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Insurance, whats the go?

Discussion in 'Businesses and Service Providers' started by Owen, May 3, 2007.

  1. I was looking at comprehensive insurance for my next bike and noticed that there is a $1200 dollar difference between the rates depending on whether i had been previously insured or not. Im curious then, how many of you have taken out 3rd part insurance on your bike a few months before upgrading your bike and getting comprehensive on it ? (with the reduced fee due to previous 3rd party insurance with no claims)

    Or does this not work?
  2. It could work…though to what degree will depend on the insurance company.

    You may find that taking out full-comp now will pay off more in the future (depending, of course, on the premium). If, however, we are only talking about a couple of months...I'm not sure there's a lot to be gained.

    Assuming all works in your favour, with your history, you’ll be lucky to anything above a rating 5.
  3. Insurance companies DO seem to reward loyalty.

    Every year you insure a vehicle without making a claim, the price of the premium will come down [and not only as much as the std premium for it's new {lower} market value].

    For instance, I'm getting a Mazda in a week or two, and if I CHANGE my policy with AAMI from the Hilux to the Mazda THEY'LL PAY ME $100, I'll be covered for the next 9 months, and when I renew it'll cost $600 instead of $900 were I to cancel the current policy and start all over again.

    It'll be interesting to see what NRMA do for me when I switch from 3rd party only on my 250, to full comp on a decent upgrade ^_^
  4. The increments are 0-25 etc so i cant have a rating of 5 even? So does that mean i would be at 0?
  5. Ring Shannons
  6. Ok people, nevermind, you have to have a minimum of 1 full year with no claims to get ANY bonus at all. At least with 'insure my ride'.

    Oh and shannons wont even talk to me cos im under 30 :)
  7. Owen, try Swann insurance too.
    AAMI are pretty expensive for bikes, they also don't allow you to ever have a rating of greater than 5.

    insurance will go down year after year if you continue to have no accidents.
  8. Experienced or new riders alike...

    I made the mistake of showing up in an area where a dawdling merc 4x4 decided to turn right without indicating when I tried to overtake. I clipped him, went
    over the handle bars and the bike slide to the left. When lying on the road waiting for the ambulance I saw the merc's indicator running and the driver making it a point to keep it running while the police arrived. As such,
    I was deemed in the wrong

    The bike was ridable so I took it to a local dealer for repairs. They said I was in luck! There was an assessor from Swann due in the next day. Lucky because they only
    show up on a fortnightly basis. I found out that the assessor did show up but couldn't do anything as he didn't have the work order. Two weeks passed. The bike got
    assessed but it was another three weeks only after I did some digging that the dealer still didn't have any authorisation to order parts let alone do the repairs.
    Another three weeks later, I finally got the bike back; two months later.

    Do yourself a favour. Stay away from Swann Insurance. If you're already with them, don't have an accident especially if the other driver drives an expensive car.
    It's easier for them to hammer you with a loss of no-claim bonus than authorise lawyers to go after the rich.
  9. So why post the same message on three threads ? :shock:
  10. MOST insurance companies work in the following manner

    If you haven't had comprehensive insurance before you will start at rating 6 (which is zero-years-no-claim-bonus (NC8)).
    After 1 year on comprehensive w. no claim you get rating 5 (1yr NC8)
    After 2 years on comprehensive w. no claim you get rating 4 (2yr NC8)
    After 3 years on comprehensive w. no claim you get rating 3 (3yr NC8)
    After 4 years on comprehensive w. no claim you get rating 2 (4yr NC8)
    After 5 years on comprehensive w. no claim you get rating 1 (5yr NC8)

    with 5 years NCB ("Rating 1") you get the cheapest rate. You can also earn a rating 1 with some companies by having driven a company car without accidents, or by sharing your partner/spouse's rating 1.

    3rd party insurance WILL NOT normally earn you any credit towards a better rating.

    Buy a low-risk bike like a cruiser or a naked for a while, or insure that old cheap car you keep for rainy days. That'll start earning you a rating without costing $4000 per year for insurance. Then when it is time to insure the GSXR1000 you'll be better off.
  11. Isn't it easier for them to NOT pay for the mercedes if they can show it wasn't your fault? Sounds like the person you got SCREWED by was the Merc driver!

    I hate them "luxury 4wd"s. They'll be the first to burn when the revolution comes... :grin: