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Insurance questions for Ls

Discussion in 'New Riders and Riding Tips' started by Saspotato, Oct 16, 2012.

  1. Hi everyone

    I have a question about insuring a bike I bought before I have my Ls. Tomorrow night I am picking up a VTR250. My boyfriend (he has his full licence) will ride it home for me ready for when I get my Ls next week.

    The trouble is I would like to organise insurance. 'Insuremyride' insurance is $260 for me (comprehensive) but will not allow me to buy a policy until I have my Ls and anyone who rides my bike even if licenced is uninsured. They also only let owners purchase insurance so given I am the owner and not my boyfriend, I don't think I can buy the insurance under his name anyway.

    I rung AAMI and they will cover me but the premium will be $1k+ or $450 just for my boyfriend (even though he is Rating 1 according to them) so I don't really want to get that.

    Is there some other way I can get insurance that is at a decent price a week before I get my Ls? I guess I could purchase a month of AAMI insurance and then cancel it and switch to InsureMyRide but yea would like to not have the extra hassle.

    Thanks in advance for any help :)
  2. $260 Comprehensive?!?!?

    Third party property is more than that for me (Including CTP, this is a good amount of insurance for me to have).

    Fire and theft is like $690 (probably not worth it).

    Comprehensive is completely uneconomical. Over $1000 a year for a $4000 bike.

    How come you get such cheap insurance?
  3. No idea... I just filled in my details on InsureMyRide and that is what I got for comprehensive even with 0-1 year experience! I checked it twice too and also emailed them about my situation. Actually the price did seem low, my boyfriend has had his licence for 20+ years but I tried his details for the same bike and it was $550. He said it could be because I am female?

    AAMI (I have my car + contents with them at decent prices) is four times as much so it does seem weird.

    Yea if insurance is that much I would just get third party, as comprehensive is a third of the cost of my bike!

    Edit: Yea it's definitely for comprehensive:

    Bike Description: 1999 HONDA VTR250 ROAD , , 249 CC
    Cover: Comprehensive
    Start date of cover: 17 October 2012
    Registered: yes
    Modified: no - there are no modifications
    Bike finance: no
    Riding gear cover: no gear cover
    Personal valuables cover: no personal valuables cover
    Overnight parking: garaged or inside
    Postcode for overnight parking: 3437
    Security: no security devices
    For Business? no
    Youngest Rider: 27 year old Female
    Riding Frequency: recreational / weekend
    Riding Experience: 0 to 1 year
    Licence type: motorbike learner
    Training course: no
    No Claim bonus: 65% No-Claim Bonus (Rating 65% No Claim Bonus - Rating 1)
    Previous Insurer: AAMI

    Price $262. AAMI is $1034.
  4. Actually I just checked insure my ride...

    $1400 for comprehensive for me.

    $208 for third party

    $250 for theft.
  5. Yep, not to mention the massive excess I'd have to pay as well.

    I might ring insure my ride, and ask about their "theft insurance"

    Surely it is thirty party property + theft?

    Who would want theft insurance but still need to pay over thirty thousand dollars if you hit a telegraph pole?
  6. Yea big difference... but older bike, plus I am older (being over 25 makes a big difference from what I can see!), plus I live far from Metro area (my car insurance dropped when I moved from the CBD) so that probably explains it a bit.

    Anyway I would like to sign up now but doesn't look like I can until I have my Ls. A pain.
  7. maybe 27 year old female has a lot to do with it... I'm 22 year old male.

    Probably not the most sensible riding groups. I have a similar bike though, a 2003 VTR250
  8. That $260 can't be right. I'm over 25 (33), rating 1, full licence, no convictions/claims, and 9 years riding experience - but Insuremyride quoted $840 for comprehensive on my '07 GPX250 ($800 if I said I was female). Admittedly I am in an inner city suburb, but it is one with a much lower than average crime rate.
  9. I looked at comprehensive insurance for a GPX250 late last year when I was going to buy one and it was in the 200's. The insurance for my CB400 is around $260 (comp) with Swann (similar price to insuremyride). I'd had less than one years riding experience. Maybe location has something to do with it jd.

    If I was really worried about having the bike uninsured, I'd either trailer the bike home or sign up for the more expensive option, then cancel it.
  10. Yeah I'd trailer it.
  11. Ok I found out the reason for the big difference (gender, location, where I keep it, etc didn't make a difference). It asked if I had insurance on a car or bike previously and what my rating was. I am a Rating 1 for Life with my car insurance but if I remove that it is $910. I am still a bit confused about how to answer that one as it says 'car' but the insurance is for a bike... :S Don't know if they are referring to just my overall history with insurance/vehicles or this bike in particular...
  12. Ok looks like having Rating 1 on my car DOES help. From FAQ:

    Can I transfer my maximum no claims bonus from my car insurance policy and keep it protected?

    Yes you can transfer your no claim bonus / rating. If you wish to contact us about your no claim bonus you can do so through the 'contact us' page. Please note that IMR does NOT offer NCB protection.
  13. It's interesting though as it doesn't explain the difference that jd was quoted as he's a rating 1...
  14. Oh yes, I forgot he said that. Maybe just because my bike is a lot older than his? Well I am just going to get AAMI and cancel it - I rung them and they say I have a 21 day cooling off period so if I cancel in that time it's $30 but I get refunded the rest. I could get a trailer but it would be easier for my boyfriend to ride it home than to organise that.

    Thanks for the help :)

    I might just get third party + theft too as although it would really suck if I had an at fault accident and my bike was ruined it wouldn't be financially crippling as I have a car for transport and can buy a new one again pretty quick (though I might not want to if I crash!)
  15. Fark, so I'm looking at 4000 k for my bike, 1k for gear, 300 for rego and almost 1k for insueace..Dayum
  16. Does 4k include stamp duty? Factor that in as well if you are budgeting for a bike.

    Yes I will spend about $750 on gear (I have a helmet already from car track days so that helps) but bike has six months rego which is helpful :)
  17. I pay cash ;)
  18. Oh so am I... but I thought you still have to transfer the rego and that is when you pay the stamp duty?
  19. That's my bad.
    Tried it again using the same answers I thought I gave last time - but this time came out with a quote of $300 :-s.

    Not sure what I did wrong first time around, but still seems I'm getting stung a fair bit by living so close to the city.
  20. I paid $300 pa for insurance on my VTR with Swann. 27 yo male in inner suburban Melbourne, just got my L's but no at-fault car insurance claims in the last 5 years. jd, do you park your bike on the street or something? That might explain high insurance in the inner city...

    Is it possible to phone up and get an insurance cover note in your boyfriend's name from a more expensive insurer, then cancel it and get cheap insurance in your name when you've got your L's? It's been a while since I've done that but with the RAC in WA, the first week was free of charge if you don't make a claim.