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N/A | National When does insurance cover you?

Discussion in 'Politics, Laws, Government & Insurance' started by Ballsy Mgee, Mar 15, 2012.

  1. I'm getting my first bike in about 6 weeks :dance: ..but i'm a bit clueless on a few things.

    What type of crashes are you covered for with comprehensive insurance? What if you drop your bike in the carpark? noob solo crash going around a corner (at or below speed limit)? etc. I understand each company may be different and also that your not covered at a track, DUI and all that but am not sure about the extent of cover over a range of incidents. people can maybe share their crash and insurance stories. 8-[
  2. From what I believe, as long as you are riding within the confines of your licence restrictions and are not engaging in a insurance voiding activity (drink riding eg) then pretty much anything is covered.

    The problem is whether or not you wish to use your insurance for something as minor as a garage drop. Given that you have to pay an excess to get it fixed, plus the fact you are looking at then having a motorcycle related insurance claim against your name, it can often make it more financially worthwhile to fix it using cash, not insurance.

    Interesting to see what others think.
  3. Comprehensive means just that. You're covered for just about everything so long as you're not operating in an illegal capacity (i.e: under influence, unlicensed, etc)

    So yes, if the bike is in the shed and it gets knocked over when the mower is being taken out, you're covered

    If Bob the Builder reverses into it in a carpark and does a runner, you're covered

    At the track, forget it.

    Basically what you need to look out for are the excesses payable in the event of a claim.

    If your insurer has no one from whom they can recover their losses, you will have to pay an excess, if you are at fault and caused it, you may be required to pay additional inexperienced excesses on top of this.

    If your no claim bonus or rating isnt protected, then you will likely look forward to a reduction in your discount at next renewal.
  4. Most companies also give some coverage of your gear, (Helmets jackets etc) The extent of cover varies from company to company.

    It is definitely worth shopping around though.
  5. Thanks for the comments.

    So you're weighing up the costs between fixing it yourself or paying excess and losing no claim bonuses etc. I understand you can gamble a bit with your excess too and pay a lesser total amount. Dunno If i want to do this though.

    Looks like I'll be going for NRMA. They seem to be giving me the best deal.

    The wait continues ](*,)
  6. My son opted for a higher excess to get a lower premium. What he didn't figure on was how much damage you don't need to do to modern car for the expenses to get up towards 2 or 3 grand.

    Have you checked WQBE or Swann. I found NRMA to be quite expensive.
  7. I have checked out many different companies. Unfortunately I have quite an interesting driving record :oops: .. so some companies won't insure me.
  8. +1 for NRMA. Cheapest quote i could find, only QBE came near but not as low. Also will cover you gear and cover track use for rider training etc but not for racing - obviously.
  9. #9 jag131990, Mar 16, 2012
    Last edited by a moderator: Oct 24, 2015
    Insuremyride is the cheapest I can find
  10. Companies vary. A company which does one bike cheaply may be expensive on another. Don't just take someone's word that the company is cheap, get a quote for your specific bike.
  11. Greybm is sopt on recommending an insurance company on price is a waste of time. Even if the were the cheapest for you last year doesnt mean they will be again, let alone for someone else.
  12. When I bought my bike, I had done quotes from 5 different insurance agencies... Lowest I got was 165 a month. I was on Ls and didn't have that much of a record, however the place I bought the bike from said they were a broker for one of the agencies I quoted from and they wanted to give me a price. Fur sh1ts and giggles I decided to allow them to give me a quote, for the same insurance agency, they did 65 bucks a month... They said it was lowered because they were a broker. Well, it bloody worked out for me, a hundred difference a month.... Same cover, how could you go wrong
  13. Many companies will try to get out of paying a claim wherever possible. Insurance is called a "necessary evil" because insurance companies aren't there to help you, they're there to take your money and try their best not to give any of it back to you! That being said, it's unwise to use a motor vehicle without it...
  14. Very true.. just like the banks insurance companies are not your friends.. But we need them.

    Also, with insurance there are so many variables.. one may be expensive for one or cheap for another depending on circumstances.

    Thanks for the comments.
  15. Not true. Insurance companies do not try to get out of paying a claim wherever possible. They are abiding by the terms of the contract to which you have agreed with them in writing upon taking up the insurance.

