Insurance Renewals

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Insurance Renewals

Post  BanditDave on Sun 01 Apr 2012, 7:30 am

I am sure most of us have bike insurance and am pretty sure that our premiums vary quite considerably, even for the same model bike.

I was debating bike, car, boat, house insurance with a friend recently and we came up with a couple of ideas to save a little cash.

We all know that insurance companies vary considerably with their premiums.

Lets say you insured your bike last year with your present insurance company.

This year you receive a renewal invitation from the same insurance company, sometimes for the same amount, sometimes a little higher.

It is time to go "insurance shopping"

All companies have 1800/1300 phone numbers or online quotes so all it is going to cost is a little of you time.

The strategy is that you present the new insurance company with your present insurance renewal details and ask if they are interested in making a counter offer.

What have you got to lose?

I will be doing this from now on and will keep you posted.

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Re: Insurance Renewals

Post  madmax on Sun 01 Apr 2012, 7:44 am

Yes its always good to play them off against each other for a better price. Just remember its not always about the price. The service you get, if you need it, is what you are paying for.
Talk to others if they have had any claim experience with a their company.
A mate of mine is a panel beater and he tells me some "cheap" insurance companies are absolute pains to deal with. Pushing the price of the repair down generally means taking shortcuts or secondhand parts with the repair.

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Re: Insurance Renewals

Post  Reardo on Sun 01 Apr 2012, 9:33 am

Yeah, I moved to Swann last year with out reading all there "Terms of conditions". After reading it Mad . They use second hand parts once the bike is a couple of years old and they went up by $100 this year too.

So I'm on the move again soon. I shop around every year.

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Re: Insurance Renewals

Post  madmax on Sun 01 Apr 2012, 10:51 am

@Reardo wrote:Yeah, I moved to Swann last year with out reading all there "Terms of conditions". After reading it Mad . They use second hand parts once the bike is a couple of years old and they went up by $100 this year too.

So I'm on the move again soon. I shop around every year.

Argh Shit! that's who I've got my bike with Crying or Very sad

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My Bike Insurance

Post  BanditDave on Sun 01 Apr 2012, 12:14 pm

I'm presently insured with New England Insurance Brokers

2009 Bandit - Replacement value or $13200

2005 Honda Shadow - $7000 agreed value

I've never had a claim so cannot offer an opinion on their performance although I have not heard a bad word about them

Annual premium for both - $482

Renewal is due this month.

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Re: Insurance Renewals

Post  madmax on Sun 01 Apr 2012, 12:35 pm

@BanditDave wrote:I'm presently insured with New England Insurance Brokers

2009 Bandit - Replacement value or $13200

2005 Honda Shadow - $7000 agreed value

I've never had a claim so cannot offer an opinion on their performance although I have not heard a bad word about them

Annual premium for both - $482

Renewal is due this month.

That's an awesome price. IIRC mine was $400+ for 1 bike

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Re: Insurance Renewals

Post  Ewok1958 on Sun 01 Apr 2012, 3:04 pm

Mine came came during the week - Insure My Ride - $278.42 with $1,000 gear coverage and $1,500 of modifications. Can't remember the bike value but I seem to recall that it was under $10k.
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Insurance Renewals

Post  Kaupy1962 on Sun 01 Apr 2012, 4:45 pm

Got no Insurance. Don't see the point. I don't intend falling off. If I do I'll repair it rather than let some insurance mob right it off. (The brothers CBR honda is now written off for the second time and there's still nothing wrong with it. If someone runs into me they better have insurance! Or there'll be pain, lots of pain. And their insurance company is gonna write it off anyway and give me stuff all. Insurance is for houses and contents.
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Re: Insurance Renewals

Post  Boatz on Sun 01 Apr 2012, 9:35 pm

@Kaupy1962 wrote:Got no Insurance. Don't see the point. I don't intend falling off. If I do I'll repair it rather than let some insurance mob right it off. (The brothers CBR honda is now written off for the second time and there's still nothing wrong with it. If someone runs into me they better have insurance! Or there'll be pain, lots of pain. And their insurance company is gonna write it off anyway and give me stuff all. Insurance is for houses and contents.

Let me get this right, You don't see the point of insurance and don't have any , but someone who might accidently hit you" better have". WTF.

