MOTORCYCLE OWNERS READ THIS

THOUGHT I WOULD GIVE ALL OF YOU A HEADS UP WHEN YOU INSURE YOUR BIKES. IF YOU CHOOSE TO HAVE COMPREHENSIVE INSURANCE YOU WILL BE ASKED HOW MUCH YOU WANT THE DECLARED VALUE TO BE. FIGURE OUT THE TRUE VALUE OF YOUR BIKE AND THEN ADD THE TAX ON TOP. ICBC DOES NOT GIVE YOU AN AMOUNT OVER AND ABOVE THE DECLARED VALUE TO COMPENSATE FOR THE TAX YOU WILL INEVITABLY HAVE TO PAY WHEN PURCHASING A REPLACEMENT BIKE. FOR EXAMPLE IF YOUR BIKE IS WORTH 6000 DOLLARS AND YOUR DECLARED VALUE IS SET AT 6000, THAT IS THE ABSOLUTE MAXIMUM YOU WILL GET (LESS THE DETECTABLE) . THAT LEAVES YOU WITH 5700 TO PURCHASE A NEW BIKE BUT OF COURSE YOU WILL STILL HAVE TO PAY THE 12% TAX ON TOP. THIS MEANS YOU NOW HAVE TO COUGH UP MORE MONEY OUT OF YOUR POCKET TO REPLACE WHAT YOU HAD. MY ADVICE IS TO ADD AND EXTRA 1000 TO YOUR DECLARED VALUE TO COVER THE TAXES. SO IF THE DECLARED VALUE IS SET AT 7000 IN OUR EXAMPLE, EVEN IF THE BIKE IS NOT WORTH THAT AMOUNT ICBC WILL THEN GIVE YOU THE ACV (ACTUAL CASH VALUE) DETERMINED BY MARKET EVALUATION WHICH WOULD BE 6000 IN OUR CASE. THEY WILL THEN ADD THE TAX ON TOP AS LONG AS IT DOESN'T EXCEED THE DECLARED VALUE. BOTTOM LINE IS TO INSURE YOUR BIKE A LITTLE HIGHER. IT WILL COST A BIT MORE PER YEAR BUT WORTH IT IN MY OPINION. HOPE THIS HELPS.