    Insurance companies are basically saying "we will take on the risk of providing you financial protection in the event of XYZ, provided that conditions ABC are met and adhered to" and by you signing you are saying "these conditions are acceptable, and expect you to protect my interests should the time come for me to make a claim" When you make a claim, and it is not your fault, the insurer actually goes to great lengths to recover their costs from the third party - thus you don't pay an excess... They charge the third party for it!

    Contrary to popular belief, insurance companies aren't out to steal your hard earned cash - that's what banks do. Insurance companies are providing you with a service and guarantee that in the event of an incident involving a loss that results in a claim, as long as the claim and everything that led to the claim is within the policy agreement, then you will be covered and paid the compensation due to you under the contract.

    Unfortunately, people do not read their policy documents, and often do not fully understand what they are covered for under what conditions. and every insurer will offer something different to their competitors. For instance fire and theft cover will cover for fire and theft only; however some insurers will extend cover for riding gear or accidental breakdown. The premiums you pay will reflect this, so the cheapest option is not necessarily the best for your circumstances, even though at first glance, everything looks the same.

    It is all in the wording, and policies can be negotiated. If you want a higher sum insured, or want something included in the cover, insurers may be willing to write it into your policy at a cost (increased premium or excess)

    You have to understand, Insurance companies are like any commercial entity. They are driven by profits and will work out an acceptable balance of the risks they are willing to take on versus the likelihood of the risk eventuating into a claim.

    It would be wise to shop around, and take your time when you do, to really understand what is covered before you decide on whether the cover is right for you. Get a couple of mates or family to read them with you to see if there is anything that may be ambiguous which may work against you at any stage.

    Generally speaking, accident, by definition means any damages to the insured vehicle provided it was not done intentionally. Be very careful here though, for crashing your bike while you were trying to do wheelies for instance is not an accident. The bike wasn't designed or manufactured to be operated on one wheel, even though it can do this beautifully. (its also against the law). Some of the other guys have already answered the question; however you really need to ask yourself this question... "How much is your bike worth, how long do you intend on keeping it, and what are your greatest risks (theft, own damage, damage to 3rd parties) If you're primarily worried about theft, you may consider fire and theft (usually includes 3rd party anyway).. if its potential damage to an Audi R8 or a mansion with gold plated stairs, probs 3rd party is all you need. Comprehensive is generally reserved for own damages that exceed a certain amount - like for instance a write off incident. Even then, you would need to consider how long you intend on having comprehensive insurance.. (ie how long you intend on keeping the bike) calculate it as though you will never have to make a claim, and see if the long haul works out for the better. If your premiums and excesses over say a 3 year period ends up more than what your bike will be worth by then, then you might as well put some of that money aside in a high interest account and just take up 3rd party (as this is usually the whopper when it comes to costs for repairs - especially if its damage to structural property)

    Think beyond the quote, and really seek to understand what you need covered and what products are available.
    • Like Like x 1
  16. i'm with Swann and on my first year on bikes, with only green Ps on the car, the cheapest online i was quoted was about $1700 or so and when i bought my bike, the dealer, bikebiz, did a quote for me and it was about a grand cheaper around $780. this was, as varsis said, they were a broker and get cheaper rates. this year, renewing my insurance, its down to $650 or so. i did an independent quote with them, they quoted me $1500 now.

    NRMA still quotes me around $3k and i have no shady record or fines :S

    if you're getting from a dealer, ask them if they can do a quote for you. they get a commission from the company, so, they'll try get it cheaper.

    Also, as others said...no illegal stuff is covered and no track days. most insurance companies will covered training courses. not too sure about CSS tho.
  17. Very well written. Good stuff Archaeon

  18. A bike probably won't help with that :-w
  19. And man, don't they whine about it afterwards.

    If you live by a river, what kind of moron doesn't check if your insurance covers damage if the river floods?
    I'm looking at you: half of Brisbane

    Speaking of which and to keep this relevant to the OP's question

    I believe my bike comprehensive insurance doesn't cover damage from Nuclear attacks, terrorism, or acts of war.
    So there's always that to look out for I guess.
  20. Also new rider excess can be around $1200 - $1500.

    Plus, my friend stacked her ninja when she was on her P's and she would have been charged with 'failure to maintain control of motorbike' as the cops informed her..(had she officially reported it)... So I guess, 1) try not to crash, if you do, 2) try to make the damage as minimal as possible and don't claim, or 3) if you do crash, make sure someone else is at fault then you don't have to pay your excess fee...

    Good luck either way!

    p.s I hope you don't crash ever...