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Help: killer insurance $ on 08 street triple

Discussion in 'Businesses and Service Providers' at netrider.net.au started by jekyll, Jul 10, 2008.

  1. Hi,

    I'm making arrangements to collect a new Triumph Street Triple 675, and the insurance premiums are pretty dispiriting.

    I just got a quote for $3600 on insuremyride.com. A dealership ran through some quotes onscreen while I watched, and they got one as low as ~ $1200, but that was including a decent no claim bonus (which I almost certainly don't have, since I've only had 1 year of cover ever).

    The IMY quote's also on "market value", which according to them is less than the RRP of the bike (let alone ORC) - making their premium more than 30% of the payout figure for f**ks sake!



    Can anyone offer advice on what I can do to find a lower premium, and which insurers offer agreed value, a sensible margin of gear cover, and/or other advantages?

    my vitals:
    29 yo male
    riding for 1 yr
    have done adv. riding course
    parking: onstreet (for now)
    location: inner west / city
    immobiliser fitted (standard)
    bike financed
    accessories: $1300
    no convictions or other "alarm bells"

    With my current location + lack of secure parking some insurers won't even touch me, but at $3600 that *almost* seems preferable.

    thanks in advance ... *sigh*
     
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  2. you could try an insurance broker, but the on street is going to kill you premium wise. And if you op for a higher excess, premiums often can come down. As for value, depends policy to policy.... read them carefully, some will only replace items new in the first X months/weeks. You could opt for an agreed value.

    good luck
     
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  3. Thanks for the feedback.

    I can kinda dink it round the side of the house, but I'm not sure if "off-street" parking is much better.

    I'm considering moving house, and this is one of the key things affecting that decision - I'm very interested in how much having a carport / garage / shared apartment parking would affect the premium, and also how far out of the city I'd have to move to get any reduction in premium.

    The other thing I could do is get a ramp and wheel the sucker into my living room at night - I'd have to keep the Spada on the street for going out at night so the neighbors don't flip though. Any ideas on where to get a sturdy steel bike ramp?
     
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  4. Welll...

    The first problem you have to look at is getting a decent No Claims Bonus. The NCB has such a huge impact on the cost of your premium it's astonishing. Some companies can get you a NCB by various means... whether it be a special policy or being able to take into account work vehicles you have driven before without an accident. In such an instance you should be able to get a letter from your employer to state you driven their vehicles without an incident for x amount of years, and you can get a NCB from that.

    Otherwise, are you aware a lot of motorbike insurers allow you to use your car NCB?

    Also, try and find out if anybody has a single rider policy. That can help the premium a bit as well.

    The second, and possibly more worrying cost will be the price of an excess. As you know, a lot of insurers won't touch you as you store your bike on street, let alone in a high risk area. Despite what people say, most of the Sydney metro area is considered high risk (compared to just about any other place in Australia) and will incur either a higher premium or higher theft excess. Often $1000+ if it's stored off-street in Sydney. Plus an inexperienced rider excess of $250 or so any claim will be expensive.

    In terms of conditions, one company offers $4000 of gear cover (Up to $2000 for any one item) has a protected NCB bonus against one at fault claim per year, will cover your bike offroad if you're enduro riding it and for the first two years of the policy has a new for old replacement if you purchased it new. Plus key cover, temporary repairs, hire car, transport, accomodation blah blah blah. Anyway, I'm not here to pitch for my mob. :grin:

    I'm assuming that you're just getting the insurance as it'll be under finance and you'll need a COC. See if you can increase the cost of your excess to bring down the cost of the premium as well. Sometimes works wonders.

    Just some things to think about. The main thing you need to do, before anything else is to get that bike off the street and into a backyard, front porch, front room (Even better) or down the side of your house. Then you'll have heaps more insurers to pick from.

    Then figure out your NCB. There's usually a way to get this to work for you. Hopefully then you can start looking at some better prices.
     
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  5. WQBE? They seem to "like me", particularly because despite not having much bike experience, I've been driving for as long as I've been able to, with a frawress record (aside from the occasional minor speed infringement).

    I agree that parking might be a big decider.
     
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  6. My Sprint955 2003 is $450 my Tiger 1050 2007 is $380
    I have had 2 claims with WQBE and no problems at all
    when I purchased the sprint I was quoted $1200 from the bike shop with Swan insurance I can recommend WQBE
     
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  7. Shop around is all I can suggest but you have had limited experience and limited cover going to a hi performance machine in a city area so the quotes will be very high.

