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Self Insuring

Discussion in 'General Motorcycling Discussion' at netrider.net.au started by port80, Mar 20, 2008.

  1. Before a mod deletes this for me posting in the wrong area... I'm not discussing the laws or government, nor is this about a particular service or business.

    I'm getting more and more convinced that Full Comprehensive insurance is just not worth the money... particularly when your bike isn't of great value. I'm speaking from personal circumstances and opinion when I write this.

    Full comp for my $7k bike was $700 through wQBE. I had no problems until I was hit from behind by a Taxi and went to make a claim. wQBE wanted the excess upfront even though I provided proof that it was a not-at-fault claim. They explained that every claim they process they ask for excess up front. My excess was $750, $500 standard and $250 inexperienced rider excess. I explained that I was hit from behind giving way to a pedestrian at a pedestrian crossing and that inexperience wasn't a factor, they explained that regardless of whether inexperience was a factor or not they always charge this where applicable.

    A wQBE said that although I was not at fault even if I did pay my excess and was found not at fault I may not see my excess back, it depends on if the other party feels like paying it. Seems like a waste to pay $750 make a claim on an exhaust, only to have my premiums increase.

    I believe that these policies and practices are fairly standard across the motorcycle insurance board (perhaps MG could provide some light).

    So once you factor in premiums, excess, loss of rating (increased premiums), costs not covered by insurance, circumstances where insurance doesn't apply, does fully comprehensive insurance make sense for a cheap bike?

    I'm not renewing with wQBE as they won't waive my excess, I would not recommend them to anybody... certainly not unless you fully read and understand their PDS. I'm going to find a decent third party insurer and save my wasted $$$$
  2. I've never had comprehensive, only third party property. I think the cost outweighs the likelihood of an accident through my fault.

    One thing that some people do is take out tpp and put the difference between tpp and comprehensive amount into a bank account. After the years with (hopefully) not having an acco, you've got cash in your account, now at an amount that would cover you for an accident. Me, i just would have spent it....
  3. first party insurance is only for those who can't afford to replace or repair the vehicle.

    If your investments are earning the same as your current wage for instance, taking out salary continuance insurance is pointless. If you have no debts or dependants, then life insurance is pointless. Same goes for motor vehicles.

    If you can't fix/repair, or the vehicle is owner by someone else, first party insurance is mandatory imo.

    TPP should be a mandatory part of your registration!
  4. Pretty piss poor behaviour is you ask me.

    You pay them a premium for a reason, you employ them to act on your behalf. Sounds like a pretty average set of circumstances IMO.

    I HAD to self insure with the SP1 as the premium for that was $3700 per year :shock:

    Have you investigated other insurance co.'s? What is their policy on NAF claims? How much did you save by going to WQBE as opposed to someone like IMR, Shannons, RACV etc, etc?
  5. Please have a think about the millions that could be claimed against you for things other than vehicle damage.

    Oh, thats right you could always claim bankruptcy. Your life will be so much better then :?
  6. Yeah, I'm unimpressed.

    I saved $300 over IMR, but as per my initial Qn, would it have been much different based on which company (except perhaps Shannons) ?

    Shannons wouldn't take me onboard as I have < 5yrs experience. If I could insure through them I would. I didn't bother with RACV as from previous inquiries their rates aren't so good.

    If I could spend < $500 and get decent full comp coverage I would do it, but otherwise it's a bit of a waste for my current situation. I would rather put the difference between full comp and 3rd party into the Superduke 990R piggy bank.
  7. That's why we have 3rd party... but you read that part of the post right?
  8. you twat - did you read what he wrote?
  9. All insurance mobs will take the excess first and then refund once the other party admit liability.

    I lost my excess when I crashed due to a diesel spill because I had no one to blame and I was ruled to have an "at fault" claim.

    I also lost my excess when I was collided into and I provided all details of the other car... and that was because the value wasn't enough for them to pursue the owner to recover the cost... he should have hit me harder!

