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How do insurance companies assess value of stolen vehicles?
I just had my scooter stolen today, I will not be able to speak to the insurance company until tomorrow, due to their opening hours.
My bike was stolen once before, but recovered by the police before any claim was made, though the Insurance company (Motorcycle Direct) were informed. I am very ignorant of how these things work. I'm assuming it won't be a very speedy process (I assume a fairly lengthy wait to see if it turns up with the police)
I'm also wondering about how the insurance company assess value of the stolen vehicle, if it is not recovered. Do they use Glass's guide, or something similar?
My bike was a Vespa T5 Classic from 1998, which is no longer produced. These kind of scooters hold their values very well, as they are considered 'classics' (with a small c).
Will they require information like mileage, condition, etc?
I'm worried about getting offered a derisory amount due to the age of the bike?
Anyone have any good information about how these kind of assesments are made?
Re: How do insurance companies assess value of stolen vehicles?
Basically, they will use guides like Glass's Guide, as well as looking at examples, if any, in the likes of autotrader.
They should not offer you an amount less than what you can buy a similar model for without good cause. Do you have documentation to hand - MOTs, servicing, photos etc, as these will help if there is a dispute.
How do insurance companies assess value of stolen vehicles?
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