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Insurance...

Discussion in 'Businesses and Service Providers' at netrider.net.au started by Pommie, Jun 4, 2008.

  1. Hey guys,

    Apologises if this question has been asked before. Its time for me to upgrade after spending my L's/P's time on the trusty old CBR250R. End of the month I'll be getting off restrictions, and am currently looking at the next ride.

    I've been getting a few quotes for comprehensive insurance, and am shocked at how much it will cost. Yes I know im 22, have had third party car insurance on the car for a few years now, never had an accident, never even dinged a car. But once again... Im young, and that places me in the "high risk" group, I know this.



    If I go out and pay the $2200 - $3000 per year for the insurance, how long till the cost starts significantly dropping? Can I expect to see a marked decrease in a couple of years? Or is it a purely age based "risk" thing?

    My main point here is im trying to decide whether too buy a nice newish model second hand motorbike for $10k+ and fork out the initial dough for insurance and have the insurance cost come down over time. Or just buy a cheaper older model bike for around $7-8k and stick with third party and just take any hit's on the chin..?

    Im new to this comprehensive insurance thing. My thinking with the car has always been to only get third party, and cop any accidents/dickheads hit and running on the chin. I bought my CBR250R '87 model for this reason, was cheap, and I considered it likely I'd crash it (haven't yet touch wood!), but hey, I could afford a write-off with a cheap bike.

    But a newer, powerful and more expensive sportsbike carries with it added risks, so the chances of me hitting the bitumen are definetly increased, along with a nice big repair bill... So im thinking insurance is definetly a good idea!

    Thoughts and suggestions much appreciated!

    Cheers guys,
    Pommie
     
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  2. Yes its been answered and talked about hundreds of times.

    Yes you can just buy cheaper bikes and thus make comprehensive seem like a waste - I do.
     
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  3. spend the money on fresh tyres.
     
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  4. Well, I my self just the other day was in your position.

    I have just bought a brand new Ducati 848 and because i have used finance to obtain part of the money required to purchase the bike. The finance company require me to have full comprehensive insurance on the bike for the finance to be approved.

    Although perhaps not all finance companies are this picky.

    But just be aware that if your using finance to purchase the more expensive option that you will be paying the $3000 for full comp like myself.

    Considering the bike i have bought i am more than happy to jump on the comprehensive insurance train and fingers crossed watch my premium decrease over the years.
     
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