Insurance - Outsurance RETAIL value
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Thread: Insurance - Outsurance RETAIL value

  1. #1
    Member
    Join Date
    Jan 2012
    Location
    Randburg, Gauteng, South Africa
    Posts
    11

    Default Insurance - Outsurance RETAIL value

    I would like to post a word of warning to those who have their bikes or cars insured with insurance companies who have the words - "RETAIL" as sum insured for. I recently was checking my policy with the insurance company I have my bike insured with and then questioned the actual value of RETAIL only to find that the value was just above half the actual value of the bike. When I questioned the value, I got told by the insurance company that that was the value they had on the system and that I would have to get a dealer to give me proof of actual value if I wanted to change this value. I had Johan at Wayne Heasman Racing then to give them the actual description and value of the bike with what Retail value they had on Wayne Heasman's books. The correction was made and the reasoning for the error was that my bike was not on the system. This I could maybe understand if my bike was a 2013 model but 2007 model means that the system has not been updated for 6 years, at least.
    My advice would be to question your value of your bike insured for that just incase something does happen and you have to make a claim only to find that you were under insured and you have to now replace your Beautiful M109R with a secondhand scooter or spend endless hours battling with insurance companies while you mourn the loss of the bike you having to try prove the actual value of the bike to get something out.
    Use it or not.... .
    Last edited by Greg M109R; 08-12-2013 at 08:09 AM.

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  3. #2
    Member
    Join Date
    Jan 2012
    Location
    Randburg, Gauteng, South Africa
    Posts
    11

    Default The fine print


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