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VIC Comp insurance not worth it?

Discussion in 'Politics, Laws, Government & Insurance' started by Gord, Aug 8, 2013.

  1. Starting to think that comprehensive insurance isn't worth it. I'm reading the brochure and it's bullshit after bullshit. Get of clause after get out clause (for them)

    Keeping in mind that:

    They asked for my DRIVING experience. I said 8 years of driving (car). You don't DRIVE a motorbike... $2500 discount right there (They gave me rating 1, when I've never had comprehensive insurance or a rating before)

    So, premium is still $1600 with a slight dodgy on the quote, quite possibly rendering the whole thing moot.


    if the vehicle is a total loss:

    They pay you the market value ($12,990)
    deducting any unpaid premium (up to $1600)
    Excess ($575)
    the unused portion of registration (WHAT?!) (up to $710)

    The policy comes to an immediate end and the bike is theirs.

    So we're already down to $10,105.

    If I ring them and clarify this riding / driving thing, take another $2500 off that, effectually leaves me at $7600, when the bike is worth $13,000. and I've paid $3600 for insurance!

    Typing this has just talked myself out of comprehensive insurance.

    It shouldn't be this difficult.
  2. The choice is yours. There are better policies out there.
    Who was this with?
    • Like Like x 1
  3. RACV for $1600 (or $3400 if that rating 1 is bogus)
    IMR wanted $8600
    Suncorp wanted $4100
    Shannons won't touch me
    Youi $3900.

    Bike garaged, locked. 0 suspensions, 0 claims, 0 thefts.

    How you guys get 3 figure full comp quotes is beyond me.
  4. the unpaid portion of the rego goes to you as does the remainder of the policy (not sure about the last one ) @Justus will be along shortly.
  5. Try qbe , seem very cheap to me, I'm 41 though but did get licence suspended 12 months ago
  6. Qbe cheap for me too tho I'm 48
  7. There's something going on here if your insuring a ninja 1000., I just got a z1000 identical bike, Qbe swapped my old policy I had with gv650 which was around under $400 per year. It cost me no extra. I do have it down as less than 4000 klm per year I ride it which I think I'm going to change .
  8. Mines $440 for an insured value of $8000. Are you under 25 ?
  9. got racv on the phone now, it is indeed driving experience. They look at how long you have been on the roads and use that to determine your rating. so $1600 is the cheapest comprehensive quote I can find.

    She also said to check that as the bike is under finance, if third party would be acceptable to the bank, but as they've already given me the money, I don't see what difference that possibly makes.

    Oh, and they won't cover fire and theft on motorbikes. At all.

    Smee, nope, incorrect. They take the unused rego and CTP, cancel the policy and return no money. It's right here in the book.

    I am 26, 8 years driving experience and, well... off my restricted licence in 3 weeks.

  10. Mines around the $400 mark (RACV) for a Z1000. I've been rating one since I was a learner rider, based on my car driving record - yes, I rang and clarified.

    Admittedly I'm female and over 40.
  11. They wont return your premium , why should they ? they deduct the unused rego because you will get it back when you cancel it.
  12. My Z1000 was $500 fully comp from Swann
  13. If the bike becomes their property and they've taken out the value of the remaining rego to what they're paying me, then they are effectually getting the value of my remaining rego. I'm left at parity, when I should be getting the actual value of the remainder of the rego.
  14. You are getting the remainder of the rego from vicroads/rta
  15. if racv deducts the remainder of the rego from what they'll pay me, how on earth am I getting the remainder of the rego? The remainder paid to me, will just take me to parity, because racv have effectively already charged me that return!
  16. Your unused rego and ctp is refund to you by the roads authority.

    Of course the pay out in the event of a total loss is less any unpaid premium.

    If your bike is secured against the loan you will probably need to maintain comprehensive insurance.

    $1600 is a small price to pay to be able to walk away from your finance if you total the bike.

    It's not nice paying for a bike you no longer have 3 years after the fact.
    • Agree Agree x 2
  17. $1600 is a small(ish) price to pay, yes.
    add $575 excess
    add whatevers left of my rego
    suddenly we're at up to $2800 in the event of a write-off.

    Not such a good deal.

    I will try QBE, thanks.
  18. What part of your rego being refunded to you don't you get?

    It doesn't matter what insurance company you go with the general principle will be the same, perhaps a small savings on the premium
  19. You worry me, why do you keep adding the rego back in ? You are going to get the unused portion back when you cancel it, can't you see that ? If the insurer paid you out including the unused rego and you claimed it back as well you would be getting it twice.
    Oh what the hell you're 26 go figure it out mate.
    • Like Like x 3
  20. Definitely try QBE, cheapest I've found. About $500 cheaper than the nearest quote which was with IMR (plus I get more gear covered as well).