Insurance

[Morcs]

Is insurance worth it for me?

Ive spent the last week dealing with Kiwibike (great people), and despite my record, they have been able to offer a premium as low as $941 for my TL. There is a $1200 excess, and $750 excess for theft. company is NAC.

Now Ive been asking all sorts of questions - I valued my bike at $7k - probably the market value, yet I have spent at least $2k on extras - Donna said I could up the value of my bike to 9k, but pay a higher premium - but i pointed out, if it got written off, regardless of extras, market value is market value.

So from there I enquired as to the buyback option in the event of a write off - the response was it goes on trademe to the highest bidder - anyone know insurance law? im pretty certain the owner gets first dibs, if they dont want it, it goes to the highest bidder at auction.

As for aftermarket bits and pieces - if I crashed and it would most likely be a write-off, the bike isnt property of the insurance company until it is officially written off - so what are the legal implications of my removing my mufflers, brakes, radar etc.. etc..before it becomes insurance company property?

On top of that, my excess doubles for trackdays - so $2,400.


If im stuffed as far as those things go, is there really any point in me being insured?

Ill probably do less then 5,000kms a year on it - mostly touring with a blast every thursday and weekends, and I dont plan on crashing anytime soon.

I did the approx maths:

Premium: $1,000
Excess: $1,200
Likely buyback through TM: $3,500
Market value payout: $7,000

So in the event of a crash, im either left with $4,800 to replace my bike,
or $1,300 + a severly broken bike.


If you pay to insure something, and something goes wrong, you shouldnt end up worse off - especially in the event of an accident being someone elses fault - ive been there. brand new bike. got t-boned, i got paid out 75% of what i paid just 6 weeks before because of market value - so i lost out and wasnt even my fault.


Id really like to know if anyone knows about buybacks, and any other thoughts people might have.

-Pete

[homer]

once you make claim and they pay you its not your bike no more .
You can maybe arrange a deal with them cause till you accept the claim its still your bike .

[Morcs]

once you make claim and they pay you its not your bike no more .
You can maybe arrange a deal with them cause till you accept the claim its still your bike .

Ah so i have the power of negotiation? spose thats not all good, they could just turn around and say they arent paying out...

Getting it assessed and then being paid out repair value is always favoured - of course on most bikes (especially with rip-off oem prices) they just write it off, but if there is a way of negotiating to keep the bike, and get paid out for repairs lesser than theyd have to pay for a write off then its all good - just splash the cash on streetfighterin' :Punk:

[fireliv]

When Phoenix's FXR was written off we just told them we wanted to buy it back and they just gave us the write-off price less the amount they valued the damaged bike at. We are hoping to do the same process with another bike at the mo.

It is expensive, I guess the other option is 3rd party if you cant afford full cover. DEfinatly worth having than no insurance (as discovered when only had to pay a few hundy after doing a couple of grand worth of damage to a BMW convertable..) Good luck with whatever you choose to do.

[Jerry74]

I am insured with Vero Go Lightly Plan... good bike insurance rates

[barty5]

the scooter we service the dealer seams to nearly allways be able to buy the wrecks before they go to auction pending on the insurance Co though. But most seam to be happy with it less hassle i guess.

[Owl]

Something doesn't seem right there. Do you have a really shit insurance record or are you young? PM me your relevent details and I'll see what the Mrs can sort out. I'm one of her customer's and I'm paying way less than that and my bikes still insured for $17,000:done:

[Morcs]

Something doesn't seem right there. Do you have a really shit insurance record or are you young? PM me your relevent details and I'll see what the Mrs can sort out. I'm one of her customer's and I'm paying way less than that and my bikes still insured for $17,000:done:

Im 21. I have had about 3-4 suspensions in the last 3 years.
Most of my demerits and fines have come from riding outside license conditions. without getting into a morcs bashing session, ill say im heading on the straight and narrow.

If you think she'll insure me, ill quite happily give you my details :D

[justsomeguy]

I've been an idiot like you too, just managed to get away with it more.

You NEED insurance mate. When I crashed I lost $15k of bike and gear. Luckily I didn't damage any other property/3rd party, imagine if I hit a nice car - easy $10k on top.

If I had insurance I would have gotten back at least $12k and could have got back on a bike.

When they payout - which would take 3 months maybe more - all insurance companies try 100 ways to shaft you first - that's why they always own the biggest buildings in cities the swines...

But yeah insurance is about reducing your losses, not getting your money back.

Sucks but that's just the way it is...

[justsomeguy]

Oh and grow up and save it for the track ya muppet...

Kiwibike seem nice.

Try Star Insurance too, they insured me when in NZ, also covered me on the track. Nice people.

None of the big companies would insure me then without ridiculous terms.

[Sparrowhawk]

Try State. I've got full cover for $5 a fortnight. Ouch. Don't think it covers me on the track though, but IF I go on the track it's a risk I'm happy to take. It's on the road that the real risk comes.

[Marmoot]

With insurance, you loose money if you don't crash for about 10 years.
But then again, if this happens, what is there to complain about....

[Morcs]

Oh and grow up and save it for the track ya muppet...

Kiwibike seem nice.

Try Star Insurance too, they insured me when in NZ, also covered me on the track. Nice people.

None of the big companies would insure me then without ridiculous terms.

Star wont insure under 25. I just tried.

i get the point re third party, 2 years ago i got taken out on the bridge, in the process i bounces and scratched the hell out of a new 911. fortunately they didnt claim, as i wouldntve been able claim off the fault party as they ran back to holland.

