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Insurance for a used $7k bike is worth it?

Discussion in 'General Motorcycling Discussion' at netrider.net.au started by Julien, Jan 19, 2009.

  1. Hi Guys,

    I have just obtained my Ls and have bought a second hand Susuki GS500 (2007 model). It's in excellent condition and has only done 2000ks (first bought in 08/08).

    I am now comparing quotes for insurance. Is it really worth insuring my bike with comprehensive insurance? I'm just saying that because I bought the bike for $7000 and that as an inexperienced rider my excess is close to 700 bucks...

    Any thoughts?


  2. Re: Insurance for a used bike

    If the bike was stolen could you afford to replace it?
    If no then you really can't afford not to insure it.
  3. You can have theft insurance by itself with some companies or third party.

    Theft would only cover when it's stolen and 3rd party wouldn't cover the cost of repairing your bike or gear if you crash.
  4. QBE insurance is your friend. I have just brought the GS500F 08 model with 1000km and it offered the cheapest insurance by a large large margin.
  5. 700 bucks is better than paying another 7000 for another bike! I had insurance on my suzuki across (lol) because it was better than nothing...
  6. 10% of the bikes value isn't that bad for insurance from what I have seen.
  7. Re: Insurance for a used bike

    Is it $700 excess, or $700 insurance premium (you pay per year to be comprehensively insured)?

    If it's the latter, that's not bad at all, that's pretty much the premium i pay to comprehensively insure my GS500, with AAMI.
  8. I personally would say always go the comprehensive if you possibly can. Unless you paid cash for this one, and can afford to go out and buy another one for cash tomorrow, you could be out a lot of money and/or in a lot of debt if you crashed it uninsured. And it needn't be your fault, with quite a few reports here of crashes avoiding careless drivers but not actually hitting them, and quite a few more of uninsured drivers writing off people's bikes.

    And as you get older it gets cheaper. ;)
  9. Have you spoken to Swann?

    They insured my GS500 for $200 cheaper than anyone else - my comprehensive is about $350 / year. I was pretty impressed with that myself... :grin:
  10. Why do you care what your excess is? Unless you need to claim you'll never actually pay it and, on the off chance you DO need to claim, you'll always be better off having the insurance unless the total cost of your damages (your gear, your bike, whatever you hit/hit you if it was another vehicle) is <$700. Not likely.

    If it's the yearly premium, well like someone else said - $700 (plus whatever your excess is) is still better than paying for another bike and maybe gear from your own pocket.

    Also keep in mind that AFAIK the longer you have insurance with no claims, the better your 'rating'. Better ratings = cheaper insurance. This will count when you start thinking about how to insure your next ride.
  11. If you have a long driving history check out NRMA. If you have maximum no claim this will be applied, and they ask you how long a "driving" history you have and not your riding history.

    I asked them specifically if they meant riding as I was a learner and she said no, just road craft years basically.

    It may be cheaper this way.
  12. I got quoted $1800 for my bike and the excess is like $800.

    I don't think a $6500 bike is worth that IMHO.

    I'm gonna keep looking till i can find $1500 and under.

    What do you guys reckon, am I dreaming? :LOL:
  13. By all means keep looking, but don't ride it uninsured. Maybe get third party, fire and theft while you're looking if you want, but that seems pointless 'cos you'd have to find that anyway.

    But I dunno, you'd pay at least 3 years premium if you crashed the bike at the beginning (6500 - 800)/1800 - and if you get the insurance it will drop over time anyway.

    But yeah, I guess if you want to take the risk, leave it at third party, fire and theft. But I'd *never* ride without third party property cover (*not* just the third party injury green slip): crash into a Merc and there go your finances for years and years.

    And of course, if you still owe money on the existing bike, and crash it, you have a loan with no asset, and probably need a new loan to replace it, so you end up owing 10 or 12 grand and owning a bike worth 5 and depreciating...
  14. YES

    I paid $6700 for a 06 VTR250 with 3960km and I did not even wheel it out of the dealer's shoreromm unless I had complete insurance. WesternQBE for a complete nOOb = $869. In July it should drop about $175 if i don't claim anything. Fingers crossed!
  15. There are some advantages with being old. I got comprehensive insurance from Swann for my new GS500 for $232 with a $400 excess.

    I live in the country which drops the premiums by quite a bit as does having rating 1 on comprehensive insurance for my car.
  16. Re: Insurance for a used bike

    We have a winner.........
  17. yeah wish i was old, pay way too much for my insurance, but cant do without it......
  18. After just having my $8k bike stolen (and now thankfully recovered), at least get fire and theft, learn from my mistake! It's cheaper that way...
  19. The way I see it, It is when you dont have insurance that shit happens...

    So get insurance to prevent that shit from happening. Think of it as protection money
  20. at the VERY LEAST get 3rd party fire + theft