Is insurance worth it for me?
Ive spent the last week dealing with Kiwibike (great people), and despite my record, they have been able to offer a premium as low as $941 for my TL. There is a $1200 excess, and $750 excess for theft. company is NAC.
Now Ive been asking all sorts of questions - I valued my bike at $7k - probably the market value, yet I have spent at least $2k on extras - Donna said I could up the value of my bike to 9k, but pay a higher premium - but i pointed out, if it got written off, regardless of extras, market value is market value.
So from there I enquired as to the buyback option in the event of a write off - the response was it goes on trademe to the highest bidder - anyone know insurance law? im pretty certain the owner gets first dibs, if they dont want it, it goes to the highest bidder at auction.
As for aftermarket bits and pieces - if I crashed and it would most likely be a write-off, the bike isnt property of the insurance company until it is officially written off - so what are the legal implications of my removing my mufflers, brakes, radar etc.. etc..before it becomes insurance company property?
On top of that, my excess doubles for trackdays - so $2,400.
If im stuffed as far as those things go, is there really any point in me being insured?
Ill probably do less then 5,000kms a year on it - mostly touring with a blast every thursday and weekends, and I dont plan on crashing anytime soon.
I did the approx maths:
Premium: $1,000
Excess: $1,200
Likely buyback through TM: $3,500
Market value payout: $7,000
So in the event of a crash, im either left with $4,800 to replace my bike,
or $1,300 + a severly broken bike.
If you pay to insure something, and something goes wrong, you shouldnt end up worse off - especially in the event of an accident being someone elses fault - ive been there. brand new bike. got t-boned, i got paid out 75% of what i paid just 6 weeks before because of market value - so i lost out and wasnt even my fault.
Id really like to know if anyone knows about buybacks, and any other thoughts people might have.
-Pete
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