Quote:
Originally Posted by FrugalNinja250
Price you paid is unimportant to the insurance company. They pay claims based on market value of the bike at the time of the claim regardless of whether you paid $5,000 or $5.
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Most do, but not all. There are cash value policies where the payout is in fact exactly what you paid for it. But those policies certainly don't rely on the policy holder just telling them over the phone how much the bike cost. And the premiums are set for the potential loss of that value anyway, so if one lies with a much higher price and gets away with it, they are paying the premiums to insure that higher value bike anyway.