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Project bike insurance - seeking advice

Discussion in 'Modifications and Projects' started by MelbourneMick, Feb 16, 2012.

  1. I have never done a project bike before but am contemplating the idea and the more i think the more questions i have and the more it hurts so it must be good for me....right? confused? yup me too
    anyway on with it.

    let's say I get an XR600 or a DRZ 400 to turn into a street tracker.
    effectively it is not the same bike as when purchased.
    So how do all the modifications etc affect obtaining insurance?
    Is it then considered a custom bike ?
    any info would be greatly appreciated.

  2. ring shannons mate they deal with that sort of thing
  3. Are they the only ones?
    If i turned a bike into a street tracker it obviously isn't the same bike so I would have to advise any current insurer of the changes / modifications yeah ? Then they might not touch it.
  4. If there is anyone who has been through this i would like to hear from you too
  5. Different insurers will have different attitudes and appetites towards accessories and modifications.

    Basically, your best bet is to tell them EVERYTHING thats been done, that way there is no scares and you know exactly where you stand

    Its your responsibility to ensure it is legal - usually they wont tell you whats legal or not as its impossible for them to keep up with what is or is not compliant in each and every state. Its at the time of claim that they may then do their homework, so its best for you to know you're legal from the get-go so you know where you stand in the event of claim.

    Some insurers will offer laid-up cover so your bike is still insured whilst it is off the road in the build-up process.

    Hope this has helped
  6. Thanks for the info! Brilliant!
    Never heard of 'laid-up' cover before so that's top notch.
  7. As mentioned above, Shannons are one of the few insurers that offer this. Have had my projects covered under it before.
  8. Cheers and thanks again !
  9. Just a side note,

    The premium insurers charge me is highway robbery.. so instead of getting comprehensive insurance, I just set aside that money every month (put it into ING) and only have Third Party and CTP Insurance.

    Considering that I have not had the need to make any claims, over the course of 5 years, I have actually set aside enough money to replace my bike and get top notch riding gear! That money is still set aside, but it's working for me (with interest!), and not with some profit driven company.

    Probably ask around, and see what premium they want to charge, if it's on the steep side, then you might as well "self-insure" so to speak. Third party is a must though, never know when I might make contact with a ferrari in some way..
    • Like Like x 2
  10. i have considered this. My usual ride has fully comp and so will myn upgrade.
    But as this being a 'cheap' fun project the "save you own insurance' fund and Third Party might be the way to go.