Welcome to Netrider ... Connecting Riders!

Interested in talking motorbikes with a terrific community of riders?
Signup (it's quick and free) to join the discussions and access the full suite of tools and information that Netrider has to offer.

Insurance... Here's a new one!

Discussion in 'General Motorcycling Discussion' started by Loz, May 4, 2005.

  1. Haven't come across this before - just called GIO who gave me the best quote yet for insurance on a Honda Hornet I'm trying desperately to get covered by Friday.

    Then they told me they couldn't insure the bike.... because I'm getting it too cheap! They want me to get an independant dealer's valuation on the bike, verifying that I'm actually getting it for that price and that there's nothing wrong with it.

    Does this strike anybody as bizarre?

    I've been around the rigmarole to get this goddamn bike, insurance quotes ranging all the way up to RACV's $2500 a year, and QBE offered me a great premium but with a $3000 excess.

    My options are thus:
    1) Try to get the poor seller, who already feels like he's been messed around like crazy, to let me take the bike out for a valuation (unlikely, and he can't ride it to get a valuation himself as he broke his leg on his brand new cb1300) - or

    2) Bump up the purchase price by $225 to hit the minimum the insurer will deal with.

    I'm leaning towards #2. Just about had enough. I just wanna faaast biiiiikeeee.

    Any advice here? The bike's out Wantirna way.
  2. How big is this Hornet (capacity)?

    Anyway, how desparate is the fellow to sell? Are there other examples on the market that you can look at? If the fellow won't allow you to take it for a valuation, then walk. If he's keen to sell, he should be accomodating.

    And don't think that you're messing him around. If you're denying him a sure sale to someone else, perhaps. But then, he can sell it to that person if he so desires.

    What does the Redbook say the bike's worth? What are others going for? Check www.bikesales.com.au for other examples of this model.

    Or, just simply overstate the value or purchase price of the bike when applying for insurance. What does Swann Maxirider insurance say?

    Personally, I wouldn't be offering to pay the seller a little bit more just so I could get insurance.
  3. If it's a private sale just tell them what they want to hear. They are only scared that you might be buying a POS, insuring it and then losing it and making a claim for its market value which is obviously higher than the purchase price.

    The other thing that you can do is to ring one of the more expensive companies and ask if they price match.

    Will you be getting a receipt for the bike to show the in-sewer-ants company or is the figure just what you tell them?
  4. Hmm, good point -

    However I've gone through the whole shebang with them and they have all my details. Surely they'd work it out if I rang up and suddenly had the right price on it...

    Maxirider's going to be $300 more expensive, and with three times the excess. It's a 919. I'm getting a good deal on it, but it's not a ridiculous price or anything, and the bike looks like it's in fine nick.

    I guess the guy was fine with me test riding it the other night... Maybe I'll see if he'd let me take it over to Ringwood for a valuation. Although that would kind of be rubbing it in after I talked him down a fair way from the price he wanted.

    Makes me feel like a real prick.
  5. So Vic ya reckon I'd be able to get away with calling them up for another quote and dodging the figure?
  6. I got my car from the auctions 2 years ago, they refused to insure it at the $13k I paid and insisted it had to be at least $16k.

    Who understands em? You'd think they would be happy to insure at less then market value. :?
  7. Vic has a point - people might buy a buggered up, crashed vehicle, insure it at market value and then have it stolen or lost, then claim for a new car.

    I'm only a couple hundred bucks under the limit though... Gah.

    Maybe I'll get a pre-purchase inspection done and that bloke can do the valuation.
  8. Loz, Ring them back and go through the whole shebang once again. If your details come up tell them the last operator must have been hard of hearing.

    Or tell them that you decided to buy the Ventura rack and headlight protector that you didnt want initially so now the price has gone up $260.

    If they carry on ask to speak to a supervisor......

    failing that, insure it with swann on the pay by the month, pay for 1 month and by then GIO would have deleted your quote off their system and you can reapply.
  9. Hey Loz, did you try Arista Insurance?? I had a bike insured with them, and they were great! They never answered thier phone, didn't have a clue what was going on, and didn't give a shit either - AND they gave me a month cover note when I first started with them based on my word that I was a rating 1 driver!!! But they were cheap! I loved 'em!
  10. TIP:

    when seeking insurance always go to the company you least want to insure. attain a quote with all answers honest and then see on what grounds they refuse/charge up up the A*% on.

    then go to another company with your other set of 'honest' answers.

  11. Update:

    Being the least capable bullshit artist on the block, I started ringing around again, without getting much love wherever I went.

    Then I rang A1 motor cycles in Ringwood, and Steve Lesser set me up with a kick-arse Swann policy, somehow bumping me up 3 ratings, saving me hundreds of dollars and even going to the effort of dealing directly with the finance company for me when the inevitable issues arose.

    End result: I pick up the Hornet 900 tomorrow, and it's insured for less than I was paying for my V25 custom - with about 1/3 the excess, despite having an at-fault claim 2 months ago.

    So there ya go. Steve at A1 Ringwod.
  12. Glad to hear you've got it sorted.
  13. It pays to ring around. Deals can be done on in-sewer-ants. I got a rating one when I insured my car and I never had insurance for 6 years.