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3rd-party or full-insurance???

Discussion in 'Politics, Laws, Government & Insurance' started by getnkd, Aug 3, 2009.

  1. Hey yall,

    just got my bike recently, mc22 n on my L's. was wondering whether i should get 3rd-party or full-insurance and isit worth it???

    could anyone shed some light? preferably the experience riders who have ridden for quiet some time.


  2. If you can't afford to replace it, full comp.
  3. +1
    It's all a gamble. What you save by not having full comp, against the cost of replacing your bike. Can pay off after a few years... Choice is yours
  4. ignore the above 2.

    it depends HOW OLD YOU ARE
  5. When the premium paid would have replaced the bike in under 3-4 years, I haven't bothered with full comp.

    Where it would take 5 or more, I've generally gone for full comp as worth it.

    ALWAYS have 3rd party property though. NRMA do a pretty good 3rd party property policy that gives you a level of at-fault health cover. Add in fire & theft, and most bases are covered except if you crash.
  6. That's exactly right.

    I'm still on my L's and have been looking at insurance quotes for bikes at about $3-4k and they all come out to about $2000 and an $800+ excess.

    It's not worth paying $2,800+ for a bike that's only worth $3,500.

    So it'll be third party for me until the cost of full comp is low enough to be worth it.
  7. Spot on. 7 years is what I like to see before I'm comfortably with the price. 5 is borderline and 4. I'm not getting it.
  8. I have been riding on the road for 6 years, the cheapest I have been able to find full comp since I have been 16 (16 and 9 months for L's here) is just around the 6 grand a year mark...easy to work out for me..

    I have never had full comp..
  9. I'm 21 my bike is full comp for 500
    My brother was 16 and 11 months on his l's and comp insurance for his hyo valued at 7000 was $780 so in both my case and his case it was worth it, I guess it really depends on the price you get quoted. :)
  10. Full comp for all my bikes. For me if i can afford it, i get it regardless of the price of the bike.

    Something worth considering is if you crash out in whoop whoop and your bike ends up down a ditch and needs to be retrieved. They may need to close off the road and get a crane in to retrieve your bike. Yes it was only a cheap $6k bike, yes i had full comp for $620. I had accommodation provided, transport provided, everything was taken care of.

    Glad i didn't have to pay for that one! :shock:

    With you young blokes insurance is painful but having full comp makes the stress of a big crash far easier to deal with.
  11. was quoted for 3 grand a year to insure up to 5 grand fire and theft..

    Bike capacity age and record are my issues.

    Who are you with I'll get a quote right now and post it up.
  12. Bike: 2008 Daytona brand new.
    Insurance: $1200pa full comp.
    Me: likely to throw it down the road and possibly write it off in 3 months according to my mechanic.
    Thoughts: he's probably right.

  13. haha lol, You are planning to fail??

    I just got a quote from insure my ride, and had to 'modify' some answers in order to even be accepted and got quoted at 4g a year. - getting more quotes now.

    I have never written a bike off.

    Shannons wont insure me.
  14. I'm just a little north of $600 for my 7 grand bike.
    That's with 1 at fault write off. I also have a raiting 1 lol.
    Though I did find that having fairings made a huge difference on insurance price when I was doing quotes when I was looking at bikes.
  15. Not planning to fail, planning in case of a fail. <-- Difference.
  16. Aami, me and my brother both have clean records.

    Heres the number = 13 22 44

    Do post it up hopefully you can get a better deal mate :grin:
  17. I have my TL1000R insured with shannons full comp agreed value $19500. cost is $680 per year. been riding for 10 years though full licence.

    Check out shannons as they have a cheaper full comp insurance if you dont ride your bike all that often. They are the only people that would insure my ride at such a high agreed value after providing receipts for all the mods done.

    Another really good insurer is Ebike insurance. they are extremly cheap and worth a go. Only problem is that they dont do agreed value.
  18. What have you done to make your insurance so problematic?

    Lot of crashes or lots of lost licences?
  19. Zero crashes.

    Quite a few loss of licenses, 20+ neg driving/riding incidents, although over 3 years ago since last loss of license. Most require a minimum of 5 years since loss of license.

    And bike size/style I think is causing problems.

    Would the fact I have never had full comp on anything also be an issue?
  20. WQBE = $1700 for Comp
    ZX10R, 53yo, no crashes, no fines, no history....

    End of the day... UMBF Joking....thanks, but no thanks.

    Seems to be the story with all insurers ....
    * current litre sports bike
    * no history = rating 6
    * need to sell a kidney to pay a premium.