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VIC LAMS SV650 Insurance Question

Discussion in 'Politics, Laws, Government & Insurance' at netrider.net.au started by SteadyEddie, Oct 28, 2013.

  1. Hi All,

    About to become a proud owner of a LAMS compliant SV650 :p and started doing some due diligence around insurers, walked away completely blown away by the difference in premiums.

    Im 27, rating 1 with JustCar for years and a few dusty speeding fines way back when.

    Swann insurance quoted me $147 per month(!) to cover $10K worth of bike and $3K worth of gear. (c$1800 p.y.)

    Called QBE after a mate recommended it and was quoted c$480 for the year to cover $9K for bike and $4 gear.

    Considering both policies were comprehensive and the excesses comparable, that's a massive discrepancy at 300%+!

    So before I dive into the phonebooks and start harassing telesales staff, was hoping from some direction from LAMS riders on what they found to be a worthwhile cover and advice on some finer nuances of insurance I may be missing.

  2. Hi SteadyEddie.. After hours of looking I went with Youi - costs me about $350 a year for market value + $2.5k for gear.. but yeah then again my bike is 25 years old! :LOL:
  3. I'm with Qbe and my 2010 z1000 was less than $400 , I thought that was very cheap for such a powerful bike
  4. Thanks for the answers gents. So far the lean is toward Qbe based on price - I can't seem to find anything to suggest that their service is severely lacking which is also important.

    I've done some digging around and some of the threads seem to suggest that insurancewill on ooccasion not pay out if the bike is modded. Given the questionable legality of such mods as tail tidies, has anyone had an issue with a payout from QBE/any other insurer?

    I wonder if calling the insurer up and querying this will just get me a safe answer on their behalf of 'no' you won't be covered? Hmm...
  5. #5 simon varley, Oct 29, 2013
    Last edited: Oct 29, 2013
    I got my renewal through for the Vstrom (I won't tell you what it was because it will upset you. Im 48 ) with QBE. Did the same checks as always and generally found everyone else around 25% higher for the same cover. I didn't get a Swann on line quote as they were asking for the VIN (WTF??) and QBE don't do on line quotes for motorcycles so I couldn't compare with the renewal. so for me QBE it is.

    If you are tempted by Youii, check the PDS very carefully. We had household insurance with them for one year as the premium was cheap - but it's cheap for a reason. When we tried to make a claim it turns out we weren't covered for that particular issue. As soon as you add on all the options to get an equivalent level of cover, their premiums are no longer cheap.

    I know this isn't LAMs, but I hope it helps
  6. This is really only a question you can answer. Do a ring around, read the PBS and make up your own mind based on price vs benefits.

    Having said that I've suggested QBE, but that's only because I've found their premiums to be very reasonable, their coverage very good and their customer service when making a claim to be most excellent.
    • Agree Agree x 1
  7. Just go with QBE. Generally good price and cover.
    I'm paying about $350 for 250 lams and $1100 for daytona. Just to give you an indication.
  8. QBE do say they will beat any price call and push the issue . Also OP "phone book " can't remember the last time I heard that :)
  9. "phonebook" of course being a euphemism for all things interweb. I think the last time I actually used one I was trying to reach for something...

    QBE welcome competitor quotes hmm... Good tip thanks @mainstage.

    @Dima, I wonder if you can be better off getting a multibike policy? Just thinking out loud..
  10. 3,000 for gear? jesus mate are you wearing Amani gear?
  11. I have 2 policies with QBE. Got the cheapest price for the 2nd bike. So I suppose that helps.
  12. Good guess mate, close: Mink leathers, Arctic Fox gloves and Swarowski helmet...:ROFLMAO:

    Cheers D. QBE is looking likely :D
    • Funny Funny x 1
  13. I'm with RACV, $450 a year full comp, 33 yr old male living in country Vic, bike is agreed value at 4.5k $1000 helmet cover, $2,500 gear cover and $1000 cover for personal property, declared a slightly chequered driving history ;) but most companies I contacted wanted $1200+ just for bike
  14. ^^^^ just FYI RACV are advocating the fitting of front number plates to motorcycles it's part of there motocycling policy .

    I have no policy's with them for that reason ..
  15. Given the RACV's recent views on motorcycles why aren't more people like you? It fcuking astounds me that people support this organisation in any way.
  16. #16 mainstage, Nov 4, 2013
    Last edited: Nov 4, 2013
    In all fairness Mick I think a lot of riders don't know RACVs attitude towards motorcyclists
    Weather it's their call for all riders to wear hi vis vests or FNP .

    You and I spend a lot of time in politics and law and have an understanding or interest in the subject . Most riders are interested in rides..what gear do I buy..what bike should I buy..ect .
    Personally I think the politics and law of motorcycling underpins everything we do and love about riding .

    I would love to see more interest in the pol and law thread from netriders and not just the usual suspects but I guess not everyone has the same interest or drive .

    I remember RACVs submission to the parliamentary inquiry in to motorcycle safety . And it was I very disappointing read
    • Like Like x 1
  17. To be completely honest I had no idea of there involvement on any level, does it make me want to instantly cancel my policy with them? No, but once off restrictions and riding a bigger and more expensive bike I will re asses my options and no doubt the premiums will no longer be as high. What it has done is pricked my ears a lil and I will jump into the politics and law section and have a gander. My previous experience has been in the UK and Europe and comparing laws or policy's particularly motorcycle related to the Aus ones leaves a lot to be desired. Calling it a nanny state doesn't even come close, draconian is one word that springs to mind. Any way sry to derail such a simple thread lol might jump over and have a rant where it belongs.

    Cheers Macca.
    • Winner Winner x 1
  18. @macca No problem brother information is power :)
  19. I understand what you're saying. To paraphrase something someone said to me a little while ago, for some people bikes are a recreational activity, to others bikes are a major part of their lives. I tend towards the latter.
    • Agree Agree x 1