Is insurance worth it?

[Rev004]

Well I'm a big believer of Insurance I've had a couple of offs where they weren't my fault and one that was mine when things got out of shape doing a 180k wheel stand.

All my road bikes have been brought brand new and have had Insurnace on all and I'm in front in relation to costs.

1st Bike - VT250 had for 3yrs 30,000k's - ins $500 a yr - Went down the Road when I 17 cause from building rubble across a corner that was shaded. 250 was worth $3000 new $2500 damage and the insure got the money back from the builder once we proved it to be them. (Claimed).

2nd Bike - VF500 did nearly 60,000klms not much as one scratch on the bike. No Claim Insurance $500 a year, had for 3yrs.

3rd Bike - VFR 750 had for 5yrs and not quite 80,00k's - Written off $8000, Insurance approx $800 a yr intially but was around $400 a yr when the bike was written off. I had a aboriginal girl run out from behind a car straight into me in the main street of Kalgoorlie in front of the Pub and only doing 50klm/h. Bike was that badley damaged on the left hand side that you couldn't turn right on it. Most of the damage was cosmetic but when things like oil coolers cost $2500, Dash $2000 the cost racked up really quick and the insurance company paid out on it. In saying that my mate brought it of the insurance company for $1500 and then cost him a further grand and it was all up and going bloody steel.

4th Bike - GSXR1100WP had 15yrs - My F_ _ _ K UP big time, showing off doing wheel stand as mentioned above and got it all wrong but oh well Shite happens. Anyway ins was approx $1100 when I 1st got the bike and was down to $250 when I sold it. $8000 damage to the GSXR due my stuff up ( not that insuance company knew that ).
Did nearly 90,000k's on the old girl and was a bloody great bike.

5th Bike - Well what can I say the Busa - Ins $700 a yr. not even 1yr old yet.

It's quite funny I had a new CR250 for years and never dumped it once, had plenty of scratches and so on from branches etc maybe I should've stuck to the dirt for a while.

So as you can see sometimes it's all about circumstances and some bad luck but I'm a big believer in Ins it only takes one big off regardless of blame and you've recovered your money as it costs a fortune to repairs these Plastic Fantastics .

[BUSGO]

Good story Rev004.
You should be more careful.

[cheeky]

honestly. to buy a new busa is around 20 grand.

do you have 20 grand to throw away??

i dont

if you borrow money you have to insure them..
sorry the banker in me



if you can live without your bike then dont insure or the price tag...

give u an example
we paid for years into insurance for crops(wheat ect)

got totally wiped out in 10 mins..

neighbours 45%

if we didnt have insurance would have wiped us completely

[steventh]

To answer the original question; insurance is never worth it - until you need to make a claim that is!

No matter what you decide with comprehensive make sure you have TPP. It is cheap and running into anything will easily cost a few grand, more if its an import.

The original question should be rephrased, is $3k per year too much to pay IN CASE you have an at fault accident (or the other isnt insured)? Depends on how much of a gambler you are and how much you can afford to to lose 18K.

Cheers

[Rev004]

Good story Rev004.
You should be more careful.

Thanks Bugso

I think I've done a pretty good job since my last mishap which was about 15yrs ago - whoops I need some wood to touch..

[Rev004]

To answer the original question; insurance is never worth it - until you need to make a claim that is!

No matter what you decide with comprehensive make sure you have TPP. It is cheap and running into anything will easily cost a few grand, more if its an import.

The original question should be rephrased, is $3k per year too much to pay IN CASE you have an at fault accident (or the other isnt insured)? Depends on how much of a gambler you are and how much you can afford to to lose 18K.

Cheers

I would probably have to agree even though I'm a big believer in Full Comp insurance like I mentioned above but 3k is a lot of money.

Not sure if this is a factor but over here in WA if you take out finance you have to take out full comp insurance or that use to be the case last time a financed a bike. Is that the case in the east.

