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N/A | National Insuring your motorcycle

Discussion in 'Politics, Laws, Government & Insurance' started by dgmeister, Jun 17, 2013.

  1. #1 dgmeister, Jun 17, 2013
    Last edited by a moderator: Jun 19, 2013
    first rule of riding; don't fall off

    (insurance rant)
    unless you have a brand new bike insurance is bullshit, my first year riding it was $1200 pa to cover a fcukin KLX250 (for fcuken fcuks fcuken sake) and i paid it.

    5 years later my R6 cost $5000 when i bought it and the best quote was about $1000 pa for insurance with an unblemished record (NRMA) .
    and i paid that the first year.

    thing is i don't write off a bike every 5 years, i have spent about $4000 on insurance for nothing and could have bought an extra bike with it anyway, or a paraglider or some awesome shit.

    spend the insurance money on another bike instead

    now i get flamed for being irresponsible

    PS i forgot about excess which is probably another $1000, if they decide to pay out.

    Mod edit: thread split from Crashing at a track day.
  2. ^^^^-so a 2nd hand bike worth $40k plus isnt worth insuring ?
  3. none of your shitboxes are worth insuring
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  4. All the hondas are insured.
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  5. i'm talking a sport bike around the $5000 mark that costs 20% of the value to insure each year + excess around $800
    so you have to cause at least $2000 of damage in the first year to be worth it.
    or write it off or have it 'stolen' within 4 years.

    all for a loyal cash paying customer with an unblemished record? you know where they can stick that
    (i guess people tend to crash sportbikes :confused: )

    if it worked out the same for $40,000 that would be $8000 pa not including excess
    how much does it cost to insure a 40 grand bike?
  6. #6 CraigA, Jun 18, 2013
    Last edited: Jun 18, 2013
    Its all well and good to say the value of my bike isn't worth insuring because its dollar value is SFA, but you're not just insuring against the value of that bike that you are insuring. You also cover any other vehicle that you may contact or any other form of property as well as legal bills that could come out of an incident between your bike and someone elses property.

    If you were to run into a $250K Supercar, or you passed out/ had a heart attack or stroke, etc and ran into someones house or other valuable asset do you have enough cash stashed away for repairs or replace? What about the legal bills that would come from such an incident where you would have to defend yourself against a team of lawyers from that persons insurance company as they seek to reclaim their expenses?
    If you do, don't buy insurance!

  7. Liability insurance is cheap. Comprehensive is not.
  8. We have bankruptcy laws for this situation. Ok you can't own an expensive vehicle, but the whole point of not running insurance is because they weren't running an expensive vehicle.

    If you want to run an expensive vehicle on the roads, knowing full well there are these laws, then you better have the money to replace your vehicle (or insurance).
  9. So you'd rather go bankrupt then have insurance?
  10. Just pointing out that there are alternatives. The chances of crashing into a $250K supercar on a motorbike is not high.

    How do you even ride a motorcycle if you are so averse to risk that you worry about hitting a rare supercar? Surely the risk of dying on a motorcycle is much greater than that, and the cost of dying is much greater than bankruptcy.
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  11. Irrelevant.

    Third Party Property Damage insurance is cheap, $20m liability included.

    Bankruptcy is a stupid alternative with far reaching ramifications that leaves you worse off financially for a much longer period of time. You can prevent this by simply having cheap TPPD cover.

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  12. #12 CraigA, Jun 18, 2013
    Last edited: Jun 18, 2013
    With that attitude, I take it your 18 and bulletproof and have no assets or responsibilities and work for $15 per hour so have nothing to lose. it will never happen to you and if it does, you cant get blood out of a stone right?

    I have no problem exposing MYSELF to the risk of an accident and I'm not particularly worried about hitting a supercar. I'm here to live life, not wrap myself in cotton wool. Even hitting a normal car can rack up some pretty big bills though and last time I checked there were plenty of those around on the roads.

    Here's why I insure. Like most guys in their 30s-40s, I have other people to consider as its no longer all about me. Two little kids aged 3 and 4 as well as a loving wife who is taking time out from work to look after the girls, rely on me to earn an income and keep them safe, fed and sheltered. Not insuring my income, my life or my assets leaves my loved ones open to a life changing experience if the shit hit the fan and the worst case scenario happened.That's what I insure against and believe it or not this kind of thing does happen!

