The definitive motorcycle insurance thread

[Oscar]

YOUI may not be a complete bunch of tossers but it is clear that their business model is deluded at best.

The whole point of insurance is to distribute risk across as many people as possible; thus enabling the unfortunate few to recover from an unfortunate event without having to declare bankruptcy. Reducing premiums significantly because a given person is "low risk" flies in the face of this principle and threatens to destroy the entire system. The inevitable conclusion to this is that we all take our own risk and insurance becomes completely useless.

Yup.
At the risk of repeating myself (for the umpteeth time), the measure of an insurance company is not the premiums but the claims service.
The equation is relatively simple: premiums less (claims + costs) = profit.
For any given population there is an ideal premium structure, and any attempt to reduce the premium to the consumer means that either service standards or claims payments are reduced.

[swbarnett]

The concept of self insurance is quite common in some big firms. Or should I say they adopt the stance that they'll insure on the basis of covering the first one or two million themselves, thus covering them for the big hits, then managing the risk of lower level events on their own dime.

Isn't this just the same as the insurance you or I would take out, just scaled up? The first one or two million that they take on themselves amounts to an insurance excess.

[caspernz]

Isn't this just the same as the insurance you or I would take out, just scaled up? The first one or two million that they take on themselves amounts to an insurance excess.

Yes and no. The way it was explained to me in relation to vehicle insurance was they self insure the trucks, with public liability insurance to cover anything over x amount. So yes it's like an excess, but it can still be self defeating if one has a large number of small scale events.

It works on the principle of the premiums saved will hopefully cover the small stuff.

[PeterNZ]

Kiwi Bike Insurance.

End Thread.

Kiwi Bike Insurance is an insurance broker. They wanted to sell me the protecta policy which is too expensive and has a high excess. The online quote I did on their web page came up with $365 per year for my 2005 R1200GS. But then in the phone conversation I had with them they figured out I had a long break riding bikes and the fee went up to $565 which is the same protecta quoted me.

I have a quote from AMI which is our insurance for house, cars etc. They have the lowest excess ($300) and provide double the amount for third party insurance ($20 Mill. instead of 10 Mill - not that I think you ever need that much). Add to this that we never had any issues getting a claim accepted with our other insurances we have with them I think AMI it is.

Oh and by the way, AA told me they don't insure BMW R1200GS. They insure all other 1200 models but not the GS. They say this is based on the lack of BMW service in NZ for this model so they can't ensure that i.e. repairs can be made at reasonable cost. Doh!

Cheers

Peter

[LinkNZ]

With AA Insurance, $328 a year for a CBR500R @ $6.5k.

Previous bike got stolen, they paid out within 10 working days. No funny business or trying to wiggle their way out of it, they left it all to the police. Probably the most hassle free experience I've ever had with insurance.

[cods4]

With MAS Insurance

Just got my Ducati ST4S insured for $8000
Initially they quoted $836 pa which I said sounded very expensive so they changed it to 'named drivers only' and put the excess up from $250 to $450 and it came to $567 pa which sounds more like it.

Quizzed them on gear insurance and they said it is covered under my contents insurance and I wouldn't have to pay an excess.

Pretty happy with what I got I think.

[Mike.Gayner]

Quizzed them on gear insurance and they said it is covered under my contents insurance and I wouldn't have to pay an excess.

Sounds like BS to me.

[Owl]

Sounds like BS to me.

Yeah unless the contents insurance is MAS.

[Chris Samuel]

I have tried a few companies to cover my Gas Gas ec450f,all through on line.The highest price was $1700,next was $750 (which i took)did a bit more research during that year and got $14000 cover with helmet and jacket cover for $250 through YOUI .But i am in my late 50,s,would not like to think how $$$ if i was 20 something ?

[Mike.Gayner]

Fuck everything about YOUI. Every single thing.

[Oscar]

Beware YOUI.
Google is your friend.

[MichaelG]

Getting quotes for a few bikes at the moment and a CBR1100XX Blackbird is $100 a year cheaper than a Bandit 1250S (faired) because they class it as a Sports Tourer and the Bandit as a Naked (even though there is a specific naked Bandit model). What's that about?

[flashg]

Try Vero insurance(David Golightly scheme) They charge you based on the value of the bike, not your experience or the type of bike. Well they used to.

[old slider]

I have insured my Bikes through Star insurance.
Their policy document is pretty clear and has 24/7 roadside assist. Comprehensive cover on both bikes, 2010 HD Fat Bob & 1999 Kawasaki W650 (total value of $23k) is around $900 per year with a $500 excess.

[Ripperjon]

Sum c*nt reversed into my bike outside my house, knocking it over onto my misses' scooter. Both are substantially damaged.
The offender and their insurance have accepted liability.

Does anyone know if we should be offered substitute vehicles while ours are garage-bound?
I doubt they will offer this. But really the accident shouldn't be affecting us, right? And if i can get a substitute in the meantime, i want it!

Thanks for your help!