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Insurance for Grey Imports

Discussion in 'New Riders and Riding Tips' started by DamianB, Mar 22, 2010.

  1. I've been searching through the threads and haven't been able to find insurers that i know will insure a grey import..

    I'm an 18 year old on my L's (if that makes a difference)

    I know that AAMI won't.

  2. Hi Damian...

    I insured a grey import for my sister with Insuremyride but i'm not sure if they'll sort you out being under 25 and all....

    I insured my 675cc with Western QBE, as they were the cheapest of the companies who offered insurance to under 25y.o.

    Some insurers just dont have some grey imports on their database, so you'll just have to ring around. I about 60% of the companies didnt have her Honda GB400 on file. But there'll be someone out there willing to hook you up bud!

  3. Where the bike comes from makes no difference at all for insurance. Just insure it for 'agreed value' or similar and just tell them the make/model of bike - read if off the rego label to see what is was registered as locally.
  4. What makes you say that?
  5. Experience
  6. I would have thought that the cost of the premium would depend, at lest partly, on the availablility and price of parts. Hence why some insurance companies won't insure 'grey imports' or bikes older than x years old.
  7. Haha. =D>
  8. The fact you are 18 and on your L's will definitely make a difference. Some insurance companies just won't insure you. Others will, but you may end up with a premium that isn't much less than the bike is worth.

    Shop around, but given that Western QBE and Swann are motorcycle insurance 'specialists' I'd start there.
  9. Why would they care where it comes from? You insure it for a price, they check on their database if that's an acceptable price based on the make/model (because even grey imports have a make/model on their database) and viola!

    Seriously, have you called any insurance companies? Did they ask for the origin? No. They ask what the make/model is, that's it. Just call them and just answer their questions, nothing more, nothing less.
  10. Lol, what else you want me to say. Surely you know better than me given your -experience- :p
  11. Yes, I have rang insurance companies, your right they didn't ask for it's origin, but they did ask many questions about the bike, including it's VIN. The bike in question was (and this is really embarrasing) a 1986 GR650, a bike that was released in Australia. The only companies that had it on their records/database were Swan and Western QBE. At the time, 1996, NRMA, AAMI and CGU didn't and wouldn't insure it.
  12. I've got a funny feeling that I do. With some companies, whether or not it is an Australian imported model does impact your premium.
  13. Well spoke to AAMI. it does make a difference. Bike in question wasn't in their database. they asked for VIN and that showed that it was an import. said they won't insure it.

    Insuremyride didn't have it in their database. they've added it to their database now though. they insure grey imports.

    Will call QBE tommorow to check their rates.
  14. availability of parts is the issue.
    We recently(3 months ago) had an old XJ400 present itself for a crash repair job. Apart from the extra work that goes into sourcing parts, the cost is way more than locally available parts. This bike only had about $2,000 damage but the labour cost blew out because of the extra time to source parts along with the shipping. The job was only completed last week, after oodles of frustrating phone calls from the owner and the insurance company, hence we will not be repairing anymore grey imports in the future. All quotes for grey imports from now on will be doubled, that will make the insurance companies either write the bike off or go elsewhere. Once an insurance company has records of costs involved with past repairs it keeps them on file and all future owners applying for insurance are either quoted over the top prices for policies or denied from the get go.
  15. AAMI is a bad example in that they've only been insuring bikes for a few years and in the first couple of years it was only a handfull of bikes they would insure. So their current database is still probably quite limited.

    And yes grey imports were for a long time harder to insure, but are now so common place that it shouldn't represent any major difficulties. Early car importers had a choice of Shannons or Shannons.
  16. I got my greenslip from aami with no dramas although they couldnt find my bike on there database.

    On my greenslip where its says model : "unknown"

    Try call them again and maybe a different person would help you out.
  17. This is very true.
    I remember on my first bike - A xjr400 (grey import) QBE priced themselves out of the game with a premium of like 1800 because it goes into a high risk catagory.
    Not because of power to weight etc, but because of parts. Which is how it got written off.
    With some imports there are just simply no parts to repair the bike so it means they have to write it off. So what would have cost them maybe $1000 to fix suddenly costs $4000.
  18. Ok, there's two things going on here, one is talking about models that are available here but were sourced overseas - i.e. grey imports. then there are bikes not available here.

    In the former case, if the insurance company sees it in their database it's sorted. In the latter, they will ask more questions.

    My 'experience' I mentioned earlier was insuring my previous Honda Spada (VT250). The model is known although old, they didn't ask where it came from, they insured it. Done.

    So, at the risk of missing something, is your bike model you're trying to insure known locally to insurance companies? (I cbf to re-read OP).
  19. greenslip =/= TPP

    in regards to the bike i was looking for. it's relatively unknown in australia. not on many/any databases for the year i'm looking at.

    But it's not an issue anymore. IMR will insure it for a good price. so no worries there.

    Thanks for your help guys :]
  20. If you don't mind sharing, what's your "good price?"

    I'm only curious as when researching insurance for a few of the more popular lams bikes the quotes seemed a bit steep. Granted I'm in the same position (18) but that's why I'm asking.