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Peter James / KGM multi bike Insurance
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vort28



Joined: 22 Mar 2010
Posts: 1840
Location: Northwest , UK

PostPosted: Wed Oct 18, 2017 5:01 pm    Post subject: Peter James / KGM multi bike Insurance Reply with quote

As a bit of warning it appears from now that Peter James KGM multibike policy will no longer cover Bimota's.
I tried to add the BB3 to my current multi-bike policy and it came back NO.
I thought it may be age related/value /performance etc but it appears that all Bimota's are now on a forbidden list for KGM. (SB6/8 , Vdue, DB5/6/7/8/9/10/11, BB3 etc etc , the list goes on)
My policy is valid until it expires next year but Peter James informed me that it would not be renewed through KGM and they currently are looking for alternatives.
They stressed it was nothing to do with my ongoing claim and it was Bimota bikes in general+ others . Guess cost / part availability etc come into play.
There are other bikes on the list it is not just Bimota's . Think most Hyper sport stuff is included. They told me they had lots of customers affected.
This is just a heads up for those people with Peter James insurance , you will need to be on the lookout for a new insurance deal from now
to when your current policy expires so as not to be caught out.


Last edited by vort28 on Thu Oct 19, 2017 8:40 am; edited 2 times in total
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Evilchicken0



Joined: 12 May 2010
Posts: 2738
Location: London

PostPosted: Wed Oct 18, 2017 8:06 pm    Post subject: Reply with quote

FFS Sad
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2bims



Joined: 03 Apr 2010
Posts: 5228

PostPosted: Wed Oct 18, 2017 11:07 pm    Post subject: Reply with quote

Now see what you gone and done Vort.....F**ked it up for all of us eh...tch....

I recall this year that IMOC (Italian Motorcycle Owners Club)...had been asked by Footman James Insurers as to why people were turning away from them.....I put it that their change in "not covering insured parties to ride other peoples bikes"..even on 3rd party only... was my reason for moving...and others....and now it would seem we all move back again.....Sounds to me wise...if PeterJames discount bike brands "merely" because parts aren't available, or companies going bump...then they shouldn't be in the Classic Bike/Car insurance Market anyhow.....Ducati and KTM are still going...but I know that they no longer make the petrol tanks for either of my models of Duc and KTM....same also for my 1999 DT125R.....There would be no end to "uninsurable vehicles"..........
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vort28



Joined: 22 Mar 2010
Posts: 1840
Location: Northwest , UK

PostPosted: Thu Oct 19, 2017 8:48 am    Post subject: Reply with quote

Not sure if this issue existed before my claim or not, or whether my claim had anything to do with it, Can't believe it does TBH.
Numerous calls to PJ yesterday and it appeared it might not be ALL Bimota's . SB6 defo on list,SB8R&K, as is vdue and all my DB's. Out of all my bikes only the YB11 is on the OK list.
So I guess SB/DB /BB and vdue owners are hooligans but YB11 and maybe other YB ( don't know as I don't have any) are not.
There are also other makes and models on the list , not just Bimota's
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Evilchicken0



Joined: 12 May 2010
Posts: 2738
Location: London

PostPosted: Thu Oct 19, 2017 1:02 pm    Post subject: Reply with quote

It's weird though - Suzuki GSX-R series have more parts available now because Suzuki did their classic parts thing. Any other manufacturer has discontinued parts - there are numerous unavailable for Yamaha FZR400RR 3TJ.
As an SB6 owner I've known for a long time if you cant get a part with a quick ebay search then you just go and have it made, if anything it's as cost effective as ordering a part from Japan or extended wait because you don't need to pay storage costs to a garage.

This insurance thing, me getting knocked off, the cost of garaging, and the T Charge coming in in London ... I'm seriously considering selling up.
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Spongebob



Joined: 03 May 2016
Posts: 83
Location: Oxfordshire

PostPosted: Thu Oct 19, 2017 1:22 pm    Post subject: Reply with quote

I have the majority of my bikes with Peter James. Been with them for years. This renewal I asked to add the Bimota SB6R and the new premium rocketed by 300 so I left it with current insurer. Not sure who ultimately underwrites my insurance though.
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2bims



Joined: 03 Apr 2010
Posts: 5228

PostPosted: Thu Oct 19, 2017 5:09 pm    Post subject: Reply with quote

OK guys......I'm "onto this" with Peter James Insurance...and trying to get the "list" of banned bikes recently introduced that one of their underwriters...KJM...no longer cover...they do have 2 other underwriters though...so maybe not all lost...In conjunction with them...I'll dig deeper and present a unified response...its in all our interests...underwriters, Agent and Bimota Owners.....
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Evilchicken0



Joined: 12 May 2010
Posts: 2738
Location: London

PostPosted: Thu Oct 19, 2017 6:41 pm    Post subject: Reply with quote

Cool
It's in Peter James interest to look for an alternative under writer, otherwise they can't offer this service and will loose custom.
Maybe they can ask for all Bimotas to be an agreed valuation
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vort28



Joined: 22 Mar 2010
Posts: 1840
Location: Northwest , UK

PostPosted: Fri Oct 20, 2017 9:34 am    Post subject: Reply with quote

Ah AGREED VALUE !!!! Yes well thats a good one.

