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Outrageous Excess'sss...

Discussion in 'Businesses and Service Providers' started by NuXnug, May 25, 2009.

  1. Today i recieved my insurance policy paperwork in the mail from 'InsureMyRide', from which i recently applied for a policy on my new bike.

    Upon reading the policy, i came across the following details:
    - Your chosen excess is $400.00
    - Additional excesses on your policy:
    + named under 25 year old riders $400
    + unnamed uder 25 year old riders $800
    + inexperienced rider excess $1,500

    WTF!? ... lets say i happen to have an accident (touch wood i don't), thats a $2,700 pay out from me!!! I was aware of additional charges, but no way did i agree to these massive excesses.

    I just spoke with a mate and he said his paying $400 excess with RACV and another $400 for being an inexperienced rider. (He is still going to double check these figures for me)

    I plan to call up tommorrow and cancel this as it just seems totally unreasonable to me.

    Advice? or opinions about this would be greatly appreciated.

  2. $2700 ? ... how does that work..

    $400 standard...
    guessing your under 25 ? $400 ?
    inexperienced ? $1500

    $2300 ?

    check if you still have to pay the under 25 excess when your paying the inexperienced excess.. I remember some policies exclude the age one if you are inexperienced and get that excess...

    if thats the case its still $1900.. tiz a bit steep thats for sure.
  3. incorrect. If a mate borrowed your bike and was under 25(and maybe on L's) it could be the whole lot. Go through a Broker. It's their job to get you the best policy for you.
  4. Did you read the PDS statements they make available here: http://www.insuremyride.com.au/about-our-insurance/policy-documents.asp before you paid up?

    They will have details of all excesses that apply to you. They will have assumed you read them if they did not explicitly direct you to do so.

    Have you already paid for the policy?

    Is there a cooling off? There it will be mentioned in the PDS.

    With insurance, you pays your money and makes your choice.

    If you are young, inexperienced and are riding what is classified to be a high risk motorcycle then the premium will be expensive and there will be substantial excesses.
  5. X2 (and i'm not just saying that cause i'm a broker) :)
  6. Um.

    You missed some important information somewhere.. (PDS page 43 i believe)

    If you crash and have to claim, it would be $1900. Comprising of the standard $400 excess and $1500 inexperienced rider excess.

    I have comprehensive insurance with insuremyride on my ninja 250r. The excess's basically mean that, i would only ever claim if i write the bike off completely in a crash.
  7. Actually, based on the information he's posted in the first post, it's $2,300. (Assuming he is named on his policy as a rider, is under 25, and has been riding less than 2 years or 3 years (what ever is in the PDS).

    Inexperienced rider excess, is an excess for a rider that has been riding under a determined time (usually a rider than has been riding for less than 2 or 3 years).

    The PDS will stipulate exactly how long. It's always additional to any other excesses.

    Same goes for the named rider under 25 excess. It's always in addition.

    Also, they have the right to increase your excess if you haven't disclosed all of your previous fines (not including parking fines) and if you haven't disclosed all your previous claims. They will usually only ask about the last 5 years worth though, which is what you'll need to disclose.

    Hope this helps.
  8. licensed is correct. Worst case scenario is $1,900, which is the standard excess ($400) plus the inexperienced excess ($1,500). :wink:
  9. my bad guys, i calculated it wrong. crinkle and others are right, if i do make a claim, i meant i need to pay $2,300. (which is comprised of 400 for named rider under 25 and 1,500 for unexperienced)

    I read all documents relevant to the policy before signing up. But no exact fees were listed. and naively i assumed the additional excesses wouldn't cost for example $1,500 for an unexperience rider >.<

    As im aware most insurance if not all have a cooling off period. If not, all i have to pay is the proporational fees for the amount of premium i used for the year, plus quote: 'government taxs etc.'

    So either way, i believe this may be a better option for me, i don't mind if i have to pay $20 or so to cancel this contract. as im almost positive i'll be able to find a much more competitive policy else where. Unless theres anyone else that is a 20 year rider like me with an excess of up to $2,300 ?
  10. Im pretty sure i would need to pay the base excess + under 25 named + unexperience.

