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Insurance

Discussion in 'New Riders and Riding Tips' at netrider.net.au started by kurichigo, Jun 16, 2008.

  1. Could someone explain to me the difference between 3rd party and comprehensive insurance? and if there is a need to get both or not?

    thanks


     
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  2. http://www.insuremyride.com.au/

    :google:

    InsureMyRide Comprehensive Insurance - covers you more

    We call it Comprehensive Motorcycle Insurance cover because that’s exactly what it is. But we won’t charge you for stuff you don’t need and there’s a load of ways you can reduce your premium.

    InsureMyRide Comprehensive Insurance - what you get:
    We’ll replace your motorcycle and pay on-road costs - if it’s a write-off, less than a year old and you bought it new. Same deal if it gets pinched and it’s not found
    Or we’ll pay you the Sum Insured if it’s a write-off. Again, same deal if it’s pinched and not recovered
    Or if your motorcycle is damaged following an accident, we’ll pay the authorised cost of repairs or the sum insured of your bike.
    You get a lifetime guarantee on repairs
    Some accessories and modifications can be covered too
    Your bike is covered while being ridden by others, although additional excesses may apply
    You’re covered for up to $20 million for damage to someone else’s property if your bike does something destructive.
    You can also choose to cover:

    Your Riding Gear - helmet/s, leathers, boots etc. Available in units of $1000 up to a total of $5,000
    Your valuables - sunnies, MP3, laptop and other stuff. Cover $1000 or $2000 worth
    PLUS your gear or valuables are covered for damage.

    3rd Party
    Third party is the basic motorcycle insurance - it’s what every rider should have. The good news is that it’s inexpensive because it doesn’t come with a load of bells and whistles.

    InsureMyRide Third Party Insurance - what you get:

    You’re covered for up to $20 million for damage to someone else’s property if your bike does something destructive.
    You can also choose to cover:

    Your Riding Gear - helmet/s, leathers, boots etc. Available in units of $1000 up to a total of $5,000
    Your valuables - sunnies, MP3, laptop & other stuff. Cover $1000 or $2000 worth
    PLUS your gear or valuables are covered for damage even if there is no claim on your bike!
     
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  3. Mate 3rd party means if you have a prang and you are at fault, the insurance company will payout the damages to the innocent party and wont give u a cent to fix your bike.. it will also pay for your bike if another person is at fault and they will chase him for the money.

    Comprehensive means the insurance company will pay both parties regardless who is at fault.
     
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  4. ah thanks guys.

    do most bike riders go for both? or just 3rd party. as im under 25 comprehensive is gona cost a sh*tload.
     
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  5. comprehensive includes 3rd party mate..
     
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  6. so do most riders go for comprehensive or 3rd party then? or does it vary along the board
     
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  7. depends on what your bike is worth, if its a cheapy then get 3rd party, but if its worth a bit then i would get comprehensive, bikes are easier to steal than cars remember that and 9 times out of 10 if u do have a prang they would probably write your bike off.
     
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  8. You can often get "Third party, fire and theft" as well, which covers the vehicle for... well, fire and theft! It's like comprehensive, but won't cover your own vehicle for things which are your fault.
     
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  9. how much does your bike cost?

    if you bought a bike about 5 G's .. and full comprehensive is around 2500 which would be for a 250rr honda. comparing to 200-250 for third party.


    its jus that can you risk loosing 5gs and able to find another bike or wanting to pay half the price of your bike for full comp.
     
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  10. On this topic, something that has bothered me since I came to Aus, what the hell is this CTP insurance all about?? Isn't it virtually the same thing as third party insurance offered by all insurance companies and part of comprehensive??

    I feel like I am paying twice for the same thing. Seems to be a common theme here.
     
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  11. your talking about the green slip, that is to cover for injury only, so if you have a prang and the person you hit gets his leg chopped off, that person has every right to sue you, thats what greenslip covers..

    3rd party and comprehensive covers damages only

    reason for it is a lot of people don't insure their cars so they made it compulsory when you do your rego
     
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  12. CTP or Compulsory Third Party pays for injuries etc up to 20 million dollars... in QLD you nominate the insurer and pay the CTP with your Rego

    Third Party property ....
    Hope that helps
     
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  13. When I looked for quotes I was surprised and confused that TPF&T insurance was actaully MORE than fully comp! :roll:

    Turns out my they said my no cliams history had no bearing on a TP insurance premium but did on the fully comp...

    so I was quoted $200 fully comp for my $4K bike (+gear etc etc)
    or $280 for third party only!!! ....

    Unsurprisingly I am now fully insured !
     
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  14. I have just 3rd party property and theft insurance on my bike.

    Being under 25 and newly licensed I was quoted over $3000 for comprehensive so I didn't think it was worth it considering that the excess was about $2500 if I had to claim.
     
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  15. do you mind me asking which company? i'm also in the market for cheap insurance atm
     
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  16. I checked with a few places:

    InsureMyRide
    Suncorp
    QBE... and a few others....

    QBE came out on top - but interestingly the premium did change(dropped :grin:) between me calling for a quote a phoning 2 days later to take out the insurance!

    As far as I can tell the secret to getting dirt cheap insurance is to have a long car insurance history, being over 35 and riding a 250cc bike! :grin:
     
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  17. I say this in every insurance thread, I know, but....

    Ring everyone. Even the ones that most of us complain give outrageous quotes to. Every one of them.

    Most insurance companies only want to insure certain types of motorcycle and certain types of rider (just as others only insure certain cars and drivers).

    * If they don't want to insure someone, they'll give an outrageously expensive insurance quote.

    * If they do want to insure someone, the quote will be really cheap compared to everyone else.

    You might be the kind of rider that a company is looking to insure.
     
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