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Uninsurable, and proud of it!

Discussion in 'General Motorcycling Discussion' at netrider.net.au started by Chairman, Sep 26, 2005.

  1. I'm as proud as punch. Swann - my insurer of choice for many years - has refused to give me quote because my bike is too old! For years I've ticked the box on my insurance and simply paid over the money. I decided to do a little exploration this year, just for the sake of comparison.

    Swann - Won't insure me because the bike is more than 20 years old! Their rep suggested I ring Shannons and look for "classic" cover! What a complement.



    AAMI - $700 + $450excess. What the ?! I'm over 40, have had no infringments or claims for over a fifteen years, have been riding for over 20 years and the agreed value on my bike is $1600. I queried the quote and I was told that the charged a high premium because "bike insurance isn't really our target market"

    Western QBE - $140 + $300excess

    RACV - $117 + $400 excess

    I went back to Western QBE with the RACV quote and took them up on the offer to "beat any price"- and they reduced premium to $105, retaining the $300 excess.

    Western QBE has a very happy customer.
     
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  2. I went with AAMI because they offerred me the best price for my situation. I had never had insurance before in Australia so I was disadvantaged there and most places were quoting an absurd amount because of it. AAMI gave me a good price (but it may also be because we have home and contents with them).
     
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  3. Must be a new policy for Swann. They've been insuring me for some years now.

    26 year old bike
     
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  4. Suncorp was able to do the best for me. Luck I'm not in the "high risk" group or I would really have been stuffed.
     
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  5. AAMI used to give a good price.

    Now they are trying to get out of the motorcycle market (they refused to insure bikes in NSW anymore, unless you're an existing customer).

    So they get sneaky, by making the premiums absurdly high.

    BTW, Shannons is starting to really target bikes. Especially those who only use their bikes a couple of days week.
     
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  6. When I went to insure the VFR, I rang around a bit too..
    Western QBE was by far the best..

    $400 excess + $930 per annum.
    (insured in Ferntree Gully)

    but then..

    $1500 excess + $930 per annum.
    (insured in South Yarra)

    Now I know why insurance companies have the best looking marquees at the Grand Prix every year!

    :x
     
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  7. I'm with Shannons & you can basically set up your insurance depending on how often you use your bike.
    From memory, I think if you do less than 4,000 kms a year it'll set you back about $25 per month.

    Good if you don't get out as much as you'd like to
    :-(
     
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  8. I dont get the whole Shannons thing. I'm denied insurance coz I do too many k's...

    How can a 2 - 4 times a month fair weather rider be considered a better bet than an experienced rider who clocks up heaps of incident free kilometres???

    Go figure.

    Cheers

    Rob
     
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  9. You are right, you are missing the whole 'Shannons thing' Its aimed at people who have several classic bikes and can't ride them all at once. It saves paying a full year on each bike you own. In my experience Shannons customers are usually among the most experienced group of riders.
     
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  10. I was told outright by Shannons that when they consider insuring modern bikes, they tend only to insure riders who ride infrequently. How can that rider be a better risk than a regular rider?? Especially if they're on a high powered machine?? The thinking sounds back to front.

    I fully appreciate the scenario where a regular rider has one or many classic bikes requiring special insurance needs.

    Cheers

    Rob
     
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  11. They are going on odds. They figure the more you are out on the road the bigger chance you have of getting hit. Therefore ride more and you will have a greater chance of trashing the bike. It doesnt take into account the experience you actually get from riding every day.
     
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  12. I used to ride everyday but now that I don't I was able to adjust my policy to suit my needs. Works out well & is cost beneficial for me
     
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  13. Not backward thinking, just pure statistics. The insurance companies crunch all the available crash data to come up with their figures. Its got nothing to do with rider skill, just historical probability models. Of course, theres the old adage, 'lies, damn lies and statistics!'. It always how you interpret the numbers.
     
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  14. My bet is that if you were able to filter out the crash stats of infrequent riders - across all age groups - they'd have a higher per head statistic than regular riders.

    C'est la vie.

    Cheers

    Rob
     
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