To insure or not to insure, That is the question

**Lord Alster** · 17th November 2005, 16:14

When I was last into biking about 15 or so years ago I found that to insure a big bike, in my case Honda CBX1000, was just too expensive. Can anyone confirm or deny if this is still the case and maybe offer some advise or recommendations. 3rd party is always an option but I tend to think, if i hit something hard enough to need third party there's a good chance I'm not going to be around to care.

**TLDV8** · 17th November 2005, 16:20

Originally Posted by Lord Alster

When I was last into biking about 15 or so years ago I found that to insure a big bike, in my case Honda CBX1000, was just too expensive. Can anyone confirm or deny if this is still the case and maybe offer some advise or recommendations. 3rd party is always an option but I tend to think, if i hit something hard enough to need third party there's a good chance I'm not going to be around to care.

I was paying around $500 a year to insure my CBX1000 in 1983..these days some companies won't touch a bike for full insurance,either way 3rd party is a minimum and pretty cheap for the piece of mind (under $100 a year in some cases)..just putting a small dent in some new cars could cost you $1000's.

**erik** · 17th November 2005, 16:29

I've got no idea how much insurance is for bigger bikes. If I remember right, it was going to be somewhere over $300 a year for full insurance for my Zeal which isn't worth much to start with. But third party only is only like $68/year. I guess they might not pay out if I was riding illegally (eg lanesplitting illegally) but for $68/year I think it's worth it.

**Brian d marge** · 17th November 2005, 16:35

Never actually got round to getting insurance unless you call compulsory insurance 3 rd party you automatically pay ,,,getting insurance ...then yes I have it ,,
But after 20 years of rooting bikes ... as a mechanic and a London DR and as a mechanice in some far flung countries ......I still havent coughed up for the full monty ,,,
I actually in all these years ,,,I have never needed to use insurance ,,,,,ONCE when I was 16 and went up the back of the car ,,,I think the 3rd party compulsory kicked in ..( or Dad paid and I mowed the lawn for eternity )

Oh and I race on the race track , and ride like a paranoid Nana on the road ..on a bike that has a whopping 22 hp ,,,,so speed aint exactly going to catch me unawares !!!!

Stephen

**Jackrat** · 17th November 2005, 16:52

I don't use insurance on anything other that the house.
I also don't use credit on anything but the house.
Course this means I don't get to share ownership of the latest bike with some swindling finance Co' and if I do crash my bike I got to fix it myself and pay for the bits to do so.
But I DO own my own home and I owe bugger all to anybody.

**Macktheknife** · 17th November 2005, 16:54

Dont be a fool mate, if you stack it and live through the experience as many do (including me), the really comforting part is knowing that it is insured. When you lie in your (hospital) bed at night weeping over your lost baby bike (sniff) you will console yourself with the knowledge that soon you will go out to search for another one, a better one, a prettier one, a faster one!
then you will feel better.
Insurance is not an option, its a necessity!

**MSTRS:Me** · 17th November 2005, 17:01

Can you afford to lose the price of a replacement bike??
Can you afford to replace a $400,000 Lamborari??
Get third party at least. $56 a year for me. Full is not an option for me as premium & excess almost equal the value of my ol'gixxer.

**T.W.R** · 17th November 2005, 17:15

wondering about insurance for a bike? check the black black bird thread mmm prime example of why you should have insurance!

90% of bikes are on the infamous black list of insurance companies but it all depends on where you go, what your history is like, and what mood the insurer is in!

my ZXR costs me $267 per year on a agreed value policy with the excess set at $250 for any claim; the agreed value is $5000

insurance is a gamble but think of it this way: say you are involved in a accident that proves fatal ( god forbid it ever happens to any of us) & it was your fault, your not insured, what happens?, your family is left to clean up the mess & expense for the sake of you not insuring your bike ( and really when you think about the cost per year, it would be less than any of us waste on shit items) so respect yourself and your family, and save yours & their arses if the unthinkable happens!

**pyrocam** · 17th November 2005, 17:23

dont insure, just ride dangerously enough that when you come off you kill yourself. no problems

**Motu** · 17th November 2005, 18:59

I've never insured a bike in my life - 35 years of premiums....how many new bikes could I have bought? I smack a bike up and it's my fault,my problem to fix.My bike gets stolen....that's the price you pay for not taking precautions.

**Lord Alster** · 17th November 2005, 20:08

Ok, so I see opinions vary greatly on this subject which I guess is to be expected when you consider that not only do peoples financial situations vary greatly but also what each individual considers to be reasonable and responsible with regard to their personal situation. I guess one of my main concerns would be theft, although my bikes aren't Harley's, thank god, I do consider them to be desirable machines so does third party include theft or can you get it included as an extra? Full cover I think is probably exorbitantly priced but if anybody can recommend a bike friendly company I'd really appreciate it.

**Hitcher** · 17th November 2005, 20:13

For full insurance cover, work on an annual premium of about 10% of the insured value of the bike. Plus or minus.

Kiwibike (www.kiwibike.co.nz) is a good place to start for advice. There is a range of companies who I am sure others will leap to recommend. I'm currently with Swann. Mrs H is with John Baker.

**NinjaBoy** · 17th November 2005, 20:21

Originally Posted by Lord Alster

So does third party include theft or can you get it included as an extra? :

Some companies offer third party only OR third party, fire and theft as options.

Originally Posted by Lord Alster

Full cover I think is probably exorbitantly priced but if anybody can recommend a bike friendly company I'd really appreciate it.

It's worth getting some quotes ... you may be surprised. I found my house/content/car insurer actually had the best deal but there are specialist bike insurer as well eg. Star insurance, Protector, National Auto Club or try Kiwibike.co.nz

**Jabez** · 17th November 2005, 20:28

It depends on the value of the bike.
My 600 has full insurance, the wife's 125 only has 3rd party as full is about 25% of cost of bike.

At the very least you should have 3rd party, this covers damage to other vehical. I can ware the cost to fix/replace the 125, but would not be happy contibuting to fixing someone elses cage.....