Aussie Insurance Values

[VladTepes]

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)

[Tony Nitrous]

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.

[grog]

My $247 coverage at YOUI is market value. OK by me. Cheapest on Bike Sales this morn was $8G.

[Stevel3]

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.

[Tony Nitrous]

I've never got mine down under $2,000 but it does include several bikes.

[VladTepes]

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?

[Eric GSX1400K3]

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)

[VladTepes]

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)

[Yetiman]

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.

[Tony Nitrous]

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.

[VladTepes]

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. 

So yeah, no.

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

[grog]

Another project to look into.

[Yetiman]

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.

[grog]

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. 👍

[Yetiman]

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.