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NSW Swann Insurance - Theft exclusion when selling

Discussion in 'Politics, Laws, Government & Insurance' started by Voz, Apr 7, 2013.

  1. http://www.swanninsurance.com.au/products/motorcycle

    PDS & Insurance Policy 13 April 2011

    4. Third Party, Fire & Theft Cover

    This insurance does not cover:
    - was stolen whilst being tested by a prospective purchaser

    Makes it hard to offer test rides doesn't it?

    • Like Like x 1
  2. Yeah I read that because I'm with Swann. Don't really know what I'll do when it comes time to sell.

    You could always sign up for another insurance company when you're trying to sell that will cover theft from test riders and then cancel within the 21 day cooling off period. A lot of bother though!
  3. Or if they want to test ride it they handover 100% sale price. Seems a common things list on for sale adverts.
  4. Just had someone over, they wanted to haggle before riding, I will not budge on price (paid $15K 11mths ago, selling for $8.5K) so we parted ways. Immediate threat averted, lol.

    Before the haggle, they still wanted a test ride, I had made up an agreement that they had to agree to buy it if any accident and they were not keen so I guess they were legit anyway.

    I am really not enjoying this process.
  5. Hows things Pasta, long tiome no chat. Trust all is well.
  6. It's not that unusual, you'll find the same thing in from other insurers too. Unfortunately there are some dropkicks out there who rock up in a stolen car and hand you the keys, leave the car there etc and steal your bike. There are numerous ways to protect yourself though, the full cash price left and you can test ride it, take their picture and ask for their license and another form of ID also get their mobile # and call it while they are there to confirm it's actualy their no, I've also had a good mate follow them on the test ride. It sucks there are people out there like this but you have to protect yourself where you can.

    Also never have them come to your house to inspect your bike, meet them at a Bunnings or somewhere like that. Many bikes have been stolen by the thief calling getting your address and not turning up at the agreed time. You don't think anything of it until your bike goes missing a few days later...
    • Like Like x 5
  7. Yeah, things are going great, still on the vtr. I was just thinking you can't sell the versys just yet because I haven't been on P1 for 12 months until next month so you must be the same!
  8. Its a bit of a pain, when I sold my last couple of bikes both insurance companies had the same condition in the policy (RACV & Swann).
  9. One of the extremely small number of benefits of being of an age. Red P's only for 12 months then fulls.

    Must be time for an upgrade for you, buy my Versys 650! Need to clear it before my BM arrives in May.
  10. Hmmm... That sucks. There are other companies that do not have this exclusion though, so it may be worth a change whilst your selling the bike. Or as said above, at least get a new policy and cancel within the 21 days cooling off?
  11. I agree with this however on the flip side I wouldn't buy a bike from someone who would only meet me in a car park.
  12. Wouldn't you get more by trading in?
  13. Nah, the base bike was $10.5K, they now sell for about $9.5K and I put on about $5K of mods. Trade in value was about $6.5K with or without mods.

    Sold it to someone in QLD who paid the price and deposited into my account without a testride, picking up up this weekend.
  14. Ah, I see. Good that it's sorted.
  15. #15 OG, Sep 19, 2013
    Last edited: Sep 19, 2013
    Recently had a bike stolen and it was insured with swann

    they were actually quite quick and have processed it in a week so no complaints so far (i should see my payout within 2 weeks) other than one thing:

    I had paid a full years insurance 07/13-07/14 ($1000), apparently you cant transfer that insurance to a new bike or have any of that refunded; they indicated if i was paying month by month I would have only lost one months payment but because I paid the full year its tough luck suck it up princess.

    Is this normal? (and if your with swann i highly recommend you don't pay yearly)

    also any recommendations for cheaper insurer's for my next sports bike.
  16. Pretty much, when they pay out they consider your insurance policy "completed" so it is finished, no refunds.
  17. Mate Qbe is worth a look for sure. They are cheapest I have found. We're happy to insure me even though I just came off suspension. Hadn't really thought about how paying by the month could be better. My advice is always insure cars or bikes for as much as u can. I have made over $15k in my life by doing this.
  18. :0( oh well expensive life lesson i guess , 1k for 2months insurance, pay by the month direct debit in future, if this advice helps anyone out in future feel free to buy me a beer
  19. I think this is standard practice. I was insured with QBE when my bike was stolen and lost the remaining portion of premium. TBH it didn't strike me as unfair.
    However it took QBE five months of stalling before they settled the claim.

  20. Yep lost bike Friday over night and its settled and they are transferring funds by Thursday, totally happy with service;
    I have no previous at fault claims or anything so that may have helped, but in this case experience was strait forward, so i will most likely use them for the next bike.

    just thought i would ask on here, had i known better i would not be paying annually