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Re: Insurance Renewals

Post  Reardo on Sun 01 Apr 2012, 9:49 pm

I've got no probs with anyone with out insurance, As long as they pay up if they are at fault.

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Re: Insurance Renewals

Post  Jimcoleman on Mon 02 Apr 2012, 7:48 am

@Kaupy1962 wrote:Got no Insurance. Don't see the point. I don't intend falling off. If I do I'll repair it rather than let some insurance mob right it off. (The brothers CBR honda is now written off for the second time and there's still nothing wrong with it. If someone runs into me they better have insurance! Or there'll be pain, lots of pain. And their insurance company is gonna write it off anyway and give me stuff all. Insurance is for houses and contents.

thats a rather interesting concept, but what happens when you hit someone, you want to hope that the guy driving the $230,000 benz says its ok Kaupy its only a scratch it will polish out and i've got a spare headlight oh look i'm a good bloke how bout we go our separate ways oh are you ok did i tear your pants when you hit me, look here is $300 buy a new pair. yeah right !

i hear you say i won't hit any one or fall off, well accidents are called accidents for that very reason there accidents, thats why there not called on purposes Wink
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Re: Insurance Renewals

Post  madmax on Mon 02 Apr 2012, 8:52 am

@Jimcoleman wrote:
@Kaupy1962 wrote:Got no Insurance. Don't see the point. I don't intend falling off. If I do I'll repair it rather than let some insurance mob right it off. (The brothers CBR honda is now written off for the second time and there's still nothing wrong with it. If someone runs into me they better have insurance! Or there'll be pain, lots of pain. And their insurance company is gonna write it off anyway and give me stuff all. Insurance is for houses and contents.

thats a rather interesting concept, but what happens when you hit someone, you want to hope that the guy driving the $230,000 benz says its ok Kaupy its only a scratch it will polish out and i've got a spare headlight oh look i'm a good bloke how bout we go our separate ways oh are you ok did i tear your pants when you hit me, look here is $300 buy a new pair. yeah right !

i hear you say i won't hit any one or fall off, well accidents are called accidents for that very reason there accidents, thats why there not called on purposes Wink

Couldn't have said it better myself!

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Re: Insurance Renewals

Post  Kaupy1962 on Mon 02 Apr 2012, 10:54 am

It's called seat of the pants riding. I ride to ride and enjoy it. Rego is already far too expensive without the cost of added insurance.
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Re: Insurance Renewals

Post  mustang sally on Mon 02 Apr 2012, 2:54 pm

@madmax wrote:
@Jimcoleman wrote:
@Kaupy1962 wrote:Got no Insurance. Don't see the point. I don't intend falling off. If I do I'll repair it rather than let some insurance mob right it off. (The brothers CBR honda is now written off for the second time and there's still nothing wrong with it. If someone runs into me they better have insurance! Or there'll be pain, lots of pain. And their insurance company is gonna write it off anyway and give me stuff all. Insurance is for houses and contents.

thats a rather interesting concept, but what happens when you hit someone, you want to hope that the guy driving the $230,000 benz says its ok Kaupy its only a scratch it will polish out and i've got a spare headlight oh look i'm a good bloke how bout we go our separate ways oh are you ok did i tear your pants when you hit me, look here is $300 buy a new pair. yeah right !

i hear you say i won't hit any one or fall off, well accidents are called accidents for that very reason there accidents, thats why there not called on purposes Wink

Couldn't have said it better myself!
This the same arguement why some parents won't immunise their children. I'm not going to for whatever reason, but I am going to rely on everyone doing it.

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Re: Insurance Renewals

Post  b12mick on Tue 03 Apr 2012, 10:57 am

Bike, car and house/contents insurance I rarely shop around for. I've been with WQBE for 8 years, CGU (house/contents) for more years than I can remember and my wife has been with AAMI for her car(s) for close to 7 years. Health insurance is the same. When I do talk to insurance salesman about health insurance they usually stop talking to me when I tell them I'm with Defence Health.

CTP on the other hand, that's a yearly shop around. Just one word of warning though, beware of the on-line brokers. My wife used one of those (the name escapes me) and when she went to make a claim against her CTP it turns out the broker had gone in to administration and hadn't paid the insurance companies for 2 or 3 months. Much searching of bank statments ensued and she proved we had paid the money and at all worked out in the end.

