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VIC Differences in insurance costs

Discussion in 'Politics, Laws, Government & Insurance' started by Gurbachen, Jan 28, 2013.

  1. How do insurance providers determine the cost of insurance for particular bikes? Is it based on number that have been stolen? Or the number that have been crashed? Just did a couple of online quotes for my imaginary '08 Hayabusa and got 3.5k from IMR and 4.2k from Swann, and that is just ridiculous. My Enfield was quoted at 1.5k and even that was excessive compared to other bikes. Are 'Busas so pretty they just get stolen more often, or is it (more likely I'm sure many of you will say :p ) that a majority 'Busa owners are giant tools who smash them all to bits before too long?

  2. Claims history would be the yardstick in determining their exposure I would think.
  3. So it's that the owners are douchebags and smash them all to bits then. Damn lol

    I read somewhere that ~85% of bike accidents are caused by other drivers, I guess the other 15% are all 'busa owners haha

    Anyone seen higher insurance costs for other models?
  4. If you really want a laugh do a quote through YOUI !
    They even want to know what your highest level of education is but can't answer how that will make a difference to your policy.
    I found them 60% higher than most of the majors and they seemed surprised when i told them that their quote was just that.
  5. Try getting insuring in the UK.
    For one its compulsory, and they also need to know your occupation, and that significantly affects your premium
  6. At one stage I told the person on the phone from YOUI, who can stop your online application and call you, that I had a PhD.
    She asked me 'What is that?'
    I replied 'The very fact you don't know only highlights the reason you shouldn't be asking people about their highest level of education'
    • Like Like x 3
  7. Thanks for the info, didn't know that would be explained in the thingamy (I only did the basic online quotes). I did put down locked garage and alarmed, so the biggest factor would easily be my age (24) and riding experience (less than two years not including learners). I guess the 'busa is also just a super high risk bike, because the quoted prices are astronomical. Question is does that affect my love and desire to have one...hmmm...
  8. Insurance is just a risk management exercise for them.

    A balance of the risk profile for that bike, type and number of claims for the bike being insured, location where the bike is being insured (and claim history there, weighted by similar vehicles) and the cost of each claim.

    Then apply some formula which uses that base figure and then alters it based on the calculated risk of the rider - which includes age, experience, gender, claim history, license history, claim history and type of claim etc.

    It's not necessarily linear either which is why one rider for a given bike will be quoted $600 and another rider $5k. Also, the insurance brands are aimed towards a particular group so they will target those particular groups.

    The latest trend with suncorp group seems to be including the history of the address the vehicle is located at as well.
  9. I seem to recall some stat about a large percentage of busas are crashed (in the region of 40 I think) but can't verify. I know they're fairly popular with thieves.

    Location is a big deal as well, compare somewhere like wagga or Newcastle to Redfern. :$
  10. Full comp on my blackbird $660/yr with swann. I wouldn't consider buying something if it was going to cost so much in insurance
  11. A PhD? What's that? A pretty huge....

    Youi just seems like a scam to get people's personal information which they can then onsell to other companies.
  12. $1,500 to insure a Royal Enfield???

    You'll have to,wait till you are old to get a fair go with insurance: $248 for full comprehensive on my VFR 750...
  13. You bastard hornet lol

    I guess I'll run a bunch of other options through the quote and see if I'm screwed on insurance no matter what
  14. Yes and it was complete bullshit as well as I didn't think the question was relevant.
    I was pissed off that halfway through my online quote they were able to stop it and a message popped up saying 'you have been recognised as a premium customer and our consultants are calling you now' (or similar) and then my phone rang.

    Under the Privacy Act anyone who collects your information must be able to tell you for what purpose they are collecting it.
    YOUI failed.

    In the end i refused to provide that one piece of information and their quote for a 10 year old vehicle was almost $1200.
    I ended up going to one of the majors and paying $524 for full comp and not having to bare my arse.
  15. Think of insurance companies as bookies. They are there purely to make money for share holders, not help you out in the event of needing them. I f the risks are too great, they'll price themselves out of the picture.
  16. They don't make millions by writing cheques.

    Be interesting to see what stories come out about the insurance industry after these floods are done with.
    It was reported recent that they had made record profits over be last two years.
    Premiums have gone nuts is some areas.
  17. Yep, iirc IAG announced something like a 16% or even higher net profit last year.
  18. does anyone know anywhere that will let you clump a bunch of bikes and cars together as one package ata decent rate? I know some offewr 10% off for a second vehicle etc. but if you can only use one vehicle at a time i would SUGGEST that it offsets the likelihood of an incident on both by more than 10%... plus, those that do this tend to overcharge anyway or not offer insurance on certain models (grey imports) etc.

    between 3 bikes and 2 cars insurance is a pain in the ass and im losing track of when they're all due.
  19. This happened to me with YOUI and the guy kept saying they wanted to really personalise the quote for me so I'd get the best quote. I said if I wanted to actually speak to someone about insurance I would have rung up myself and that I wanted to be able to do online quotes and compare but he kept hassling me. Hung up on him in the end. REALLY annoying strategy to get customers imho.
  20. Their pressure selling is very annoying. I should have mentioned as well that the vehicle I was getting a quote on is driven 3 days a week and parked securely at both locations.
    I am really interested just to see who does get insurance through them.
    Maybe they are a last resort when no one else with insure a person.