Aussie owners -
What value have you managed to insure your 1400 for?
With what company?
Under what conditions? (eg number of kms/year, mods, etc)
My renewal came back with an 'agreed value' of $6,200 and I definitely don't agree!
(QBE Insurance)
Shannon's.
K7, mileage went back to 000001 which the new clocks. Aftermarket clocks, wrong headlight and bars, PC111, PAIR blanks, Yoshi full system.
Agreed valuation with all mods at $5,000.
I'm happy with that. It's almost double what it cost me.
My $247 coverage at YOUI is market value. OK by me. Cheapest on Bike Sales this morn was $8G.
Pretty sure mine is through Shannons and agreed value of $10750 which is what the bike cost me including freight from WA to Hervey Bay. I think it's about $40 a month.
I've never got mine down under $2,000 but it does include several bikes.
Just be careful
@grog as your idea of market value, and Youi's idea of it may be vastly different.
They will likely just use a 'red book / depreciation from new valuation methid - which would leave a GSX1400 worth very little, not reflecting reality.
I'm still waiting to hear back from QBE re an increase and when I do I'll also get a quote from Shannons.
What other companies here in Qld have people had positive experiences with, as regards motorcycle insurance?
Swann insurance, 270 aud per year, full comp including helmet and riding gear covered. Agreed value $4900.
Might need to up that or go market value seeing as some are listed at double that (mostly k6, k7 or later)
K7 with 141,500kms. with mods (akro exhaust , pc3 and yoshi cams)
Replacement value to cost for the bike as it stands (with those mods costed in) is actually quite high so current 'offered' value of just over $6K is too low for me.
Waiting on QBE to see if they'll do a better insurance value than $6,250.
Quotes so far, based on one main rides, garaged and $500 excess:
Shannons $10K agreed value - premium $500.36 per annum
Suncorp $8,040 agreed value (their maximum) - premium $355.26 per annum.
I think that logically it would be good to take a high value option possibly the Shannons one as its easy to reduce agreed value in future years, a lot harder to argue that value has significantly increased.
(I can do so on this occasion due to fitting of Yoshi cams etc, and pointing to asking prices on bikesales)
IMO you must have an agreed value as the insurance company's do just use Red book and the value is a joke for our bike it's around $1500-2000, I checked when I got my bike in April this year.
I have a few policies with Shannon's so my bike was cheap around $20per-month agreed value $8500 with Shannon's you can also choose limited use ( with no Km's limit, so one month you might do 1000kms the next 0kms) so it's much cheaper.
No all policies offer the same.
Not just agreed value and excess.
Check....
# Any discount to immobiliser (factory chipped key) ?
# All any mods covered ?
# Replacement of riders and pillions riding gear, helmet, jacket etc and the limit of its value ?
# Is the bike covered for commuting / discount for not ?
# Any discounts for low mileage use ?
# Is the bike insured when it's unregistered ?
# Can you do own repairs / nominate a repairer ?
# Option to buy back any salvage ?
Lots of folk just look at the price and don't really know what they are getting.
Well QBE apparently say no GSX1400 is worth more than $6,765 and that will go down each year. (not sure how that's an 'agreed' value, but anyway... )
Well they will
consider a higher valuation if I get a valuation certificate (COST APPLIES) itemised and verifying the cost of replacement items etc. Also they said an engineering certificate may be required by them (COST APPLIES) for any mods (eg Yoshi Cams)
What pillocks. :jack:
So yeah, no.
Quote from: Yetiman on Wednesday, 19 October 2022, 03:11 PM
I have a few policies with Shannon's so my bike was cheap around $20per-month agreed value $8500 with Shannon's you can also choose limited use ( with no Km's limit, so one month you might do 1000kms the next 0kms) so it's much cheaper.
That's VERY cheap - I assume you have it on limited use? Mine I commute on 3 days/week and ride on weekends when I get a chance so it's by no means limited use.
I'm likely to go with Shannons.
Daily use, garaged and $500 excess:
$10K agreed value.
