Fair valuation or insurance profiteering?

[scootabout]

My Forza was recently stolen (again!). It's on a 21 plate, heated grips & box, FSH, inc expensive 16K service (even though it's done slightly less), new tyres, garaged, used for touring.

It's been valued at just over £3K. Last year, my same 21 model and spec, 15K, etc was valued by insurers at over £4K. I can only see one Forza priced at £3.1K (private sale), all others are higher.

Am I expecting too much? Or are the insurance company and sub-contracted claims settlers taking the mickey? I've turned down the initial offer, sent examples of bikes for sale, etc, but they've just come back with "that's the offer".

Any views/advice?

[Argyll]

I don't know how insurance companies value bikes - dealer asking prices or dealer trade-in prices? I guess that it must be asking prices as that's the biggest source of comparisons. For your particular bike, I'd expect a dealer to list it at circa £3,500+.

However, the biggest problem with using adverts is that it's impossible to accurately determine the condition of any bike, something which has always been foremost in my assessment of a possible purchase. Anyway, you have shown them your evidence, now it's their turn to put up.

[mottza]

Has the same bike been stolen twice?

[scootabout]

Has the same bike been stolen twice?

Same model, but different bikes (I directly replaced the Forza).

I've challenged the insurers, but they are sticking with the valuation.

[velocipede6295]

There's a nice looking blue 2023 "23" reg Forza 350, with full Honda history, 12,300 miles, currently on Autotrader from a private seller, for £3100 . The offer for your bike 2 yrs older with more miles, looks to be a fair offer really.

[Funkycowie]

I lost two Yamaha Tmax's in accidents, each time I argued the value, I then got more than I paid for them when I bought second hand. If you think its worth more because you have evidence of similar age, condition, mileage being higher then ask for more.

[scootabout]

I lost two Yamaha Tmax's in accidents, each time I argued the value, I then got more than I paid for them when I bought second hand. If you think its worth more because you have evidence of similar age, condition, mileage being higher then ask for more.

I have already sent them examples of higher priced Forzas on sale. The cheap one advertised seems to be a bit of an outlier (but hasn't been snapped up ), but the insurance folk are sticking with their offer....

[velocipede6295]

Have they increased their offer, or have you accepted their offer above
, or is it still ongoing? Just interested in the final result.

[Argyll]

Victor Devine Honda in Glasgow have a 21 plate Forza 350 with 11,300 miles for £3,199. That's partly because the biking year is coming to an end as it was £3,600 before that.

[scootabout]

Have they increased their offer, or have you accepted their offer above

I got a flat refusal to increase, so in the end, I accepted and the money has just come through. Interestingly, they haven't asked for the keys, etc, so don't expect it to turn up.

Not sure what to get next, but if I saw a SH300/350 with panniers, I'd definitely be interested

Any other suggestions for scoots that have lower pillion seats than the Forza welcome, but I need decent luggage capability (one way or another...)