[steventh]

Rev004

I believe that is a requirement of the Finance co not the Government. the finance co doesn't want the hassle of trying to get the repayments for a car / bike tht is either written off or inopperable.

Cheers

[GRUNTMAX]

honestly. to buy a new busa is around 20 grand.

do you have 20 grand to throw away??

i dont

if you borrow money you have to insure them..
sorry the banker in me



if you can live without your bike then dont insure or the price tag...

give u an example
we paid for years into insurance for crops(wheat ect)

got totally wiped out in 10 mins..

neighbours 45%

if we didnt have insurance would have wiped us completely

20 grand---that's less tham 10 days in Saturation.

[stevec107]

My K8 is the first bike I have insured, full comp is around $700 / yr (using my 60% driving no claim bonus as good driving history). I gambled with my other 2 bikes and luckily for me it worked out, one of my mates was not so lucky and wore a 14K dept for an abstract impression of his former bike.
Sorry, this probably hasn't helped at all.

---

Mate the slinky down the stairs is about the best I've heard! 'ken funny

Regards
Stevec

[Rainbow7]

My '06 is insured for $12,000. Costs me $400 per year.

I think 3rd Party Property should be compulsory. You shouldn't be able to register a vehicle without it.

[Dale]

My '06 is insured for $12,000. Costs me $400 per year.

I think 3rd Party Property should be compulsory. You shouldn't be able to register a vehicle without it.

+1 i agree 100% .. should be the same as your greenslip, illegal to drive or ride without it.

[scrubber]

My '06 is insured for $12,000. Costs me $400 per year.

I think 3rd Party Property should be compulsory. You shouldn't be able to register a vehicle without it.

My k9 cost me 700$ for 17000$ replacement full comp cover....BUT IM A GOOD SA RIDER..we never do no wrongs....WHAT 299 kph shit OFFICER I didn't think they made bikes that fast.....that cant be right it couldnt have been me...you radar must be faulty.....

[jamdonut]

I normally pushbike ride to work 10 minutes, and on the Landcruiser do under 2000kms a year and about 3000km on the motocycle. No comprehensive on either. However when I am at work use a car for about 8 hours of the day and have never had a major accident in 20 years. So will still take the risk of not getting comprehensive insurance. Knock on wood.

[Louwai]

I normally pushbike ride to work 10 minutes, and on the Landcruiser do under 2000kms a year and about 3000km on the motocycle. No comprehensive on either. However when I am at work use a car for about 8 hours of the day and have never had a major accident in 20 years. So will still take the risk of not getting comprehensive insurance. Knock on wood.

Yeah fair call, but this only takes your good driving / riding record into account.
What happens when you are in an accident caused by someone else & they do not have insurance? Or they were DUI & wiped by their insurance company?
They continue on & you are left with the bill of fixing your vehicle & any medical bills.

Full Comp will pay all of your costs & then chase down the individual that caused the accident to get their money back. No headache or dramas for you.

I've been riding for over 25yrs & have only ever had 1 accident on the bike. I was hit from behind on the freeway. No way of avoiding it.
I had no insurance & the prick that hit me had none. $4k damage to the bike.
Spent lots of money taking him to court. He pleaded poor & I was awarded full reimbersement paid by him at $25/wk for 13yrs.

He paid for 9mths & then disapeared. That was 8yrs ago.

[Brett H]

Was doing the ring around for a greenslip. Most of the "major insurance companies" wanted around $630. NRMA were $110 cheaper is I insured the 2002 'Busa with them, but the problem there is that they wanted $1099.00 to insure it . A bloody rip off. After speaking with Kev at Monaland re the CTP, he quoted me just over $400.00 for the comprehensive insurance, including $1000.00 for saftey gear. At that rate I'm considering it but NRMA's $1099 is just rediculous. Kev at Monalond was a couple of hundred dollars cheaper on the CTP also .

Cheers...Brett