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NSW Insurance - Comprehensive to less cover

Discussion in 'Politics, Laws, Government & Insurance' at netrider.net.au started by addyb1186, Sep 27, 2011.

  1. Hey Gang,


    So ive had my CBR1000RR 07 model for almost a year now,

    paying 1700 or so through AAMI insurance, which was the cheapest at the time. and probably still is.


    Question being, how many people have done this, then stepped down (to fire and theft, or less) or completely cut their insurance all together?



    obviously 1700 a yr could be saved towards repairs if i did crash or sumthing.


    thoughts?




    p.s. i keep her in a locked garage, shes in excellent nic, and i havnt crashed yet, and dont plan on it!

    the only advantage i see is i owe 9000 on it on finance, but its insured for 11500, so if i crash it, i would probably break even on my loan.
     
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  2. Chances are your finance requires you to keep it comprehensively insured (unless you took out a personal loan without securing it against the bike).

    Also, it's not just about your bike, if you put it into someone else then you're liable for their costs. 3rd party should be an absolute minimum.

    How many people do you know that plan on crashing?
     
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  3. I paid $650 a year for a 07 R1. Get old.

    Anyway I dont have insurance on the RGV it isnt worth enough for the $400 that was too much. I still got third party property though.
     
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  4. yeh im only 24 so waiting for the "old " bit...i guess thats a benefit of age.

    and yeh PhilC its an unsecured loan so its all sweet.

    got a great rate and circumstances allowed me to get unsecured.
     
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  5. If you are only 24 then $1700 is a bargain I think. TPP with fire and theft is going to cost you $500 for that bike. That leaves $1200 a year.

    Any crash is going to cost double that on the blade, you are not going to break even until year 3 and when I was 24 I wouldn't be able to control myself enough to ensure that happened. Maybe you are different, but maybe not :)
     
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  6. so i guess the question is..

    is it worth the risk of not insuring my bike to save 1700?

    my mate has the 2007 repsol and never insured his, however he has come off twice...


    sorry for the seemingly obvious question
     
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  7. Ask yourself, can you afford not only the cost of repairing or replacing your bike but also the costs involved in damage to say 1 or 2 cars. How will you feel with no bike, $9000 of loan for a bike you don't have and $X thousand dollars of debt for repairs to some housewife's X5 beemer...

    Remember as well, if you have insurance and you have an accident where the other person is at fault, your insurance company goes into bat for you. If you don't have insurance then it may be you vs. the might and resources of their insurer, not fun...
     
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  8. #8 smileedude, Sep 27, 2011
    Last edited by a moderator: Oct 24, 2015
    I go third party property. I figure if I'm silly enough to cause a crash than I should have to pay for it, but if I slam into a BMW atleast I don't have to pay for that and more importantly if I'm not at fault in an accident they will do all the work. It makes me ride a lot safer, but probably have alot less fun.

    But because you've got a loan to buy the bike you should get comprehensive. You don't want to be in debt without the asset. Every time you pay you will be wincing.
     
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  9. One of the other reasons for compro insurance, just just isn't if you make a mistake, but if someone hits you, it gives you legal representation. If the other party is insured and you aren't, their insurer is almost certainly going to make life difficult and potentially try to turn the situation to get money out of you. Some 3rd party insurers seem to assist when you are in a not at fault accident too.
     
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  10. Don't forget dropping the bike will also cost you 600 in excess minimum, which at that stage, puts you out 1800 over the third party fire and theft.

    I'd go fire and theft. Let's face it, if the bike will have more than 2k damage on a drop, I think you be more focussed on your personal damage. And anyway you dont plan on dropping it so it won't happen lol
     
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  11. Really? When some idiot knocked my bike over while parked the repair cost was over $3k. Granted it was mainly cosmetic, and if I'd done it myself then I would have probably just touched it up and buffed it out as best I could, maybe spent $300 on vital bits. But they broke it, so they can return it to the condition it was in before I walked away.
     
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  12. Don't just assume this. It's always worth going back and seeing if you can play them off against each other. If it doesn't work this year, it will eventually.
     
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  13. Ok, I'll try to keep this short. Years ago when I bought my first car, I dropped all my cash on it - $10,000. Got the insurance cover note which was valid for 14 days. On or around the 17th day, I ran up the arse of none other than a brand new X5. I had not paid the insurance as I didn't have the cash (was about 1-2 weeks worth of work away). This particular X5 was from the showroom floor of BMW Melbourne which, as it turns out, was a good thing.

    The deal was made that if the repairs were less than the cost of the excess on the X5, then I would pay for the repairs. Otherwise they agreed to claim it on their insurance and that I would pay the excess. The latter was the case, which cost me $3,000. Then I took out a loan for $6,000 to repair my car.

    I nearly had a heart attack when I had a call from their insurance company looking for more money. Thankfully, having paid the excess they seemed to let me off.

    Addy, get at least 3rd party. Take it from someone who has experienced the pain of going without insurance.
     
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  14. Your bike's worth a bit more than mine but I think it's a similar situation.

    I'm 22 and just paid my insurance. $146 for TPFT. Full Comp is over $1600pa with an $800 excess... So to even make a claim under full comp would cost min $2400 ($4000 if owned for two years, $5600 if owned for 3). Which is INSANE. Save the difference for a rainy day, or an upgrade. AAMI accepts years with TPFT towards your rating if you switch, which I'll do when under $700 a year.
     
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  15. You aren't comparing like for like though. Sure the total amount you pay insurance might be $1800.

    With 3rd party you still have to pay an excess anyway, but you then need to cover the damage to your own bike. So if the damage to your own bike exceeds the difference, it is worth it.

    If you have $8k damage to your own bike that you have to cover yourself, that is quite a few premiums you have to cover.
     
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  16. Yeah, good point. I guess I was Soley concentrating on dropping the bike, not hitting someone else. I stand corrected!
     
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