Bike Stolen - Declared Value or Purchase Price?

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discogen

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My bike was stolen and now I'm about to be dealing with TD Meloche Monnex.

Are they going to ask me what I paid for the bike? Because the price I actually paid differed from what we declared. Can I tell them what I actually paid, or do I need to tell them the price on the bill of sale?

Any help is very much appreciated!
 
Crap, sorry to hear that!!

How old is the bike? If it's 2 years old or newer, your policy should have depreciation waiver which means it would be purchased price. Otherwise should be replacement value based on research (i.e. Auto Trader, Kijiji, etc...). Expect to be low-balled in their initial offer if your bike is older than 2 years.

That's my understanding anyway... Let's see what others say!
 
Start doing your research on what your bike is worth in the market.
Look through kijiji and autotrader as stated and be prepared to counter their initial offer if you feel it is to low.
 
Thanks for the response. It was a 2008. I really don't want the official purchase price, because it was very low. Mostly I want to know what the adjuster will ask me when we speak. Will he ask about the price on the bill of sale? What am I supposed to tell him?
 
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OP...sorry to hear about the loss of your bike.... I seem to recall the insurance company asking what I paid for my bike when I set up my policy. Do you remember what you told them?
 
Slick_Steveo said:
OP...sorry to hear about the loss of your bike.... I seem to recall the insurance company asking what I paid for my bike when I set up my policy. Do you remember what you told them?
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That isn't what they go by, they go by market value.
 
Market value, they don't care what you paid for it.

Go to a couple of Dealers and get a quote on the purchase price of the same bike or something similar (with taxes in and all fees) also the Bike's KM is a very important detail that will influence their payback.
 
Canada Revenue Agency, on the other hand, might find this pretty interesting...

Or the relevant popo if they wanted to go after someone for tax fraud.

Not likely, I know. Just thinking out loud.
 
Yeah, I do recall them asking what I paid for it. But I don't recall what I told them. I know when you fill out the online quote they ask for the value including accessories, so I suppose I went with that. I just spoke with the adjuster and he asked me what I paid. So I told him that total value amount.
 
when i got a policy they asked me for the value of the bike + accessories
i told then the value of the bike + cost of my gear

they will definitely go by the market value for your bike,
i'd recommend doing your research and printing out ads, going to dealers and getting quotes and such to get yourself prepared
 
Careful with TD MM insurance. You had an Alarm w/immobilizer installed...right? Right? You should be nodding your head with a "yes" to that question.
 
Griffin said:
Canada Revenue Agency, on the other hand, might find this pretty interesting...

Or the relevant popo if they wanted to go after someone for tax fraud.

Not likely, I know. Just thinking out loud.
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They have a lot more important things to do than to audit a single citizen because they didn't want to pay as much on taxes when buying a used vehicle.

Although, still grounds for a fine. Nothing serious if you have nothing else to hide.
 
MLadin said:
Careful with TD MM insurance. You had an Alarm w/immobilizer installed...right? Right? You should be nodding your head with a "yes" to that question.
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Really? When I initially applied I answered "no" to that and nowhere did I notice it as a requirement. What are you basing this on?
 
discogen said:
Really? When I initially applied I answered "no" to that and nowhere did I notice it as a requirement. What are you basing this on?
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They have a list of bikes that they won't insure for theft without an immobilizer alarm. Most (if not all) SS bikes are on that list. If they didn't inform you of this clause when you took out your policy then it doesn't apply to your bike. Would hate to see you get jammed up in this requirement.
 
if they ask you your purchase price tell them the what u told insurance/ bill of sale (should be the same number) if that's what they try to give you just tell them the bike had been dropped and there was some work that you had to do to it that's why u got it for a lower price but with what you put into it the bike it should be worth roughly (say a number they are roughly going for now on kijiji/autotrader )
 
Fontes59 said:
if they ask you your purchase price tell them the what u told insurance/ bill of sale (should be the same number) if that's what they try to give you just tell them the bike had been dropped and there was some work that you had to do to it that's why u got it for a lower price but with what you put into it the bike it should be worth roughly (say a number they are roughly going for now on kijiji/autotrader )
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That sounds perfectly reasonable. Thanks for the advice.
 
discogen said:
Really? When I initially applied I answered "no" to that and nowhere did I notice it as a requirement. What are you basing this on?
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All SS bikes and a few expensive non-SS require alarm with TDMM to get theft insurance. Otherwise, they don't require it. So, I wouldn't worry about it if you have a non-SS bike.

Regarding value, they should reimburse you the replacement value of the motorcycle, so you should be able to go out and buy the same bike (minus mods, unless declared).
 
discogen said:
That sounds perfectly reasonable. Thanks for the advice.
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TD has a verbal application they do with you when you set up the policy. One of the questions, and I'm paraphrasing from memory is about preexisting damage.

The alarm question seems to be a standard question. They asked me the same thing even though I don't ride a super sport. I think if you have a bike on the list and you say no then they won't issue you for comp coverage.
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