Insurance - look what my 13 is apparently worth....

[Diesel]

Insure My Ride reckon my '04 13 is worth well over 12 grand!!            *reaches for matches*   lol

The annual premium I pay them reflects this.

I wrote them and requested a revision of the market value to a more realistic $8,500 and a premium commensurate with this value.

Here is what they said about this....

Hi David,

Thank you for your email.

I have reviewed your policy B????????738 and can confirm I have updated the sum insured (based of the present market value) to $11700.

At Insure My Ride, we offer fixed market value policies, meaning the market value of your bike is referenced from the Glass’s Guide at the start of your insurance term and fixed for the term of insurance until renewal. As a result I cannot lower your insured value to $8500 for a cheaper renewal.

My annual premium is around $330 for this new valuation.

Do you have a similar story? Would love to compare. Who you with? What do you pay?

Cheers, Diesel


EDIT: I am a rating 1 with max 65% no claim bonus etc.

[Brock]

Not quite the same, but when I bought my bike, I couldnt get insurance as there wasnt a 2003 ST1100 released. So without insurance, no finance......
 

The fix was, contact the finance lady, told her I want the bike, she wants the finance  so can she fix the insurance....

The fix was toinsure as a 2002 ST1100 with a comment in there that it was really a 2003...

[Sabie]

Buggar off Diesel, my 04 Blue is worth more than $8,500. Don't be so quick to de-value our beloved ST's and not all of us have a million miles on our bikes either.

[Diesel]

Quote from: Sabie on 15-03-2014, 00:03:49

Buggar off Diesel, my 04 Blue is worth more than $8,500. Don't be so quick to de-value our beloved ST's and not all of us have a million miles on our bikes either.

Hope your're right for all our sakes. Would love to know what you'd market yours for Michael.

[Brookester]

Same ratings, The new KLR got agreed value $12,800 for $279 with QBE. Ulysses discount (now you is eligible). Have had 2 Not at Fault write offs with them and sweet as settling including $500 towards getting home, $500 towards towing bike to repairer of choice, up to $500 worth of gear. The FJR is agreed value $10k for $254.
Insurance is for a purpose in my opinion. If you write it off do you only want $8,700 towards the next bike or would you prefer $12,000. Costs a lot to get a decent low mileage second hand bike, even more to go new.....then there is the extra farkling to be re-done....or you end up bikeless for too long......FWIW.

[Biggles]

I reckon insurers take a huge risk with bikes.  Obviously they've done their sums and won't go broke, but it takes a lot less bingle to write off a bike than a car and the premiums aren't hugely different to a car.
Also interesting to see the company being ethical with their valuation philosophy.  They could have set up a lot less payout for not a lot less premium.

Leaving you with not a lot less money but a lot more incentive to hoon.


a lot less...   

[Pezzz]

I reckon insurers take a huge risk with bikes.  Obviously they've done their sums and won't go broke, but it takes a lot less bingle to write off a bike than a car and the premiums aren't hugely different to a car.
Also interesting to see the company being ethical with their valuation philosophy.  They could have set up a lot less payout for not a lot less premium.

Leaving you with not a lot less money but a lot more incentive to hoon.


a lot less...   

My head hurts .....   

[Sabie]

Well, if I had to put mine on the market I'd want $11,000 to $12,000 for it.

However, my point was that if the market value is $12,000 and that's the amount the bike is insured for why would you ask for the bike to be re-assessed to a lower amount $8,500 solely to reduce the premiums.

It doesn't make sense to me to reduce the value of the bike by $3,500 to save $40 or $50 a year in premiums. Even if you were saving $100 a year, a value drop of $3,500 still doesn't make sense.

So I wreck my bike today, after a new valuation and saved let's say $100 in premiums but now I'll get a payout from the insurance company for $8,500 instead. Of the $12,000 I would have got yesterday.

Do you see my point Dave?

[Diesel]

Yeah Sabie - you make a great point. I was asking myself "what size cheque would i need to replace my 13 if the worst should happen?" And $8-9K was the answer.  (see here for evidence  http://ozstoc.com/index.php?topic=5748.msg64790#msg64790 )


So why pay and extra $80 per year for more than that? But you make sense in receiving a $12k cheque for money I won't really miss. Ended up agreeing on $10,300 agree value for a $314 p.a. premium with Youi and $500 excess.


Cheers, Diesel

[royst1100]

dont forget to replace ALL farckles

[Sicman]

My agreed value with Shannon for my 2008 ST1300 is $15k

[Old Steve]

My insurance company doesn't insure anything for less than $8000.  So I have the most expensive 2000 (reg 2002) ST1100P in the country.

When you're finished with the matches .....