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N/A | National The insurance game

Discussion in 'Politics, Laws, Government & Insurance' started by Musket, Mar 10, 2011.

  1. Having just recently deposited for a new street triple, I decided to get some online quotes. 23yrs old, 2yrs experience, 09street triple, never lost license, never had an insurance claim, etc etc. Reasonable record except for the fact that I'm only 23. And I don't know if that's the killer, but the quote......$29xx. And for theft it was around $700.

    I have no idea about my rating because all my insurance to date has been 3rd party so I dont remember ever seeing it listed anywhere. (I will inquire, but surely this is not the driving factor).

    Has anyone else had these sorts of quotes? My guess is that it's gonna be third party all the way.

    ps. if there is a similar thread somewhere, direct me, I did have a quick look around.
  2. "23" and "Street Triple" are probably all they needed to hear, tbh. You're under the magical '25' number where your insurance premiums magically become 1/4 what they used to be, and on a powerful sportsbike which will be overrepresented in crashes thanks to all the boy-racers throwing 'em down the road on a moment's notice.

    Don't give up with phoning every insurance company under the sun, mind you.

    One of 'em might offer you a more realistic figure especially if you've got a good chunk of car licence experience behind you already (a lot of places I've seen only consider bike experience).
  3. do a search on "insurance" "expensive insurance" "am i being ripped off insurance" and you'll get all the results :)
  4. From memory, if you have 3rd party insurance only, your rating changes every two years of claim free riding instead of every year with comprehensive...
  5. ah the joys of age; my yearly premium for the 600 Hornet is $234

    you are under 25, so you are fair game for the industry to charge pretty much what they like, unfortunately :(
  6. No need to inquire.

    You don't recall seeing a No Claim Bonus because you have never had one. NCB comes with Comprehensive only.

  7. The difference between Rating 6 (No NC8) and Rating 1 is between 60%-65% so yeah, it is a pretty big driving factor.
  8. Did you shop around? I have been driving for ~20 years but only riding for 2 years (i'm 35) and some insurance companies will take the driving experience into consideration and some won't. Eg, I got a quote for my soon-to-be-had upgrade bike (Daytona 675) and AAMI quoted me $2400+ whilst NRMA quoted me $600.

    NCB makes a massive diff though. You should work toward getting that up. Once you get a life rating it stays with you forever too...
  9. Yeh, the no rating sucks, but I've never had an asset worth insuring to any significant level, nor a pay packet. I've got the pay packet to get the bike now, but no way would I pay 20% of the bike cost for insurance.

    I'll check NRMA and a few more, but I doubt my chance.
  10. Same here...
    Two insurance quotes, from Swann and QBE, are the same at $320 for a 2009 Yamaha TDM 900...
    Just need to decided which one will suit me due to the differences.
    One has $100 less excess but the other has more cover for gear and stuff..

    Decisions decisions...
  11. It certainly stings, but you have to balance it against the possibility of ending up paying 100% of the bike's cost because it got nicked or hit whilst uninsured.

    Something else to bear in mind is that, with fully comp, in my experience, if you get hit, your insurers will do all the chasing of the other party/their insurers for you. Without fully comp, you're on your own and a whole lot less likely to get a fair payout.

    Not saying they're conclusive arguments but they're worth bearing in mind.

    Try QBE for a quote. They're generally pretty competitive. I know there are Netriders who've had problems with them, but my own experience has been mostly good.
  12. Once i hit OVER 25 (not the day you turn 25, but the day you turn 26) i did an insurance quote or three, and they were all the same price.
    Seemed to me at the time that the only thing that truly changes is the excess. The rest is based on driving history moreso then age.
  13. On the other hand, the day I turned 25 my insurance more than halved, so go figure. :p
  14. My insurance went from something like $1200/pa to $700/pa when i turned 25, iirc.

    Of course, that was a decade ago :D
  15. A word of advice for any younger riders in Vic. Apparently because I've been driving (yes driving, not riding) for more than 5 years without any accidents or thefts or anything, RACV are willing to give me a rating 1. Now it doesn't help the situation a whole lot because the quote for an 09 street trip is still 1350, but thats heaps better than the 1900 - 2400 I've been quoted elsewhere, with insure my ride probably being the worse. I'll go with it, pay by the month probably, because I guess its the security you need.