Insurance for bikes

What do you think of a survey on bike insurance? We can make the results known to the club.

One question that I have is: Is it legal to ask members to give some info, make some assumptions and then give feedback to the participants. This way we can easily determine the best insurance provider. I am sure that I can get a better deal than what I have currently.

Danie - i insured the LT through Bavaria when i did the financing there - prior to that i did my bike insurance included in my normal household insurance. Must say got a better deal from Bavaria's contacts. We cant talk brand names and insurers here - but lets discuss this at the next club meeting. Regards. LeRoy

Well, it is a forum where it states below the name: "This is the home of our Club where you can air the vents and share your viewpoints. Views expressed on this Forum represent the opinion of the individual authors and do not necessarily represent the opinion of the BMW MC Club Pta or that of its members."

So I guess we are free to express our experiences and prices we have obtained from different insurance companies here?

That will mostly depend on the fine print of the forum - iro of brand names and companies mentioned - know the old forum had a few issues that were somewhat prohibitive and could cost the club our license on the web server should we have overstepped the line. Will have to touch bases on this issue with Dani. Regards. LeRoy.

100% - hope it is an issue we can discuss though. Am paying through my teeth for insurance, must be able to find it cheaper elsewhere.

When I bought my GS, I contacted my broker for a quote to compare with the price BMW Insurance was offering.

I saved about 25% on the premium...!

I pay R358.13 for the Adventure.

I am paying R680 for my adventure!!! (And that is the insurance company that does not have have any middleman!!

We need to talk...

Thanks for all the reaction so far.
This topic will definitely need to be discussed on a club meeting before we do something constructive. I will keep you posed.

Suggestion - maybe someone that is part of the club and operates within this industry (or just the club's management) can approach insurance companies to provide us with a presentation (I am sure if these rates are competitive, a bunch of people at the club will change their insurance companies)

steyngert wrote:100% - hope it is an issue we can discuss though. Am paying through my teeth for insurance, must be able to find it cheaper elsewhere.

You will note that if you read the different comments above that some times you find a "best" offer and the next person get a "best" offer in the reverse order.

This topic is definitely worth wile to investigate.

DaveS wrote:I pay R358.13 for the Adventure.

Hu??? Where....

No need to give premium prices here. It does not mean much. We will have to do homework such as claim history, where the bike gets stored, type of bike, value etc.

Dave your age man your age....?????

As far as i can recal my premium is roughly R385 on the LT - was in the region of R550 on my previous insurance. LeRoy

I am paying R400 for my F800GS (R97000) a month and includes Roadside Assistance and Pillion cover worth R250 000 in the event of an insured incident and this insurance is seperate from my other insurance!

Insurance is always a package and one need to analyse all the elements.

This has absolutely no reflection on anybody that posted before me.

- What happens when the cheapest insurance needs to cover a claim? Do they look for excuses not to pay? Do they replace or do they repair? How quick are they to finalise a claim? In other words, did you test them before with a claim.
- Lower premium generally means higher excess and sometimes substantial exclusions like for instance no coverage during a “Training Day” that takes place on a race track.
- Past history in terms of no claims can have as much as a 50% influence on the premium
- The type of bike plays a roll. Generally, sportsbikes are regarded higher risks than for instance tourers. As a result I’m paying more for the R125 000 Superbike than for the R 145 000 Hyper Sportsbike.
- The area you live in and where the bike is kept overnight play a roll

What I’m trying to say is two individuals can end up paying different premiums at the same insurer for the same item just as a result of history and how the package is structured.

Ever so important is to negotiate with your insurer. We ended up paying 30% less than the initial quote on Mermaid’s ST after some negotiation

It is definately not as simple as I'm paying x to insure a bike with a value of y

Yes, this is quite right - all factors are looked at when the service providers quote you a price. Given the high price tag of the Beemers - I would suggest that the cheepest option, be the last option. Look at the bigger picture.
It is also a given fact that the off road bikes are seen as high risk models given all the claims the insurers get - especially after the GS Challenge. Take the best package that will cover your needs and ensure that you will be back where you were before the mishap took place.
Regards.LeRoy

I feel we need to set up a template to capture a persons specific profile. Give that template to 10 club members. They shop for pricing and hand back the info. This info get compared and volla you have some answers.

We will have then say 5 quotes from person A with a specific profile, from 5 different companies. 5 from person B etc. Let say we have 10 persons getting quotations. At the end you compare the 5 companies over a broad spectrum of different lifestyles. This way you will be able to draw some conclusions.

Hi,

perhaps a name to add to the list, used to be "first link" and now FNB Insurance Brokers.

I am insured for R100, 000 and my premuim is R390.80

With my recent prang, after the claim submission, the assessor was there within 3 days, he has given the go ahead for repair (R33, 000) and my excess is R2000.

Age also has an influence on the rate.

I would love to have better pricing and service on insurance.
Gender usually plays a role for cage insurance, but I don't know whether it will play a role when insuring a bike.

I found my contract for the '04 1200GS.
Sum insured of R145 687
Monthly fee = R293.65+1.80 for SASRIA
Basic excess = 5.0% R1500 min.
Theft/hijack = 10% R1000 min.
Claim free group =5
Special condition:
"Cover includes motorcycle rider training courses and events as arranged by BMW Rider Academy"
I had that written in!

(All my vehicles are insured through the same broker on the same policy and I pay them the princely sum of R50 per month broker's policy fee)

I have taken the liberty to discuss this issue with Bavaria - they will adress the club at the next meeting on this issue, providing nobody has a problem with the idee. LeRoy

No - I welcome the idea. This will be very informative but i still think it can not harm if we do our own investigation. I will lead this and I will need a few people to take part in the quotation application process. Please send me a PM if you are interested.

MadnohB wrote:

It is definately not as simple as I'm paying x to insure a bike with a value of y

Agree, but for interest sake:
I pay R325 (about R150 less than BMW quoted me) a month for my F800GS (R100 000) at my personal broker.

I do know that it is BMW Insurance's modus operandi to replace and not to repair any damages.

That does have an effect on the costs of a claim and therefore on the premium.

Hi,

have been quoted R486 to insure the RT for R150000 is that reasonable ?

Cheapest i have found so far...