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[Vic] Bike insurance

Discussion in 'Politics, Laws, Government & Insurance' started by markcpotter, Mar 19, 2009.

  1. Hello,

    just looking for some advice.

    I am new to biking in Australia - although have ridden previously in the UK for a number of years.

    I have just bought an 05 600rr - my question relates to insurance - I currently only have the insurance that is provided ad part of my rego which I understand is enough from a legal perspective however firstly I have been told that theft is not too common in Australia (my bike is parked daily in the cbd with an alarm and disclock (although not chained to anything as I would have done back in the UK).

    Secondly with regards to third party or fully comprehensive do most people buy it - is it considered necessary.

    Also am I missing something or can you buy third party fire and theft as a cover as this doesn't seem to be offered as a single product (or is it a case of buying theft and third party separately?

    Many thanks,
  2. a lot of companies will offer third party, and then theft in addition to that. or something.

    in regards to crime being low, it really differs. your bike could be one of hundreds along a street and get knicked, you'll find quite a few posts following those themes.

    nothing is considered necesary outside of individual opinion. i have full comp. on mine, simply cause i can't afford to replace it, share it with my old man, and is first bike.

    though once i upgrade it may just go back to third party, always, always get the theft option i reckon.

    I am by no means qualified in this field, just what ive read, and some opinions

  3. I pulled these facts off a gov.au site awhile ago - I believe it relates to the 2005 - 2006 period.

    ...Motorcycles were more likely to be stolen than any other type of vehicle, with a theft rate of 14 per 1,000 registrations.
    ... Motorcycles were least likely to be recovered, with only 33% of stolen motorcycles being recovered.


    I have full comp and any non-rich people with bikes above "shit box" status should too.
  4. CTP (Compulsory Third Party) insurance that you pay with your registration is, as the name infers, compulsory, and covers nothing to do with your bike at all. Its cover is for PEOPLE (not bikes) which may be injured or killed as a result of an accident involving your motorcycle.

    As such, at the moment, your bike is completely un-insured. If it is stolen, damaged or written off, either by you or any other party, you are 100% out of pocket.

    Given the replacement cost of your bike, you ought to be covered by Full Comprehensive Insurance. It will be expensive for a late model performance bike, but as we often say on Netrider, 'If you can't afford to insure it, you can't afford to ride it.'

    Many of us are insured with Western QBE, http://www.motorcycle-insurance.com.au/
  5. Third party property is the least you should consider - even if you can afford to wear the risk of theft or damage to your bike yourself, a moments inattention or a scrape down the side of an expensive car could cost you big time.

    I'm reminded of this frequently because there's a very very expensive current model turbo Bentley that I see frequently on my commute - without 3rd party property I would not want to cause any damage to a car that costs over $700K. :cry:
  6. unless the insurance premuim is worth than more than the bike (or 2yrs worth of premiums), then your silly for not having full cover.
  7. Just to re-state it, in Victoria, personal and third party injury (sometimes called CTP) is the only compulsory insurance and it is charged as part of your vehicle registration payment. This money goes to the Transport Accident Commission (TAC) and it pays the medical expenses of motor vehicle accident victims, regardless of who is at fault. This may not apply in other states.

    You currently have no cover for your vehicle, or for any damage you may do to other property, so you better go and get some, pronto. You will be personally liable for any damage to another vehicle or other property. So-called 'third party property, fire and theft' cover is available from a few insurance companies, but not all.

    I would seriously consider getting comprehensive cover for your bike, but that's a value judgement. It's very common to be hit by an uninsured driver and getting payment out of them can be almost impossible.
  8. Insurance and non legal add ons

    Hello All,

    I posted a topic about insurance below and given the responses then I am going to look into getting some sorted out even if it is just third party and theft.

    that aside how have people gone on with non road legal aftermarket add ons for their bikes.

    The bike I have bought has all the following that would fail a road worthy (even though it came with one!) racing exhaust, fender eliminator and flush mounted indicators.

    I have heard of stories previoulsy in the UK where somebody is invloved in an accident and the insurance won't pay out due to items like the above.

    Anybody have any comments or experience of this?