Premium $500.36 paid annually (equivalent to $42 per month)
I have my Defender Car Insurance with Shannons as well.
@Tony Nitrous makes a VERY good point about what's covered.
In my case:
# Any discount to immobiliser (factory chipped key) ? Yes that's factgored in.
# All any mods covered ? Yes including of course - akro system, pc3, Yoshi cams...
# Replacement of riders and pillions riding gear, helmet, jacket etc and the limit of its value ? $3K for rider apparel and $1.5k for pillion apparel.
# Is the bike covered for commuting / discount for not ? Yep full use.
# Any discounts for low mileage use ? Yes but N/A
# Is the bike insured when it's unregistered ? N/A it will always be registered
# Can you do own repairs / nominate a repairer ? Yep
# Option to buy back any salvage ? Yep
Another project to look into.
Yeah Vlad limited use for me mate as I only get to ride 1-2times a month so lucky if I do 200kms in a month.
Today changed to agreed. Changed companies, now have house, bike, 3 cars in same policy. Think it worked out $5 cheaper than previous with market value. 👍
Yeah I just rang Shannon's today over 1hr waiting on the phone before I talk to the operator, $356yr agreed value for $10,000,
Also had to fix my agreed value for Golf MK4 R32 there going up-up-up Only 200 brought to Australia all numbered only 130 or so left,
Anyone else got a Car they Love Rare/Collectable.
That reminds me, my XJR is starting to creep up in value. I couldn't get agreed value or classic insurance last time I checked though as it's my only car & I wanted business insurance.
Nice Hooli, XJR an old Jag, What year?
The old jags remind me of that show I think it was called "Minder" Loved it when I was a kid.
Yeah that was Minder, it's not that old though.
It's a 2000 X308 XJR, so 4.0 V8 Supercharged & a mere 375bhp. Nowt compared to the later 5.0 500bhp lumps but more than enough for me. It's the last real Jag shaped one in my eyes too.
I just looked it up very nice Hooli,
I agree Jag and many other brand cars have lost there individual flavour so many cars look like the next now,
Quote from: Yetiman on Thursday, 20 October 2022, 10:43 PM
Shannons
$356yr agreed value for $10,000,
Interesting that mine for same insurance value is $500. That's a big difference (I have one other policy with them, bike garaged, experienced rider, etc) and AFAIK my suburb isn't particularly high risk for theft.
Location Vlad I'm in a small country town 5hrs from Sydney I'd say that's why mate
Quote from: Yetiman on Friday, 21 October 2022, 12:40 PM
Location Vlad I'm in a small country town 5hrs from Sydney I'd say that's why mate
I'm only 200K's from Brisbane but mine dropped when I renewed it.
Interestingly too, when I took my 3 year old H2 SX SE off and added a brand new Busa on there were still several months to run in the policy, when they calculated the difference they sent me a check for $70 !
Shannons
$6860 value... down from 7k last year
Just shy of $300 premium
Quote from: 1AW022 on Monday, 24 October 2022, 09:36 PM
Shannons
$6860 value... down from 7k last year
Just shy of $300 premium
what year is your 1402 if I may ask?
Early girl
April 01
Vin # 50
Just about to hit 60k
Thanks, seems my K3 is under-insured then. Will give Swann a call and see what they can do.
Full comprehensive for an immaculate '08 Special Edition is $246 with a mob called Eric. That was for $5700 market value which is $200 more than the top Red book private sale price of $5500. Dealer trade in $3150 - $3750. Generous bastards these dealers when they'd have my bike on their lot for $12K plus.
Quote from: 1AW022 on Tuesday, 25 October 2022, 08:26 PM
Early girl
April 01
Vin # 50
Just about to hit 60k
Have you owned this bike from new ? 😳😳🧐🧐
Sadly not
I've only had it just under 2 yrs
Renewal from Swann insurance came in.
AUD 155 per year, full comp. Insured market value 6000aud. Accessory insurance not included. Choice of repairer and salvage buy back option included. Don't cover pillion riding gear, bike must be registered, low mileage doesn't make any difference. I have a 500 basic excess and I get a 54 aud discount with a multi bike policy. I added in helmet insurance for an extra 24aud per year.
