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QLD New Rider; Crash Insurance Claim

Discussion in 'Politics, Laws, Government & Insurance' started by schnofflez, Nov 14, 2012.

  1. #1 schnofflez, Nov 14, 2012
    Last edited: Nov 14, 2012
    Hey peeps,

    I've recently stacked my bike and done what a mechanic roughly quoted to be about $3000 worth of damage to my Hyo 650gtr valued at $6000. I have QBE comprehensive insurance and I'm pretty sure my excess would be $1800 if i claimed. The bike is financed through a dealer and i'm just trying to find out what would happen to my loan and bike if QBE decide to write my bike off. If they write it off would i get the money to buy a same value motorbike or would the finance company just take the money to pay the loan out leaving me with no bike and out of pocket for the excess and the deposits etc. i have already paid on the bike. Also, if i call the QBE and tell them i've crashed do i still have the option not to claim straight away ( don't have the money for the excess at the moment). I hope this makes sense, please bear with me if it doesn't as this is my first vehicle/loan/insurance contract.

    Cheers, Newb.

  2. Ring QBE. They'll at least know what your excess is. I think you pay the excess to the mechanic when you pick up the bike.
  3. You will never get a cheque if you owe money on it. Your financier will decide what happens (a) They will take the payout and you still owe them the difference b/w what they received and what they are owed (that's why you have gap insurance to cover yourself for such circumstances) or (b) they will allow purchase of a replacement bike and use it as security.

    Its up to you whether you lodge a claim now or not. If you can't afford the excess then the decision has already been made for you. Lodge a claim when you can afford to do so.

  4. Thanks for the help guys, much appreciated.