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NSW young learner confused about insurance

Discussion in 'Politics, Laws, Government & Insurance' at netrider.net.au started by kynyt1703, Apr 28, 2011.

  1. hey all,

    Im looking to get my first new bike soon. being under 25 and on my green P (car) and Ls for motorbike, comp. insurance is gonna be expensive.

    I was wondering so just say i DONT have comp. insurance and got theft and ctp etc, and *touchwood* if someone crashes into my bike or damages it can i still get my money back or get them to make a claim with their insurer? or would both parties need to get insurance?

    and would i be able to get insurance under my mum (as owner) even if she doesnt ride? or should i get insurance after when i get my red riders Ps?

    I do apologise for asking here, i googled beforehand and i did do a few internet quotes and called insurance companies and they all needed my details for them (stored on their database) to answer my questions and i dont want to say anything wrong if its gonna up my insurance.

    I dont plan to drive far or dangerously fast (as silly as it sounds, but i can imagine myself choosing the safe route than the quickiest- at least on my Ls and red Ps.) i got quoted $2600 for a bike worth $6000. (and i dont live in a dodgey area already and said im gonna get alarm etc). i have my own car under mums name, and im a girl if that help.
  2. Who quoted you $2600?

    I recommend getting quotes from Swann and QBE - they are by far the most competitive in my experience.
  3. I think it was the bigger companies, nrma, ammi and insure my ride.
    Qbe said they can't insure me? Well online said that but told me to call.
    I know most people would say better be safe than sorry but insurance and ctp is costing half of the bike which doesn't seem economical in my situation at least (not driving it everyday and only short distances).
  4. CTP is insurance for victims of an accident, ie, people, it doesn't cover the vehicle at all even though you do have to renew it with the registration

    As for insuring the vehicle in someone else's name, that's dodgy because one of the questions you are asked is if YOU are the primary operator of the vehicle. if you answer truthfully, then it is insured in your name at the cost levied on you. if you don't you will have to rely on someone else lying for you if you have an accident; insurance companies take a dim view of such behaviour.....
  5. My 21y old was quoted $3500 from Swann and similar from QBE on his $8000 FZ6N.

    He got it full comp for $1600 through ADFCU (Australian Defence Force Credit Union), I'm not sure which insurance company though.

    When he first started riding, we bought the bike (KLR650) and registered/insured the bike in mums name with him as a 20% rider.
  6. Yeah, I know what you mean. Well, I wad going to be under the policy which still is around $1000 for the premium and with nrma house insurance discount. nd excess is as per normal for a young driver. Which is $2k plus. Cause some says I need a full car licenses or not Ls rider to be insured. So that's why I wad wondering, how does that work.
    There wasnt such question whether who is the primary driver, it just says owner/ rider. Car or riders licenses.
    And I wasn't gonna get someone to lie for me, I didn't know people get away with that.

  7. I bought my bike from Action MC for $6000 and they work with Swann Insurance. I'm on the same boat - being under 25, with my green Ps for my car and at the time Ls for the bike. I was quoted about $2500 but because I went through Action, I got a better deal of $1200 for full comprehensive insurance (which is why I bought a bike from a dealer).

    I wouldn't recommend putting the bike in someone else's name. It's quite troublesome when it comes to an accident. Not unless you put yourself listed as a party to the bike on the insurance, but that would boost up the cost even more. Otherwise, you'd be committing insurance fraud if you lie to them about it.
  8. That seems a bit better than $2500.
    And yeah, I wasn't gonna say my mum rides when she doesn't. Lol.
    Cause I'm ok with higher excess than premium.

  9. That's OK if they have insurance. If they don't you may have trouble getting any money out of them. Having said that though even if they are insured they may not make a claim knowing that you are uninsured and perhaps not in a position to fight it.
  10. Does your mum have a bike license? Pretty sure you can't register a bike under her name if she doesn't have a bike license.

    My gf went through Allianz (who do it through certain dealers only). Alto Kawakaki in Chatswood, Sydney said they were one of a few who did it. I bet there are a lot who do if you check up on it. Shop around when in the dealerships and ask what deals they can do for you insurance wise. Her insurance came to around 7-800 from memory.

    As far as full comp insurance, it is always the risk you run. If you cause the accident then you better have deep pockets, cause things get VERY expensive if you are. It's a catch 22 really. I reckon it really depends on the kind of rider/driver you are. If you're the kind of person who predicts traffic well (knows when someone is going to change lanes before they indicate) and doesn't drift off in thought, then you have a better chance of avoiding accidents than most.

    If you're like the other 95% of people out there, get yourself some comp. and shop around :D
  11. I got my insurance thru Swann as well thru the dealer I got the bike from $456 a year no riding experience but im over 25 and have a full 65% NCB

    Watch our for insure my ride, might be cheap but the excess for an inexperienced rider is like $1900!

    Also they charge extra for gear cover

    My insurance had $2k gear cover down side is a max of $500 for your helmet, and my excess is only $750
  12. Ah yes I should have added, my gf is under 25. I don't know how well Allianz deal with insurance claims but it was a lot cheaper than 1200.

    Procycles quoted her $946 from memory too.
  13. You don't need full comp for that. Third party(not ctp) covers you for other peoples property.

    If you have a relatively cheap bike and you don't owe a lot of money on it there is nothing wrong with having third party, fire and theft. You'll be covered for everything but repairs to your own bike. If you crash it you'll have to pay to fix it yourself or go without.

