Insurance valuation

.. £8,000.

Well as you are working on it then the value will increase the closer you get to putting it on the road. So value it as a running bike or the longer the thief or fire waits then the more you will be undervalued. So £9000 would be a start but the higher the value the higher the premium and regardless of you setting a high value you only get back the current market value when you place the claim, unless you go for agreed value.

Nine grand for an oily rag standard Mk3! 

Anyone want to make me an offer for my fully restored standard "show or go" Mk3 then?

Could that be your initials on it John?

Could that be your initials on it John?

I paid £800 for my MK2a some years ago so no ;) , but MK3's have a premium as the younger prospective owners cannot kick or use right foot shift and the older ones can no longer kick.

.. it would be agreed value - as said, no point in a high valuation otherwise. Incidentally when I moved my insurance to RH (whom I now recommend instead of Peter James) they automatically gave me agreed value of £2000 on my Honda CB250RS which is double what I paid for it.....

Ok, so if Paul`s Mk3 is worth £8-9K, what do we think mine might be worth gent?

Anything is only worth what somebody is prepared to pay.

That said ,we are talking insurance value. (Replacement value, like for like)

Alan, I have a Mk3 myself in similar order to yours, less electric boot fitted. (Black and gold) I would say we were talking about £9,000 to replace.

The original machine in the thread needs a lot of work to bring it up to a similar standard and so my suggestion is £6,000 tops.

Paul's is only worth that when it's finished, the point being if he was to value at £4k and then work for a year adding value then the insurance would want to stick to £4k as the policy fee was based on £4k and the years work would be lost. 

I suppose that would be true in some circumstances. 

Take some piece of jewellery into a jewellery store and ask for an insurance valuation, they value it at £X, they ask them how much they would pay to buy it off you and it will be X - 10 to 30% as that is their profit margin. If your bike gets wiped out then you need to be paid the price you need to pay to replace it in full in a timely manner even if that means going to a dealer. Hence why you value it for more than a classified ad in an Owners club. Lose a MK3 Interstate and it needs to be a MK3 Interstate you replace it with not a close version.