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N/A | National ACCC issues advice on options other than dealers insurance

Discussion in 'Politics, Laws, Government & Insurance' started by Mouth, Aug 7, 2015.

  1. The Australian Competition and Consumer Commission (ACCC) says;
    "It has come to our attention that many customers who purchase a motorcycle buy insurance directly from the dealership at the point of sale, even though it is relatively easily obtained online or over the phone and may be cheaper than it is sold at the point of sale. The ACCC therefore wishes to encourage consumers to shop around for motorcycle insurance and remind them that they are the right to choose their own insurer.
    we would appreciate if you would consider sharing the consumer tips provided in the enclosed letter with your network to help us disseminate this message.

    • Agree Agree x 3
    • Like Like x 1
  2. definitely - when I bought the scoot I went with NRMA rather than Swann (the dealer's choice) they want you to to it through them as they get a commission - same goes with all the tyre /puncture insurance they try and push on you (some dealers - not all)
  3. I shopped around and actually found that the dealer insurance was cheaper for my bike and it's remained cheaper for the last 2 renewals.

    Shop around by all means but don't automatically assume that all dealer insurance is going to be more expensive.
    • Agree Agree x 1
  4. Same here, shopped around and found the best deal at a dealer. Go figure.
  5. I had a cover note organised before I picked up the latest bike.
    I gave Yamaha Motorcycle Insurance (YMI) a chance.
    But no, at almost double the price for less cover - I don't think so.
  6. I bought my bike in August 2013 and went with Swann Insurance from my dealer. However, the last two years I did it with NRMA, which was way cheaper. And even though for those two years I've not been with Swann Insurance, Swann Insurance tries to trick me into renewing with them by sending me a "renewal letter". Yeah right, nice try.
  7. QBE have insured my last 3 bikes, they will replace your new bike with a brand new one if
    it is stolen or written off in the first 2 years. That is a great feature in my view, prices are
    good too.
  8. Shops used to make more money from the insurance sale than they did from the dealer margin on the bike.
  9. Buying motorcycle insurance – consumer tips

    If you are thinking of buying or have just bought a motorcycle, it’s quite likely that you’re also about to purchase insurance. Before you buy, it pays to shop around and make sure that you’re getting the right insurance coverage for you.

    When you buy a motorcycle from a dealer, you may also be offered insurance at the same time from an insurer recommended by the dealer. It’s important to be aware that you have the right to shop around and choose your own insurer. Some motorcycle dealers have arrangements with an insurance company, whereby each dealer is obliged to only offer insurance from that insurer. Before you make a decision, do your homework and compare other insurance offers available to find out if this offer is the right one for you.

    Consumer tips

    ·Ask around: did you know that most insurance companies offer to insure motorcycles? You may be able to save money by buying insurance from your current provider/s, but check out other offers first, and ask friends and family about their experiences.

    ·Comparing quotes: make sure you consider features as well as costs to make sure you get the coverage that best suits your needs.

    ·Consider buying insurance first: you don’t have to wait until you buy a motorcycle to get insurance – consider organising insurance prior to completing the purchasing by simply contacting an insurer over the phone or online.

    For more information, check out the Australian Securities and Investments Commission’sMoneySmart website for handy tips on buying car insurance, which also applies to motorcycles.
    • Like Like x 1
  10. I saved a heap of money recently in the process of purchasing my new bike. It was $850+ for a new comprehensive insurance policy no matter who I tried, some even up to $1400-ish. So I rang my current provider NRMA and they suggested transferring my current policy on the CB125E over to the new bike and pay the difference. My comprehensive insurance for the CB125E was only $157, and for the new bike to be covered I just had to pay an extra $142, for a total of $300-ish. The $142 was mainly because I have it financed, according to the representative I spoke with. But yeah, it worked out well.
    • Winner Winner x 1
  11. Is anyone aware of the first claim within 90 day rule? Where the Fine print says that you may have to shell out $1000 PLUS the standard excess.
  12. Used extensively in health insurance terms, and now starting to see it appear in vehicle insurance terms too.
  13. So it's a good idea to keep the existing insurance also going for 3 months IF someone changes companies.

    After 90 days are gone, then call up and cancel the old policy.
  14. I think you'll find a clause in most policies that makes it null and void if you have a duplicate policy with any other provider.
  15. So they lock you down as well..Wow.
  16. Not all insurers include initial 90 day claims clauses.
    But it's certainly worth considering as potential cost if you're wanting to change providers. Or get one that doesn't include it.
    I've been known to cross out clauses when signing papers - we shouldn't be drones and just accept what written. Negotiate :)
    • Agree Agree x 1
  17. True that.

    But there is a lot of margin for these people as well

    It's funny how they drop off a straight 100 if you mention that you've got a quote from somewhere else.