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Discussion in 'Politics, Laws, Government & Insurance' started by LeroyPatrol, May 20, 2015.
Just wondering companies insures motorcycle hire companies?
Not sure about motorcycle hire companies but may be the same case. Large (and prob small) Hire companies eg hertz, Budget ect. Are not actually insured by a 3rd party. No one will insure them due to the risk.
They are "Self Insured" so the company you hired the car from pays out the person you hit and pays to repair their own cars.
Dare id say with the added risk of a motorcycle no 3rd party company would ensure them.
Makes sense given how damn expensive it is to hire a $5K bike.
yeah thats more or less it.
I know a bloke who works for Hertz. After that bad hail storm melb had they had damn near every car damaged. Company paid a mill or so to fly a team from the US who specialize in hail damage to fix 200 odd cars, Said thats one hell of a hit on insurance and thats when i found out they are "self insured".
There a couple providers who will cover motorcycle fleets for hire. It's not as expensive as you think if there is volume. Just be prepared for strict rider criteria.
I was looking at starting a motorcycle tour business, a few years back, after contacting other such companies & 2 years of research. I found some such tour businesses went with big deposits and liability waivers. But l did find OAMPS insurance to have the most suitable options available to my situation.
By the way, yes insurance & government red tape killed my plans.
One guy i had regular contact with during my research stage, found it a lot easier to start his motorcycle hire/tour business over in Europe ( Italy, i think) , whilst still living here, then flying over for each tour. He too said 'red tape & insurance' halted his plans for a business here.
But l wish you all the best and will be interested to see how you go!
I've emailed a number of companies and no go. Can you give me a heads up please?
Yes the question is in relation to renting out bikes. There wouldn't be a large fleet due to not being viable when starting out. There would have to be some kind of 3rd party property damage as a minimum. I will check out OAMPS as mentioned above. Any other suggestions?
Actually I suppose some kind of public liability insurance would be required as well?
What bikes are you looking at hiring out? Do you have terms and conditions/contract available for the insurer at this point. In order to obain terms you will need this as a minimum. PM me to discuss further.
I don't but I gather this would vary depending on the insurance co. recommendations and or requirements. I'll shoot you a pm.