Australian MC Insurance


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redial
Posts: 1993
Joined: Mon Jan 03, 2011 1:17 am
Location: Kapunda, SouthAustralia
Motorcycle: 1997 GL1500 Spectre Red Aspencade

Australian MC Insurance

Postby redial » Fri Oct 02, 2015 12:07 am



I am going through the exercise of insuring my 1997 GW. This may not interest the Northerners, but we Southerners are becoming more GW savvy, so I thought I would put my observations here. Third party insurance is compulsory in all States, so that is not a factor, as you have to have that insurance before you can register your vehicle. There is a traffic violation if you do not have your MC registered, and it is a double banger, because they also hit you up for not having 3rd party.

I put the value of my 1997 GL1500a at $12 500, mainly because one insurer would not touch me unless it had a value of between $11 000, and $14 000, so I picked a happy medium of the $12 500. This was AAMI who wanted close to $500/year, so I put them on the back burner. But their site will tell you how much you can insure for, and the other insurers have not blinked at the amount :D

I then inquired of both Swann Insurance, and Shannons. I mentioned to both the same set of responses throughout, and one came back with $240/year, and the other is $350/year. Before I went to either, I mentioned that I may trike the GW in the future, and/or put a car tyre on the back. One of them said they would not insure me with either of those 'modifications'. The other could understand why you would to have the load bearing of a CT on a mc of that much weight. The one that was happy with the CT, also said that they would also insure the trike, as long as it met engineering and safety requirements.

So it look like I will be paying Shannons their $350, divided into 12 monthly payments, and being relaxed about the insurance.

They also did say, and it is on their Product Disclosure Sheet (PDS) that riding gear upto $3 000 for owner, and $1 500 for a pillion's personal gear is included. I can pick my repairer, and there are options for buying back the salvage if it is written off by them.

Just thought I would let you know what I have found. The some of the parameters that they are interested in are:
    Post code;
    Where it will be parked (locked garage, car port, on the street, etc);
    How long had I been riding (more than 5 years, is the answer);
    What sort of bikes had I ridden, (they were trying to work out if I could handle it);
    Do I belong to a "club", (I did mention GoldwingDocs - well it is better than a club);
Plus the usual bits about moving violations, (they get worried over five in the last 5 years or so, and more than 8 and your premium skyrockets).

All in all, Shannons were willing to discuss any items that I raised, and their quote is being sent to me with the items that I have mentioned included in the documentation. So for $30/month, my GW is comprehensively insured. Not the cheapest, but it covers what I want covered.


Len in Kapunda

The world is not going to finish today, as it is already tomorrow in Australia and New Zealand, and other islands of foreign nations such as Guam and Samoa.

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CMReynolds1
Posts: 647
Joined: Wed Sep 24, 2014 5:56 pm
Location: Oregon
Motorcycle: 2013 F6B

Re: Australian MC Insurance

Postby CMReynolds1 » Fri Oct 02, 2015 9:13 am

Sounds like you got a very good deal, Len. Good going!
Ride Safe,
Taz


TF 116, RivRon 512, Can Tho, S. Vietnam, 8/66-/9/68, GM(G)2

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Mh434
Posts: 944
Joined: Tue Mar 25, 2014 10:24 pm
Location: Victoria, British Columbia, Canada
Motorcycle: 1997 gl1500 SE
Previous:
1981 GL1100I
1989 Kawasaki Concours

Re: Australian MC Insurance

Postby Mh434 » Sat Oct 03, 2015 2:08 pm

I only WISH we could get insurance that cheap here! My insurance (with maximum "safe driver" discount and absolute minimum coverage) is around $1500 CDN (0ver $1600 Aus.) per year. As in Australia, insurance (Government insurance coverage is required) is mandatory. If I max out on available coverage riders, I can spend $2000CDN per year for insurance. That's why my bike is only insured 4-6 months per year (of course, we have to pay a penalty for buying less than a year's worth, too).

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CMReynolds1
Posts: 647
Joined: Wed Sep 24, 2014 5:56 pm
Location: Oregon
Motorcycle: 2013 F6B

Re: Australian MC Insurance

Postby CMReynolds1 » Sat Oct 03, 2015 3:23 pm

Aey, Government B.S. Fund the B.S.
Ride Safe,
Taz


TF 116, RivRon 512, Can Tho, S. Vietnam, 8/66-/9/68, GM(G)2

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themainviking
Posts: 2579
Joined: Wed Sep 29, 2010 6:59 pm
Location: North Bay, Ontario, Canada
Motorcycle: 2009 GL1800 AD

Re: Australian MC Insurance

Postby themainviking » Sun Oct 04, 2015 8:36 am

I admit this was over 25 years ago, however, I paid $125 a year for full coverage including uninsured other guy for two full sized motorcycles. That has probably gone up to $6 or $8 hundred by now, but that was in New Mexico. Here, for that same coverage, my premium for a year would be over $2500. So, I insure one bike only, and it is $1250. The way they have listed coverages here, if I only insured for liability, I would only save about $90. As previously mentioned, it is BS and we are funding it.
It ain't about the destination - it's all about the journey

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brettchallenger
Posts: 460
Joined: Sat May 29, 2010 11:03 am
Location: Driffield, the East Riding of Yorkshire, England
Motorcycle: 1978 Triumph Tiger TR7 (sold)
2000 Honda GL1500 SE
1985 MZ ETZ250 (a cold war special).

Re: Australian MC Insurance

Postby brettchallenger » Sun Oct 04, 2015 9:43 am

There is one advantage to getting old, my motorcycle insurance keeps getting more affordable. I have just renewed my insurance for the year, it came out at £75 for a fully comprehensive policy which includes 100 days European Union cover. Bizarrely, this was only £10 more than it cost me to insure my little, 30 year old, 2 stroke MZ.
The game's afoot;
Follow your spirit: and upon this charge,
Cry — God for Harry! England and Saint George!

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Mh434
Posts: 944
Joined: Tue Mar 25, 2014 10:24 pm
Location: Victoria, British Columbia, Canada
Motorcycle: 1997 gl1500 SE
Previous:
1981 GL1100I
1989 Kawasaki Concours

Re: Australian MC Insurance

Postby Mh434 » Sun Oct 04, 2015 10:13 am

The way I understand it, here in BC Canada, decades ago ICBC (the government insurance company) made a computer program to determine rates. Due to a programming error, the rates for motorcycles was based on a computer-assigned assumption that motorcyclists were 100% at fault in 100% of motorcycle-involved collisions (not that this was the case in fault-designation for each crash, but rather the RATES were assigned on that basis). When this was discovered, there was a huge outcry from the motorcycle community. They promised to fix it, but the rates never did go down, so I can only assume they decided not to mess with a big revenue generator, and left it as it was.




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