    You can take it to the ombudsman - I couldn't be bothered.
  10. If I was you I would ask to speak with the claims manager.

    QBE tried the same on me when I had the accident and I just didn't speak to the person managing my claim anymore. I called and asked to speak with their claims manager, whenever they asked me if they could help me I replied: Yes you can help me, put me through the claims manager.

    After that I dealt only with the claims manager and the claim went all smooth and I didn't have to wait anymore for the cheque to get a replacement helmet and I didn't have to pay any excess.

    They are always going to try those tactics but you need to be firm as you weren't at fault and you are paying a premium so they have to be there for you.

    When you speak to the claims manager tell him that you will contact the insurance ombdusman if you are not satisfied with the outcome. Don't give them any more money.

  11. It doesnt sound right that they wanted the excess straight off the bat, so did you get back the excess after the taxi had made a claim? If you didnt, you got ripped.
    The taxi driver would of been insured for sure, even if they werent, they would have to pay for the excess for your claim, if they didnt they basically hit you and got off scott free.
    Them being at fault their claim would of covered all repair costs for your bike. You only have to make a claim with your insurer if you want them to take care of it all for you, otherwise just chase up the taxi drivers insurance for how they want to handle it.
    If the taxi driver doesnt want to make a claim, then make letters of demand with your intent to take it to court if wont make a claim/pay damages.
    You should not have to pay cent throughout the whole process if youre not at fault, the only time you might is if the other party is a complete deadbeat, has no insurance, and no money at all (Id still consider going after them)

    I got hit in my friends car (friend only had TPP insurance), guy who hit me had full comp, got claim number from him next day, took mates car to approved repairer for assessment, was told it was a write off, insurer paid out value of the car within a couple weeks. Totally painless (the other guy was with NRMA).
  12. What exactly is self-insuring?
  13. covering the cost yourself instead of contracting someone else. In terms of big corporations and governments, it is fairly common in instances where the statistical payout frequency and cost is lower than the cost of paying outside insurance companies for equivalent cover.

    Some universities and governement departments (in nsw at least) for instance self insure their workers compensation claims.
  14. yes, i self insure, i pay 140 for 3rd party (must have imo, means i am not screwing someone else around), and and bank 1500 once a year for insurance on the bike, bit of a gamble but like you i got fed up with all the crap they give you.

    I always look each year and if i ever find one that is a reasonable amount i will sign up :)
  15. i self insure. im an absolute idiot and havent gotton around to getting 3rd party yet. which this reminds me to have another look again.

    for full comp most places want like 1500+ a year for my across that i bought for around 4grand and will probably sell for about 3500.

    add to that the big excess' and ur looking at well over half the cost of the bike. i just cant justify spending that much.

    also looking at full comp for a 600 sport or naked. they all wanted 3-5g. if i got a 8grand bike and kept it for 2years it would be the cost of the bike again. too much to justify.

    off to look for 3rd party now :p
  16. it can be a bit of a catch22 for when you decide you do want comprehensive cover but have no insurance history from which to derive a ncb. This is mostly why young peoples premiums are as high as they are.
  17. I just had a bit of a play on the IMR site for 3rd party, the quote was $148... $3/we is pretty reasonable for piece of mind.
  18. Man, sometimes it's not so bad being older! You guys are paying a lot.

    You all have CTP and third party property though, right? (Except you slickncghia and you are an idiot. Get it sorted!)
  19. having a play now. i called qbe. but will probably spend $148 on the phone bill waiting for an opperator to pick up

    edit: IMR $128 with 400 excess for 3rd party. $404 for theft
  20. :LOL: well name calling aside (I usually give it out!) I was actually referring to a line in Vics post about people risking no insurance.
    I should have "quoted".
    A vehicle driver/rider is still liable for property damage if they're at fault. The claim doesn't always stop with the thing with wheels on it.