    And also, to about writing off your bike licensed.... you have to pay the excess fees for what ever claims you make. for example, you don't even damage your bike, but say you fell over into a car and fully kicked in 2 panels. You'll most likely claim that damage againest your insurance if the damage is worth more than your excess and all you would need to is pay the excess. Excess covers claims both damage you cause in and accident to your bike and other property. (someone please correct me if im wrong)

    Forgot to mention, thanks guys for all the quick responses
  11. Nah Nuxnug, look at gussteinberger's post closely. He has quoted from the insuremyride PDS. Its a maximum of two of the excesses. Which will total $1900 in your case.

    Some additional info about my own case:
    I personally signed up with insuremyride (21yo, newbie, ninja 250r) because i got my dad to be a nominated rider on the policy, and therefore i'm using his NCB (no-claim bonus - 65%), which saves a heck of alot of money off the premium. On the policy i wrote that myself and my dad were to share the riding 50/50 ;) It was $409 up front for comprehensive. The other companies i looked at had higher premiums ($1200+), but still had their own version of the 'inexperienced rider' excess, similar to insuremyride, but less than $1500.

    There are some more reasons for why i ended up choosing insuremyride, but i don't really want to write my life story on here. I did my research for a while and truly believe comp' insuremyride was the best insurance for me. Without knowing your personal details its simply too difficult for anyone to tell you whats best for you.
  12. ooo...i see..how embrassing...i read it again a couple times. Wording finally clicked :grin:

    thanks guys

    $1,900 doesn't look as bad... buttt tat is still pretti painful.... i'll still goin to have a poke around, guess it doesn't hurt.

    otherwie, guess i just have to pay extra extra attention to roadcraft riding.
  13. Solution: Don't crash :p

    $1,900 may seem a bit on the high side but at least it gives you extra incentive to ride safely :grin:
  14. IMR are rubbish for anything beyond 3rd party imo.

    They weren't terribly interested in defending me in my accident even though if they did they would have to pay no damages etc... irregardless I defended myself vehemently and after 3 months got my pay out from the other driver's insurance - after a lot of stress and hard work.

    On another note... I just turned 25, and a comparable quote for full comp from IMR cost me over $2k, not including a few extras that for instance Swann has quoted me insurance for, for around $680. Time to call QBE and see what they can do.

    That said the people at IMR on the phone sound young and friendly and like riders themselves which is always bit of a help.

    They are like Bingle.com - highly marketed, semi attractive, but actually fairly expensive and with some interesting small print (massive excess, limited damages to personal stuff/mods etc)

    They quite possibly don't like the bikes I do... but for instance... on the RS125, same year they go from a value of $7400 for the standard colour 07 RS, up to $9300 for the exact same bike, with the 07 Lorenzo colour scheme - WTF?!? - the Lorenzo's are more common!

    If you want the cheapest insurance I have found Swann, Famous (formerly Arista) and Western QBE to be the best value... (in Vic) QBE comes highly recommended around here and the other two are a little unknown, but they are both members of the ombudsmen service so can't be too bad?
  15. Not if he highsides :shock: :shock:
  16. did you read the policy properly? ok no you didnt. the policy will state which excess apply to your policy.

    if you didnt apply for a named rider policy (which means that if someone not named in your policy crashed etc, then you have to pay that excess) it doesnt apply.

    if your not under 25 the excess doesnt apply etc etc., read what your actual policy says.

    your also actually missing the theft excess that 99% of companies have. which means its an atutomatic excess + theft excess. thats probably $500
  17. forgot to update you guys...

    pull'd out of insuremyride and start'd a membership with RACV

    $190 Premium

    $450 base excess and a under 25 named excess of $400.

    no other (hidden) costs so tats all good ^.^

    only downside compared to roughly 800-1000 cheaper excesses of some other companies like QBE...offer like $4000 coverage of gear.....

    *shrugs* owell...i plan to ride defensively and not cause any accidents. (but then they don't call them accidents for no reasons)