As for people who don't have insurance, if you run into me you'll be dealing with my insurance company, have fun with that.
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Re: Insurance Renewals

Post  2wheelsagain on Tue 03 Apr 2012, 12:54 pm

@b12mick wrote:

As for people who don't have insurance, if you run into me you'll be dealing with my insurance company, have fun with that.

For most of us over 40 with a good record our Bandits are a smidge over $200 to comprehensively insure with reasonable agreed value. (NRMA/RACV)

That's pretty cheap for a good nights sleep.

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Re: Insurance Renewals

Post  surfacc on Tue 03 Apr 2012, 1:24 pm

My comprehensive is due on 7th April. Swann want $430, RACV $279.
Pretty easy to figure out who is getting the business.
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Re: Insurance Renewals

Post  b12mick on Tue 03 Apr 2012, 1:42 pm

Last time I checked, for me, NRMA was more expensive (WQBE $310 - NRMA - $450) and WQBE offers life time rating one, NRMA didn't.
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Re: Insurance Renewals

Post  Chettlingham on Sun 17 May 2015, 6:36 pm

Sorry to dig up an old thread but the prices mentioned seem way below what I was quoted just recently.

As some of you might know I've not had a bike for 10 years and then recently bought a 1250s. Full comprehensive through Suncorp is about $700/yr, I paid it as as I have all my other insurance through them.

Did I get ripped off...?

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Re: Insurance Renewals

Post  mtbeerwah on Sun 17 May 2015, 7:02 pm

I`m with Suncorp, and I pay $400 and something.  I don`t know the exact amount.

But it is a 12yr old bike now, so I think its time to start shopping around.

As for red book, they`ll all, give me nothing, unless I find someone to give me agreed, but then they`ll sting me anyway.
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Re: Insurance Renewals

Post  paul on Sun 17 May 2015, 7:08 pm

Swan was $381 for $7867 cover on a 2010 1250s with helmet cover

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Re: Insurance Renewals

Post  Chettlingham on Sun 17 May 2015, 7:09 pm

That is the other funny thing, I paid $6100 for the bike, on the road and with 6 months rego. The lowest price I could insure it for was about $6400 through Suncorp.

My Nissan X-trail on the other hand even the highest amount is lower than I would expect to pay... maybe I over value the old girl...

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Re: Insurance Renewals

Post  Chook on Sun 17 May 2015, 7:21 pm

@madmax wrote:
@Jimcoleman wrote:
@Kaupy1962 wrote:Got no Insurance. Don't see the point. I don't intend falling off. If I do I'll repair it rather than let some insurance mob right it off. (The brothers CBR honda is now written off for the second time and there's still nothing wrong with it. If someone runs into me they better have insurance! Or there'll be pain, lots of pain. And their insurance company is gonna write it off anyway and give me stuff all. Insurance is for houses and contents.

thats a rather interesting concept, but what happens when you hit someone, you want to hope that the guy driving the $230,000 benz says its ok Kaupy its only a scratch it will polish out and i've got a spare headlight oh look i'm a good bloke how bout we go our separate ways oh are you ok did i tear your pants when you hit me, look here is $300 buy a new pair. yeah right !

i hear you say i won't hit any one or fall off, well accidents are called accidents for that very reason there accidents, thats why there not called on purposes Wink

Couldn't have said it better myself!
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Re: Insurance Renewals

Post  Ewok1958 on Sun 17 May 2015, 9:17 pm

Youi was $358 last month (full comp) with $1000 per claim for gear.  That's pretty low for the gear but you can adjust it up or down and the premium then changes in line with the adjustment.  It all comes down to risk I guess.
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Re: Insurance Renewals

Post  jstava on Mon 18 May 2015, 12:05 am

I'm with Kaupy on this.  3rd party Property is all I have,beyond CTP If I dump the bike, I'll just wear it, but I'm not having anyone try to take my house off me because I bent their Pride and Joy or Status Symbol.    

I also hear too many stories of people who get a total loss assessment on a claim, when the bike is not badly damaged, perfectly fixable and the settlement is far lower than what it should be, the insurance company owns and takes the bike and they are then forced to go shopping with a deficit.  It's a crook industry.  Over the years, I could have bought at least 2 bikes with what I have not spent on insurance.

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