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Go Back   REVscene Automotive Forum > Automotive Chat > The John Norwich Riders Corner

The John Norwich Riders Corner In honour of our fellow moderator: John Norwich R.I.P. September 17th, 2014
Buy, sell, trade bikes and gear, set up bike rallies, meet discussions. #revscenebikes

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Old 12-06-2009, 06:29 PM   #1
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Insurance declair value?

Just sold my scooter to someone and when doing the paper work at autoplan, the agent ask about the declair value and it is just a number I came up. so what does that do when the scooter get stolen in the future? so I sold the scooter for $2000 and I declair it as $3000. so ICBC is gonna pay the new owner 3K if the bike got stolen? if ICBC is paying the new owner market value instead then why are they asking the declair value of the scooter?
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Old 12-06-2009, 08:44 PM   #2
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they might be referring to what amount you sold it for. THat is what I was asked when I sold my bike. You can insure a bike or scooter for any declared value, but it will affect the cost of insurance.
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Old 12-07-2009, 09:50 AM   #3
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they might be referring to what amount you sold it for. THat is what I was asked when I sold my bike. You can insure a bike or scooter for any declared value, but it will affect the cost of insurance.
the scooter was declared as a gift for cousin so no tax. the autoplan broker ask declared value just for the insurance purpose, if it does affect the cost of insurance does that mean they are going to pay the declared value when it got stolen/total lost? if they are not but paying market instead should I just told ICBC to declared to $500 to save insurance?

When I buy my new scooter, even the dealership declared a higer value than I paid so I was just thinking doing the same when selling my scooter.
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Old 12-07-2009, 11:10 AM   #4
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if the bike/scooter gets stolen, ICBC will pay out somewhere between the declared value and the market value. that being said, a higher declared value will slightly increase the insurance cost, altho it isnt alot.

with private insurance, you can have an agreed upon value in the contract, and that is the price you are paid out in a writeoff/theft. no bullshitting around.

my bike is insured for the market value of the bike plus the value of the aftermarket bits on it, plus a portion of my gear, plus tax. the declared value is the cost to replace, and yes, you can include gear in a settlement for a writeoff.

a brand new 600cc bike sells for about $12g but after tax and BS its closer to $14g. so the cost to replace the bike is $14g.
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Old 12-21-2009, 02:31 PM   #5
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so you sold your scooter to your cousin for $2,000 declared it as a gift to save $140 on taxes... so you just admitted to fraud on a public forum... smart...

but if you're asking about declared value for insurance, i think with ICBC, they pay out whichever is the lower value. If your declared value is higher than market value, they pay you market value. If market value is higher, they pay you declared value...
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Old 12-22-2009, 11:00 PM   #6
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Quote:
Originally Posted by xpl0sive View Post
so you sold your scooter to your cousin for $2,000 declared it as a gift to save $140 on taxes... so you just admitted to fraud on a public forum... smart...

but if you're asking about declared value for insurance, i think with ICBC, they pay out whichever is the lower value. If your declared value is higher than market value, they pay you market value. If market value is higher, they pay you declared value...

Exactly. They won't pay you more then market value if you declare it above it but if you declare it at a super low value then they aren't going to pay you more then that number either. They'll just say you said it was only worth X amount of dollars and were paying insurance based on that, why would we pay you anymore then that? The goal is to try and declare it as close to market value as possible.
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Old 12-24-2009, 03:15 PM   #7
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your declared value should be a reflection of the market value. if you have recipts for aftermarket parts they can be included.
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