Total premium for 2023 is AUD179.42 with all of the above and 5years ncb.
Separately I added in Recover my ride (roadside assistance) for 69aud, that includes the following:
"RMR will now also provide additional benefits which were not included, or available, under the RMR service when offered through Swann Insurance, such as:
Ambulance Member Benefit Assistance
Free Motorcycle Trailer Cover
Key Lockouts & and Replacements
Electric Motorcycles & Scooters Cover
Member Breakdown Benefit Car Hire
Member Breakdown Benefit Taxi Fare
Member Breakdown Accommodation
PLUS: Your motorcycle is covered no matter who's riding it
RMR's complete Premium Assist Roadside policy benefits (when you join directly through RMR) are as follows:
Australia Wide Coverage Including Tasmania
Ambulance Member Benefit Assistance
Emergency Roadside Assistance (24/7 and 365 Days a Year)
Emergency Key Lockouts & Key Replacement
Flat Battery Jump Starts
Flat Battery Replacement Service
Flat Tyre Transport (To the nearest authorised licensed repairer)
Out of Fuel Emergency Inclusions
Free Motorcycle Trailer Cover
Key Lock Outs and Replacement
Member Benefit Personal Illness
Member Benefit Personal Injuries
Member Benefit Car Hire
Member Taxi Fare Benefit
Motorcycle Transportation
Member Breakdown Accommodation Benefit
Unlimited Callouts Nearest Authorised Licensed Repairer
Unlimited Towing to The Nearest Authorised Licensed Repairer
Unlimited Breakdowns to Nearest Authorised Licensed Repairer
Unlimited Km's to The Nearest Authorised Licensed Repairer
No Excess Km's Charge to Nearest Authorised Licensed Repairer
PLUS: Your motorcycle is covered no matter who's riding it"
Sounds like your Xmas already came.
Renewed the full comp insurance on the 1402 today, same premium and conditions as last year, 178.73 aud per year, or 14.89 per month. Pretty happy with that.
Great price Eric. Havent checked or know my cost. think its under $300, happy with that. $9000 replacement think is deal.
Ta, this is with Swann insurance, the deal is market value for replacement, currently 5900 ( I paid 5k for the bike so ok) thr most they would agree to I use it for is 9000, but then premium goes up to over $500 a year.
I'm happy with their service, plus the range of cover is good, I also insured the BMW with them and that's a good deal too.
Everyone knocks insurance companies, totally needed i reckon. Last 5 yrs my house been devastated by 2 storms. $150 thou damage total. All fixed, no probs, takes a while but my total cost $1g. Sleep without insurance, not me. Reckon im way in front of premiums cost.
Someone at my work was selling a mint Yamaha Mt01 with only 11,000k. I was thinking of buying it (he wants 11k) but even Shannon's would only insure it for $8k Max due to it been 18 years old, Swan was even less.. Cheap to insure at $23 a month but it put me off from buying it.
All insurance companies model and calculate market value based on multiple real world factors, including actual sales data. It's not clouded by emotions or preferences to certain brands or bikes.
I would use their mv estimates to drive a better deal, thr mt01 is a nice bike, but not worth 11k at 18years old.
Offer your mate 9k, then you're only exposed for 1k in case thr worst happens, and you'll have an mt01 in your garage...
I cannot get property Insurance on my Instructors & Training Bikes.
I can still claim against others insurance if they cause the accident which is what I did with the GSX1400. Because I have no agreement with them I had some fun haggling with them and squeezed $9990 out them.
I'm still harassing them for $4200 as I had to hire a motorcycle at their chosen maximum of $60 a day. The only place that would rent me a bike at that price was a motorcycle school... My motorcycle School so we're having a bit of a discussion about it. I'll let you know how it pans out. 🏍👍🏽
Quote from: 1AW022 on Monday, 24 October 2022, 09:36 PMShannons
$6860 value... down from 7k last year
Just shy of $300 premium
Latest renewel just in
$6440 - $346.85