Adding Another Bike to Insurance Policy?

[Mick D]

Hi

I have an existing classic motorcycle policy with Peter James, which I'm very happy with, however when I applied to add another bike to the policy, (agreed value £10,000), I was a little shocked to be informed it would cost £70+, I queried this and after the operative had contacted the underwriters this dropped to £40+, (this is for the remainder of my policy which expires 06/19).

Is this commensurate with the experience of others when adding an additional bike or should I go back to Peter James to try and get a better deal?

Regards Mick

[Rob Harknett]

I think you pay for the additional £10K risk value for the added bike, plus a standard fee for adding the bike. Usually the policy states the fee for adding a bike.

[G15 Roy]

My Understanding it that most use the £5.00 per £1000.00 so £10,000.00 = £50.00 and then there is the £15.75 admin charge so at £40.00 that seems cheap.

[Rob Harknett]

Not looked lately Roy but I am sure I have seen the add / deduct in fact for any change to the policy, a fee is stated also the cost per £'s values. If not stated you are told.

[g5wqian]

im with same company and it cost me £35 to add my 58 ariel leader to my policy last year but not agreed value so seems about right , the original policy for my 56 ajs model 30 was £75 with unlimited mileage and ive added 2 bikes to it so far at £35 per extra machine .

regards
ian

[Stuoyb]

From memory, I have paid a £35 “admin” fee plus/minus any “change of risk” charge or refund according to what was being added or deleted from the policy.
The fee charged seems reasonable considering the agreed value of the machine.

[thornebt]

I have this afternoon added a 1955 BSA Bantam D1 valued at £2000 to my Peter James policy that has ten months remaining and it cost me an additional £30.71. £20.00 of this is an admin fee. This seems very reasonable to me.

Bruce.

[GOLDSTAR]

I think Roy is probably correct, I am sure that the underwiters now go on the value of the machine, not whether it is at risk when used, after all most machines are treated with kid gloves and if damaged normally 'tis a third parties fault, the machine is retained by the owner rebuilt and reinsured subsequently pretty good really for the ins co, so the only real risk is theft, hence insurance at bike value. I am also with P.J, however I thought his premium a tad expensive this year so explored another broker, the first question asked was the total value of the machines, I guesstimated 40K and he told me his underwriter would be far more expensive because of the total insured value , although 4/5 of the machines are never used. kind regards