Collector Insurance

[CaribooBC]

Good Day All. I have a 1986 NS 400R in absolutely pristine condition. On collector plates. ICBC has informed that they will only insure it up to $20k in value. I want to put a $30K value on it for collision and comprehensive.... I don't want to be underinsured in case of fire or theft. I have tried both Haggerty and Echelon, both have denied me also. Does anyone have any other ideas for higher valued collector bike insurance?

[Galactica]

It’s in your best interest to put a realistic value on your bike for instance purposes, at least as far as ICBC is concerned.  Your premium will be based on your declared value not its actual value. But ICBC will only pay out its book value at best.  So, if you declare your bike’s value at $20,000 but it’s really only worth say, $5,000, ICBC will only pay out that $5,000 even though you’ve paid premium based on $20,000.  Now, I have heard that private insurers, on the optional insurance, will pay out the declared value at best, but I have no firsthand knowledge. 

I’ve a pretty nice ‘75 CB750.  It’s worth a lot…to me.  To the market, $6,500 probably.  Makes no sense for me to value, and pay premiums based on $20,000.  ICBC would only pay out that market value…at best

[rz5mark]

I would recommend finding sales for comparable NSR's. Those bikes and RG500/RZ500 can easily command that kind of money. Had a very clean RG500 and had a similar issue. Good luck.

[Steve G.]

  NS 400R's are quite rare. Finding previous sales within the last 2-3 yrs in the rarified motorcycle atmosphere that is Canada will be tricky. U.S. auction activity will find activity much more easily.

https://iconicmotorbikeauctions.com/?s=Honda+NS400R

https://www.mecum.com/lots/1129190/1986-honda-nsr400r/?aa_id=641486-0