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20-21year old, insurance, experiences?

Discussion in 'Politics, Laws, Government & Insurance' started by PatPants, Apr 19, 2010.

  1. I did a little search and came up with nothing relevant so... (Mods feel free to move this i believe its in the wrong section)

    Next year i will have saved up enough coin to get a street triple for my second bike. I've been looking in advance at quotes for full comp insurance (12-13k bike + university=need full comp), and i'm getting quotes from 1500-2500k a year, i'll be close to 21 years old when i get it and will have so far no claims or loses to my license.

    Does anyone think thats a bit of a much, i know its going to be fairly expenisive due to my age but but i was hoping i could bargain it down to 1k a year making it about $90 a month which i can easily afford with money left over rather then $130-150 a month! I'd hate to see a 1000cc bike insurance at my age!

    Any experiences, i would love to have the street triple but might have to get a cb400 just to cover the costs :(
  2. I'm doing uni and I'm riding a z750, as well as being only 19.

    I'm afraid those premiums sound about right... all I can afford is third party insurance. If ever I crash my bike of my own accord, Then I shall be bike-less until such time as I can save up enough for another. Should I hit another car, then they are covered :)

    Maybe that's the best you can do for now...

    Although what I would recommend is getting a much older bike you can afford to comprehensively insure.... something naked and midsized. A z750 wouldn't be too bad, neither would something like a early 2000's Ducati monster, maybe a sv650... whatever else you can think of that will be cheaper, and therefore cheaper to insure :)

    World of bikes out there.
  3. I'm with AAMI and my insurance is a touch over 1,000 a year and that's with 5 years riding experience, being out of the expensive "age bracket" (24 for AAMI, 25 for everyone else), rating 1, and no claims/suspensions/thefts in the last 3 years.

    I don't think you'll find full comp for under 1,000 for anything in that value range.
  4. $1750 for me for a Daytona 675 as a 21 yr old student. Sounds about right to me.
  5. $1700 per annum on a VTR1000 Firestorm and I'm 21 as well. Those quoted figures are about bang on I reckon.
  6. MitchRohr and twisties, who do you go through?
  7. It's just always going to be expensive from what I can tell.

    I recently got new insurance for my new Daytona 675. I am 29, over 2 years riding, never had an accident in car or on bike (Rating 1) and it still cost ~$1,300.

    That's with a $400 excess $2,000 of aftermarket gear and $2,000 of gear covered (no personal items cover I don't think).

    Edit: This is with InsureMyRide (Western QBE wanted $1700 or more from memory).
  8. I'm with Arista/Famous purely because of the price. I have no idea what they are like to work with. I haven't heard amazing things about them, but I read my PDS carefully and I should be right.
  9. Would be curious to know if you checked InsureMyRide and how much they quoted you?
  10. My 20yr old son is based in Melbourne (Greensborough area), owns an 08 FZ6N and his insurance costs around $1500.

    You may find that InsureMyRide and Shannons won't touch you because of your age. If it's your daily ride Shannons will be very expensive, that's if they'll insure you at all.
  11. Shannons won't insure a motorcycle as a daily ride, only cars
  12. Yep, I thought I saw that in the disclaimer at the end of their TV ad, but wasn't sure.
  13. Shannons wouldnt insure my cbr600rr at all as im 20.
    I was getting quotes of at least 3k for comp insurance everywhere so just decided to go with third party fire theft with aami for $150.
    I have a feeling that ill be without comp insurance for quite a few years to come...
  14. 3.7k garaged and recreational use only. Arista's went up to 2.7k after I got my premium, so I was pretty cheering. It was really hard for me to find one under 3 grand and I'll be interested to see if my premium goes up because I got last year's so cheap.

    Shannon's is literally for motoring enthusiasts. Think James May types of car owners; those who's machines spend the majority of their time in a sealed garage and only taken to club days on the back of a trailer. They also won't touch you if you're under 25, so it's all a bit of a moot point for us guys.

    I'll never go with Shannon's. I like using my stuff.
  15. Swann for me.
    QBE wanted near $3k for the same machine.
    Oh and insure my ride, HAH, that were asking over $4
  16. All I can say is OUCH! :shock:

    Suddenly I don't feel so bad. I guess getting older has some advantages. :LOL:
  17. I'm with GIO, have been since I started riding. They were the cheapest, & we had all our other insurance with them so it worked out well. They only insure bikes in Victoria, though, from what I understand.

    You're in a high risk category, so it'll always be more expensive than a mature rider, but shop around. Get the best quote you can, then go back to other companies & see if they'll beat it. Everything is flexible to a certain degree, just push for the best price.
  18. $89.99 per month for me.. currently 23 but got my daytona 675 at age of 20 and that is what i was paying at 20 aswell.. very happy with it... and before you ask, no i'm not going to tell you who i am with.. :p
  19. Thanks guys, after shopping around the best deal i got was with swann, $1200 per year, i guess for a street triple its pretty good for someone my age, now i just have to wait for my restriction to drop... :( but it was worth the research

    Interestingly is that i asked how much that would drop when i turn 25 and the premium would still be $930??? i thought once ur over the age barrier the price drop dramatically?

    but theres no way i'm going to spend 13k+ on a bike and not be covered, i think its worth it
  20. PatPants there is no significant drop anymore AFAIK. I just got a quote for a Daytona 675 pretending i'm 27 which will be when I'm off restrictions. $930 as well! That's with a max NCB, no incidents with the killer possibly being only 3 years experience.