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$2000+ insurance for a $3500 bike??

Discussion in 'General Motorcycling Discussion' started by jdimitri, Apr 20, 2008.

  1. I'm getting a bike soon, and getting everything ready now so i'm good to go when i get it

    I've ordered all my gear as well as an alarm/immobiliser to scare thieves

    But then i looked around for insurance and BAM! $2200 yearly (comprehensive from insuremyride)

    Considering the bike i'm thinking of buying is around $3500 this really surprised me

    I am 18 with little experience, but surely there's a cheaper way?

    I considered getting third party and that's more or less $200 with $400 excess

    What would you do if you were me? Any companies out there you'd recommend?
  2. get the insurance that pays for other people, and their shit if you stack and wing it for a coulpe years.
    i certainly wouldnt pay 2.2k insurance for a 3k bike.
  3. If you ask me that depends on ONE factor only.
    Can you afford to lose your bike ( ie $3500 ) ?
    If you feel you can live with this, then I'd get 3rd party or even 3rd party fire and theft. The MOST important thing IMHO is being insured against the other party... you dont wanna fork out for repairs on a new Mercedes.
    Its a gamble, but if you can be accident free for 18mths, you've got your $2200 back :wink:
    EDIT : bet me by 'that much' Joel :p
  4. What sort of bike is it? Perhaps that's got something to do with the premium being so high?
  5. +1, if its a cheap bike no point getting comp - just get third party property and hope for the best. This works best if you're a grandma like me :wink:
  6. Shop around, and see what quotes you get off other companies.
  7. everyone's going to want an arm and a leg with an 18 year old with no record
  8. I'd get only third party. My attitude is to NEVER pay for insurance, the only time I will insure is when the potential risk is very high (ie get third party) or when you cannot afford to lose it all (ie get house insurance).

    Otherwise you will always lose out financially ... it's a bit like gambling .., it's the house (read 'insurer') that wins. Unfortunately they have done a great job at marketing insurances, so that most people consider it essential for almost anywhere where there is any 'risk' involved.

    IMO, even if you think you can't afford to lost $ 3,500, I think you can; you're only 18, you have plenty of years ahead of you, you'll make it back 100 fold eventually. When it comes to risk, you consider the $$$ amount, what that much $$$ means to you, and most importantly, your age.

    That's my opinion anyhow, and by this time I am so way in front it's not funny.
  9. You can save a shedload of $$ by getting a different style of bike. I guess
    you were looking at one of the sporty plastic-wrapped mini race-look bikes.
    CBR, FZR, RS, anything with "R" in the name...

    If you choose a cruiser like a mini-harley-look bike, your insurance will
    be cheap as chips. Something like $350 for FULL comprehensive.

    Otherwise make sure you at least get 3rdPartyProperty insurance to
    cover anyone else's vehicle or building damage etc, and use a BIG F***-off
    chain to stop your bike getting stolen, and start saving to replace your bike
    if anything happens.
  10. It's a bandit.. pretty ordinary naked bike (the legal gsf250v)

    Which other companies should i check out?

    3rd party fire and theft- where from? the online quotes i've gotten were either 3rd party or theft
  11. Would it be wise to get third party and theft? I mean, for the bike I'm getting I'd be paying $2,000 for full comp as well (I'm fine with not having it though).

    Sorry to hi-jack the thread, didn't want to make a new one and thought this would also give insight to the original poster.

    To be honest, for a bike that is worth $3,500 you probably wouldn't really need full comp. At your age (and mine) you have barely any financial commitments and coming up with another $3,500 isn't that strenuous. But I'm just assuming, and don't really know what kind of situation you are in.[/i]
  12. Hotcam it is rather expensive
    to insure my hornet with comprehensive i was asked to pay 1700. i thought, "no wayzzzzzzzz... i can't affordz to payz 1700 moola broz for a 3400 moola bikez lolroflmaozzzzzzzwtfbbqz!!111!!"

    but seriously, i thought it was a bit steep to shell out half of what the bike was worth in insurance, especially considering this is my first bike and i don't think i will keep it for more than a year.. or two (considering i'm a poor uni student). I also figured that if i was ever at fault in an accident and i write the bike off, i can always go back to public transport to commute to and from uni... :roll:

    edit: i agree with blaringmikes post (two down)
    If you are under 25, and havent had your license for more than a year (including learners i think) the excess is pretty insane. With insuremyride its something like $400+$300+$1500
  13. Agree with everyone on getting third party property damage.

    You say that your quote is $2,200 for comprehensive. You also need to factor in the excess that you may have to pay in the event of a claim. I am only guessing at the excess here, but if you have a theft claim, it could be $2,200 + $500 excess = $2,700 for a return of $3,500. It gets worse. If you have an at fault accident, assuming that you will pay both an age AND an inexperienced rider excess, you could be looking at $2,200 + $500 + $500 = $3,200 for a $3,500 payout (again, I am guessing at the excess - they could in fact be higher).

    For mine, the smart money is third party property only and you take the risk. You are covered for damage to other parties property, just not yours. Given the cost of premium and an excess in the event of a claim, I can't see the value. If you can afford the premium, you can probably afford the loss.

    Good luck.
  14. Definitely get 3rd party property. Only cost me $170. But watch out for the excess they sting us young fellas hard. Mine is about $2200.

    I got theft as well for $680 with a value of $7000. This is really up to personal preference. I would go ballistic if someone stole my bike so at least being covered gives me some piece of mind when I leave it in those dodgey city car parks.

    I wouldn't bother with comprehensive if its only a $3500 bike. If your paying $2200 for your premium add another $2200 on for excess if its your fault or you can't get the driver at fault. Thats $4000-$4500 before you see a cent of your $3500 bike back.

    Good luck with the bike hunting.
  15. go 3rd party champ, i wouldnt bother with full comp until the bikes value was over 10k
  16. Gday mate,

    I insured my 1990 honda cbr250rr for $600 at agreed value of $6000 full comprehensive, on the policy it says its a 1991 cbr1000F this was becuase the dont have my bike on the system so i asked the gal to write something saying that although the bike is under a different model the policy still covers it which was fine..... although after reading this thread i wonder if insuring my $4000 bike is worth it tooo. $600 is still 1/7 of its cost but i am too a poor uni student :(, hopefully they wont have your bike on the system AAMI and you can get a deal like this too
  17. Can they do that?? I didnt know you can as I'm still on $1300 full comp for my bike...
  18. I've seen RACV offer some extremely low premiums to people in your situation in the past. As always..."it all depends".
  19. I got my best rate off Shannons, but hear they are not so cheap for newer riders. QBE also got me a good rate at one stage.
  20. this costs almost the same as full comp anyway.