Insurance for beginners? [Archive]

Sauerkraut

21st January 2010, 11:55

Hey guys and gals,

I just picked up my first bike last week, and insurance is big on my mind.
Obviously I gotta have third party, what with the horror stories of hitting a Merc and ending up shit creek to the tune of ten grand.

I had considered third party fire and theft (about 500 a year) and also full (around 700). I only paid about 4,000 for the bike though, and considering the excess for both would be 1,500 it doesn't seem like it could be worth it unless the bike is a complete write-off. I got these quotes from kiwibike.co.nz and I was wondering if anyone could share their opinions/experiences with insurance as a learner rider.

Mully

21st January 2010, 12:29

When I was a learner (way back when) - I just added the insurance to my car and contents provider (AMI, I think).

IIRC, I only had third party too - but then I think I paid $600 for the bike.

Kiwibike insure gear as well, which can be expensive if you have an off.

At the very least, get third party. 10 grand damage is easy to do - especially to a Merc.

kit

21st January 2010, 12:43

Try NAC Insurance, They specialize in high risk insurance

Autech

21st January 2010, 12:49

Try NAC Insurance, They specialize in high risk insurance

Yup, my Hyo costs me very little for full coverage through NAC. Other companies quoted me more than double what I'm paying now so go for it.

The Baron

21st January 2010, 13:07

If you can do full cover great. But I agree with you. With excess of $1500 I too would go for third party only.

OK my story - My son has a scorpio - he paid $3000 - he had third party - he crashed - it cost him $1200 to repair. I think he did the right thing by only having third party.

bogan

21st January 2010, 13:07

Juzz976

21st January 2010, 13:11

definitely pays to shop around, although be prepared to wait ages on phone for quotes! Recently got my bros, to which my old insurer charged me 275ish for third, fire, and theft, got classic bike cover through swann which is full insurance for 2 hundy ish, they do gear as well. Only for bikes more than 20 years old though.

I got swann insurance its just over $200 a year full cover, no one else came close.
Get at least 3 quotes anyways but definatly 1 from swann

CookMySock

21st January 2010, 14:08

what with the horror stories of hitting a Merc and ending up shit creek to the tune of ten grand.Hands up who has had this HAPPEN to them.

ANYONE?

Steve

cromagnon

21st January 2010, 14:20

I see getting my bike stolen as the biggest risk. When I was on my learners, only had my restricted for a month, kiwibike was definitely the cheapest and the easiest to deal with. They do instant quotes online and free 14 day cover so check them out. Im on full cover for $350 per year for a $4000 bike.

mazz1972

21st January 2010, 14:22

It's a common dilemna for cheaper bikes/vehicles that the insurance premium is quite high in relation to the cost of the bike.

Like others have said, shop around for prices. If you are on a learner licence then generally the excess will be steep. It should get better as you progress to a full licence, mine sure did, although I've always had full cover.

I've always had awesome service from Kiwibike, who are agents for Swann and Protecta.

Good luck.

Mully

21st January 2010, 14:32

Hands up who has had this HAPPEN to them.

ANYONE?

Steve

I smacked into the back of a Honda Integra to the tune of $2500 in my car. Damage didn't look that bad but that's what the insurance company paid out.

Not long after I started having insurance at all. I viewed it as a sign that someone upstairs liked me (at the time)

Ferkletastic

21st January 2010, 14:36

Hands up who has had this HAPPEN to them.

ANYONE?

Steve

Used to be a Claims debt recovery officer for a major insurer. It happens alright. I've personally been involved in several cases where somebody has made a little mistake which has caused tens of thousands of dollars worth of damage which they're then liable for.

Including the apocryphal kid in cheap car dings incredibly expensive sports car to the tune of thousands claims more than once.

imdying

21st January 2010, 15:36

Hands up who has had this HAPPEN to them.

ANYONE?

SteveYeah, brother hit a Honda Prelude back when they weren't cheap. He was in another car admittedly, and not entirely his fault as he was waiting behind it, to turn right, and his clutch cable snapped hahahahah :lol:

Oscar

21st January 2010, 16:06

Hands up who has had this HAPPEN to them.

ANYONE?

Steve

Happens all the time.
We have several people employed on these sort of recoveries (and they don't take prisoners).

p.dath

21st January 2010, 16:19

Check out the insurance page of the Wiki for some provides:
http://www.kiwibiker.co.nz/wiki/Category:Motorcycle_Insurance

Neshi

21st January 2010, 20:03

does full coverage really cover all, or should one take 3rd party, fire and theft also?

Sauerkraut

21st January 2010, 22:21

Thanks for the info everybody. Will be making some calls and getting some quotes!

Mully

22nd January 2010, 08:36

does full coverage really cover all, or should one take 3rd party, fire and theft also?

Full cover includes 3rd party, fire and theft (unless the policy specifically excludes it, which is unusual)

Neshi

22nd January 2010, 11:24

thanks mate

KelvinAng

26th February 2010, 14:51

Hands up who has had this HAPPEN to them.

ANYONE?

Steve

Somewhat related story but doesn't apply in NZ:

Mate in Singapore was involved in a multi-car accident involving one (or was it two) Mercedes and two or three other vehicles. Total damage incurred: $160,000. He had insurance but the insurance company isn't paying out apparently due to a technicality in the fine print or something like that (not sure of the exact details).

Cayman911

26th February 2010, 14:55

Vero is the cheapest by Faaaaaaar for motorcycles.

full coverage for my bike cost $325 a year. and a $500 excess because im under 25. check them out

Oscar

26th February 2010, 15:02

Vero is the cheapest by Faaaaaaar for motorcycles.

full coverage for my bike cost $325 a year. and a $500 excess because im under 25. check them out

(sigh) If you buy insurance by price, you'll get what you pay for.

SMOKEU

26th February 2010, 18:54

NAC is cheapest. And they pay out quite easily as well in the event of a claim.

Cayman911

26th February 2010, 20:38

(sigh) If you buy insurance by price, you'll get what you pay for.

Not necessarily true.example is my car. was with state for a year, then decided to change, had a looked around. AMI wanted $700 less a year than state. and guess what happend then? i changed.
and im much happier with ami if anything. i was paying $700 more for state to be more stingy.

Oscar

26th February 2010, 20:41

Not necessarily true.example is my car. was with state for a year, then decided to change, had a looked around. AMI wanted $700 less a year than state. and guess what happend then? i changed.
and im much happier with ami if anything. i was paying $700 more for state to be more stingy.

Have you made a claim with both companies?
If AMI refuses to pay your next claim, how cheap will they be then?