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Discussion Starter #1
Hi guyz, just a question.
I understand that there are 2 mains things that affect the insurance rate.
CC of the bike and also the declared value.

I'm lookin at gettin a new F4I and i was wondering is it smart to declare it at the brand new price?.... i mean.. the moment u drive it off the lot the value depreciates rite?.. and if the bike is stolen.. even tho you over declare the value they will only give u the approximate blue book value rite? (which is definantly lower than purchase price)

also....does the value affect, the comprehensive + base? or just base?

your thoughts on this is greatly appreciated~
 

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2,887 Posts
declare the book value, because that's all you're gonna get outa ICBC anyway. Declared value greatly affects how much you pay for your coverage so don't over declare coz you wont get it anyway (unless you have recepts)
 

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More than meets the eye
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Just make sure that after a few years you drop the value, and don't cling to the belief that your bike is still worth the same
 
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If you are buying brand new get some replacement insurance so ICBC can't try to make you their play thing. I am keeping my declared value at the sticker price because I still have another year of replacement if it gets thieved. The moment that falls down, drop the price down, because from what I hear on here. ICBC tries to give you as little as possible, so you might as well recover some of those funds from a lower rate due to a lower declared value.
 

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Fastronaut
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Go with the highest "real" declared value, and the GST on that value that doesn't bump you into the next level. If it all goes south it's easy to go down, but asking for more isn't going to fly.
 

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Where can I find the book value on a bike?
 

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Gear Driven Cams
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Miguel's right. If you're buying the bike brand new, buy the replacement cost insurance. It's cheap, and is worth it's weight in gold if you ever have an accident. Ask ICBC how the replacement cost insurance works in terms of declared values for a new bike, they should be able to tell you what you need to declare. I would guess sticker price, plus PST, plus GST.
 

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Gear Driven Cams
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Danke said:
Prepare to be depressed.
Kelly
Nada
You can also watch eBay and the local classifieds for real world pricing.
ICBC will give more weight to local pricing, as it more accurately reflects the bike's value in the market in which it is owned. Buy & Sell and the local papers will be best for that. But you're talking about a brand new bike, which is extremely difficult to get a "real world" price on without just going with the sticker price.
 
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im not sure if this applies to motorcycles, but when my car got stolen icbc gave me the "red" book price which is the average pricing of the vehicle give or take what was modified, etc... from local buy and sell/auto trader type of thing. the adjuster even printed out a few ads to convince me that that was what my car was worth. i didnt want to argue anymore so i cut my loses which werent too too bad. anyhow....
Good Luck!
 

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rain? whats that!
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^ cars and bikes are apples and potatoes to ICBC.... a bike is dealt with almost the same as a stolen boat motor apparently
 
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