The market value derived from ISM-ABI will be recommended to you in the quotation page. You can adjust the amount you want your motorcycle to be insured for, which will be the sum insured of your motorcycle.
It is essential to insure your motorcycle at the market value or above to avoid being under-insured.
Under-Insured is where the sum insured of your motorcycle is less than the market value at the time of the loss. In such a case, Chubb will only bear the part of the loss in proportion to the difference between the market value and the sum insured as shown in the formula below:
The balance of the losses has to be borne by you. However, this will only apply if the under-insured amount is more than 10% of the market value.
If you decide to insure your motorcycle above market value (i.e. over-insured), the claim sum will be based on the motorcycle's market value only, and not the sum insured.