insurance without cosmetics worth it?

[cowboyz]

with insurance costs being as expensive as they are and all too often seeing bikes appearing on trademe from star insurance that really have very little damage but are uneconomical to repair because of the replacing scratched parts policy I was wondering if there was a market for insurance cover that only fixes your bike back to WOF conditions and get the bike running.

for instance, if I took my bike for a slide down the road and take out the right hand side they would fix the stuff that actually broke. Fairings would not be covered. If the muffler was dented or scratched up but still connected and worked it would not be repaired. Bike checked over to being striaght and WOF and handed back. It would be acceptable for the insurance company to source 2nd hand parts to repair any parts that are required to get bike running. No paintwork. Maybe if fairings are smashed up they could plastic weld them but no painting?

Is this viable for reduced premiums and excess?

Would people jump on board or just prefer to pay the current rates to get their bike back to mint if they do fuck up?

Might start a poll, and split it to bike being younger than 5 years and older than 5 years....

[Mikkel]

I think you'll find that those of us who bother getting insurance actually care about our bikes - and as such would prefer proper coverage for crash and spill damages.

Maybe if this was in a side clause covering track use and/or racing events.

[Coyote]

Yes

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[cowboyz]

I think you'll find that those of us who bother getting insurance actually care about our bikes - and as such would prefer proper coverage for crash and spill damages.

Maybe if this was in a side clause covering track use and/or racing events.

taking out insurance is about managing risk. If your bike is worth $1000 and you are paying $250 per year then that means you think that there is reasonable cause that in the next 3 years you bike will be damaged or stolen to the value of the $1000. Otherwise, it is uneconomic to insure, you may as well have put the $250 in your pocket for 4 years and you have paid yourself back.
But if you assess the risk and decide it is unforseeable that you will have total loss of your bike and dont mind it looking a little rough if you do spill then having insurance for $100 per year gives you 10 years insurance before it becomes uneconomic.
(before it all gets out of control I am looking for intellegent debate on this and when I refer to "you"and "your" bike I am just making examples, not saying your bike is actually worth $1000 or you are paying $250 per year for insurance.

Yes

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care to elaborate?

[JimO]

so you tbone a brand new merc causing 28k damage that $250 looks cheap now eh!!

[Mikkel]

taking out insurance is about managing risk. If your bike is worth $1000 and you are paying $250 per year then that means you think that there is reasonable cause that in the next 3 years you bike will be damaged or stolen to the value of the $1000. Otherwise, it is uneconomic to insure, you may as well have put the $250 in your pocket for 4 years and you have paid yourself back.
But if you assess the risk and decide it is unforseeable that you will have total loss of your bike and dont mind it looking a little rough if you do spill then having insurance for $100 per year gives you 10 years insurance before it becomes uneconomic.
(before it all gets out of control I am looking for intellegent debate on this and when I refer to "you"and "your" bike I am just making examples, not saying your bike is actually worth $1000 or you are paying $250 per year for insurance.

So you are saying my bike is only worth $1000? Get real... p/t

- I'm with you...

Jokes aside...

So how about theft? How about fire? How about your insurance company having to pay out initially because someone else causes an accident - only cosmetics?

However, while the example you make is pretty good the figures are a bit off. I've been quoted $240 a year by State to provide comprehensive cover for a bike of the value $6000.

[HornetBoy]

My Bikes less than 5 yrs old -i said NO in my case,A-because it is worth a lil bit ,B-because if i am in an accident involving others id like cover for the other vehicle involved and also my gear,C- well if im getting insurance it may as well cover the bike fully be it a new one or a full repair ,not to worried about what i pay as it is not too bad of a rate and i know i may well replace the bikes on a yearly basis and it makes me feel confident that if something does happen im not ending up with a bike i cant really sell onward because i only had cosmetic repairs not a full replacement.

Tis a good idea tho

[Mike748]

If I was riding a naked bike or something with very limited plastic then I'd be keen. I'd also fit some crash bungs and hopefully wouldn't have to claim unless it was a nasty off.

At present though Ive got the Duc and as it is currently geting repaired I can confirm that the cosmetics cost!

