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Post by mattb on Aug 2, 2007 4:30:03 GMT -5
Just thought I'd share my experience for the sake of anybody else in my position. I don't know much about insurance, and since getting the SR and wanting comprehensive insurance, I've had trouble getting the bike insured for its real value. In my case I bought the bike for $3000 and it was another $1500 to finally have it on the road, so I wanted around $3500 - 4000. But the Redbook, which the companies use to value your vehicle, only lists the bike as worth $1500. To compound the problem, RACV won't do agreed value on such an old bike, and Shannons only insure "enthusiasts" - ie not those who actually ride the bike whenever they can, or own a bike rather than a car, obviously!  So I got a quote from QBE, but they wouldn't go so high on the value because it was so far above the Redbook value. That was about the end of the call - "Sorry, too bad : we can only do $1500" - but I persisted: "The Redbook is way out. If you check out the prices on the net (Trading Post etc), you'll find that $3500 to $5000 is standard for a good example of this bike!" So they put me on hold, and did just that - checked the web (so they told me) - and in respect of that information, gave me the value I wanted. The Premium is about 75% of the agreed value. Worth knowing if like me you're having insurance woes with your newly aquired SR! I almost gave up, but by chance found that QBE are prepared to haggle and actually check the real-world values. -Matt |
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Post by Bize on Aug 2, 2007 5:01:37 GMT -5
That's quite interesting. I've known a lot of people who can't get insurance through Shannon's and yet I moved to them because the premium on my R1 dropped by about $400 when I changed to them.
I would love to know what factors they really consider when quoting insurance.
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Post by milkman on Aug 2, 2007 8:04:44 GMT -5
So your comprehensive premium is $2600 a year?  ? I might take my chances with the road....... |
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Post by mattb on Aug 2, 2007 8:48:39 GMT -5
So your comprehensive premium is $2600 a year? ? I might take my chances with the road....... Whoops! 7.5%.  |
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Post by milkman on Aug 2, 2007 10:58:06 GMT -5
Ahhhh........that seems reasonable
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Post by marlon on Aug 2, 2007 14:19:56 GMT -5
haha, I'm a male under 25. Not worth comprehensively insuring anything, really. And besides, If i ever f**k myself up that badly I write off the bike, I've got bigger things to worry about.
Really good to see that QBe is prepared to get off their backside and do some research. Man, I wish I could find an SR for $1500!
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Post by wotavidone on Aug 2, 2007 18:19:32 GMT -5
Being older, thus having accumulated for longer, I have acquired lots of things to insure. A home, my car and the wife's car, the SR and the XT, and the boat.
I've ended up all with SGIC, a company that started out as the State Govt Insurance Agency to provide the compulsory third party personal injury insurance you must have when you register a vehicle in South Oz.
The thing is, by having insurance in more than one category, and having been with them so long, I get lots of discount. Which is just as well, considering how much I have to insure.
Even so, I only have my bikes insured for third party property damage, in case I stab one of them into the left hand side of a mercedes or something, which would make it my fault, and if I survived could cost heaps.
This costs about $80 per bike. But, if I remember correctly, SGIC quoted me less than $200 for comprehensive on the SR, but I can't remember what they reckoned market value was, at the time. The missus has still got the three hostages, well children really, so I have to make these little economies, regarding spending on toys.
Marlon, try to at least get third party property damage. When I was about 18, I had a prang where I did not see a bloke come out of a street on my right. It was on my right side, meaning I had to give way, no priority roads back then, so the cops threatened to book me, if memory serves, which showed up on the accident report which the other guys insurance company used against me.
So I had to pay, for his car and mine, and I had no insurance at all.
It took me years to pay it off. Thank the Lord my brother was an apprentice panel beater at the time, so my car got fixed over a couple of weekends, with parts we scabbed off a wreck.
The worst part was the guy I hit was one of the guys teaching me my trade, so I had to front up at work next day and hope he did not take it out on me. Fortunately he was a very understanding guy.
Mick
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Post by milkman on Aug 3, 2007 4:16:41 GMT -5
I got health insureance when I got my bike licence aswell.......medicare is ok, but having a Grandma with two wooden legs, and seeing the costs involved there, I thought it would be a good move.
Not trying to be morbid, I was playing rugby too, so knee reco's and shoulders etc are long waits and expensive. A ride in an ambulance is bad enough.
Its the other knobs I'm worried about.
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So I got a quote from QBE, but they wouldn't go so high on the value because it was so far above the Redbook value. That was about the end of the call - "Sorry, too bad : we can only do $1500" - but I persisted: "The Redbook is way out. If you check out the prices on the net (Trading Post etc), you'll find that $3500 to $5000 is standard for a good example of this bike!" So they put me on hold, and did just that - checked the web (so they told me) - and in respect of that information, gave me the value I wanted. The Premium is about 75% of the agreed value.
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