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Insurance quotes - Stumped!

Discussion in 'Politics, Laws, Government & Insurance' started by buckeye9906, Jun 25, 2012.

  1. Hi all,
    I am new to NR and I hope this is the right place for my question. If not please direct me to the appropriate forum.
    mod: done so next time you will know, please take the time to acquaint yourself to all the different areas of the forums.

    I am in the market and looking to buy a 2007 VTR250. I got a few quotes online from IMR, Shannons and AAMI.
    I put in the exact same details for all the quotes but the premiums vary from 378 (IMR) to 743 (Shannons) to 771 (AAMI).
    I would have expected a difference of $50-100 (based on car insurance experience). Why would there be such a massive difference? Am I missing something?
    Also anyone have any bad experiences with IMR?

  2. You will find AAMI and shannons work on cars more then bikes thus there rates are higher as they would of had more claims.

    Try Swann and QBE as well they have good bike rates. Just wait till you get to the larger CC range in quotes the price difference is massive compared to the 250's
    • Like Like x 1
  3. Thanks aussieak. Will check those as well.
  4. Bike insurance varies quite a bit from year to year from different provider. It always pays to shop around.

    QBE have been more consistent since IMR has been around. Every now and then one of the others will try to get into the bike market and offer good prices, but a couple of years later they will be uncompetitive again.
  5. I've always found Swann to have the best deals for motorcycle insurance. My recent claim experience wasn't the smoothest, but got there in the end with minimal delay.

    My only recommendation with any insurance company is if your going to get hit, try to pick an insured motorist to cut you off. That would have simplified the process immensely for me.
  6. There have been a couple of NR members with recent IMR claims, who said they had been happy with the process. I think there's one still being finalised, but it was a so far so good story IIRC. I was pleased to see this as I'm insured with IMR, too!
    • Like Like x 1
  7. I am presuming you are a new rider with little experience, just wondering how you even managed to get Shannon's to quote, when I tried it I was refused due to lack of riding experience!!!

    I recently claimed on my IMR policy & it was pretty smooth going, they actually chose the more expensive second quote as the first quote I got missed a couple of items according to the assessor.

    Even got a seperate communication from them asking if my gear was damaged & telling me how to claim it if required, didn't need that but was a nice pro-active thing for them to do..
  8. and the weird thing with Swann Insurance is that if you go through a bike dealership you will get it cheaper than going directly through the insurer. It saves you hundreds.
    Example a quote a was looking at was $1500 direct or $788 via a dealer.
    • Like Like x 1
  9. Thanks for your help guys! I checked with Swann and their rates are comparable to IMR.
    I will keep you guys posted on how I go.
  10. I've just insured the Across with IMR, I'm a 40 year rating one, zero moto experience risk. The lowest market value they offered was nearly double what I paid for the bike but the premium was still only 260 including 1K for gear.

    I did a lot of exploratory online quotes, including ComInsure who were incredibly competitive on the M3- 70% less than Shannons, but IMR came out best by far.

  11. QBE do discounts forNR members.
  12. This may not be relevant for the OP, but I found that different companies rated older drivers/newer riders differently. When I insured my first learner bike, some companies gave me a rating 6, some a rating 1, disregarding my new rider status in favour of my rating 1 driving status. This can also explain the wide difference in quotes.
  13. Thanks!
    I ended up going with Swann as they came in a bit cheaper than IMR.

    Thanks for all the help and suggestions.
  14. You know what is even more disturbing? The three companies you obtained quotes from are all the same company, all underwritten by Suncorp.
  15. I went with Swann as got an excellent deal from the bike dealer along with the bike.
  16. Always found QBE to be the most competitive over the last couple of years........mind you, doesnt stop me shopping them every renewal time..........pays to keep your eyes open
  17. +1 Swann is much cheaper via the dealer....

    Take a look at RACV too - usually one of the cheapest.
    And yes - the vast discrepancies in price are disconcerting to say the least.
  18. Not really disturbing. IMR and Shannons started off as Promina companies and were later bought by Suncorp. They all each have their own market and financial targets. If every Suncorp brand priced the same it wouldn't really be good for market competition, would it?

    For all the bike insurance in Australia, there are only really 4 main companies.
    Suncorp, IAG, QBE and Calliden (Famous).
    • Like Like x 2
  19. I've been with QBE for over 7 years and a couple of claims, car and bike. Apart from an over-zealous assessor writing off my car and taking possession of it before I had a chance to get my personal effects out of it (I expected it would be repaired) they have been terrific. I have my car and bike comprehensive and Green Slip with them; loyalty pays off when it comes to getting good rates.

    PS I'm 63 and my Comprehensive on the bike is around $235 a year!!
  20. I am not sure of your age or how long you have held a Motorcycle licence; but I now get comprehensive insurance for around $235.
    I went with IMR for my roadbike & Swann for my off-roader.

    However: I remember when I was under 25yrs (obtained my bike licence at 18yrs) buying a CBR1000F (new) and was quoted over $2000 for 12 months; did a bit of a deal with the shop, who wrote me out a certificate to say I'd done an advanced rider's course, this got it back to $1700 per yr, and that was with Swann back in the early 90's.

    I believe IMR is underwritten by GIO (I know their CTP is). IMR are pretty pricey for an off-road bike.