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N/A | National Insuring an exotic

Discussion in 'Politics, Laws, Government & Insurance' at netrider.net.au started by Grendel, Jan 15, 2012.

  1. So I've been checking out insurance for different bikes to make sure I don't buy one and then get blown away by how much it'll cost.

    I can get insurance for most bikes including Ducatis (online) but when I try an MV Agusta (Brutale) I get to the end and it says to call the insurance company. I had a dealer do this on my behalf and was told that the bike was too much in the high risk category to insure.

    Has anybody come across this?
    I suspect even if it's insured, if it's a rare bike, then parts will be hard to get if it needs to be repaired.

    I'm waiting for a Brutale 675 - I can't run it through the online quote yet, but if I'm having troubles with the 910 R, then even the 675 might be hard to insure.
  2. If you have multiple vehicles you may be able to do something as a group insure, after all you can't drive/ride them all at once so it lowers their overall risk. Specifying a limited distance/year also can also improve your chances of insurance.

    Have you tried people like Shannons that specialise in the more exotics.
  3. If you can afford a nice bike like that, insurance should be the last of your worries.
    Have you been riding/driving long?

  4. Hi, yes I can afford a nice bike, but if the insurance company won't even touch the bike - I'm not going to ride it uninsured.

    I've just finished my P's - but the online questionaire doesn't ask that, it asks how long have I held a driving/riding lic. (I checked this with the dealer doing my quote and she said that it's the longer of the two). I've been driving for over 17 years.

    I'll try Shannons. But in the end, I'm not too fussed as I haven't done all my test riding and I might still settle on a different bike. I was just amazed that a stock standard bike couldn't get insured. A custom modified one - I can understand. But you'd think the importer would have done some groundwork to ensure the biggest buyer market possible.
    • Like Like x 1
  5. You're brand new to motorcycling and you're going to buy an MV Agusta? Jeez mate you got more balls than I do. If I were you I'd get something cheap and just ride without fear of dropping it.
  6. B has been riding 30+ years and couldn't get an online quote for his MV Augusta ..
    We aproached Shannons and he got 3 of the bikes insured with them , pretty reasonable as well considering the bikes :)
    I got the gixxer insured with IMR ( was cheaper then Shannons even with the mutipolicy discount )
  7. Considering the Brutale 675 is set to be cheaper than the Street Triple over in Europe, it's not like it's an extravagant bike.

    Grendel I am curious how this turns out, so keep us updated!

    /also waiting for the 675
  8. Its current rarity probably goes against it. Insurance is a statistics based industry, if they have no data on a particular bike/model then they are less likely to insure it.
  9. Definitely give Shannons a call. They will pretty much insure anything that is road registerable. I just switched from GIO to Shannons and saved 50% off the GIO premium.
    Which is funny cause they are all owned by Suncorp! (AAMI, GIO, APIA, Vero, Shannons, IMR, CIL all owned by Suncorp....so much for competition!)
  10. I tried Shannons a few years ago. They wouldn't insure my Bandit because I ride everyday and do to many KM's a year. Obviously real enthusiasts don't ride very much.

    Shop around, get on the phone and do it. In the past I've saved $150 by actually phoning the company.
  11. Same here - Shannons wont insure me because I ride at least 5 days a week.
  12. WTF? That's hilarious. We buy the bikes to ride it and not baby-sit it in the garage.
  13. Shannons has been doing daily ridden bikes for well over 6 months now.
  14. Just tried did on on-line quote with them. It failed because there isn't a match for a 2002 Suzuki GSF1200S.

    Here's a statement on the front page that I found interesting.
    "We can provide you with a online premium estimate if:You are the registered owner of the bike.
    Your bike has no pre-existing or unrepaired damage and is in a good state of repair (except for Laid Up cover only).
    Your bike is for private use.
    Your bike is valued at $20,000 or less.
    Your bike is not for business use.
    Your bike is kept in a locked up garage.
    Your bike has been insured in the last 30 days. All riders are aged 25 years or over.
    None of the riders have lost or had their licence suspended in the last 5 years.
    None of the riders have had a bike stolen or written off in the last 5 years./B]
    None of the riders have had any insurance cancelled or refused.
    None of the riders have had more than 2 motor accidents (including fire & theft) in the last 5 years.
    None of the riders have had more than 4 traffic infringements &/or offences (excluding parking fines) in the last 5 years.
    None of the riders have had criminal convictions in the last 5 years.
    You have held a full motorcycle licence for at least 12 months.
    You have been riding at least once a month for the past 12 months on a similar type and size of bike to the one you wish to insure.
    You are currently not bankrupt or in receivership."

    Edit. Out of curiosity I rang them. They quoted me $681. Currently with WQBE I pay $350 with WQBE.
  15. So they dont insure new bikes?

    Personally i have never got a quote from them, too many rules waste of time.
  16. It all sounded good till the "Has not had more than 4 traffic infringements in the last 5 years".

    I was doing some quotes yesterday (think about getting a 675R) and noticed NRMA of all places actually didn't ask about infringements and gave me a decent price ($1,300 per year agreed value of 22 grand!)

    WQBE quoted over 2k
  17. It means you can't have owned it but had it uninsured for more than 30 days. This wouldn't apply if you had just bought it within that time.

    It's to stop people taking out insurance then claiming for damage the next day on suspiciously old looking sc****s.
    • Like Like x 1
  18. The rules listed there are to exclude you from an online quote if you don't tick all the boxes. You can always ring them and discuss it directly.

    Hence the restriction on $20k and over. Better to do it in person.
  19. Motorists drive/ride, motoring enthusiasts polish their toy, take it out every other weekend (weather permitting) and spend more time watching motorsport.
  20. Well that's what Shannons believe anyway, some of us know different.