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Anyone With Total Loss "new Bike Replacement" Claim Experience?

Discussion in 'Insurance - Sponsored by Ducati Insurance' started by Brouny851, Aug 28, 2020.

  1. A certain large insurance Co. offer as a perk that if your car/bike is a total loss within 2 years of registration from new they will replace it with (from their PDS) a new bike of the "same make, model and series" as your bike.

    Given the usual approach of insurance companies I would interpret this to mean that if you purchased a new DucaYamasuki in Sept 2018 that was a MY16 and wrote it off this month, if there happened to be a new MY16 DucaYamasuki of the same model in a warehouse that would be the bike they would supply you with rather than a "new", in the ordinary meaning of that word, 2020 DucaYamasuki of the same model as your bike?

    Informed/speaking from experience views appreciated.
     
    #1 Brouny851, Aug 28, 2020
  2. Never heard of this, they usually pay you a “current market value” for it if it’s a total loss?

    Sounds to me it’s more like an included GAP insurance which will pay out the new purchase price of your vehicle rather than the used value?

    I had GAP insurance on my new kawasaki I bought on a PCP. A year later we parted company so to speak and the bike was written off. The GAP insurance covered exactly that, the gap between what the insurance company paid and the price I bought the bike for. The bike insurance payout did cover what was left on the finance but that’s only because I put a fairly heathy deposit down. Had I paid the minimum deposit I’d have been left paying finance on a bike I no longer owned.
     
    #2 Ackers, Aug 28, 2020
    Last edited: Aug 28, 2020
  3. Are you dealing with an Australian insurance company? If so, the rules may be different to UK.
     
    #3 RickyX, Aug 28, 2020
  4. Some UK insurers (for cars, not sure on bikes) will replace with new but IIRC the car generally has to be less than 6 months old at time of accident/theft. I know Tesco insurance used to do this as it decided me against buying GAP insurance on a new car purchase.
     
    #4 Expat Jack, Aug 28, 2020
  5. Yes - it is a common feature of car/bike policies here that you get a new replacement if you were the first to register and vehicle is less than 1 or 2 years old. I assumed it would be similar in UK and so was seeking the minutiae of this practice.

    Never mind, thanks for reading. :)
     
    #5 Brouny851, Aug 28, 2020
  6. In the UK you get 'special' policies that cover feck all and pay nothing out if they can possibly help it, they also have recommended 'extras' so it becomes someone else's problem muddying the waters so no one can be held liable. Still, buying shares in insurance companies can provide handsome dividends :D
     
    #6 Harry Bell, Aug 29, 2020
    • Funny Funny x 1
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