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Bike Insurance???

Discussion in 'General Motorcycling Discussion' started by tubbsy, Oct 14, 2010.

  1. Hi all

    I'm in the final stages of jumping through the ridiculous hoops imposed to get a measly 5k supplementary bike loan to (try) and sort it so I have it for the weekend.

    I have to get comprehensive insurance as a final step, went onto NRMA site and was quoted $1k for a 650 (I'm 34).
    On the Swann site, I was quoted a shade under $300.

    Is that right? How is there such a disparity? :-s

  2. $300 seems ridiculously cheap for comprehensive... sure you ticked all the right boxes?
  3. Yep. Just got a quote from another place for $300 too. I have zero infringements and have had my drivers licence for 17 years, maybe that's why.
  4. I'm paying 350 through Swann for an '09 GS500F comprehensively insured for 9k
  5. Yeah I just had a look, I only got 3rd party property from insure my ride because it was about $800 for comprehensive on a scooter. But now looiks like I can get it for $260. Maybe next yr I'll get comprehensive, its much cheaper now I've had my license for longer.
  6. Ok cool, feel better then. Mine is insured for 7k. Almost had a heart attack, on top of all the other costs, CTP, reg, actually buying the bike, loan fees....another 1k was gonna be just too much.

    Please tell me riding a bike in Aussie is worth it. Moved over from NZ earlier this year.
  7. Well it certainly beats driving in Australia!
  8. True!!! Thanks for putting it in perspective! =D>

    Now to plan my Nullarbor trip!
  9. Insure my ride wanted $300 and about the same for GIO for full comp on a drz400e
    Swann are $210 for full comp and $210 for 3rd party fire and theft, or $144 for 3rd party property..
  10. Just sorted on for $288. Dunno what the NRMA site was smoking when it quoted me $1k???
  11. I dunno, I just a quick squiz at NRMA and they quoted $298... but that is for a scooter valued at 2600
  12. smilee - that's not much better than what the OP was quoted imho ($1k for a $7k bike)

    OP - 14.28% of bike value p.a for insurance
    smilee - 11.46% of scooter value p.a for insurance
  13. Yeh, but I just got comprehensive insurance for $288 from SWANN.
  14. I'm aware, I was comparing the NRMA quotes.

    I wish my insurance was only $288 :(
    looks like it'll be $800ish for me with Swann (25y.o male, 1 at fault claim 3.5 years ago, rating 1)
  15. Ouch!
  16. oh the joys of being 20 years old learner

    some quotes for comprehensive on my 2005 GS500F...

    AMII: $1,844 (includes cover for gear up to $1k, stated purchase price of $5.8k, was actually $4.2k), excess = $550
    NRMA: $1,966.14 (agreed value of $5,800), excess = $600
    InsureMyRide: $2250.45 (agreed value of $5,800, includes cover for gear up to $1k), excess = $400

    [edit] I also have had no claims before, but im not sure that counts for much at my age...[/edit]

    AMII ask more questions, and ask for purchase price. I presume this will be the agreed value, and if i put lower value, eg $5k, its cheaper. Also asks about any modifications/additions (eg luggage rack, oggy knobbs)

    InsureMyRide rather ask about the cumulative cost of all modifications. Not sure if you can agree on lower cost

    NRMA allow you to change agreed cost of bike, so can factor in cost of modifications, or you can reduce below agreed market value for slightly cheaper quote, eg put $5k (instead of $5.8k) and you save ~$200 on quote

    I didnt see anything about cover for gear on NRMA. However, InsureMyRide offers cover for anywhere from $0 to $5k (in steps of 1k). Also, you can choose to opt out of cover for gear from AMII

    Anyway, I would have to write-off my bike in 2 years for it to be worth it for me :D Hence i dont get comprehensive :(
  17. I'm going through pretty much the same thing at the moment.

    I'm in my early twenties, have a good history, and am being quoted just below $1000 for comprehensive insurance with a LAMS approved road bike.

    Is that right?

    refer to edit reason, here's a link if you would mind helping me out: clicky. I don't see an option to delete my post.
  18. Try western qbe they were cheapest for me. 24 year old with no experience on the road with a car or bike I paid 1600$ for first year on a brand new 09 drz400sm. Second year as a 25 year old P plater with 2000$ of after market mods, 1 year experience on the road with no claims/fines and my insurance is $1005.

    I remember when I was doing quotes online insuremyride, swann and all the others were well 2000$

    http://www.motorcycle-insurance.com.au/ If you're a net rider member you'll also get 5% discount.
  19. Not sure about other insurance companies but with Swann they cover you for damaged protective clothing such as boots, pants, jacket gloves etc but not helmet.
    If you want helmet cover you have to tick a box and pay a slightly higher premium. I missed it first time but made sure I ticked it with the new bike.
    Another little tip, when you put $7000 as agreed value for example and get your premium do another quote and try $8000 and then $9000, up to a point the premium wont change so find that point. When you insure your bike don't forget to cover the cost of your excess and factor in stamp duty on the replacement bike. Excess and stamp duty can set you back a bit so factor it in.