Bike insurance

[mike_mike]

Is bike insurance expensive down under?

I may be traveling down under in the near future for several months and wouldn't mind picking up a used GS to boot around on 

[brembo]

Depends what type of insurance, and your driving history, also where you live plays a big part.

[mike_mike]

Depends what type of insurance, and your driving history, also where you live plays a big part.

- the bare minimum as far as coverage goes
- driving history... we'll i'd be on an international traveler's visa so not sure if my Canadian history applies (if it does, it decently clean)
- staying in sydney for a while most likely.

[brembo]

- the bare minimum as far as coverage goes
There's 3 (maybe 4) types of coverage.
Compulsory third party (CTP greenslip), without this you can't legally ride or register your bike, costs upwards of $420 possibly $630, you'd have to speak to an insurance company to get an exact price.

Now ontop of that you've got Third Party Property (TPP), it covers your liability incase you have an acco and damage other peoples property. It does NOT cover you or your bike for anything. Costs about $175+ for a GS500. The other option is Comprehensive cover, this usually includes all the stuff TPP covers, but also adds coverage for your bike, so if you stack it, your bike's either repaired, or written off and you get a cheque. Cost varies greatly, and I mean greatly. If your over 30 years old, and have a clean history, it should be a reasonable price. I got quoted $2200 on a $5500 bike One other option which I havent looked into yet is Third Party Fire and Theft. It covers TPP stuff, but also has a provision that if your bike spontaneously combusts or is stolen they'll cover you for upto $5000. Almost no ones offers this coverage for motorcycles, but there may be one company that still does.

- driving history... we'll i'd be on an international traveler's visa so not sure if my Canadian history applies (if it does, it decently clean)
Driving history is basically how long you've been driving, and any accidents you've had in the last 5 years if I recall correctly. The insurance companies might have a different set of criterior for internationall drivers. Some companies go off how long you've had insurance, not how long you've been driving/accident free, but there are ways around this 

- staying in sydney for a while most likely.
Absolutely worst case location when it comes to insurance. Sydney's the biggest, busiest city in Australia, and as such, the insurance companies like to charge a premium on their cover compared to other states. What suburb in Sydney also affects prices.

Ontop of the basic coverage prices you've got a wonderous thing called Excess! To make a claim, you've got the basic excess, usually $400-600. Ontop of that again there's age excess (<25), inexperience excess (<2 years driving), I'm sure there's another I forget. Mostly these are to stop you making a claim.

Insurance companies hate paying out, and if you do make a claim, expect to wait a looooong time for a result from them.

[mike_mike]

Thanks so much for all of that info, that will help a lot!!

[galahs]

My insurance with NRMA on my GS500F was for market value of $8900

Full Comprehensive = $529 (with a 60% no claim bonus)

and $300 for the green slip.

[Doggy]

Queensland $278 full comp / year.  agreed value of $4500.  CTP is included in Rego up here.  Rego is about $400 / year.

Cheers,

[visionthing]

Dunno how it would deal with being a non-citizen, but Shannons do bike insurance cheaper than most. They also do limited kilometre usage. However, you have to be a full license rider for at least a year.

=my2c

Bruce

[brembo]

Unless your over 30 Shannons is just like everyone else price wise, and if your under 25, forget it. If you ride your bike everyday, forget about it too. Guy I know, mid 40's, no accidents in 10 years+, max NCB, and they wouldn't insure him because he rides his bike everyday.