At my last renewal I asked about that , Urm its not so agreed as it seems. Plus you have to get a dealer/club/factory to value it . Unfortunately we have neither.
Basically they will take the premium on what ever you agree, and in the event of a claim, if you under value , well that is your issue and they will pay the agreed, if you over value they will only pay market value !!!!! Yep , only works in their favour. Had this confirmed by underwriters during my claim !!!
Luckily during my claim there was a greedy Italian bike specialist trying to flog a DB5R for 25k !!!! Yes REALLY !! Shocked
Certainly helped grease the wheels in the payment process
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2bims



Joined: 03 Apr 2010
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PostPosted: Fri Oct 20, 2017 12:49 pm    Post subject: Reply with quote

Yes indeed..."agreed value"...for which Photos, a condition report, concourse, A class etc etc...for each and every vehicle...by appropriate independent assessor...and has to be done every year as tastes change, values increase/decrease...and all to find out come the untoward "having to claim"...that the insurer judges market value and not "agreed value"....Hence I've never bothered...I think such back-up to be provided may cost more than the annual insurance premium........
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welshlamb



Joined: 09 Mar 2011
Posts: 271
Location: South Wales , Nr. Abergavenny

PostPosted: Thu Nov 02, 2017 2:30 pm    Post subject: Reply with quote

2bims wrote:
Yes indeed..."agreed value"...for which Photos, a condition report, concourse, A class etc etc...for each and every vehicle...by appropriate independent assessor...and has to be done every year as tastes change, values increase/decrease...and all to find out come the untoward "having to claim"...that the insurer judges market value and not "agreed value"....Hence I've never bothered...I think such back-up to be provided may cost more than the annual insurance premium........


If its under 10k then my P.James policy says you can 'self assess' the agreed value (along with photos etc) Maybe that might give some grounds for appraising at 'Market' value in case of claim but if you have an independent valuation and policy was for that agreed value what justification are they coming up with for ignoring that 'agreed' value??
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welshlamb



Joined: 09 Mar 2011
Posts: 271
Location: South Wales , Nr. Abergavenny

PostPosted: Thu Nov 02, 2017 2:34 pm    Post subject: Reply with quote

2bims wrote:
but I know that they no longer make the petrol tanks for either of my models of Duc and KTM....same also for my 1999 DT125R.....There would be no end to "uninsurable vehicles"..........


Yeah you should see the list of @unobtainable/discontinued' parts for my FJ1200 and XT600 Yamahas! and some of the old parts that are available aint cheap either if bought through Yamaha. Only difference is that market value for the whole bike in either case is about 1500 so they can easily write off in case of accident. Much bigger check to write in case of a Bim crash.
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Spongebob



Joined: 03 May 2016
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Location: Oxfordshire

PostPosted: Tue Nov 28, 2017 6:10 pm    Post subject: Reply with quote

did we ever get an update on this insurance issue? Any other UK insurers that will give a decent and sensible quote on Bimotas?
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2bims



Joined: 03 Apr 2010
Posts: 5228

PostPosted: Tue Nov 28, 2017 8:11 pm    Post subject: Reply with quote

Spongebob wrote:
did we ever get an update on this insurance issue? Any other UK insurers that will give a decent and sensible quote on Bimotas?


Apologies folks......I did get an email and call back from PEter James insurance....and was hoping to get a cut and paste email full response but didn't.........They said not to worry...they are working with their existing broker and other brokers...seemingly none of my bikes were on the excluded list...which differs from what A N Other was told...but maybe that other party having recently had a claim and payout was being not so gently persuaded to go elsewhere next time around insurance is due....They talked also about riding other peoples bikes...which they currently cover on 3rd party only which is sufficient for the Fuzz at least....they are hoping to add fully comp on other peoples bikes if they are insured with the same company...i.e you and your mate both with PJ and both then fully comp insured on each others bikes...not maybe any use for everyone but its something I would like...rather than having to be paid out by a mate if they binned one of my bikes.....So...in a nutshell...status Quo...until next years renewal...as they evidently didn't want to go to print on anything else whilst nothing was firm and settled re "excluded bikes" etc etc....typical insurers or just typical of a business trying to remain in business...don't blame them for that
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Spongebob



Joined: 03 May 2016
Posts: 83
Location: Oxfordshire

PostPosted: Thu Nov 30, 2017 6:47 pm    Post subject: Reply with quote

So I just blagged myself another Bimota (hopefully, watch this space) so I thought I'd test out a few insurance quotes. Carole Nash - 700 per annum with 1000 excess! Guess what I told them. Peter James are ringing me back as couldn't give me a number, need to refer to underwriters. I met a new broker called Bemoto at a trackday recently. They just quoted me 178 fully comp with 100 excess on a classic policy limited to 3k miles per annum. They are mailing me full details tonight but to my mind that didn't seem too bad.
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