    Now if I was a young single guy with no dependants or assets I would still have insurance on the bike because I don't need the hassle of being dragged through the courts if I were involved in an incident and someone wanted to take me for damages or loss of income or whatever other reasons people find to have a law suit over.

    My current insurance policy for the Daytona is $550 a year. How long does that get me a decent barrister for?
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  13. Some people would say that dying on a motorcycle has far reaching ramifications that leaves you "worse off" which some people claim can be prevented by simply driving a cage.

    Please provide even one example where a $250K supercar has been written off by a motorbike.

    There are plenty of examples where a rider has lost their life, you avoided the question the first time, if you are that risk averse that you believe hitting a $250K supercar is likely, why do you even ride a motorcycle when the likelihood of dying is far greater than you writing off a supercar and the ramifications are far more significant.

    It is the same argument as ATGATT, it is personal choice, I have to bear the consequences of my choice, just like with not wearing gear. You have no right to say it is stupid.

  14. We're talking about the same thing. I'm used to just calling it "liability" insurance where I'm from.
  15. If you don't insure yourself that's your loss if you crash it, if you don't have TPPD then you are a loser IMHO.
    By the way VC it doesn't have to be a 250k supercar you run into, a 10k bill will severely disadvantage a young rider or a rider with a family to support, for quite a while. To suggest bankruptcy as a viable alternative is crap advice too by the way.
    As far as track days are concerned, I've made it a practice over the years to advise my insurer in writing when planning a track day. I don't recall ever being knocked back or hit with an extra premium.
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  16. Most crashes were repairable (with new fairings and exhaust) from the half dozen or so crashe results I have seen. You won't normally bend things unless the bike goes tumbling (that is when it will be destroyed. But like on the road, speed that you go down usually has no bearing on damage.

    A precaution would be to run with chinese fairings/second hand prescratched fairings on it

    Just because you can''t afford a $10K bill, that would make you the loser. Not everyone is in the poor house.

    If I have the money, why waste it paying an insurance company doing something that I can cover. The likelihood of hitting any car is really unlikely on my dirt bike, $10K or $250K. Paying insurance companies for rare events especially at the stupid rates that they want is insane.

    It is personal choice whether to have it or not. All I said is that you could go bankrupt if you hit a $250K car, which is unlikely. Even hitting a $10K car is not likely because otherwise if it was TPP insurance would be thousands of dollars. It is not like insurance companies lose money.

    I don't know how you guys ride motorcycles, you know they are risky.

    Edit: I actually never said that you were dumb to get insurance, just that you can't call other people dumb for deciding otherwise. Just to be clear on that. I just hate the one sided of it all, sometimes it is good to get insurance, say if you were a high mileage rider who needed their bike. Other times it is not. Saying one is better than the other and not getting insurance is dumb is just stupid.
  17. Dunno where these $1000+ quotes come from..mine is less than $400 for a Z1000. And it was the same for a brand new learner rider on a VTR too.

    Bankruptcy - the other person, through no fault of their own, gets shit all too. Way to go.

  18. Well i'm 21 and my excess is 1100? i think... so i dare say it is an age difference.

    and VC i did say insurance is a personal choice, what works for me clearly doesn't work for you, but telling someone bankruptcy is better than X amount of dollars for insurance... is retarded.
  19. #19 Greydog, Jun 18, 2013
    Last edited: Jun 18, 2013
    Yes, the excess can be cruel. I know I have the benefit of my sex and mature years when it comes to insurance, but some companies were going to charge me $1000+ in premiums a year when I started riding (at 45, two years ago), but others were a bit more sensible.

    ETA: And have a think about being on the receiving end of being hit by someone who then declares bankruptcy. Wouldn't be too pleased about that, I bet. But each their own, it's a free world.
  20. HIH insurance policy holders thought that they were covered but they were not. What if you were hit and both of you held one of their policies?

    It could easily happen again, what is everyone going to do in this case?
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