Bike Insurance Question

[placidfemme]

Well it's time to re-new the insurance policy on my bike, and the insurance on Sam's is due next month...

Our insurance co (Swann Ins) sent me the reminder thing... and I've just noticed... my policy is for $4050 including modifications...

Now I'd like to see any bikes in a condition like mine, with braided break lines, aftermarket pipe, quarter turn throttle, custom fuel line, clock and rev limiter for $4050... if there were Sam and I wouldn't be having any problems finding her a 250.

Can I ask them to increase the insured value of my bike?
Should I threaten to change insurance co's?

What are my options other than changing insurance cos?

[WildBoarMouse]

What you need to do is go and get 2-3 valuations made by bike shops. Send those in and make sure they get put on the policy record. Most policies pay out "market value", so by getting yourself a record of that "market value" you don't have to try and prove its worth after the claim. Well... It's not fool proof but it worked for my car. The other option is to have an "agreed value" instead of "market value". The former policy costs a bit more though... and still requires the valuations. Hope that helps a little!

Cheers
Darcy

[placidfemme]

What you need to do is go and get 2-3 valuations made by bike shops. Send those in and make sure they get put on the policy record. Most policies pay out "market value", so by getting yourself a record of that "market value" you don't have to try and prove its worth after the claim. Well... It's not fool proof but it worked for my car. The other option is to have an "agreed value" instead of "market value". The former policy costs a bit more though... and still requires the valuations. Hope that helps a little!

Cheers
Darcy

Sweet thank you, I'll querie that

[placidfemme]

Well I just spoke to the Ins Co. And they are going to up my cover to $5000 (better than $4050) on the condition I get my alarm installed and the premium only goes up by $11 per year lol.

[The Stranger:Me]

Well I just spoke to the Ins Co. And they are going to up my cover to $5000 (better than $4050) on the condition I get my alarm installed and the premium only goes up by $11 per year lol.

A couple of questions if I may.

How much is your premium now?

Did they require you to have an alarm? or reduce your premium or excess because of it?

[placidfemme]

Well at the moment if anything happens they will only pay me out at $4050 and thats at $460 (or $511 if I miss the dicount date).

With the $5000 pay out thats at $471 before the discount date and with the alarm, without the alarm it will be $508.

[skidz]

Dafe had a thread and has gone to National Auto Club in Whangarei, and is paying $595 instead of $1200 a year. Phone ( 0800 501-508 ) Give it a go,won't cost you!

[placidfemme]

Dafe had a thread and has gone to National Auto Club in Whangarei, and is paying $595 instead of $1200 a year. Phone ( 0800 501-508 ) Give it a go,won't cost you!

Well I called up the NAC... and they can insure my bike for $5500 for only $450 per year, and the excess is $800

So that works out $50 cheaper... the excess with Swann is: $1500 (Accident) and $1000 (Stolen or fire)

So guess who is changing insurance Co's!

thats right

me

[motobob]

[QUOTE=skidz]Dafe had a thread and has gone to National Auto Club in Whangarei, and is paying $595 instead of $1200 a year. [QUOTE]

Does the NAC provide track day cover and is there a graduated discount for those that have made claims.

[Dafe]

I enquired about track day cover - unfortunately, not available on the track fullstop.
Can't give advice RE: graduated claims. Just call them and find out.

[Monsterbishi]

From experience with friends who had their vehicles covered with NAC - Don't, they're more trouble than the savings is worth.

[Beemer]

Hell, that seems expensive! I've got the Goose insured with AA for $6500 and pay $430 a year with a $300 excess. The Beemer is insured there too, for $12,000 and that is $706 with the same excess.

[placidfemme]

Ok well theres been a bit of negative feedback in regards to NAC... so I'll check out AA and she how they rate... and then play with my options

[John]

I will just say keep away from protecta.

[Lou Girardin]

I enquired about track day cover - unfortunately, not available on the track fullstop.
Can't give advice RE: graduated claims. Just call them and find out.

Track day cover is a tricky situation. While they won't cover competitive events, there has been a test case brought by a Ferrari driver who crashed during a 'driver training day' at Puke. He won on the basis that it was not competition. The ins co had to pay.
Same thing happened with an MX5 owner at Taupo. He crashed in a big way and his insurance paid out.