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Insurance question

Discussion in 'New Riders and Riding Tips' started by sash, Jan 12, 2005.

  1. Hi,
    Just wondering about insurance issues, in NSW. Everyone has CTP, which from http://www.maa.nsw.gov.au/greenslips11whatis.htm says:
    I wouldn't be able to afford comprehensive, so I'd probably go with NRMA's third party insurance.

    If I were involved in an accident where I was at fault, and I was injured, then I would have to pay all my own medical bills? Is there any insurance that will cover for my own personal injuries?

  2. take out medical insurance with HBA or Medibank
  3. The usual question... if you cannot afford comprehensive insurance, can you afford to write off the bike?

    Be careful on this one if you are financing the bike.

    At the very least, you should always insure
    - your health
    - your life

    The following are optional in this priority order
    - your house
    - your income
    - your spouses life (if they haven't done it)
    - your spouses income (if they haven't done it and you rely on it)
    - any possesions that are critical to you
    - house contents
    - car etc.

    Stuff that is damn expensive to replace or lose
    - collectables

    Your toys (but you could live without them in a pinch)
    - bike etc.

    hope this helps. The bike is down on the list but obviously it begins to move up if it is your only transport and the more you spend on it the more important the insurance question is.

    Seriously look at the health insurance if you are riding as you have moved into a much higher personal injury risk category.
  4. Interesting points you've made there Ashes, given me a bit of a different perspective.

    Up until now we've always had our house contents insured because if anything happened to them we'd be stuffed - couldn't afford to replace it all. We don't own a home yet, just renting.

    My bike has comprehensive insurance, I'm a learner so I'd be daft not to!

    The car is insured because we got that through salary sacrifice and it's part of the deal.

    Life, health and income insurance is something that always seemed too expensive. But having had an accident myself now I really do think I need to re-evaluate whats most important and find a few extra dollars in my budget!
  5. If you buy a learner bike valued at $4000, insurance costs you $1400 and the excess for a claim is $1600 being under 25, is it really worth it (based on RACV quote). You've forked out $3000 whether you crash or not, and if you do stack you come out $1000 up but have to deal with all the bullsh that insurance companies put you thru.
  6. Ashes, I would never go so far as to suggest that it sounds like you have some expertise in the insurance industry, but that is an extremely comprehensive summary; I'm going to print it out so I can use it as a check list this week, thanks pal.
  7. I wouldn't own anything that wasn't comp insured but with the quality of our public hospital system by & large I'd pay Ambulance subscription b4 private health cover! If you do have private health cover it's often better to pull out your medicare card & avoid the out of pocket expenses! IMHO!
  8. If you are in a critical situation, public hospital is much better.

    If you are in a minor situation, where you just need to heal up, private hospital is better.

    The few times I've been in hospital, I discussed this with the nursing staff. Why?

    There are a lot more doctors & eqipment over at the public hospital. In the private, at night, there's only 1 or 2 doctors on call for the whole section.

    And I have nothing but praise for the hospital system in Australia. I've been to hospital three times now (not all bike related), wife twice (nothing to do with the bike), and a few mates a couple of times (some bike, some not), In each case, I have nothing but praise for them.
  9. I totally agree with that one.
  10. Mmm, interesting summary, ashes. Food for thought.
  11. We all need to consider which state we're living in.

    For Victorians, private health insurance isn't a necessity just because you ride a bike: TAC will cover you if you have an accident on your bike.

    For NSW - private health IS a good idea. As noted, CTP doesn't cover you if you're at fault.

    Canberra (VTRNikki) - this one I don't know. Do you guys have CTP as well? Anyone know the story for Canberra?