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NSW Multiple Insurance

Discussion in 'Politics, Laws, Government & Insurance' at netrider.net.au started by davidp1984, Dec 28, 2009.

  1. I have done some online quotes for insurance. To cut a long story short. I have the following quotes.

    Third party, Fire & theft - $1645.39 p/a (Swann)
    Third Party - $134.00 p/a (Swann)
    Theft Insurance - $444.95 p/a (Insure My Ride)

    So I was thinking that if I was to get the T/P insurance from Swann and Theft insurance from IMR I would basically have the same as T/P F&T minus the Fire for $1066.44 cheaper.

    So the question is, does anyone know if any insurance would be void if you have 2 separate policies? I understand that you can only claim on one policy if you have more than 1 policy but because they are actually separate covers I would think that it’s ok because I wouldn’t claim both in an event, it would be one or the other.
  2. if you did that, i'd be hoping to god you didn't spill some fuel onto a really hot exhaust...
  3. so if you drop your bike, or smash into a car, u dont care about damages on your bike?
  4. (I know you don't want to hear this, but!)

    You'd need to read the PDS statements of both companies to make sure there is no clause that lets them deny a claim because you have different insurance policies applied to the vehicle.

    However, I can't see there being a problem if they're insuring you for different things.
    You can't have 2 policies for the same cover, and claim on BOTH of them: that's fraud. But there's no reason why you can't have a backup policy to cover gaps in the first.

    Many 4WD owners have a more specific backup policy for cover off-road, in addition to their standard comprehensive policy.
  5. I'd suggest 'phoning them and explaining what you want, online
    quotes are always dearer than they will quote if you talk to them.

    EG. I'm insured with E-bike and every year the renewal (computer generated quote) is e-mailed to me, about $650-$700.
    That's 2 bikes fully comp, I 'phone them.
    This year I paid $475. (a $4 increase on last year)

    Try all the companies you can find and quote the lowest figure you've got to all of them, dutch auction.

  6. You are contracting with 2 different agencies for 2 different forms of cover - just ensure that they do not overlap anywhere so that they don't do the "they have to pay for that dance"

    There should be no problem what so ever

    A contract ( your insurance cover ) requires 6 main points to be legit and binding

    1. There has been an intention by both parties to contract (a meeting of the minds).
    2. There has been an agreement, meaning an offer and an acceptance.
    3. Consideration is present, being something of value passing from one party to the other,
    4. There is a legal capacity – meaning both parties have the capacity to enter into the agreement.
    5. There is genuine consent by both parties to enter into the contract and neither party has entered into the contract under any duress
    6. There is legality of purpose, the purpose of the contract is legal and does not contravene any local, state or federal laws.
  7. Not at $3000+ p/a when my bike is worth $6000.

    Thanks everyone. Pretty much what I thought. Just wanted some opinions.
  8. hi.....
    I don't know whether it is possible.If there is any possibilities it will be good.
  9. I just got my third party, fire and theft with AAMI,
    Was $332 p.a, with $650 excess - for learner on my gpx250.
    The bikes not worth as much as yours, but try for a quote there.
  10. Thanks Pizza, I ended up with full comp with AAMI.

    For those who want to know, every insurance company I have spoken to said they can't see any issues with me taking the seperate theft cover from another provider.

    Disclaimer: This is not legal advice, this is only what was said to me by a few insurance providers.