Motorcycle Insurance (Part One)

[bear]

Do you think they are trained to say that, or are they really trying to help you...

[Blakamin]

Do you think they are trained to say that, or are they really trying to help you...

dunno... she sounded sincere (and prolly pissed off wth work)

[TwoSeven]

The thing that really annoys me with vehicle insurance is that you pay to insure a vehicle for a set value, but after the crash, they will only pay out on percieved market value, so you are paying for a service you wont get.

If I insure my bike for $5k I want $5k if it gets totalled, not $3k because one in the shop was selling for that. Personally I view that as theft.



Someone at AMI once told me that the reason why they dont like european bikes is that the parts cost more to ship over than for jap bikes - hence the premium is higher. Not sure if its true or not.

[Ghost Lemur]

I've said this before in other threads, but it's worth suggesting again.

What's needed is an insurance equivalent of Credit Union. Ie, an insurance trust that is owned solely by those people who have policies with it. Profit becomes a secondary consideration, when the trust has a good year (lack of claims) they can return some of the profit to their customers/shareholders in cheaper premiums the next year, putting the rest aside for those inevitable poor years.

There has to be a market for this, so why isn't anyone doing it?

[Oscar]

The thing that really annoys me with vehicle insurance is that you pay to insure a vehicle for a set value, but after the crash, they will only pay out on percieved market value, so you are paying for a service you wont get.

If I insure my bike for $5k I want $5k if it gets totalled, not $3k because one in the shop was selling for that. Personally I view that as theft.



Someone at AMI once told me that the reason why they dont like european bikes is that the parts cost more to ship over than for jap bikes - hence the premium is higher. Not sure if its true or not.

What about if you insure it for 3k and they pay you 5k? The principal of indemnity works both ways.
I've seen insurers pay higher.

If you "personally view it as theft", don't buy it - who is making you?

[Oscar]

I've said this before in other threads, but it's worth suggesting again.

What's needed is an insurance equivalent of Credit Union. Ie, an insurance trust that is owned solely by those people who have policies with it. Profit becomes a secondary consideration, when the trust has a good year (lack of claims) they can return some of the profit to their customers/shareholders in cheaper premiums the next year, putting the rest aside for those inevitable poor years.

There has to be a market for this, so why isn't anyone doing it?

That's how insurance started - Mutual Insurers.
NZ used to have several Motor Mutuals - SIMU/NIMU, T&G and now AA Insurance.

There isn't a market for this because Motor Insurance is a "loss leader", a class of business used to get other (more profitable) lines on board, like house and contents. Most insurers wouldn't do it if they didn't have to.

[Drunken Monkey]

Does anyone here have any experience with losing licence for 3 months due to excessive demerits?

What effect does it have on rating/excess/premiums?

My flatmate has had a DIC, at least one demerit point 3 month suspension and had several accidents (strangely only one, a single vehicle accident, was actually his fault...actually no, scrub that, he had a minor fender bender a couple of weeks ago). National Auto Club are the only people who will insure him, and they screw him for premiums. He pays around $2000/year for comprehensive. I pay about $450/year for comprehensive commercial.

[Groins_NZ]

FYI

I’ve just done a bit of shopping around for insurance quotes (full cover) for a 2004 CB900 Hornet (919cc) valued at $10,995.

SWAN
Annually: $850
Excess: ?

AMI Insurance
Annually: $820.95
Excess: $300

Protecta Insurance
Annually: $1166
Excess: 15% if damaged, 20% if stolen

Classic Cover (have to be 30yrs old or over)
Annually: $591.57
Excess: $550

Cheers

[Cajun]

try john baker,

[2_SL0]

Classic cover will not offer insurance if you have not had a full motorcycle licence for longer than 2 years. No matter your age.

[Firefight]

FYI

I’ve just done a bit of shopping around for insurance quotes (full cover) for a 2004 CB900 Hornet (919cc) valued at $10,995.

SWAN
Annually: $850
Excess: ?

AMI Insurance
Annually: $820.95
Excess: $300

Protecta Insurance
Annually: $1166
Excess: 15% if damaged, 20% if stolen

Classic Cover (have to be 30yrs old or over)
Annually: $591.57
Excess: $550

Cheers

Have you tired a qoute from Honda riders club ?, they use a broker in the SI(main land), David Golightly , very good deals, also insure non Hondas, but still get the bulk buy corparate deal price. pm me if you want the contact details.

F/F

[NSR-Dan]

IAG (State).

Huh IAG is the main share holder of state, there indepentant business with independant policys.

IAG also owns and NZI. (ironic becuase NZI stands for New Zealand Insurance and IAG is an australian company)

Vero insurance owns AA, SIS and AMP.

[Oscar]

Huh IAG is the main share holder of state, there indepentant business with independant policys.

No they aren't.

IAG own website lists State as a "brand".

We have three distinct trading channels – State, NZI and Corporate Partnerships.

Best you do a bit of research before you comment further:
http://www.iag.co.nz/IAGNZBrands/

[NSR-Dan]

Yes, he can.
They can only decline the claim if some aspect of the bike was sub-standard and was directly related to (and caused the accident) - like for example, his brakes were below standard.

they can decline the claim if it said in the policy that the bike must be road worthy and registered. if it wasnt at the time of the claim then your friend was breaching the contract and they can decline cover altogether.

most companys have an exclusion that no cover offered if the vehicle insured is not road worthy (no WOF) or not registered. regardless if it was a contributing factor to the claim or not.

[NSR-Dan]

No they aren't.

IAG own website lists State as a "brand".



Best you do a bit of research before you comment further:
http://www.iag.co.nz/IAGNZBrands/

so does vero AA and AMP are brands of vero. SIS is a brand of AA. they still have diff policy wordings and underwriting guidlines.