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A twin for 10 grand?

vibrac

Well Known and Active Website User
VOC Member
Being a sad sod I was reading the small print of my popular classic insurance and there it stated 'machines without MOT will have their agreed value reduced by 50%!', there was some twaddle about 'discretion of the asseor' but on inquiry I was told that the statement was correct.there is 'Laid up' insurance but I don't think agreed value applies.So if your pride and joy has been safe in the shed without MOT through the winter you can breath a sigh of relief. I tried to get this into a classic mag but my letter co-incided with a full page advert by the company in question so guess what happened...
This also applied to my classic racers that somehow would not pass an MOT anyway
 

john998

Well Known and Active Website User
VOC Member
Hello Vibrac, Have looked at my policy doc with Carole Nash and it appears to state that the machine only needs a MOT if it needs one, ie it is being used on the road. The exact wording is ' The vehicle must be kept or used with a valid MOT certificate if one is needed'.
Having re-read this statement I am left wondering
Another confusion for me is market value, as opposed to agreed value. I am on market value, on my the schedule the stated value is now low
compared with market value, if disaster occurs do I get the market value or the sated value? John.
 

Rapide

Well Known and Active Website User
VOC Member
I Insured my twin ( with Carole Nash) for an agreed value. I later felt this was inadequate. I went through the laborious process of applying to get this value increased. I sent updated pictures of my bike together with current and recent copies of 'for sale' advertisements from the various bike magazines together with details of current auction prices realised. This was sent off for consideration and later rejected without compromise. I now have a bike which in my opinion is under insured. I have decided after reading this thread to contact CN on Monday and ask to switch my policy to market value which I presume I could negotiate/argue at time of loss rather than the current scenario where I could not replace my bike with the insurance 'pay off' (based on an agreed value) if it were to be stolen or written off.
 

john998

Well Known and Active Website User
VOC Member
Hello, In reply to Rapide. I changed from agreed value to market value. The problem is I think that they still ask for a current value when you apply, and this is what they base there charge on. As far as I can make out your estimate that you put on the form is the maximum they will pay out if you have a claim.
Please let me know how you get on as my insurance is due in May. John.
 

Bill Thomas

Well Known and Active Website User
VOC Member
Hello David, Any chance of telling us how much extra it cost you ? I am with C.N. I know I am well under value, But I can't afford to pay much more. I have three Vins with her and a B.M.W. Brick 1000cc. Have just sold the Brick and had to fight to get a £5 off the price !!
 

vin998

Well Known and Active Website User
VOC Member
VOC Forum Moderator
I was with Carol Nash for years, but I then had the same problem as Rapide above when trying to increase the insurance value. I then went to Footman James where they just sent a form for a club official (section organiser) to sign confirming the value and all was happy. Footman james were also approx £50 cheaper even at the higher valuation.

Insurance is becoming a problem with Vincents due to the wild variations that bikes are selling on the open market. What is the value of a "C" twin? Also a lot of the smaller classic insurance companies will only insure up to a max value of £15,000. I am also a member of a classic car club who operate an insurance panel which includes 3 insurance companies who have agreeded a special discount to club members. The club also operates a valuation scheme where you can send the form and photographs to a club valuation officer who value the car and then pass the form to the insurance company. The club do charge for this to cover admin, but the insurance companies accept what ever the club value the vehicle at.
The VOC have a similar setup with Footman James and section organisers can value the bikes, but it would be good to have a wider choice of insurance companies willing to insure a Vincent for more than £15,000 or even willing to agree to a reasonable value.

Sorry, rant over. I would gladly like to see the value of Vincents seriously fall overnight as these high prices are only costing us more to insure the bikes, and making them more desirable to thieves, and as somebody has already said, not everybody can afford to fully insure the value.

Cheers,
Simon.
 

vibrac

Well Known and Active Website User
VOC Member
My company is not Carol Nash,agreed value is all well and good but not being just a Vincent owner I like to chose what I ride for the season and according to this small print if I dont MOT it even if I am not using it its automatically worth half the agreed value,this cannot be right after all there is an agreed photo recording the condition.
 

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