New 05' without insurance?

[mike-s]

Yet another reason im happy to pay $55/month for health insurance.

[swabio-ACT]

Heres the costs:
$15000 05' ZX-6R
$3000 Insurance.
$1500 excess

If i crash and write it off in the first year, it would of cost me $4500~

The odds of that happening, and me being at fault are low, as i don't ride too aggressive.

Regardless of how aggressive / defensive you ride, you cannot forsee everything. I Wrote off a 05 ZX6R 10 days after getting it, and I was doing around 50km/h, coming into a hairpin (unmarked) and the front end hit a stick and the end result was me going over an embankment. My insurance ($1180) saved me a lot of heartache! IMHO, if you cant afford insurance you cant afford the toy!.

[Felix]

Swabio summed it up nicely, if you can't afford insurance, or can't afford to bin it, then look elsewhere. $15k, no matter how financed will take a long time to repay. Plenty of fun to be had for around $6k...

If i crash and write it off in the first year, it would of cost me $4500~

The odds of that happening, and me being at fault are low, as i don't ride too aggressive.

This gives me a hint of your inexperience on the road. A lot of things beyond your control can lead to binning a car/bike. You are forgetting that it is $4500 + the increase in your next premium (and excess)...and if you have a car, that goes up too...

Anyhow, I just renewed my full comp insurance on the ER-5 - $209

[swabio-ACT]

Swabio summed it up nicely, if you can't afford insurance, or can't afford to bin it, then look elsewhere. $15k, no matter how financed will take a long time to repay. Plenty of fun to be had for around $6k...

If i crash and write it off in the first year, it would of cost me $4500~

The odds of that happening, and me being at fault are low, as i don't ride too aggressive.

This gives me a hint of your inexperience on the road. A lot of things beyond your control can lead to binning a car/bike. You are forgetting that it is $4500 + the increase in your next premium (and excess)...and if you have a car, that goes up too...

Anyhow, I just renewed my full comp insurance on the ER-5 - $209

It doesn't even matter if you can afford to bin it, what if you lowside it into a brand new merc, bmw or even a commodore, can you really afford to repair and pay for any damage done to property, ppl and the like. With Full Comp ins you get massive amounts of financial protection for anything you are liable for. So unless you have a crap load of cash you are up the creek if you stuff up! ie a bitt of moisture on the ground mixed in with some fuel / oil that has leaked from a jerry on the back of or from con's dodgy ute on the way to work etc ?

[I-K]

It doesn't even matter if you can afford to bin it, what if you lowside it into a brand new merc, bmw or even a commodore, can you really afford to repair and pay for any damage done to property, ppl and the like. With Full Comp ins you get massive amounts of financial protection for anything you are liable for...

Please note that the benefits of 3rd party property insurance have been acknowledged, repeatedly and at length, over the course of the past six pages of this thread...

[swabio-ACT]

It doesn't even matter if you can afford to bin it, what if you lowside it into a brand new merc, bmw or even a commodore, can you really afford to repair and pay for any damage done to property, ppl and the like. With Full Comp ins you get massive amounts of financial protection for anything you are liable for...

Please note that the benefits of 3rd party property insurance have been acknowledged, repeatedly and at length, over the course of the past six pages of this thread...

Point noted

[photomike666]

So when little old (and uninsured) granny pulls out, wipes out your 15k bike, $1000 worth of kit and everything else that goes with it, what will you do?

She will be in no position to buy you a 5k bike let alone the rest, there will be no-one you can turn to. Her rego will cover any injury to you and that's it. You will be 15k+ out of pocket and thinking, this could have only cost me 4500!

[I-K]

So when little old (and uninsured) granny pulls out, wipes out your 15k bike, $1000 worth of kit and everything else that goes with it, what will you do?

3rd party property insurance isn't the only thing that's been covered over the course of this thread...

[photomike666]

And don't say It'll never happen, coz it does. It happened to me twice in 6 months...

November 2000 a lady pulls out of a side road about 1k from my home, writes my Kwak off and compresses my lower spine.

March 2001 a guy in a 4*4 pulls out of a central London side road and stops in a box junction (illegal move), my CBR is written off and I have major knee injuries.

Neither accident was my fault, both happened at around 50K and neither gave me any room to stop. My bikes, kit and injuries were paid for by insurance (some $6000 for a compressed spine on top of treatment costs).

[Tenoq]

Although accidents aren't necessarily your fault, they can be avoidable in most situations. (Not saying that yours were or were not, photomike).

I think the issue this thread should be looking at is not No Insurance vs. Insurance, but more Insurance vs. Self-insured. If I'm quoted a $3k premium and a $1k excess on my next bike, I'm not going to be handing that money over to the insurance company - it's waaaay too much, IMO.

Instead, I'll open an account and put $3k in it. Next year, I'll ring up again: $2.5k. Fine, I'll put that in my account. Until my insurance becomes reasonable, I'll self insure (although I'll always have third party property).

Now I might be unlucky, plow my bike into the side of a truck @ 100km/h, and she'll be a complete right-off (not unlike myself, I imagine!). But most of the accidents I here about are a stationary drop, a low-side that just scratches up some fairing/mirrors/bars/etc or something similiarly fairly cheap to fix. I'll pay for said repairs out of my insurance account. I believe, in the long run, this is going to be a cheaper insurance scheme for me than forking out the money to RACV or whoever.

Another bonus is it'll probably make me think twice when I start doing stupid shit on the road!