy still has 5 months on it, I may try and upgrade the policy to my next bike if they will leave it running. I know a mate had his car insurance "suspended", I think they called it, because he had to scrap it. So he just kept paying on the basis he could transfer to his next car once he got it. I am strongly considering buying my dad's Blade, and the NCB will be absolutely paramount to whether anyone will even touch me (24 yo, male, 6 pts).

In any case, I think it's fairly clear I need to at least tell them about it. This is right baout to be a fun fun phone call

[u]Honda CB-1 owners' forum[/u]

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Good luck  PM me if you get any grief.

Did you ever hear anyone say “That picture had better be banned, because I might look at it and it might be very damaging to me”

As suggested, they have suspended the policy until I can get another bike, and it's not recorded as a claim. Reuslt, TVVVM R1 loon

Unfortunately I'm too young/an unacceptable risk to be insured on a fireblade with that company though. Booo!

[u]Honda CB-1 owners' forum[/u]

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How old & how many years NCD - I might have an answer for you

Did you ever hear anyone say “That picture had better be banned, because I might look at it and it might be very damaging to me”

24yo, 6NCB. po27jg. 6pts for INS10 april 06.

I think I will just go for a different bike to be able to use up the last 5 months I have already paid with these guys. I don't really know how realistic it is for me to be getting something like a blade anyway, as 200 miles a week commuting is going to murder tyres on a big bike like that.

Be interested to see what you could come up with though. I can give you a call if you need more details, drop a number into my PM box

[u]Honda CB-1 owners' forum[/u]

CB-1 for sale
CB-1 current condition / mods.