So for now it'll be full cover (with revised premiums)

[cowboyz]

So you are saying my bike is only worth $1000? Get real... p/t
spidey-pig spidey-pig does what spidey-pig does..........
- I'm with you...

Jokes aside...

So how about theft? How about fire? How about your insurance company having to pay out initially because someone else causes an accident - only cosmetics?
err. You would still be insured! theft would be total loss. But if they recovered the bike you would get it back. If the fairings were all scratched up the insurance would not pay to repair. That is the risk for taking out the cheaper insurance. But you are still insured. If your bike is not recovered or written off then market value would apply.
Fire - well that would probably be a total loss scenario. Insurance pays out market value.
Not sure what you mean by ins co paying out for someone else causing an accident. Their insurance should cover that but as per standard, if they are not insured and you cant get them to pay for it then your insurance will only cover that which is required to get your bike back to WOF standard.

However, while the example you make is pretty good the figures are a bit off. I've been quoted $240 a year by State to provide comprehensive cover for a bike of the value $6000.

yeah yeah, I am trying to watch house, couldnt be bothered using real figures. it was an example, the figures are not important, it is the theory I am interested in.

[cowboyz]

My Bikes less than 5 yrs old -i said NO in my case,A-because it is worth a lil bit ,B-because if i am in an accident involving others id like cover for the other vehicle involved and also my gear,C- well if im getting insurance it may as well cover the bike fully be it a new one or a full repair ,not to worried about what i pay as it is not too bad of a rate and i know i may well replace the bikes on a yearly basis and it makes me feel confident that if something does happen im not ending up with a bike i cant really sell onward because i only had cosmetic repairs not a full replacement.

this is not a no insurance thread, you would still be insured and they would still pay to fully repair any vehicle you hit (3rd parties) it is just your bike that will not have the cosmentics fixed. You should have a fair bit of understanding how much cheaper you can get a bike back on the road using second hand parts and a few here and there bits rather than replacing everything brand new (which is what insurance companies do which is why bikes get written off with very little real damage) with your recent fix it upper.

If I was riding a naked bike or something with very limited plastic then I'd be keen. I'd also fit some crash bungs and hopefully wouldn't have to claim unless it was a nasty off.

At present though Ive got the Duc and as it is currently geting repaired I can confirm that the cosmetics cost!

So for now it'll be full cover (with revised premiums)

fair call. The 748 is a weapon. That would certainly be an example of a bike you want fully covered.

[yod]

spidey-pig spidey-pig does what spidey-pig does..

you stole my line

[cowboyz]

you going to get involved in the discussion or sit round eating popcorn slapping people?

[HornetBoy]

this is not a no insurance thread,
didnt mean to say it was

you would still be insured and they would still pay to fully repair any vehicle you hit (3rd parties) it is just your bike that will not have the cosmentics fixed.
You should have a fair bit of understanding how much cheaper you can get a bike back on the road using second hand parts and a few here and there bits rather than replacing everything brand new (which is what insurance companies do which is why bikes get written off with very little real damage) with your recent fix it upper.

yup certainly do,but if id have had insurance then i personally would rather them replace brandew (becuase its just easier to trade or sell later on) then myself having to find 2nd hand parts that may or maynot match the current parts and would leave me with a potentially worthless bike in terms of tradin value etc
also the fact that i would have to,on top of paying the weekly rate for the non cosmetic fixup,pay for my cosmetics out of pocket would leave me without my main source of transport for weeks or months (in my case a naked katana is just not an option as the indicators are wired into the fairing and so is the speedometer etc),so i couldnt even ride it naked whillst fixing it

[Coyote]

care to elaborate?

I want a litre bike but can't pay for insurance. A cheaper premium just to get it back mobile if I do wreck it would be good. Though I suppose it won't count for a total write off.

I'm biased as I'm at tech learning Auto Refinishing so scratched paint = blank canvas

[cowboyz]

fair enough.

I really like my bike but have a fair ammount of contacts that I could replace/repaint the fairings alot cheaper than the insurance company could. If I did bin it it would be almost a guarentee the bike would be written off, simply because it would be too hard to fix. It is too old and too much plastic on it. Would be nicer if they would just fix up the broken bits and leave me to fix the plastics. And nicer to have reduced premiums / excess for it.