    If you crash your payout will be funded by the rest of us insured riders so we all have a stake. Dont f&@*!n crash :!:
     
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  8. If you're relatively new to bikes, the only way to get a decent NCB is to find an insurer that will transfer your car rating to a bike. RACV did that for me (lotta years ago now). Try discussing that with a few of them.
    If haven't got a good car rating, nothing's going to save you.

    Find a way to get the bike even behind a gate, and the premium will drop a fair bit.
     
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  9. somebody didnt do their research....
     
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  10. Sorry, mate, but apart from the fact that you are over 25 with a clean record, you've got virtually every other relevant factor working against you.... Try QBE
     
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  11. As Hornet said, apart from your age you seem to have a lot of things working against you.
    I pay $2400+ for comprehensive insurance through Swann, and that's for the on road price I paid. They gave me the best deal when I got my gpx250 and again for the ST675.
    It still hurts though... :(
     
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  12. It's over 30 nowadays :grin:
     
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  13. Don't say that. I keep telling myself "it'll cost a lot less next year". It helps.
     
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  14. Wow, I'm really grateful for all the helpful replies - special thanks to QuarterWit. I expected to be spammed into submission with comments about how many times this has been done to death.

    My plan is to stay at my current address for now and buy an aluminium bike ramp so I can park the bike in the front room of my house at nights. If I drop it doing this though, I'm going to feel pretty stupid.

    I checked up and I have a 20% NCB at present from insuring my Spada.
    I've asked my parents to put me on their car policy to try to ramp up my NCB ...

    I'm not sure if it'll help but it can't hurt - does being on multiple policies "stack" and accelarate your NC8) :?:

    I'll also try to get the dealer to help me with some quotes as I think they have access to online calculators for some insurers you'd otherwise have to manually submit quotes for.

    Hey, I've offered to help you fix the search page before to at least allow searches in title only, and you pretty much blankly ignored me. That's fine - it's not my baby - but please don't get gruff at me about "doing my research". I did some preliminary searching before posting this thread.

    Tip: in the meantime you can search by title by using google:
    "site:netrider.net.au intitle:insurance"

    cheers
     
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  15. Nah... Just phone 'em up personally.

    My dealer (who I organised finance through) was like, "The best insurer I could find was $1300!" and so I rang around and managed to get a few quotes better, including one for $800.

    If you phone up you can say, "I've only been riding for X, but I _have_ been driving for Y! Does that count for anything?" - Some insurers count total road experience even though their internet quote page only asks for riding experience. That's why I prefer to phone them, despite being rather sheepish and shy IRL.
     
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  16. I'm pretty sure thats not the "research" Joel meant :wink:
     
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  17. it's not my baby, nor is it my search page.
    i was referring to your lack of research, with regard to insurance costs, prior to selecting your new bike. the quote only comes as a surprise to you.
     
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  18. Hey guys,
    My first quote was $900 from WQBE. After getting about 3-4 quotes I started to fax and call back and forth from one to another. I ended up with $756 from WQBE and $776 from Shannons. I had WQBE for 2 years since I got my Ls. They do take driving NCB in count. Once they give you the max NCB you can then negotiate the others for the same NCB. You can also register the bike to be garaged at a friends place in a better neighborhood. If it would get stolen from the street front of your place, all that means that you parked it there temporarily while you went in, just like any street really. You can also reduce the premium by reducing the usage on the bike. eg: not commuting maybe 2-3 times a week, right?!?! One more thing, this I don't like doing with any of my insurance is to put up excess. Luckily I am over 30 and my bike is garaged and I don't actually commute that much so it was easy for me. So saying that, I think if you can get it down to $900 - $1100 you doing well.
     
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  19. Odds are you'll get caught, and have to pay the higher premium, or the higher excess anyway. If it gets found out it was always kept on street they'll just cancel your policy and you've spent a bunch of money for nothing, and it'll be harder to get insurance in the future.

    Assesors have ways of telling who's fibbing. And asking neighbours when they come out to do their interview. But hey, if it's a risk you think is worthwhile taking, go for it!
     
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  20. Hey Jekyll,
    QuaterWit is right. I don't condole lying about it, these are just examples of what some people do. The best bet is to get quote and keep hounding them with each others quote until they won't match. Then you know you reached your limit. Unfortunately its the price you pay for having such an awesome bike. If you want cheap insurance you can always buy a GS500, I payed $300 for that without hunting for a better price.
     
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