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Yet Another Insurance Thread

Discussion in 'Politics, Laws, Government & Insurance' started by DragonCypher, Jul 10, 2010.

  1. So you may be sick of seing these.. but I did a search and although what I found was helpful it still didn't explain this.

    How is someone of a young age meant to insure their vehicle against damage?

    I did a few online quotes for both 3rd party and Comp, on the basis that:
    I'm a 19yr old Male,
    Clean driving record but have not previously had comprehensive insurance,
    Had my RE license for a year and will be on R before taking out the policy,
    Will be riding a 1998 VFR800Fi valued at $5900 (no finance)

    Here is what I came up with:

    NRMA 3rd party - $247 / $900 excess
    NRMA Comp - $6,086 / $900 excess

    AAMI 3rd party - $94 / $1,200 excess
    AAMI Comp - $3,441 / $1,200 excess

    Famous 3rd p - $231 / $300 excess
    Famous Comp - $2,289 / $300 excess

    Motorcycle-Insurance.com.au (QBE insurer)
    3rd Party - $1,236 / $1,800 excess
    Comp - $2,276 / $1,800 excess

    3rd Party - $149 / $2,300 excess
    Comp - $2208 / $2,300 excess

    According to another thread I saw recently, comprehensive insurance should be less than 10% of the purchase price per year with roughly $500 excess.
    That is for a male aged mid 20's with a clean record.

    Every one of these quotes is 30-60% of the purchase price, with one even being over 100%.. making it more financially viable to just buy a new bike every year.

    Is it even possible to get decent insurance at my age or should I stick with 3rd party and hope nothing goes wrong with mine?

    I haven't had much luck with previous vehicles, being 25-30 years old and blowing up 3 engines from 2 vehicles within a 1 year period..
    So I need to get something reliable, however I'm also moving to a place where I'll have no tools available to use and will (hopefully) be working full time and can't be without a vehicle.
    I have considered getting a cheap car, but at the same price range I can't guarantee reliability, km's are about 4 times more than the equivalent priced bike.. and insurance is just as bad

  2. minimum 3rd party fire and theft. Call an insurance brokerage firm, and try and get them to get you a quote. Sometimes it's cheaper. Sometimes it may not be. They have access to a wider arrange of insurance products than you do.
  3. Got a parent/friend/sibling who is a good bit older than you? Do it in their name, with you as a named, regular rider.

    Seems to give about a 90% discount. :D
  4. Cheers for the advice, I've been pretty busy with finishing up tafe lately and completely forgot about both of those options :p

    Have already sent a message off to Dad, as he's the only close family member with a full bike license. I can't imagine he'd say no outright, but can always try a broker if necessary and settle for 3rd party.

  5. I have been searching for insurance for my son, he is full license and 20 today and for his R1 they want between $3k and $3800. how on earth they come up with that is beyond me.im only on my L's so i cant insure it in my name.
  6. Have you tried Swann? My comprehensive is about $285 for 2007 750 Shadow, garaged. I am in the "older" demograpphic at 45yrs but it may be worth your while to get a quote. See if you can do it through a Honda dealer. I did a rough online quote using your bike, age, garaged, locking device, no accidents, one yrs experience and the quote was $1,559.04 Annually.
    Good luck finding a reasonable deal.