Bike Stolen - Declared Value or Purchase Price?

[RickT]

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I personally wouldn't want to go down the road of explaining a low purchase price (ie, declared purchase price) due to damage. That would open up the door for proof that you had the bike properly repaired with a need to provide receipts and such. Without proof they might try to lowball the payout for existing damage.

Good luck. Let us know what happens.

 

[Ugur Dinch]

I bought my bike for $4k in April from a member, then got into not-at-fault accident, which cause the bike to be a write-off. TDMM offered either:

$5300 or
$3600 + the bike.

I chose option 2. Then I went to California with that money, on that same bike without anything fixed whatsoever. At this moment, I technically purchased the bike for $400, and whatever I sell it for, is profit =)

Not-at-fault vs theft may be different since the money goes out of different pockets.

edit: My declared price for the bike was $500.
Legal edit: I sometimes lie.

 

[ZX600]

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 )

i am sorry but this is just ridiculous. Insurance companies (some) will only pay for the modifications that enhance performance like braided lines etc, they won't pay for cosmetic modifications so the phrase "but with what you put into it the bike it should be worth roughly" will mean nothing to them.

OP do as you wish, but I have gone through a claim process and what I am saying is based on my experience.

 

[GsxrJon]

edit: My declared price for the bike was $500.
Legal edit: I sometimes lie.

1) ^^ Best edit's ever. +1

2) Recently had my bike stolen and am insured through TDMM. I find out next Monday/Tuesday what they offer for it - new/current value or replacement cost + mods

 

[Riceburner]

What you pay for an item has nothing with what it's worth. You insure it for what it's worth or replacement value. When you first got insurance they ask what you paid....I always say what it's worth. That's the amount I want it insured for.

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