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Acceptable insurance rates?

Discussion in 'Politics, Laws, Government & Insurance' started by Grumply, Jun 21, 2010.

  1. Hey guys,

    Now that my new Aprilia Shiver is on the way, I have the pleasure of finding insurance coverage for it. Being that the market value ($12,600) is considerably higher than my old bike I'm assuming comprehensive cover is what I should be getting (3rd party fire and theft, at best, covers me for $5,000 minus a $1,000 excess because I'm 24 - apparently being younger increases the risk of your vehicle being stolen/set on fire :-s ).

    In spite of a perfect driving/riding record, no insurance claims of any sort, and the fact that the bike is naked and therefore not affected by any pesky, expensive fairings - I'm apparently still a considerable insurance risk.

    Being that I haven't had any experience with comprehensive insurance before (always had 3rd Party fire and theft, due to outrageous quotes for full comp and owning less-expensive vehicles) I'm wondering what a reasonable figure for full-comp is? Do people use ratios of cost/value to figure it out?

    I've had quotes as high as $3,000 (from ebike) and most are around $1,400-$1,500. QBE gave me $1100, and GIO leads the pack by a mile at $830.

    Are these figures reasonable/normal? Even $830 still seems like a lot to insure a bike that's only worth $12k (I know people who pay half that to insure cars worth 6 times as much!).

    Any help would be much appreciated.

  2. QBE have a price beat guarantee. Also haggle, there is normally always room to move. I have just moved my policy to QBE and was very happy with the service.
    My insurance will be $520 for a $8200 agreed value on a ER6N. I don't think that $830 is overly expensive, but I am going by the prices for a rating 1 24 yr old.... that has written off one bike.

    I find the best way is to get web quotes then call places and say X said they will do it for this, I want you to beat it. Call QBE and ask for Marlon, he will do what he can for you.
  3. You haven't had the premium problem of others?
  4. Well, I can't tell you what's right/wrong, but I CAN tell you what I'm paying to give a feel:

    28yo male
    Clean record
    2001 CBR600F4i
    $728/yr for full cover, $400 excess through InsureMyRide. It'd be cheaper if I paid the year in advance, but I do it every 3 months.
  5. I think those quotes you have are pretty normal. If you can get down to or below 10% of the value of the bike you are on the mark.
  6. so many variables, post code location, years experience, garaged, parked on the street, daily rider or weekend poser, security devices, advanced rider training blah blah.
    what shits me the most though, is that you can plug in the same variables to the same company for a quote, ring them 2 or three times and get a diferent figure every time... like factor in the mood of whoever answers the phone variable..

    i'm thinking 830 sounds pretty good in your case Mr. Grumply.

    you could plug your variables into this on-line quote simulator thingy from Swann.
    i've never found cheaper than Swann myself, so whatever it gives you is probably about the cheapest rate going> https://www.swanninsurance.com/motorcycle/quotes
  7. Thanks for the advice guys, I guess $830 isn't too bad then. I'll see if QBE are willing to be it.

    Urgh, that calculator gives me $2,400 for full-comp! :eek:
  8. well that's not a WIN for Swann is it haha.

    GIO starting to look a whole lot more reasonable now
  9. Moved to correct forum last time!!!!!
  10. $830 is reasonable, and what you'd expect (given the limited information you have provided).

    Things that can help reduce you premium are the following:

    Advanced rider course
    Vehicle kept in garage
    Nil accidents/claims/convictions/speedings
    Sports tourer instead of super sports
    Be older
    Live in an area with a low risk postcode (theft rates are based on postcode)
    Choose to take on a voluntary excess (instead of taking standard $500 x/s, take an extra $500 so total is $1k, prem discount will apply!)