When buying a used bike, the seller writes the purchase price on the UVIP form. Suppose they put $1,000, even though the bike is actually worth $10,000. If the bike is later written off and insurance asks what I paid for it, could that cause them to pay less than the bike’s actual value or does it have no affect?
UVIP purchase price
- Thread starter ninja3
- Start date
Insurance companies used to ask for bill of sale sometimes but I don't think I've encountered it for at least a decade
Otherwise, declaring value to insurance is usually just a simple test. If the declared value is much higher than they are expecting, then it might trigger follow up questions about why the value is so high, a request for an appraisal, or a straight up refusal to insure the bike. So don't say your 10,000 bike is worth 100,000
Otherwise, declaring value to insurance is usually just a simple test. If the declared value is much higher than they are expecting, then it might trigger follow up questions about why the value is so high, a request for an appraisal, or a straight up refusal to insure the bike. So don't say your 10,000 bike is worth 100,000
A declared value policy for a bike would be very rare. Normally, they are used for things like classic cars to avoid having to quibble over value during a claim.
