Insurance Question: Declared Value
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Thread: Insurance Question: Declared Value

  1. #1
    omg, i'm a noob! Array motobert's Avatar
    Join Date
    Jun 2002

    Insurance Question: Declared Value

    If I am getting Megson Fitzpatrick optional coverage for collision and comprehensive, do I even need a declared value for buying the basic from ICBC? Isn't Declared Value useful only for collision/comprehensive?

    If you do have declared value on your ICBC insurance, does your ICBC declared value match your private company's declared value? I'm asking this because Megson Fitzpatrick cover's more stuff like accessories and gear.

    On a side note, I'm 6 days away from 10 years driving ....
    :: easy peesy lemon squeezy ::

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  3. #2
    Registered User Array rgm's Avatar
    Join Date
    Mar 2003
    On the river.
    My what?
    If they are asking you to declare a value, do it. Otherwise if (god forbid, but) someone hits you, you have already told them what you would need to replace your bike. Just make sure you declare fair market value and include the taxes (roughly) in your declaration. That's what I did, and they gave me my declared value, no questions asked. As for matching values, ask your M.F. agent if you should include your gear in your bikes value of if they insure it separately. If it is separate, it's best to keep all your values the same. The two companies may have to talk to each other one day about your bike. good luck
    I didn't say it was your fault, I said I was blaming you.

  4. #3
    Moderator Array Harps's Avatar
    Join Date
    Mar 2002
    A couple of Suzukis
    ICBC won't need a declared value if you're only buying basic coverage through them. They may ask you for can tell them...but it won't make any sort of difference, AFAIK. I only have basic coverage on my 250, and the girl at the counter said she didn't need the declared value if I didn't buy any additional coverage. Not like the bike is worth anything anyways.
    Maybe Mediocre
    BCSB - I hate you

  5. #4
    Registered User Array Digi168's Avatar
    Join Date
    Mar 2002
    2005 FZ6
    With MF and your declared value keep two things in mind...

    one you need to have receipts for all your after market stuff and you will have to give them a list of equipment, (they are just starting to do this) ie helmet (brand-model), leathers, gloves, boots, bike cover, alarm, locks etc...anything that could be damaged while riding and ALWAYS include tax in your total...

    two, there coverage is bracketed in $2000 dollar increments so don't be afraid to ask which bracket you are you delcare your bike for $18000, which falls in the middle of the $17-$19 bracket ask for $19000 it won't cost you anything and if you add anything you are cover. This works the other way as well lets say you figure your bike is worth $14000 and the brackets are $12000-$13999, you can save a few dollars by declaring $13999 instead of $14000.

    One other thing is that MF is a lot different from ICBC, they are actaully willing to help don't be afraid to ask alot of questions it could save you a few bucks....
    WMRC #749

    "You know the world is going crazy when the best rapper is a white guy, the best golfer is a black guy, the tallest guy in the NBA is Chinese, the Swiss hold the America's Cup, France is accusing the US of arrogance, Germany doesn't want to go to war, and the 3 most powerful men in America are named 'Bush', 'Dick', and 'Colon'"

    -Chris Rock

  6. #5
    this is my...boomstick! Array CrotchetyRocket's Avatar
    Join Date
    Aug 2002
    click, click
    ICBS declared value don't mean shite anyway. If you write the bike off, they'll still only pay you their perception of market value for the bike.


  7. #6
    Registered User Array
    Join Date
    Mar 2003
    In your dreams
    Declared value....with ICBC may not be worth the paper it's printed on. A buddy of mine who had his bike stolen had been dutifully paying the premiums on the declared value of his bike. Receipts and all. Only after he made the claim did ICBC tell him that his bike is not worth the declared value. He asked why then was he paying the higher premium to insure his bike at that value if all along ICBC would have never paid him that value? He never did get paid the value he insured the bike for. He could have saved himself a whole bunch of money paying a lesser premium given what he was paid out for. The kicker was that ICBC would not pay him back the premium he had been overcharged for all these years.

    So, in short, ICBC willing took his money then turned around and stated too bad, so sad, this is what we'll pay you. And thanks for the large tip.

    Needless to say, I don't buy my comprehensive through ICBC. And I saved slightly over $400 by going with private insurance.

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