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if the bike/scooter gets stolen, ICBC will pay out somewhere between the declared value and the market value. that being said, a higher declared value will slightly increase the insurance cost, altho it isnt alot.
with private insurance, you can have an agreed upon value in the contract, and that is the price you are paid out in a writeoff/theft. no bullshitting around.
my bike is insured for the market value of the bike plus the value of the aftermarket bits on it, plus a portion of my gear, plus tax. the declared value is the cost to replace, and yes, you can include gear in a settlement for a writeoff.
a brand new 600cc bike sells for about $12g but after tax and BS its closer to $14g. so the cost to replace the bike is $14g.
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STRENGTHaesthetics
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