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Has anyone tried this, and does it result in getting any money back on an existing policy?
My terms require me to disclose any bikes over £2500. I declared one bike, but I don't feel it's worth that anymore. Is there a formal process to reduce the value of a bike on your insurance policy, or do insurers consider bikes as items that don't depreciate over time? My policy is new for old as well.
Thanks for any advice!
Posted : 24/10/2014 12:31 pm
If it's "new for old" then the current worth is irrelevant.
Posted : 24/10/2014 12:42 pm
@scotroutes - it could affect the risk profile. e.g. a bike worth more than 2,5k is more likely to get nicked
Posted : 24/10/2014 2:22 pm