Insurance vent

[Jonty]

So there's 2 hrs of my life I'll never get back! I pick up my 2015 S1KRR on Friday (!) and have been trying to sort my insurance today.

Quotes from comparison sites were ranging from ?800 to well over ?1K. For reference, I'm 36 with driveway parking and have 2 years NCB. I'm based around Guildford.

The problem started when I attempted to disclose the modifications ? some carbon on the fairings, OEM forged wheels, crash bungs, tail tidy, aftermarket brake/clutch levers and, soon to have, aftermarket exhaust and rad/oil guards. I thought it was prudent to disclose everything in case of a future issue with a claim.

Some companies weren't interested while others claimed it wasn't possible to get a quote (i.e. the underwriters wouldn't allow it). I gave BeMoto a call, who were generous with their time but confirmed that I wouldn't get a quote from them without one year's NCB on the S1K, a ground anchor and some sort of screening to stop people seeing the bike from the road. They also stated that moving from a 765 RS STR to an S1K was a big leap. I didn't realise that previous bikes were taken into account with insurance (just NCBs). Is the S1K such a beast that it has a set of unique considerations when it comes to insurance?

After a handful of calls with a range of companies (some of which never bothered to phone me back), I tried MCE online, who were offering the cheapest quote online at ?775 (although when I tried to add any mods I was instructed to to call them). I called them and the same issue arose as outlined above ? any mods were causing havoc for the underwriters. It's a bizarre situation as MCE claims that any mods are fine to have apart from "a turbo, a supercharger or nitrous" (http://www.mceinsurance.com/content/mce-insurance-news/mce-modification-cover-mcenews.html). It's worth noting that none of the mods will be paid for to my knowledge, so the fear of larger payouts is not a factor here.

So the solution: Get MCE insurance online (listing the bike as unmodified) then phone them at a later date to list the mods.

I'm left confused though. Why make it so hard/time consuming. If MCE is happy with any mods, why require a notification? Something to do with a fee for policy changes perhaps? I hope it's easier once I have another year of NCB.

Apologies in advance for the rant but this was a really frustrating experience. Anyone else been through anything like this?

Slight aside - would OEM forged wheels be counted as a mod? I'm not sure...

 

[alex]

As soon as there's no garage / structure things get hard. I had to send photographs of the place mine is kept to help Bemoto sell it to the underwriter + I had to have a tracker and physical security. For reference, mine is in London, underground, behind 2 sets of steel doors...still well over a grand.

The more the mods are worth the more they get twitchy. I've told them I don't want the mods insured. I only want an OEM original bike in the case of a write off...not sure that helped/mattered.

Forged Rims should be noted as a manufacturer fitted optional extra.

 

[bmwbadboy]

I only include after market exhausts in the mods list, never had any issues with MCE.

Crash bungs, tail tidy, levers - are cheap to replace but create too much hassle.

 

[Jonty]

I tried with just the exhaust online and it still said I had to call them. MCE said they tried every permutation with the underwriters and nothing was working. Strange!

And thanks for your thoughts Alex.

 

[Flyingscotsman]

Worth looking at small print, some insurers are good with modifications: provided the original bike came with equivalent parts (e.g. Ok with aftermarket carbon, rearsets, screens etc). Performance enhancements like mapping or power commanders are more problematic)

 

[Jonty]

Thanks, I'll double check that for sure. Will definitely be steering clear of anything performance related ? I won't need that for some time (if ever!) and it doesn't seem worth the hassle with insurance.

 

[Corkgsxr]

It's a tough bike to insure. Be glad only 2 will quote me at all.

One sed don't bother as long as you own the bike. It's bike not you.

I pay 800 euro. Garaged in the countryside

 

[JimmyMac]

I discussed this at great length with a friend in the insurance game. He told me that the insurance companies don't really consider the financial cost of the mods if not increasing performance, as they don't pay out for them in the event of a claim.

It's more to do with making the bike more attractive to steal.

JimmyMac

 

[Jonty]

Interesting re. mods Jimmy. It's been an education in sports bike insurance, that's for sure (should have checked before I bought the bike! ).

 

[oldwobbler]

Has anyone tried the new Mackenzie Hodgson insurance for a quote?

My insurance is relatively good - being an old git.

 

[Oli]

It's a tough bike to insure. Be glad only 2 will quote me at all.

One sed don't bother as long as you own the bike. It's bike not you.

I pay 800 euro. Garaged in the countryside

That?s roughly what I pay too, for a 15 model garaged in the countryside with 6 years NCB.

In my experience MCE have always worked out the cheapest, which is unfortunate as they are always a pain to deal with.

For the OP, you must throughly check the details in any MCE policy document as on multiple occasions there have been errors in my experience

I discussed this at great length with a friend in the insurance game. He told me that the insurance companies don't really consider the financial cost of the mods if not increasing performance, as they don't pay out for them in the event of a claim.

It's more to do with making the bike more attractive to steal.

JimmyMac

+1
I also like your recommendation Jimmy of sending a photograph of the bike to the insurance broker so there?s no discrepancy based on any cosmetic changes


- Oli

 

[Gaz93]

Has anyone tried the new Mackenzie Hodgson insurance for a quote?

My insurance is relatively good - being an old git.

im with them for the 2nd year running.. great company to deal with.. would recommend