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Insurance dilemma

Discussion in 'General Motorcycling Discussion' started by Tenoq, Sep 3, 2005.

  1. Just wanted a general opinion on over-priced insurance for younger riders (like myself).

    I've used QBE's online quote system to get a few quotes on some bikes I've been considering as an upgrade from the GPX. The quotes I've got back are as follows:
    2005 Kawasaki Z750: $1,081 ($350 excess)
    2005 Kawasaki ZX-6R: $2,956 ($500 excess)
    2002 Kawasaki ZX-6R: $2,117 ($500 excess)

    Obviously they're not the only bikes I"ve considered, but I didn't want to flood them with queries on every bike that's piqued my interest! But most are along the sporty lines of the ZX-6R (other 600s, older 900s, some sports-tourers).

    The problem is I don't want to be paying 20% of the bike's value each year in insurance as I think it's unreasonable. The two options I'm considering are therefore either: a) opting for a bike with a reasonable insurance premium (Z750), or b) opting to get 3rd party insurance, and insuring myself (depositing lowest quoted premium in a bank account). What are you opinions on self-insuring? Would I be better getting a bike that is say, my 3rd or 4th preference, if it means my insurance is fairly priced?

    While this is all a little academic while I'm yet to ride these bikes, I would like to go in knowing what bikes are actually worth looking at when it comes shopping time.
  2. Sorry, I can't help you. But on the topic, I'm trying to get insurance for my Kawa ZXR250. I tried Aami but they say the bike doesn't exist. Do you know who else insures in Vic?
  3. Hey I just got a quote from RACV. For comprehensive insurance on my ZX2R is will be almost $2,000 a year!
  4. A few things will help your costs: being over 25 (should have overnight your premium), and having a rating 1.

    I'm paying a fair bit for my insurance ATM, but that will come down markedly in a few weeks when I turn 25, I've had to ride it out on the higher premiums for a while. Having a 250 for most of my 20's helped too.

  5. I'm over 25, and had a rating 1 with my car. Not anymore cos I sold the car a few months ago. Does the rating thransfer? Anyway, I used to be with AAMI and that's why I called them first, but they said they didn't have my bike in their list.
  6. I think I'm actually rating 2 (although I put rating 3 on the quotes, just to be in the safe side). Unfortunately I can't fast-forward time, so until I turn 25 (a little over 2 years), what to do?
  7. Where's the option for 2005 Honda CT110?
    Just pull a couple of gold coins out of your pocket and throw them at the insurance company, that'll probably do. ;)

    On a more serious note... (i don't know why i'm typing this.. i talk to you most weekends! :p) my vote's in for going for a slightly older bike - but you already knew that.
  8. Just did a quick calculation if I was still rating 6 (or for those who are actually rating 6):
    2005 ZX-6R: $4926.

  9. Yeah, older bike is an option Koma, but give the relative value of the bike vs insurance, it seems the "20% rule" still applies (2005 vs 2002 seems to demostrate that).

    While it may be more affordable, I still take exception to be charged say, $1000pa insurance for a $5000 bike. :?
  10. Yeah I put rating 6 in my quote because I don't know if they take into account the car rating. Its expensive stuff.
  11. What I suggest people do is buy a cheap 250 to learn on, then insure the cheap 250 when you first get your licence.

    After a couple of years you'll have a couple of extra rating points to reduce your insurance cost with.

    When you get your first bike look at something like a Z750, you should be able to insure one of those for about 10% of value.

    Then after 3 or 4 years of that you will be rating one.

    Then you wait until you are forty and you can get sports bikes for $500 a year comprehensive insurance ;)
  12. Most do. Swann don't, but their bike ratings are only 6 or 5. They were the cheapest for me when I was doing the GPX (at rating 6, they were $400 cheaper than RACV, who quoted on rating 3).
  13. If you are going to finance the bike you might be forced to get comprehensive insurance.
  14. Western QBE is the go. I am rating 1 car driver and over 30 which probably helps a bit more. But i paid $250 full comp for my 01 zzr and pay $1400 for my 05 ZX12R. I found them to be the best as they take into consideration your car rating. Places like AAMI, RACV, etc dont specialise in bike insurance like WQBE.
  15. Phone em up, don't rely on online quotes.
    Young, inexperienced, high powered sports bike = big insurance dollars.

    Silly thing though, Old, inexperienced (on a bike anyway), high powered sports bike = reasonable insurance dollars.

    Two things have the biggest impact, rating 1 of course and over 35.

    Other tip, buy a "sports/tourer" instead of the "sports", makes a huge difference and and a much more comfortable ride.
  16. Sports-tourers might be a good option, as I need to commute, and have a bad back as it is.

    Not sure which sports-tourers I like though.... :p

    Sprint ST? :)
  17. VFR800???
  18. VFR GO GO GO!!!

    any way...

    VFR750... I have rationg 6 (I have yet to insure any vehacle full comp) and I have to pay a whoping $125 for 3rd party!!

    Get an older bike that you can buy all out cash... insure for 3rd party only... any repairs... keep the money you were going to spend on insurance in a bank... %20 is HEAPS in %90 of cases!! (based on a 10 yo 600 honda)
  19. if you have any doubt about going to a sports/tourer check out


    this will answer any questions you might have