Insurance Conundrum

Hey all I will try to explain this as simply and as quickly as I can.

3rd party, fire and theft will cost me around £250 for the premium and about £1100 in total for the excess.

3rd party only will cost me £400 for the premium with no excess.

If I make the assumption that I won't claim, it's cheaper to get 3rd party, fire and theft and a good chain and lock.

Under the assumption that I am going to claim it's far cheaper going for third party only.

My thoughts are I should get 3rd F&T, a good chain and lock and make sure I don't do anything that causes a third party to claim against me. By the way the bike will be keep in a locked garage and we have a dog!

Anyone with differing opinions?

[J.P]

You've got to have the fire & theft option.
A lock and a chain are the deterrent, but what about when you're out & about.

You've got to have theft, some toe rag steals you're pride and joy and you'll have nothing.
Why is it so expensive, your age, where you live , previous claims?
Hate to say this but maybe get on a different bike for a year or so, get some no claims until the price comes down, £1100 excess is a rip off.

I'd take the TPFT as a minimum, but have you got fully comp quotes as well?

[J.P]

You need to phone every broker you can, usually 20 a year for me, to find the right offer.
It's a lot of time but it's worth it in the end

Check express insurance.
They were cheap compering to the others and excess wasn't as high.
I chose them a year ago when I was in similar situation to yours - no riding experience, after DAS I jumped straight on s2r 800. They haven't even increased my premium this year after claiming from them £1700 after accident. Give them a try.

if your 3rd party only you don't get to claim. dur

You have to get fire and theft
If I do and my bike is stolen then after I pay my premium and excess I have lost 90% of the value of the bike straight away. I'm not exagerating. If my bike is stolen I technically will have £150 to get a replacement and that's if their valuation is the same as mine.

Any conviction, claims etc
None. I've had a full car driving license for 4 years with 4 years no claims. No convictions, motoring related or otherwise. The area I live in is pretty safe. I'm 21 so obviously age has a factor.

Modifications
I haven't even mentioned that if I list the bike's modfications to the insurers then they won't insure me full stop.

Have you tried fully comp?
Yes I have and the lowest quote I got was £10,000. And no, I'm not kidding.

If you're on 3rd party only, you don't claim
Of course you do. If I crash and it's my fault and my insurers pay out, that's a claim. If I crash and it's someone elses fault and my insurers have fought my case, that's a claim. If I crash and the liability is contested, that's a claim. Dur.

Edit: Qba, I just tried Express insurance and the cheapest I got was £1151 with total excess of £700

[BigOz]

Hi,

I think in your position I'd check if you have to pay the excess if a 3rd party makes a claim against you.
If the answer is no excess on 3rd party claims then I'd take the TPFT and as the bike is worth £150 over the excess I simply would not claim in the event of FT so I get the no-claims the next year.
If the excess is payable on 3rd party claims then I'd get the 3rd only option as finding £1100 following a prang would be a pain.

Keep searching and good luck.

Andy

Originally Posted by Zbornak

If you're on 3rd party only, you don't claim
Of course you do. If I crash and it's my fault and my insurers pay out,

guess again

lol I admire your persistance.

They will pay out for the damages you caused to the other road users (that's sort of idea of being insured), but will not care about your losses. Maybe that's where misunderstanding is.

Sorry to hear that they failed this time.

Either way, the insurers win everytime.

And BigOz, I do also agree and think that idea may be my best bet.

[gary tompkins]

Dan, You really need to declare mods to the bike or the insurance will be invalid. Often small mods won't be a problem for them or add to the premium, but if they aren't told and subsequently find out expect them to walk away in the event of a claim.

Ok. I'll be sure to mention them.