UVIP vehicle price =$0 | Page 3 | GTAMotorcycle.com

UVIP vehicle price =$0

I had a coworker who's bike was stolen a couple years ago. When he originally purchased the used bike (privately) he claimed substantially less than what he purchased it for. Consequently the insurance only paid him what he had claimed during the transfer of ownership. The moral of the story is that you can take your chances, but it doesn't always end up in your favour.
 
Slono said:
I had a coworker who's bike was stolen a couple years ago. When he originally purchased the used bike (privately) he claimed substantially less than what he purchased it for. Consequently the insurance only paid him what he had claimed during the transfer of ownership. The moral of the story is that you can take your chances, but it doesn't always end up in your favour.
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Do you know this for sure?

Did your friend accept the first offer the insurance company gave?
Did the insurance company specify that your friend is only getting back what was declared in the UVIP?
Does your friend understand that the price given is based on the market value of the bike? (Not one of those people who buy a new financed ninja 300 for $8000 and expect to sell it for $7500 the next year while the market value is around $4000)

It wouldn't make sense for that to be the reason why your friend got less of a settlement. If a friend sold a bike to me for half of the market price of the bike, it doesn't mean that the bike is worth that amount.
 
Slono said:
I had a coworker who's bike was stolen a couple years ago. When he originally purchased the used bike (privately) he claimed substantially less than what he purchased it for. Consequently the insurance only paid him what he had claimed during the transfer of ownership. The moral of the story is that you can take your chances, but it doesn't always end up in your favour.
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No.
 
I think it was an '07 or '08 CBR600rr raven edition with 24xxx KMs on it. IIRC he purchased for 7k, declared 6k and only got 6k. I remember him coming into work annoyed because he said he spoke to an agent and told her that he paid 7k for it and she gave him 6k because that's what he declared it at. There's probably more details that he neglected to tell me if you guys think it's impossible for any insurance company to think of doing that.
 
Slono said:
I had a coworker who's bike was stolen a couple years ago. When he originally purchased the used bike (privately) he claimed substantially less than what he purchased it for. Consequently the insurance only paid him what he had claimed during the transfer of ownership. The moral of the story is that you can take your chances, but it doesn't always end up in your favour.
Click to expand...

That's why when you go to insure you state it's WORTH $XXX, when they ask you. They will ask you "How much did you pay for the vehicle?" You answer it's WORTH $xxx. You don't insure it for what you paid or claimed you paid. I could have bought a trashy bike for $500, repaired it with OEM parts and made it worth $7000. I'm not going to insure it for $500.
 
Slono said:
I think it was an '07 or '08 CBR600rr raven edition with 24xxx KMs on it. IIRC he purchased for 7k, declared 6k and only got 6k. I remember him coming into work annoyed because he said he spoke to an agent and told her that he paid 7k for it and she gave him 6k because that's what he declared it at. There's probably more details that he neglected to tell me if you guys think it's impossible for any insurance company to think of doing that.
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insurance companies don't have access to the number you wrote on a uvip
 
Slono said:
I think it was an '07 or '08 CBR600rr raven edition with 24xxx KMs on it. IIRC he purchased for 7k, declared 6k and only got 6k. I remember him coming into work annoyed because he said he spoke to an agent and told her that he paid 7k for it and she gave him 6k because that's what he declared it at. There's probably more details that he neglected to tell me if you guys think it's impossible for any insurance company to think of doing that.
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Just no.

That may be what he told you but that's not how it works. His settlement was for replacement value, he could have argued that it was worth more and tried to get more.

Buy a new bike for $14G and it gets stolen two years later.... Do you think you'll get $14G from your insurance co? Or do you think you'll get what the bike was worth when it was stolen?

Replacement value.......


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kellen said:
insurance companies don't have access to the number you wrote on a uvip
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it's cause that's what he declared he paid for it when insuring. Wording is everything. And if they record the convo, even better. You say it's WORTH $xxxx.
 
Riceburner said:
That's why when you go to insure you state it's WORTH $XXX, when they ask you. They will ask you "How much did you pay for the vehicle?" You answer it's WORTH $xxx. You don't insure it for what you paid or claimed you paid. I could have bought a trashy bike for $500, repaired it with OEM parts and made it worth $7000. I'm not going to insure it for $500.
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1. Buy 2007 Gixxer for $5,000
2. Write $50,000 on uvip
3. Pay the $7,000 in taxes
4. Leave it in underground condo parking
5. PROFIT
 
caboose56 said:
Just no.

That may be what he told you but that's not how it works. His settlement was for replacement value, he could have argued that it was worth more and tried to get more.

Buy a new bike for $14G and it gets stolen two years later.... Do you think you'll get $14G from your insurance co? Or do you think you'll get what the bike was worth when it was stolen?

Replacement value.......


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Depends on if it's insured for replacement value or not.
 
kellen said:
1. Buy 2007 Gixxer for $5,000
2. Write $50,000 on uvip
3. Pay the $7,000 in taxes
4. Leave it in underground condo parking
5. PROFIT
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if he's paying premiums for $50k and replacement for that amount, no profit. Thought if you were that far out of range the ins. co. would want a verified appraisal too. They aren't stupid.

By the way, I have always stated the WORTH of the bike when insuring....and have been paid that on a couple of write-offs.
 
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Riceburner said:
if he's paying premiums for $50k and replacement for that amount, no profit. Thought if you were that far out of range the ins. co. would want a verified appraisal too. They aren't stupid.

By the way, I have always stated the WORTH of the bike when insuring....and have been paid that on a couple of write-offs.
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I know.
 
Riceburner said:
it's cause that's what he declared he paid for it when insuring. Wording is everything. And if they record the convo, even better. You say it's WORTH $xxxx.
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No it isn't. You think if he said he paid $9000 they would have paid him that? As caboose said they give you replacement value
 
if it's beyond the range they might if it got appraised for that and he paid the premiums based on that. And yes, if on a stock non appraised value it's replacement of similar year and condition.
 
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yeah, but you got off on a tangent of $50k. lol

Ins. will pay replacement or less depending on how you have it covered. My point was that I got mine covered for their stated realistic worth, not what I paid....and received worth value on loss claim.
 
Riceburner said:
yeah, but you got off on a tangent of $50k. lol

Ins. will pay replacement or less depending on how you have it covered. My point was that I got mine covered for their stated realistic worth, not what I paid....and received worth value on loss claim.
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And I'm telling you what you told them it was worth had nothing to do with what thay decided to pay you.
 
Possibly, not sure about that. For example, if I told them I paid say $2k instead of $5k they would have paid me $5k? I don't trust ins. co. that much. Either way I feel safer stating what it's worth. Keeps more options open as far as I'm concerned.
 
Riceburner said:
Possibly, not sure about that. For example, if I told them I paid say $2k instead of $5k they would have paid me $5k? I don't trust ins. co. that much. Either way I feel safer stating what it's worth. Keeps more options open as far as I'm concerned.
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If it's worth $5K then they'll pay you $5K (minus your deductible).

Unless you or anyone else requests something different the vehicle is insured for its replacement value. The amount paid for the vehicle is irrelevant.


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