    I think you would be better off putting some money into income protection insurance rather than pay obscene insurance premiums for your bike.
  14. nah, my mum doesnt. but it says on sites that owners with car license is ok to insure the bike. and she can add me as a driver. but i could be wrong, but i think thats what a few online quotes has said.
    i guess i might sus out how much bike dealers are doing and probally do the ring around. i think im a pretty safe car driver, as nerdy as it sounds, i never speed. i go on the speed or under. and turn my full head for every merge. for gosh sakes, i even get flashed at least twice a week cause im going 90 on a 90 zone- how depressing.

  15. oh, thanks for that. honestly, i know what kind of rider il be so i dunno if forking out 1/2 of what the bike is worth a year makes any sense. i think im more worried about people stealing my bike, (ive heard about the low people who does that).
    but if its cheap like some riders have suggested, il probally get it the first time, but then if im going to be paying $2500 for insurance and $2000 for the excess, there goes my bike paid off.
    if im getting full comp, is agreed and market value better?
  16. 1. Your policy would not cover you.
    2. You (personally) cannot force anyone to make a claim with their insurer
    3. If the other person has the same cover as you, they would be in the same position as (1).

    You would only be able to get insurance under your mothers name if she was either the (a) registered owner and/or (b) financial owner.
    Whether or not you get insurance now or later is totally up to you. Weigh up the risks, pros & cons and make that decision accordingly.

    To provide you with a valid quote number, they will always have to obtain details from you. For the purposes of obtaining a quote,
    obtaining an anonymous one generated from the website will suffice. A quote provided to you over the phone or in person is only
    valid for X days. The details you provided cannot be kept indefinitely and will be removed from their records after a pre-determined
    period of time. If providing your personal details is a big issue to you, why not simply provide details which is not 100% true?

    Unimportant information.

    What you think of your area is of no significance to anyone but you. You have no knowledge regarding claim statistics in your suburb
    which has a bearing on the cost of covering your uninsured vehicle.

    Being a female helps reduce cost. Repeat the same Internet quote but note yourself as male to confirm the same.

    Agreed value is better because the value placed on your bike is fixed for 12 months, however you are paying more for the privilege.

    Market Value based cover will cost you less because the value of your motorcycle will (a) usually depreciate over time and (b), only
    be determined if and when lodging a claim for a total-loss incident.

  17. Thanks for your reply, very detailed :)
    in regards to the disclosing details im a bit worried, cause one company said are you going to the be insured person? then i said yes. then shes like sorry we cant cover you. then i told her my mum could be the registered owner of the bike, then shes like nah, sorry you said it to me and i cant sell you anything anymore :(
    and as to where I live I kinda meant, the policy is still dear cause when i get my car insurance, insurance companies always tell premiums are much lower if i put my address instead of another address i partially live in.
    but yeah, thanks for your information il def keep everything in mind and see what is the best option for me now is.

    Thanks :)

  18. Using your logic, should my MV Agusta which my younger brother basically has and keeps as his own, is stolen or destroyed,
    I'd be out of pocket and he'd be $45k richer?!

    Using you logic, should my wife's company vehicle of which she is the primary operator is stolen or destroyed, she pockets the
    payout to get her own car and her employer is supposed to wear the loss with a smile?

    No one determines who the insurance must be under based on who the primary operator of the vehicle is, as shown above, and
    illustrated below by the young learner.

    Please do not feign knowledge to others who are none the wiser because you will be brought to task each time by someone
    somewhere who knows better.

    Please disregard the comment Kynt1703. It's simply bollocks. :)

    That's OK girl. I've only provided you with basic information which most of us old timers should already know :)

    Do not be concerned with what you were told. If and when the vehicle has been purchased and insurance is to be under the name
    of your parent, he/she can contact the same company and a policy will be provided. If one is not provided, it'd have nothing to do
    with your previous conversation. Also if you are not happy or have difficulties either understanding or agreeing to anything you are
    told, request to speak to someone in authority. Being intimidated or blindly accepting garbage someone chooses to come out with
    will get you no where.

    Whether its shopping around for a vehicle, insurance, jewellery or white goods, a Sales person is a sales person. You appreciate
    what their job entails and deal with them accordingly.

    I would not doubt that for a moment eg. the cost is less in the sticks compared to central Sydney.

    Reading a product document will also provide you with information you need to, or should know.

  19. I'm not saying this is what you should do, but it has worked for me. I've been riding/driving for 30+ years and have owned quite a few bikes and cars and have only ever taken out the compulsory third party cover. I accepted the risk of damaging someone elses vehicle or of losing mine through accident or theft.
    In those years I have once backed into another car (cost me $250), once had mine written off by a pissed red light runner (it was worth about $1000) and once had mine stolen (recovered later 100 metres down the road). I also dropped my bike once (scratches, bent handlebar). This has all cost me very much less than comprehensive insurance would have, but maybe I'm just lucky.
    I also believe that knowing I'll be financially hurt if I f*ck up is an added incentive to ride carefully and is therefore a safety bonus. I also only buy vehicles that I can afford, rather than my dream machine.
    Third party property cover might be a viable alternative for you.
  20. I have had third party only on a lot of bikes, but have comprehensive now because I am at the age where they decide I am not a risk anymore.

    One thing I have learnt is that if you are not getting comprehensive then you should get a bike that is prescratched or has no fairings. Also add oggy knobs. These few things can save a lot of money from small spills.

    3rd party property is pretty essential though. I am also way in front but you have to save the money that you save from not having insurance into a bank account and not touch it so when stuff happens you have the cash.