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@Dammit
I found the whole depreciation thing to be a real kick in the balls- essentially they said that if the bike was worth 4K but was five years old they'd pay out 25%.
I said ok, so I only have to pay to insure a 1K bike then?
They said no- you have to pay premiums on a 4K bike, but we'll pay out as it if was a 1K bike.
This was Butterworths iircc.