Shannons Vs Insure My Ride

[Big Lunt]

Hi All,

Tossing up whether to continue to stay with shannons or go with insure my ride.

Shannons has agreed value, choice of repairer and also riding gear cover up to the value of $3000. But insure my ride was an annual saving of about $250 per year - market value only from what I read and limited riding gear cover. Don't want to get into one of those situations that if had an accident and then get paid out $4000 less than what the value was on the policy. ZX10R 2005 valued at $16000 with a 30 yr old rider and 65% no claim - $1000 per year from Shannons.

What is everyone going with at the moment for full comprehensive???

Big Lunt

[pan]

Those two are actually the same company, aren't they? :confused1:

Western QBE will match and beat any quote these days anyway, so may be worth trying them too!

[jasonbw]

Yep, same company.
WQBE sounds like the go, especially considering poor Turtle had to wait 3 months before they paid him out when he was with Shannons.
WQBE seem to have an excellent record of paying out within days!
Hope that helps
JasonBW

[oz r1]

wqbe:ayyy: just insured full comp $717 market value on a 2003 r1

[Captain]

wQBE were the cheapest I found, and I cut the premium back with a higher excess. I think I paid around $ 600 (39YO :( with max NCD), market value on 2006 Blackbird.

Is there an insurance that covers us during track days?

[jasonbw]

Steve Brouggy was working on getting insurance coverage for TD's, might be like over in the UK.. you can get one day cover.. horribly expensive... Shannons claim they pay out for accidents during a CSS school or Stay Upright (not CB race school), but good luck getting them to pay, they have been horrendous!

[DAVID]

Western QBE 01 R1 $637.00 To-day.

[Big Lunt]

Well the thing that worries me is the whole market value.

Some of us don't put a whole lot of kms on the road bikes and hence I am more comfortable with agreed value. Market value can change dramatically in months!!!!

Should I have an accident or the bike get piched (touch wood on both accounts) I want to be paid out the top dollar - just had too many people I know end up getting less than they were going to get.

Track Day insurance - good luck I do not think it will ever happen in Australia. Insurance companies cannot be that silly as the risk is high and plus there is more insurance companies in the larger markets and hence why we you sometimes see track day insurance overseas. They need to market themselves differently to attract new business.

Simple plan - do not crash - easier said than done I binned it on turn 8 couple of months ago!!!!

Thats my two cents worth

[Turtle]

Those two are actually the same company, aren't they? :confused1:

Western QBE will match and beat any quote these days anyway, so may be worth trying them too!

Yep same company....

Yep, same company.
WQBE sounds like the go, especially considering poor Turtle had to wait 3 months before they paid him out when he was with Shannons.
WQBE seem to have an excellent record of paying out within days!
Hope that helps
JasonBW

Whats this 3 months Jase ??? It was just under 4 !!!! I just got a real cheap quote from Arista.......

[jasonbw]

I loved it how when I called Shannons to cancel my policy they repeated my details to confirm which vehicle, problem was my agreed value was $4K less than I "agreed".. they said they change the agreed value when they feels its depreciated... Talking about my bike which I had insured for $20K, they dropped it and the change was hidden in a renewal which I obviously didnt see.

I was still paying the same premium too!!!!

Agreed value is better, just make sure its agreed... same happened to Turtle, Shannons changed their mind about his agreed value!!! unbelieveable!

[Turtle]

I loved it how when I called Shannons to cancel my policy they repeated my details to confirm which vehicle, problem was my agreed value was $4K less than I "agreed".. they said they change the agreed value when they feels its depreciated... Talking about my bike which I had insured for $20K, they dropped it and the change was hidden in a renewal which I obviously didnt see.

I was still paying the same premium too!!!!

Agreed value is better, just make sure its agreed... same happened to Turtle, Shannons changed their mind about his agreed value!!! unbelieveable!

Yeah they drop it without telling you then they increase the premium.........in the end i got $19,000 out of them so job well done.......

[Kat00]

I reckon an insurance co would be absolutly stupid to insure a trackbike.

In realality they would be insuring against 3 things.

Mistakes.
Riders who don`t know thier limits.
And thoose who want a new bike every couple of months.

In my case, I would fit into all 3 catogries :lmao:

[Turtle]

I reckon an insurance co would be absolutly stupid to insure a trackbike.

In realality they would be insuring against 3 things.

Mistakes.
Riders who don`t know thier limits.
And thoose who want a new bike every couple of months.

In my case, I would fit into all 3 catogries :lmao:

Good call Kat00.:lmao: :lmao: :lmao: :lmao: :lmao:

[the rocketeer]

For me (Full comp):
0 yrs exp. + very young rider + large capacity bike + Provisional licence = CA CHING for the insurance companies!!!
NRMA quoted me $8k... i couldn't get a quote for WQBE at the time, so i had 2 go with Insuremyride (for 2600) with all gear insured, but at market value.

Bloody hell, i should have got some termis for that amount :(

[Bigdog]

Are you serious? For what you have listed, $2600 is a bargain. They have a pretty big risk to insure against.

[dungbeetle]

i reckon insurance is a waste of money. but i think im on my own there....just dont crash....and if ya do accept ya fukked up and fix it!!:p

[Big Lunt]

Cmon dungbeetle but in the instance that you do crash and your bike heads into flashy........say M5........thats gonna cost a lot!!

With the price to repair bikes new bikes these days I would rather be safe than sorry.....I agree it is a rip off and a wast of money but I would rather play it safe....even though I did buy my Gixxer 1000 K1 brand new rode on it without insurance for many years...they wanted $6000 in the first year!!!!!

[dungbeetle]

yeh id have to agree third party property is handy to have, not that i have it...but id hate to run into a ferrari or sumthin!!:(
but full comprehensive....

[MadHatter]

I was quoted 9000 by GIO last year. That was the cheapest quote.
..I don't have insurance :)

[MadHatter]

Yeah if i ever lose control i'll do my best to regain enough of it to aim away from the ferrari and towards the datsun.

[dilbee]

ive been quoted 1100 from wqbe last week. But ive had agreed valed of 1300 for my bike. But now im thinking it should be more around 16000 just incase i need to get a new bike for what ever reason that causes it. Almost 2 yrs with this bike and has been hit 3 times and i havbn't had any insurance except ctp.

[lilninja]

yeah Ide be payin the extram mate, sounds like abit of a car magnet!

[Turtle]

ive been quoted 1100 from wqbe last week. But ive had agreed valed of 1300 for my bike. But now im thinking it should be more around 16000 just incase i need to get a new bike for what ever reason that causes it. Almost 2 yrs with this bike and has been hit 3 times and i havbn't had any insurance except ctp.

$16,000.........you can get a brand new ZX-10 for that Dil-B........ya dreamin' Dude........

[dilbee]

nothing wrong with dreaming. :) Besides i dont want a ZX10

[Turtle]

nothing wrong with dreaming. :) Besides i dont want a ZX10

Have you ridden one ???? They're better than the NEW Gixxers.......