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Offline Air Guide

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Update: How I insured my code 3 motorcycle
« on: May 05, 2020, 09:21:23 am »
Good day all,

I recently acquired a code 3 bike. I am aware of only 70% of the value is insurable and that some insurers do not insure it and all that, but some do.

All my other products are with Santam and they will actually insure it. I must just obtain a valuation certificate and a AA report.

Anyone know of a company that will insure without these requirements? Otherwise, I will go the Santam route. Just a bit of a mission now with the lockdown.

Any inputs/advice would be appreciated.

Thanks

« Last Edit: June 27, 2020, 01:34:59 pm by Air Guide »
 

Offline ktmmer

Re: Insurance for a code 3 motorcycle
« Reply #1 on: May 05, 2020, 10:11:10 am »
Good day all,

I recently acquired a code 3 bike. I am aware of only 70% of the value is insurable and that some insurers do not insure it and all that, but some do.

All my other products are with Santam and they will actually insure it. I must just obtain a valuation certificate and a AA report.

Anyone know of a company that will insure without these requirements? Otherwise, I will go the Santam route. Just a bit of a mission now with the lockdown.

Any inputs/advice would be appreciated.

Thanks

Speak to Operator
 
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Offline Operator

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Re: Insurance for a code 3 motorcycle
« Reply #2 on: May 05, 2020, 10:37:29 am »
I must just obtain a valuation certificate and a AA report.

All insurers will ask for this if they are willing to take on the risk.

Why would an insurer take on the risk of a code 3 bike, if they have no control over the quality of the repairwork that was done
on this bike ?
The only way that they can evaluate it, is by asking for AA certificate as a minimum way of evaluation.

Just remember that if the certificate point out any faults, they can still refuse to take the risk on board.
You cannot force an insurer to take your risk on board, even if you are an existing client
« Last Edit: May 05, 2020, 10:54:11 am by Operator »
 
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Offline Air Guide

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Re: Insurance for a code 3 motorcycle
« Reply #3 on: May 05, 2020, 11:51:48 am »
I must just obtain a valuation certificate and a AA report.

All insurers will ask for this if they are willing to take on the risk.

Why would an insurer take on the risk of a code 3 bike, if they have no control over the quality of the repairwork that was done
on this bike ?
The only way that they can evaluate it, is by asking for AA certificate as a minimum way of evaluation.

Just remember that if the certificate point out any faults, they can still refuse to take the risk on board.
You cannot force an insurer to take your risk on board, even if you are an existing client

Thanks Operator,

They are just all closed at the moment due to lockdown.
Will sort it out when things return to normal.

Cheers
 

Offline Air Guide

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Re: Update: How I insured my code 3 motorcycle
« Reply #4 on: June 27, 2020, 01:54:01 pm »
Good day all,

So an update what it took for me to insure my code 3 bike. Firstly, yes it can be done.

So my bike is code 3 which I bought like that from the previous seller. He couldn’t tell me why it was code 3, but everything looked fine on the bike and I decided to go ahead. Turns out the bike is 100% and is now insured on full comprehensive cover. Yes, for 100% of its value plus extras.

What you need to do:

Get a technical inspection from the dealership or reputable bike shop stating that the bike is in a perfect mechanical condition or was repaired to original specifications. Mine is a BMW and Jandré from JK works inspected mine and issued a condition report. It cost me about a hour or so labour for the report. ( Here is where you could lose money if the inspection reveals that the bike was indeed not properly repaired or something is bent etc. You must thus be sure that the bike is 100%.)

Then you need to get a valuation for the bike from a reputable dealer. BMW put the trade and the retail value of the bike on a letter head and it was accepted by the insurance.

And that was it. My code 3 bike is now insured at its full value.

Its important to note that a bike can become code 3 for a number of reasons which is not always that it was crashed/written off and then rebuilt.

My broker assisted me very nicely with this process. If you want to go the same route, send me a PM and I will pass on their details.

Hope this info helps someone looking for info on the process.

Regards