Insurance disparity - why are some so cheap?
Discussion
I know it's been done to death, just looking for a bit of advice as my renewal has come through and I thought I'd go and compare it.
Currently with "rhymes with Wrexham" who were cheapest 3 years ago, but now comparison is giving quotes for half as much (£140 vs £280). On comparison they are slightly higher (£315) than renewal offer.
The usually cheap well known three letter bike insurer who I've often heard shouldn't be touched with a barge pole, are above even that at £322.
£140 is from "famous battle direct" - never heard much about them, why are they so cheap? Just on a new customer drive or you-get-what-you-pay-for territory? Anyone used them and actually had to use them?
£40 more from "famous battle premier".. aside from feeling like a pbcd does having "premier" insurance justify the £40?
I didn't know they existed but "green motorcylce insurance" are slightly higher again, but I do have a green motorcycle.. and.. you know it'll probably make my bike go faster, like having matching leathers.
The spread overall is £140-440 but with plenty of small increments all along the way.
Currently with "rhymes with Wrexham" who were cheapest 3 years ago, but now comparison is giving quotes for half as much (£140 vs £280). On comparison they are slightly higher (£315) than renewal offer.
The usually cheap well known three letter bike insurer who I've often heard shouldn't be touched with a barge pole, are above even that at £322.
£140 is from "famous battle direct" - never heard much about them, why are they so cheap? Just on a new customer drive or you-get-what-you-pay-for territory? Anyone used them and actually had to use them?
£40 more from "famous battle premier".. aside from feeling like a pbcd does having "premier" insurance justify the £40?
I didn't know they existed but "green motorcylce insurance" are slightly higher again, but I do have a green motorcycle.. and.. you know it'll probably make my bike go faster, like having matching leathers.
The spread overall is £140-440 but with plenty of small increments all along the way.
Usually there is a discount to attract new customers, the acquisition cost then they try to sneak up your renewal over the years until such a point that you shop around again. I do this dance every year with car/bike/home insurance.
Not all bike insurance is the same though, I did save a lot this year but then it became apparent that the new insurance would only replace a standard bike, although any mods were not excluded, they were not covered in value. The more expensive policy I had previously actually took into account a few grand of mods and would pay out accordingly...say a bit more value, even 1/2 the value of the mods ( wheels, full system) would be good.
Some of the policies really are rock bottom price and you need to check all the T&C in detail.
Not all bike insurance is the same though, I did save a lot this year but then it became apparent that the new insurance would only replace a standard bike, although any mods were not excluded, they were not covered in value. The more expensive policy I had previously actually took into account a few grand of mods and would pay out accordingly...say a bit more value, even 1/2 the value of the mods ( wheels, full system) would be good.
Some of the policies really are rock bottom price and you need to check all the T&C in detail.
Insurance is a weird world.
I have been insured through said battle direct though it was for a car which I promptly wrote off(3days of ownership). All was settled easily and without any problems. They even paid out more than I paid for the car. They didn’t know that though obviously.
I doubt there would be any differences with bike insurance.
I’d have no issues using them again.
I have been insured through said battle direct though it was for a car which I promptly wrote off(3days of ownership). All was settled easily and without any problems. They even paid out more than I paid for the car. They didn’t know that though obviously.
I doubt there would be any differences with bike insurance.
I’d have no issues using them again.
Thanks Adam, I'll have to go through the t&cs a bit but might go with them. Not to fussed on mods all mine has is heated grips and a cheapish back box.
Aaron702 said:
Wow I wish my insurance was cheap enough to worry about a descrepancy of a few hundred pounds. My cheapest quote is £2588...
Assuming you're under 30. Bike is a very sensible and cheap one though. My daily car cost me over 2k to insure when I got it, about what I paid for the car, think I was about 23, it now costs about 600. 
Zakalwe said:
Isn’t the whole thing a sort of cartel, they just agree to take turns being the ones to offer low prices for a couple of years so they catch the switchers, then gradually hike the prices up to fleece people who can’t be arsed to shop around
No. There are incentives to onboard you, they hope you may then stay.I use Hastings on a couple of my bikes and have had no issues with getting through and dealing with them, although I've not had a claim yet (I'm sure that depends more who the underwriter is anyways)
I admit I normally just go with the cheapest company possible as most of my bikes are not worth much anyways, and insurance is just a legal requirement more than anything else to me.
I admit I normally just go with the cheapest company possible as most of my bikes are not worth much anyways, and insurance is just a legal requirement more than anything else to me.
We've got an odd one....
Both our R1s insurance falls within 4 days....
Both bikes 5k/pa inc commuting, main rider/named rider me and mrs DS
1999 R1 - fully comp £95
2017 R1 - fully comp £219
However when shopping around I found some real oddities - like places that would insure the 2017 R1 for £250 but wanted £900 for the '99 R1
Or companies that would insure one and not the other. I know it's all down to actuarial tables and risk analysis but some of the stuff I got back was just baffling. In years gone by I'd be getting annoyed at the injustice of it all, but luckily it's now cheap enough that I can just look at it and think "that's weird".
Only quotes I absolutely disregard are MCE - crazy excesses and an awful reputation mean I'd never consider them unless for TPO cover where all you want is a piece of paper to ensure you're legal.
Both our R1s insurance falls within 4 days....
Both bikes 5k/pa inc commuting, main rider/named rider me and mrs DS
1999 R1 - fully comp £95
2017 R1 - fully comp £219
However when shopping around I found some real oddities - like places that would insure the 2017 R1 for £250 but wanted £900 for the '99 R1
Or companies that would insure one and not the other. I know it's all down to actuarial tables and risk analysis but some of the stuff I got back was just baffling. In years gone by I'd be getting annoyed at the injustice of it all, but luckily it's now cheap enough that I can just look at it and think "that's weird".Only quotes I absolutely disregard are MCE - crazy excesses and an awful reputation mean I'd never consider them unless for TPO cover where all you want is a piece of paper to ensure you're legal.
Zakalwe said:
Isn’t the whole thing a sort of cartel, they just agree to take turns being the ones to offer low prices for a couple of years so they catch the switchers, then gradually hike the prices up to fleece people who can’t be arsed to shop around
Errr...no. Even if it were a cartel, that's not how cartels work.
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