Insurance question on a cheap bike
Discussion
I'm treating myself to a bike next month, spending somewhere in the region of £1K - £1500. Been off bikes for about 8 years due to other commitments so the idea is to run one for a year or two and see how I get on with it / how much use it gets etc before splashing out on something fruitier.
I'm getting insurance quotes and they're not coming out too bad really but it led me to think is it really worth a fully comp policy? If I happen to bin it I very much doubt I would bother claiming however the only concern I have is that if someone causes damage to me / the bike my insurance company wouldn't be interested in fighting it. My friend had this happen to him recently in a van and had to be very pro active about fighting the other driver himself. However, is this typical of insurance companies or did he simply have a bad one? I would rather put the extra money towards some protective gear or even some additional training. As we're moving house this year I can't be seen to be taking the piss too much with my spending
I'm getting insurance quotes and they're not coming out too bad really but it led me to think is it really worth a fully comp policy? If I happen to bin it I very much doubt I would bother claiming however the only concern I have is that if someone causes damage to me / the bike my insurance company wouldn't be interested in fighting it. My friend had this happen to him recently in a van and had to be very pro active about fighting the other driver himself. However, is this typical of insurance companies or did he simply have a bad one? I would rather put the extra money towards some protective gear or even some additional training. As we're moving house this year I can't be seen to be taking the piss too much with my spending
To me with the value of my bike combined with what excesses the insurance companies would want to provide a decent quote means if I did claim I'd have little to nothing but I'd blemish my ncb.
So TPO and if my bike gets nicked/written off then I'll be gutted but so be it. Saves in the long run!
It completely depends on your circumstance, the prices involved and what you're happy with. Can't comment on dealing with companies in the event of accidents I'm afraid.
What bike(s) are you looking at btw?
So TPO and if my bike gets nicked/written off then I'll be gutted but so be it. Saves in the long run!
It completely depends on your circumstance, the prices involved and what you're happy with. Can't comment on dealing with companies in the event of accidents I'm afraid.
What bike(s) are you looking at btw?
When I had a Ninja 250, the cost of TPFT was £3000+, just as expensive as the bike, and TPO was about £900. Disgraceful! Ran the risk for 2 years and luckily it never got stolen.
Now I have a ZX6 worth £3500, insurance is £1300 TPFT, with a £1000 excess
Insurance is really ridiculous, but I couldn't run the risk of this one getting stolen without payout
Now I have a ZX6 worth £3500, insurance is £1300 TPFT, with a £1000 excess
Insurance is really ridiculous, but I couldn't run the risk of this one getting stolen without payoutchrispwill said:
When I had a Ninja 250, the cost of TPFT was £3000+, just as expensive as the bike, and TPO was about £900. Disgraceful! Ran the risk for 2 years and luckily it never got stolen.
Now I have a ZX6 worth £3500, insurance is £1300 TPFT, with a £1000 excess Insurance is really ridiculous, but I couldn't run the risk of this one getting stolen without payout
Jesus! How old are you?Now I have a ZX6 worth £3500, insurance is £1300 TPFT, with a £1000 excess
Insurance is really ridiculous, but I couldn't run the risk of this one getting stolen without payoutI've got my test next week and been running insurance quotes for the last month.
A MT-09/Z1000/Monster 821 are all £500 fully comp with £600 excess. All three are £5,000+ bikes.
I am 28 mind you...
The Beaver King said:
chrispwill said:
When I had a Ninja 250, the cost of TPFT was £3000+, just as expensive as the bike, and TPO was about £900. Disgraceful! Ran the risk for 2 years and luckily it never got stolen.
Now I have a ZX6 worth £3500, insurance is £1300 TPFT, with a £1000 excess Insurance is really ridiculous, but I couldn't run the risk of this one getting stolen without payout
Jesus! How old are you?Now I have a ZX6 worth £3500, insurance is £1300 TPFT, with a £1000 excess
Insurance is really ridiculous, but I couldn't run the risk of this one getting stolen without payoutI've got my test next week and been running insurance quotes for the last month.
A MT-09/Z1000/Monster 821 are all £500 fully comp with £600 excess. All three are £5,000+ bikes.
I am 28 mind you...
Rural South Yorkshire, GSX1400 & a T140v Bonnie - FC with unlimited miles ect & business use - £275, renewed today.
I normally go FC on bikes worth £4k+. TPFT on bikes below that.
It's down to personal preference, but for me it's about the cost of the excess on FC vs how much financial pain i'm willing to take.
One thing's for sure, if you bin it and your excess is over 50% of the value then you'll probably not bother claiming, so FC is pretty pointless.
It's down to personal preference, but for me it's about the cost of the excess on FC vs how much financial pain i'm willing to take.
One thing's for sure, if you bin it and your excess is over 50% of the value then you'll probably not bother claiming, so FC is pretty pointless.
I was back on bikes after a 4 year break so I lost my no claims. Last year was £185 on a GSXR1000K2 with other half as named rider, pillion etc.
This year MCE offered me a renewal of the same price but 'Fully comp' and insured for track use ( but I do have pay £1000 excess if I bin it)
But £500 excess otherwise. I have heard the odd bad report about MCE but £185 FC with 1 years no claims is a bargain, no other insurance company could get near that!
This year MCE offered me a renewal of the same price but 'Fully comp' and insured for track use ( but I do have pay £1000 excess if I bin it)
But £500 excess otherwise. I have heard the odd bad report about MCE but £185 FC with 1 years no claims is a bargain, no other insurance company could get near that!
The Beaver King said:
Jesus! How old are you?
I've got my test next week and been running insurance quotes for the last month.
A MT-09/Z1000/Monster 821 are all £500 fully comp with £600 excess. All three are £5,000+ bikes.
I am 28 mind you...
I'm 21, but was 19 when I did the 250, plus my area is extremely bad for insurance.. South west london. I guess people here crash all the time or something.I've got my test next week and been running insurance quotes for the last month.
A MT-09/Z1000/Monster 821 are all £500 fully comp with £600 excess. All three are £5,000+ bikes.
I am 28 mind you...
it's annoying that adding a tracker and alarm on the bike made £0 difference to the premium too!
I'm not sure where to start with this thread. Is there really such a lack of knowledge about insurance?
Firstly, there is often little price difference between TPF&T and FC nowadays. That's because the true cost to an insurer is the TP element and with TPFT you won't ring them and let them know early enough.
The poster with the "ridiculous" insurance needs to understand why it's so "ridiculous". London is a hot spot for theft, just look at the number of threads on here, so that's what makes it so highly priced, it is reaching a stage where bikes will simply be uninsurable due to the amount of theft.
MCE always stand out as cheap. They tend not to fare so well on the "good" scale though.
Firstly, there is often little price difference between TPF&T and FC nowadays. That's because the true cost to an insurer is the TP element and with TPFT you won't ring them and let them know early enough.
The poster with the "ridiculous" insurance needs to understand why it's so "ridiculous". London is a hot spot for theft, just look at the number of threads on here, so that's what makes it so highly priced, it is reaching a stage where bikes will simply be uninsurable due to the amount of theft.
MCE always stand out as cheap. They tend not to fare so well on the "good" scale though.
LoonR1 said:
MCE always stand out as cheap. They tend not to fare so well on the "good" scale though.
I think the problem is sometimes its a choice between the worst, or nothing at all. No one is ever going to buy a different bike to the one they want so they can get a better insurance company.
DuraAce said:
dapearson said:
Well seeing as we're comparing prices, here's mine:
2014 Blade
2007 600RR
2008 Bandit 1250
All fully comp for £360.
I'll be looking for a multibike policy soon. Who was yours with please? Looks like a decent price. 2014 Blade
2007 600RR
2008 Bandit 1250
All fully comp for £360.
They were better than all the others by miles. Thoroughly nice people to deal with.
They added my dad as a named rider on the bandit, which none of the others would go near.
It's flexible too, so if i buy another bike i can add it and it's about £60 per bike as long as nothing too fancy.
Likewise if i sell one i just ring up and remove it.
The only rule is that the blade has to stay. The other bikes are covered as additions to that.
I think it breaks down as:
£240 blade
£60 600RR
£60 bandit
I will be staying with them for a while.
I spent an entire day ringing round to try to get cover when i bought the 600RR. My existing insurer (Hastings) wouldn't cover it, despite me already having a "multibike" policy. It was only then that i found out that they cannot cover more than 2 bikes on their multibike policies. I was not amused and ended up getting compensation from them because of their misleading website and paperwork.
OP, have you checked price for both options? Depending (as said above) on age,location, experience, etc, sometimes there is very little difference - in fact I have seen fully comp quotes in the past which are cheaper than TPFT! Also, at your budget, you may be able to squeeze into the classic bike market (15 years old, with some insurers I believe?).
Edited by CAPP0 on Wednesday 28th January 20:17
Gassing Station | Biker Banter | Top of Page | What's New | My Stuff