Where to find bike's market value (for insurance purpose)?

[nhyone]

My bike is under TPFT. I want to know what's the market value if it were stolen or damaged in a fire. When I ask my insurer, the counter person told me they get the information from one-motoring. I don't find anything in the website. Is there any info on a bike or car's market value there?

 

(It does have the cost breakdown for cars, but not for motorbikes.)

[PinKcHicK]

it's inside ur log card details in one motoring i tink

[nhyone]

it's inside ur log card details in one motoring i tink

 

Is it "Vehicle Insurance Particulars"? Need to pay $5.35 per query leh.

[contrarian]

One policy I read said that it is determined at the point of loss by comparison to the prevailing market value. The prevaling market value can then be determined by other recent trades, etc.

 

It is not on onemotoring, which only has the OMV at the point of registration.

[leong77]

for your info, insurers normally will get the adjustors to come in to assess the market value upon incidents. These adjustors are from independent adjustors companies such as Insight, Crawford etc. They do not belong to insurers (conflict of interest).

 

Thus if you need to know the market value, you can get the distributors such as Boon Siew to assess. Another way is to get these adjustors companies to assess. However, there will be charges involved.

[contrarian]

for your info, insurers normally will get the adjustors to come in to assess the market value upon incidents. These adjustors are from independent adjustors companies such as Insight, Crawford etc. They do not belong to insurers (conflict of interest).

 

While adjusters are independent, they are still ultimately paid a fee for each case they survey or adjust by the insurer.

 

In my past work I have also made several claims for all kinds of events, such as claiming for a damaged car park barrier, fire, fraud, etc. My experience with one vehicle constructive total loss case was that the initial settlement offer was lower than market value, which I managed to get more in the end by challenging their valuation and doing a bit of legwork to support my own valuation.

[leong77]

Agree with Contrarian, whatever amount assessed by the adjustors are a guideline. Insurers use this guideline for settlement. However, it is a subjective issue and we can actually negotiate with the insurers for a higher settlement.

[nhyone]

I want to get a direct quote from my insurer so that I know how much I can get back in case of fire and theft. If it's not much -- my bike's not worth much -- I might as well forgo fire/theft.

[Keynes]

Hi.

 

One way (foc) is to ride your bike to any bike shop and ask them to quote for your bike.

 

It'll be just a guide anyway....

 

But remember, the bike shop quote you now is the current price, your bike depreciates almost everyday, so at the time of loss the value might be quite different.