[karbonblack]

I sell bike insurance (amongst other things).

If we sell a policy to someone and they write off the bike, the written off bike is offered to ME as the broker who sold the insurance. In our case we offer the bike to the CUSTOMER. I had always assumed the written off bikes being sold on Trade-me were only because the owner had elected not to keep them.

On a personal note, I think written off bikes should be scrapped and sold for parts. I would never (again) knowingly ride a bike that had been repaired after a writeoff. I once rode a Ducati 888 at Ruapuna that had a "dubious history" and it was a very uncomfortable feeling wondering how good that weld in the frame was!

[justsomeguy]

Star wont insure under 25. I just tried.

i get the point re third party, 2 years ago i got taken out on the bridge, in the process i bounces and scratched the hell out of a new 911. fortunately they didnt claim, as i wouldntve been able claim off the fault party as they ran back to holland.

You sure? I was 23 then...

[robo555]

Star wont insure under 25. I just tried.

i get the point re third party, 2 years ago i got taken out on the bridge, in the process i bounces and scratched the hell out of a new 911. fortunately they didnt claim, as i wouldntve been able claim off the fault party as they ran back to holland.

I'm 24, never ridden a bike, never got insurance before. Got my insurance through Kiwi Bike, who got the policy through Star Insurance. So, maybe there's a bit of flexibility in this.

[Morcs]

I'm 24, never ridden a bike, never got insurance before. Got my insurance through Kiwi Bike, who got the policy through Star Insurance. So, maybe there's a bit of flexibility in this.

Flexibility isnt my friend.

Being 21, riding a thou, many suspensions under my belt - may as well stick a big sign on me saying 'dont insure me'

[DarkLord]

Morcs - what licence are you on dude?

[bungbung]

Morcs - what licence are you on dude?

Not even NAC will cover a litre bike ridden by anything other than a full licence holder...

[jrandom]

don't crash for about 10 years

<img src="http://www.blimpguys.com/images/video/smallpig.jpg"/>

Morcs has a full licence, btw.

Pete, in your position, I'd probably stick with third party, fire and theft insurance rather than comprehensive cover. You're pretty much balanced on the edge of whether or not it's worthwhile. Up to you whether you back yourself not to bin and would rather fix the bike yourself if you do.

Don't ever go without TPF&T, though.

[Morcs]

Morcs - what licence are you on dude?

What he said:




Morcs has a full licence, btw.

Pete, in your position, I'd probably stick with third party, fire and theft insurance rather than comprehensive cover. You're pretty much balanced on the edge of whether or not it's worthwhile. Up to you whether you back yourself not to bin and would rather fix the bike yourself if you do.

Don't ever go without TPF&T, though.

NAC dont have a TPF&T option, just TP.
I disclosed my entire traffic history to Kiwibike this afternoon. Was a 20 minute conversation, and am awaiting the further increased price...

I havent come close to binning in a long time - and the TL wont be ridden around town, so cuts out the majority of the risk from other drivers, but dont want to push my luck.

:innocent:

[nico]

ive said it b4 say it again THORNERS FINANCE and legends whn it comes to insurance :2thumbsup:2thumbsup:2thumbsupnever let me down even when i was under 25 might help i hold liences 1,2,3,4,5,6,D,F,P,p,T,W,R and done numuris defencive driving courses but who knows lol any one in welly go to these guys absulte legends:2thumbsup

[Owl]

Im 21. I have had about 3-4 suspensions in the last 3 years.
Most of my demerits and fines have come from riding outside license conditions. without getting into a morcs bashing session, ill say im heading on the straight and narrow.

If you think she'll insure me, ill quite happily give you my details :D

In a word, no! She did say NAC would be the best bet and it would be worth trying direct to compare with Kiwibike. Good luck!:niceone:

[Morcs]

I just got third party on the 400 for $275 through Kiwibike. its of no real benefit to me, but gets the ball rolling as far as having an insurance history is concerned.

thanks for all your input :)

[Lias]

NAC wern't too bad when I was with them.
I didn't like Protecta at all
Star wanted to charge me an extra $1300 on my excess for having a 5 year old non vehicle related assault conviction so I told them where to shove their quote.
Now with Classic Cover and they are fucking great. Easy to deal with and cheap as chips too. Had to wait till I was 30 to switch to them thou.

My 2 cents.

[jrandom]

I just got third party on the 400 for $275 through Kiwibike. its of no real benefit to me...

Fuckin' well will be when one of those cocked-up wheelies goes into the side of an Audi!

:p

[Morcs]

Fuckin' well will be when one of those cocked-up wheelies goes into the side of an Audi!

:p

thats what I thought. :Oops:

[Suzi Q]

David Golightly Insurance services is fantastic, he is a broker and does his insurance through Vero. His policies also cover your riding gear. My insurance is through them and I have had 2 claims with no problems at all. I agree with the thought that a written off bike is a worry, but you ahve to look at why it was written off, is it because the fairing repairs are too high for the value of the bike or is it frame damage? We bought a written off FXR150 for bucket racing and had to replace the front forks and the front wheel and disc and do a bit of welding on the engine casing and it is a great race bike now.

[Digitdion]

I am just buying a new bike. What do you guys know about Ebike insurance. Anyone had any dealings with them? Any feed back would be much appreciated. Good price for premiums and cover almost exactly the same as star insurance for example.

Cheers
Dion
About to give birth to a KTM 990 Adventure. And can not wait!:2guns: