Bike insurance

[Naked Twin]

Insurance is their to protect insurance companies, the only reason it was invented was because someone said they can make money out of it. It is all about risk mitigation.

I know of some companies that have big car fleets who don't insure as they have proven the cost outweighs the benefit (surprise).

We do it to mitigate the possible risk. Is their anyone who has paid insurance for 10 years or more and is in front (apart from piece of mind)? If you put that money aside and invested (like an insurance portfolio) the majority would be better off.

[Wattie]

Insurance is their to protect insurance companies, the only reason it was invented was because someone said they can make money out of it. It is all about risk mitigation.

I know of some companies that have big car fleets who don't insure as they have proven the cost outweighs the benefit (surprise).

We do it to mitigate the possible risk. Is their anyone who has paid insurance for 10 years or more and is in front (apart from piece of mind)? If you put that money aside and invested (like an insurance portfolio) the majority would be better off.

Yes but these company's that self insure have the bank account and assets to match.
Without being too judgmental, I would put money on saying you don't.

[Cath]

I don't pay for insurance in the hopes of coming out in front. Like you said, Naked Twin, I pay it to mitigate the risk. I'm paying for someone else to take on that risk - why on earth *would* I expect to come out in front (purely based on finances)??? I'm hoping that actual risk - you know, the one where I crash and wreck someone else's vehicle, possibly hurting them and probably hurting myself - never actually happens. Essentially I'm hoping that I *don't* come out in front, because if I do, I've probably been at fault in a serious accident.

I pay insurance when I either can't afford to replace (or don't want to do without) the item (comprehensive), and I also pay insurance so that one incident doesn't affect my financial future for the next 50 years (third party). Yeah, I know if I put the money I spend on premiums into a bank acccount instead of giving it to the insurance company I would be financially better off - but I'm not spending that money to make sure I'm ahead by $500 in five years - I'm spending that money to (a) protect me if I hit something expensive and (b) to protect the person who I hit, so I can make it up to them (materially - not physically)

[Naked Twin]

Yes but these company's that self insure have the bank account and assets to match.
Without being too judgmental, I would put money on saying you don't.

Did, would be the correct answer and I did it based on calculated risk, where I was riding, how I was riding and how often I was riding, a bit like how Youi insures people. Statistically the more often you ride/ drive the more likely you will be involved in an accident, whether at fault or not.

No these companies don't have the bank balances if all vehicles were flooded or damaged through other ways they just are taking a calculated risk that it won't happen.

The statement about coming out in front was implied incorrectly by me, I meant the majority of people would be better off if they didn't pay insurance and they would be in front financially.

I don't insure to protect others (that sounds arrogant but I believe the best person to look out for me is me) but I do insure to protect myself and my family from the financial burden that would be caused by me dying, being injured and out of work or hitting a Ferrari

[Jonno]

No these companies don't have the bank balances if all vehicles were flooded or damaged through other ways they just are taking a calculated risk that it won't happen.

The statement about coming out in front was implied incorrectly by me, I meant the majority of people would be better off if they didn't pay insurance and they would be in front financially.

I don't insure to protect others (that sounds arrogant but I believe the best person to look out for me is me) but I do insure to protect myself and my family from the financial burden that would be caused by me dying, being injured and out of work or hitting a Ferrari

I know of a few multinationals that self insure their fleets, it is massively cheaper to do so based on their own accident rate stats. They run it internally and weigh up the risks just like insurance underwriters do, they have certain policy's and guidelines their employee's must follow or they expose themselves to liability.

I paid full comp at 18 years old for a car, seen the folly for old cars and have only now insured full comp again after 25 years on my cage mainly because of the value of it, most of my bikes have full comp (except the track bike -fire/theft/accidental damage-engine not running), mainly for some one running me off the road or not insured, fire, theft and replacement reasons.
However i may review the whole setup next renewal.

[GPZ_Jim]

so does all the insurers offer third party property damage insurance? I have full comp on the gpz, but only ctp on the er5.. I am definitely keen to get some 3rd party property insurance for the er5 if its gonna be 200 bucks or less a yr..

also wondering can you have ctp and 3rd party damage insurance with separate insurers?

funny how they never seem to mention they have these handy options tucked away I was under the impression it was just a choice between full comp, fire&theft, none(besides ctp).. good to know

[Wattie]

You can get 3rd party from any company, doesn't matter who you have the CTP greenslip with.

3rd party fire and theft you will find to be almost as much as full comp. (well at least I have in the past)

But personally I think 3rd party property needs to be mandatory like 3rd party personal is.

[Naked Twin]

Can have separate CTP and 3rd party property damage. Some insurers will give you CTP discount if you have 3rd party property or full insurance with them. Always worth checking

[Supafrog]

not to get off topic...

But I haven't seen many suggestions for insurers in this thread,,,

Shannons?
Swann?
QBE?

are there any others?

[Wattie]

Gio
NRMA
western qbe,
Insure my ride
Swann
Shannons
Aami
Yamaha motor insurance

[Naked Twin]

But personally I think 3rd party property needs to be mandatory like 3rd party personal is.

And I would respectfully disagree based on past experience with making anything compulsory. CTP is a complete rort that doesn't cover the cost is was designed to, hospital cost are still largely being bourne by the government. Health insurance, as soon as they made it compulsory for "higher" incomes the premiums went up. That tends to happen when you have a captive audience even despite an indepedant pricing body that has to approve any increase.

On recommendations I would suggest only those who have to claim can make an honest assessment. As stated before insure my ride paid without making me jump through hoops, the only issue was the time they took to sort it. My wife has previously claimed with the NRMA and I can say they were faultless. Can't comment on others than to say I have heard "stories" about QBE which aren't good, I currently insure with AAMI (that doesn't mean they are good just I like the product options)

If you have a dart board throw a few names up and see which ones you hit.

Nick

[stetto]

You can get 3rd party from any company, doesn't matter who you have the CTP greenslip with.

3rd party fire and theft you will find to be almost as much as full comp. (well at least I have in the past)

But personally I think 3rd party property needs to be mandatory like 3rd party personal is.

+1 woulda saved me if people thought like that
sent from my Android using Tapatalk

[Supafrog]

$890/Year for the 12 with AAMI ;o)

[fireyrob]

I was lucky to have full comp on my old commodore. Was hit in a minor headon on a blind corner (not my fault and v slow speed luckily). All seemed ok, swapped details etc. Drove off... Insurance Co rang me back the licence No, name etc were all made up and turns out the ID was made using a stolen RTA machine a week earlier, car was stolen and unregistered (fake rego sticker) No excess payable by me as I did the right thing and car was fixed

Got a call from the cops a month later to find out the same driver and car were caught in another prang this time seriously injuring someone.

Full Comp insurance is not just covering who you may injure or material you damage but hopefully will cover yourself!

[kawadave]

$890/Year for the 12 with AAMI ;o)

The quotes below "SWAN INS"are based on my ZRX1200R with a vehicle value of $8500.00
Holding a licence for more than 5 years. with a $400 excess on the "Third Party" option.

http://www.swanninsurance.com.au/products/motorcycle

Maxirider Third Party
$12.00 monthly
$144.00 Annual

Weekend Rider Plus
$29.80 monthly
$357.64 Annual

Maxirider Third Party Fire & Theft
$26.08 monthly
$312.94 Annual

Maxirider Comprehensive
$37.25 monthly
$447.05 Annual