e-bike insurance

[Louwai]

November last year I posted on here that I insured my bike with ebike insurance.
Full comp value of $12,500. (stock 2004)
$329 / yr ($450 excess)

Some were sceptical & asked me to post claim info if I ever had one.
So here it is.

Last week someone tried to steal my bike from the airport & damaged the ignition & steering lock unit.
Needs a full lock set & ignition unit replacement & some other damage fixed.
I initiated a claim via phone last Thursday (1st May), I was requested to get ONE quote from my choice of repairer (Mick Hone).
I did report it to the police & I supplied a copy of the police report to the insurance company.
The claim was approved yesterday & a fax was sent to Mick Hone yesterday to confirm & go ahead with the repair work.

Approval & confirmation within 3 business days after the claim was initiated.

I'm happy.

[Diablo]

Glad to hear that you had a positive experience Louwai. I just insured my K8 LTD this arvo with e-bike, premium was $404, with 24hr roadside assist, $2000 free gear coverage and new replacement if written off. Sounds pretty good to me!!!

[evilRasp]

My insurance is coming up soon, so I decided to check e-bike site for a quote. Got a call about 15 minutes after filling in the form (they quoted $500 less than under what I pay atm), and the rep noted I'd put the wrong rating in. I'd accidentally put in rating 5 instead of rating 1 :)

Another $330 off again. Seriously tempted given it's almost $1000 cheaper than what I'm paying at the moment.

Anyone had an incident and had hassles with claims?

[Heidi1]

CRIKEY! I can't afford insurance, but this sounds good. What is the URL?

[evilRasp]

http://www.ebikeinsurance.com.au/

I did the online quote, put my correct information in (it's only a quote), and they called me up 15 minutes later asking what I thought.

[Louwai]

Originally there was a comment about the e-bike underwriters being an off-shore company & therefore not bound by some Australian laws.
But last year the AU Gov passed a new requirement that ALL insurence companies must have an Australian underwriter as of June 2008.
So I can't see there being a problem.

& as I noted at the beginning of this thread. I'm happy with the service.

And I forgot to add in the original post, ebike did not need / want to inspect the bike prior to approval. Although my claim was only $1800 I would expect an inspection would be required if it was a bigger value claim.

[steventh]

Hi folks,

When quoting your insurance premiums would you please include the insured value, no claims discount and excess as these (along with suburb and yrs riding but probaly too personal for posting ) are used to determine the insurance premium.

The premium by itself is less than half the picture. For example my Busa which I have covered with ebike for 11,500 on max no claim and 500 excess costs me $633. A lot higher than what has been posted here unless of course you valued you bike much lower or have a much higher excess.

If this isn't the case I can go back to e-bike and ask for them to requote.

Thanks

Steven

[Dan85]

dont complain my insurance was $3000 for a year with rating 2 or 55% NCB with $800 excess

[Volvi]

I have done the quote online and the premium is most favourable. A couple of points:

I read through the fine print and from what I glean is that the Underwriter is still offshore. However the Broker adheres and abides by Australian law. The offshore doesnt necessarily put me off as Im sure many Insurance policies are covered by foreign companies. If they are large enough and recognised in their home country I dont think I have a concern on that.

If I have a concern its like history has shown me that once they "snag" you in with their first favorable priced policy the consecutive renewals are not that favorable as some have experienced with Shannons. However I may call them on this point and clarify the matter.

It is preferable if one indicates their premium here on thread that a certain amount of details accompany the quote (only that which your willing to divulge).

Mine was Comp. $350 odd.- $12.500 - 450 excess - rating 1 - with 36 yrs bike experience. Garaged.

Beware on Excess, it asks you for a "Voluntary Excess" which is on top of the $450 mandatory excess to decrease the premium, I have stated $0, thus making excess @ 450

[steventh]

Hi Volvi,

Great info. It seems Im paying about almost twice as much as you (thats close to a set of tyres!) though admitedly I dont have 36 yr riding experience.

Im going back to renegotiate.

Update on the Renegotiation; not possible - the Cust Services have their quotes computer generated and cant explain the differences- its still competitive though.

regrds

Steven

[Volvi]

woha now quote is $298 with alarm indicating Mongoose but informing them its actually a Scorpio which they said they would accept.

[evilRasp]

When I got called back, the guy mentioned he'd corrected something I'd entered wrong (namely which rating I was in). $0 excess, $18k (basically what it'd cost me to replace my 'busa with mods), was under $700 for a 29 year old living where I do. That's under half what I'm paying presently.

Does anyone know if they have an affiliated body that does car and contents too? The one reason I'm with Suncorp is it makes my insurance policies easy to maintain and pay.

[busakid08]

Age can make a massive difference too

[steventh]

They have ecar which is linked from their home page. Very good prices as well.

steventh

[Diablo]

Steven,

Sorry it took so long to reply.
Comprehensive policy, with new replacement for first year, then market value. So, if anything happens in the first year they give me a brand new bike, after that, whatever the bike is worth. They don't do agreed value. Rating 1, so full no claim bonus and an excess of $450.

The difference could be in where you live and how the bike is stored