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To Comprehensively Insure, or not To Comprehensively Insure

Discussion in 'New Riders and Riding Tips' started by Lobsta, Jul 11, 2008.

  1. Hi there all,

    newbie bikie here, just got my L's and looking at my first bike (gonna be an XV250 virago). Considering that I am looking at between 3 and 4k for the bike, is there really any point in getting comprehensive insurance for it, or should I just go third party damage? there is about a ten fold difference in price, but just wanted to hear it from some experienced riders.



  2. If you 'bomb' insure it, and plough into a Lamborghini, you're covered. You won't get another bike, but you won't be payin for someone's $600,000 car for the next 20 years.

    If you do the same and are comprehensively insured you get another bike.

    If it gets stolen and you only have bomb insurance, unless you can afford to spend another $4k for another bike, it's back to the buses.

    Oh, welcome to Netrider, by the way :).
  3. You can apply for 3rd party fire and theft.
    forget about full comprehensive at your age it is prohibitive.
  4. I'm with smee.
    Fully comp in an ideal world we could all afford it, but life as it is you just cannot.
    ride carefully, hope to hell you dont have a serious 'off (you will have an off at some stage) and wait till you can afford it.
    Remeber stick to a cheap bike that you could replace easily.
    Always go TPF and Theft if possible.
    Even for older riders fully comp is well expensive but we have been through the trama of losing a bike and being stuck. Its just one of lifes shi^& leasons I suppose.
    Anyway good luck and welcome.

    Cam :beer:
  5. would 3rd party pay for that lambo?
  6. cheers fellas.

    As the bike would mainly be a sometimes ride for a long time, and i do have a car that me and my brother share to fall back on if, heaven forbid, i do write off the bike. does insuremyride to 3rd party and theft?

    oh, and dont worry, i am definitely not stupid enough to go bomb insurance. 300 bucks a year is wearable. going bankrupt for rear ending some daddy's boy's merc in not.

  7. We are talking 3rd party damage not third party on your registration.
    Yes it would.
  8. Be wary of Insuremyride, I got a quote for them for a 250 I was looking at, and the insurance was relatively cheap, but their standard excess with underage and inexperienced excess on top was well over $1000...admittedly that was for comprehensive insurance, but still not worth it, would have cost me almost half of the value of the bike in one claim.

    Make sure you check out the excesses between companies, as you may get a better premium but pay more excess, rather than pay more premium and less excess. Also try your local motoring body (RAVC, NRMA, RAA etc), as they can often provide decent cover at a relatively cheap price - Comprehensive through RAA would have cost me half as much as with QBE and had a cheaper excess, with equivalent services.

    But it's up to you!
  9. even with Third Party fire and Theft... its a fair amount of money for an 18 year old

    I paid 3.4k for my bike,, figured it wouldnt be worth paying 800+ bucks for fire and theft or 2.2+k for full comprehensive

    so i just settled for third party .. 150 bucks

    but i guess its your choice!
  10. Don't bother with comprehensive insurance. I was in the same position as you about this time last year.

    Comp insurance was a couple of grand...while 3rd party was only $170.

    If you get full comp and have an accident that is your fault you still have to pay the $2000+ excess as well as the approx $2000 premium.

    Much better just going with 3rd party. Which is a MUST
  11. If you own your bike outright and can afford to replace it (at worst) or fix it - then 3rd party is the go I think. More so if the comprehensive insurance quote is relatively high compared to the replacement value of the bike. I changed my full comp insurance to 3rd party because I found the amount of coverage I had wasn't what i thought I was paying for.
  12. Do you have money for another bike if you wreck yours? no? GET FULL COMP THEN!!

    my full comp on L's was (reminds me to let insurance know im not on them anymore) $500, $500 PA isnt that much. Insure my Ride and Ebike insurance was double that... ohh my excess is also $500 you can lower your yearly by increasing your excess too.

    Shop around, you WILL find something affordable for full comp, dont listen to anyone telling you 3rd party is fine, it may be for them (if they have a huge disposable income) but if your low on cash spending a little more on insurance will save you a lot if you have a stack and total the bike. you also have piece of mind.

    My advice, Go Full Comp!.. mines with AAMI , if you do a search you will find a list of other insurance companies you can try, also there is GOOGLE!
  13. How much was your bike? And how old were you? Nothing seems to attract insurance company hate like having an age that starts with '1' :(
  14. I went full comprehensive, but I'm over 25 and a rating one so it's not going to cost very much ($275-ish a year for bike and gear, very low excess). The bike's also an '07 so I couldn't afford to replace it if it were written off.

    If things were different though it'd be 3rd party all the way.
  15. It's not hate. It's risk, you teenies are absolutely positively guaranteed to stack it :p and the insurance are gonna have to do their best to wrangle their way out of it.
  16. comprehensive insurance is good peace of mind.. I got side swiped by a car that was overtaking me in 2007 on the postie and it was a he says she says when the police arrived, the guy didn't answer calls from the police and I only had 3rd party. So I got nothing and the police said the accident was no-one and fault.
    I fixed the bike mechanically for $100 but cosmetically its showing a few scars. But my $800 jacket was not replaced nor was my $400 helmet and jeans and shoes I was riding in which ended up hurting...
    My insurance then cost $210, I just renewed and got a comprehensive policy not for the bike but for my gear! the new policy cost $224 and covers me for a $500 helmet $3000 on gear and agreed value of $1500. Gives me peace of mind that my gear which is worth more than the bike is more than covered at retail prices.
  17. My policy is this;

    If you're still paying the bike off, you probably ought to insure it.

    If you own it outright, it's completely up to you.

    I own my bike outright, and comprehensive would have been too expensive, so I got 3rd party only.
  18. I've just bought a GSX-R600. While it's not a 250, and while I'm not as young as you, Comprehensive Insurance was well over $2500 for an insured value of $8300. 3rd Party property Damage to cover other's property/car/vehicle was only $213/year. I went with NRMA and they also cover you up to $3000 if you are not at fault but get the details of the other driver. I was pretty happy with that. I have had Car insurance with AAMI for many years and had a 70% No-Claim Bonus until I cancelled my policy when I sold my car only February gone, but because I didn't have current insurance with them they wanted more that triple what NRMA offered me after never ever having any insurance/roadside/personal insurance with them. they have restored my faith in NRMA as I always found them alot more expensive than anyone else. anyways, well that's my 2c

  19. If you stack your bike, and its your fault you wont have a bike. if you cant afford another one right away you need to go without while you save..

    spend money on public transport, or putting petrol in a car your using all takes money away, then you have enough for another bike months later possibly years?? depends on your situation, then you buy a bike. Have one bike but so far have paid for two bikes.. see where im going with this?

    With Full comp you would get the bike fixed or replaced with the price of the excess.. the excess WILL be cheaper then buying another bike (unless its a shit box)

    And if your like me you have parents and relatives that you could borrow the full amount off and pay them bit by bit, no intrest throughout the year.

    Common honestly, im paying 1.36 a day!!! that's 500 a year. DOooo IT!

    (yes im a full comprehensive nazi, unless your riding a $500 moped your stupid not to have it. my 2c)
  20. Great reason to be on old git before starting riding!

    My fully comp annual premium is $190... ZERO riding experience on a 250cc ZZR. Bargain... I'd be a complete fool not to have it! :grin: