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| cypher |
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cypher
Nitrous Nuisance
Joined: 03 Apr 2007
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 Posted: 04:03 - 27 Dec 2007  Post subject: TPFAT on an '90 NC30... |
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I have to wonder whether its just worth running after. Its a 17 year old sports 400, which while probably a juicy target for Gavin the chav if it isnt locked up with a big ass chain or alarm but really, its old and should it be stolen im not likely to get much for it anyway.
As for fire, I bloody hope not. 
Am I insane thinking about TPO on this bike?
Thoughts? 
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NC30 Pilot | NO2ID Worcester Coordinator |
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| nick606 |
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nick606
World Chat Champion
Joined: 12 Nov 2006
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| iooi |
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iooi
Super Spammer
Joined: 14 Jan 2007
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| Posted: 07:12 - 27 Dec 2007 Post subject: |
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Can you afford to replace it if someone does decide that they want it......
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Just because my bike was A DIVVY, does not mean i am...... |
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| Keir |
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Keir
World Chat Champion
Joined: 11 Apr 2006
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| Posted: 09:53 - 27 Dec 2007 Post subject: |
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i would never go fully comp on a bike worth around £1000. Once you factor in 1) the cost of the policy 2) the cost of the excess 3) the cost of increased premiums for claiming, you would probably have saved money by just paying the repair/replace cost yourself.
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Current : '08 Yamaha FZ1s
Previous: '99 Honda CBR 600FX, 03 ZX636 B1H, 99 Fazer 600 (red), 02 GSX-R 600 K2, 00 SV650s (red), 2008 ZX10R, 97 Bandit 1200N, 04 ZX6RR K1H, 04 GSX-R 1000, 98 Fazer 600 (gold), 05 Madness 110 Pit bike, 04 CR125R, 00 SV650s (black), 06 KTM 625 SMC, 99 SRAD 600 track bike, 03 SV650, 98 Bandit 1200N, Bandit 600SY, 03 GSX-R 600 K3, 01 GSX-R 600, 01 Fazer 600 (black), VFR 400 NC30 x3, 78 Honda Dream, 00 Speedfight 50 |
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| G |
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G
The Voice of Reason
Joined: 02 Feb 2002
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| craigs23 |
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craigs23
Mr Muscle
Joined: 08 Jun 2005
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| cypher |
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cypher
Nitrous Nuisance
Joined: 03 Apr 2007
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| Posted: 02:16 - 29 Dec 2007 Post subject: |
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Well I couldnt afford it right now no as my account is in a state of imbalance (NC30 money was like firing a shotgun at it) but I suppose it could be replaced.
I aim to make it a pain in the arse for anyone to nick it. Whenever it get parked up when its insured and taxed and mot'd (not yet) there WILL be a hardened steel motrax chain round the frame attached to some sort of immovable object.
I love my new NC30 that much! 
And while I bought her for 820 quid, I dont see the insurance company viewing it that way should there be a claim. Plus I wouldnt wanna claim anyway which as people rightly say, I would be increasing the price of my next renewal.
I sadly cant give you guys the diff because bikesure's quotey-ma-bob (technical term) for their online quote system is buggered last I checked. Will poke it again in a min/tomorrow.
Bikesure's current quote for TPFAT on VFR400 NC30 @ 19yrs old + 6 points + No NCB + 1 accident = 677 quid
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| iooi |
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iooi
Super Spammer
Joined: 14 Jan 2007
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| Posted: 10:01 - 29 Dec 2007 Post subject: |
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Personal opinion here. 
If you can't afford to replace the bike out of your own funds. Then you need to have FC.
Forget about any increased charges should it get nicked/binned. Hopefully that won't happen.
But if it does than at least you will still have a bike to ride, unlike TPO where you have nothing but dreams of your lost love.
Remember as far as Ins Co's go, TPO is the bit of the ins that can potentaly cost them the most, claims can run into millions, unlike the rest where its all damage to bikes/cars and is unlikly to run much higher than thou's
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G
The Voice of Reason
Joined: 02 Feb 2002
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| iooi |
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iooi
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| Posted: 18:27 - 29 Dec 2007 Post subject: |
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Mmm.....
Double post...
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Just because my bike was A DIVVY, does not mean i am......
Last edited by iooi on 23:27 - 29 Dec 2007; edited 1 time in total |
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| iooi |
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iooi
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| Posted: 18:27 - 29 Dec 2007 Post subject: |
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Like i said.......
If you can't afford to replace the bike.... Then forget future costs.
May or may not happen.
But if you lose the bike what will the OP do....
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Just because my bike was A DIVVY, does not mean i am...... |
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G
The Voice of Reason
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| iooi |
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iooi
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| Posted: 23:25 - 29 Dec 2007 Post subject: |
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Well from what you are saying he may as well not bother with ins full stop....
While i see what you are saying about claiming, the fact is if you cannot afford to replace the bike, you have to have insurance to claim on to get another.
Yes future ins payments maybe higher, but that is the risk you run.
I refuse to pay any voluntary excess, i see it as nothing but a scam to make people NOT claim.
Insurance is there to cover accidents, theft etc. The more you claim the more you expect to pay, thats fair enough.
If people are scared off from claiming as its not going to cover the damage, less a small excess to stop the opps i dropped it and broke a lever type of claim, then you might as well not bother.
I stand by if you can't afford to replace it out of funds you have then you need FC.
You say well you will be out of pocket, well you all ready are as you have lost the bike.......
I don't think we are going to agree, so i'll agree to disagree
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| Itchy |
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Itchy
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Joined: 07 Apr 2005
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| Posted: 23:51 - 29 Dec 2007 Post subject: |
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Isn't fully comp on a discontinued bike kind of dodgy anyway? , I mean if you do happen to buy a rare minter, how on earth will you find a replacement , a couple years ago it used to be 1 good one for every 10 dogs, now its like 1-25, and getting even worse (I keep seeing NC30s all mushed up in salvage yards).
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Spain 2008France 2007Big one 2009 We all die. The goal isn't to live forever, the goal is to create something that will. In the end, your life will flash before your eyes. Make sure it is worth watching. |
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G
The Voice of Reason
Joined: 02 Feb 2002
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| Posted: 00:52 - 30 Dec 2007 Post subject: |
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| iooi wrote: | Well from what you are saying he may as well not bother with ins full stop.... |
You are required by law to have insurance and it seems morally reasonable to 'protect' other members of the public.
| Quote: | While i see what you are saying about claiming, the fact is if you cannot afford to replace the bike, you have to have insurance to claim on to get another.
Yes future ins payments maybe higher, but that is the risk you run. |
I'm not sure you do see what I'm saying.
Ignoring future payments, or even having to get new insurance at the time, which in some case you will...
Just the value they will payout minus the excess and the extra for fully comp insurance at that age is likely to be more than the cost of the bike.
For instance:
£820 bike written off, valued at £700:
Insurance at £800 for FC, rather than £400 TPFT/TPO
£700-£300 (excess)=£400
£400-£400 (difference in insurance) = £0
Ok, I pulled those figures out of the air to illustrate a point, but I believe they could easily be realistic or even paint a rosier picture than the reality.
For instance, say the insurance company cancels the policy (which does happen in some total loss claims) with no refund after an accident 6 months in:
You've now got to stump up another £800+ to get new insurance on your replaced bike. That means you're paying for the second six months of your policy twice, spending another £400 on it - meaning that the total outlay to replace a £820 bike has actually cost you an extra £400 on top of the cost of the bike it's self.
In this case, the person claiming will have actually paid out 150% of the value of the bike before they can use their replacement bike again.
To me this comes under 'not being able to afford to replace the bike' if you /do/ take out Fully Comp insurance.
I have seen many cases of fully comp policies being offered with an extra premium at way more than the value of the bike - obviously this would be foolish to take out, as, for a start, you could replace the bike for less yourself if it was written off.
| Quote: | I refuse to pay any voluntary excess, i see it as nothing but a scam to make people NOT claim. |
For a start, I believe a lot of young drivers have an enforced excess placed on them with the very intention of stopping them claiming.
In the end, insurance is just gambling - a game of odds - which should you bet out to be the most likely to come off well.
Now that I can get FC insurance at reasonable prices, I've decided that the cost vs risk is worth it, however previously I'd say the odds were stacked against it for me.
| Quote: | You say well you will be out of pocket, well you all ready are as you have lost the bike.......
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But, my point is that in many circumstances you would be less out of pocket when you're sitting on a replacement bike bought yourself than if you had claimed on insurance.
A lot of people do make claims when it is infact not in their interests to do so - they are just giving extra money to insurance companies for the sake of 'peace of mind'.
As I said earlier, it is a case of gambling and knowing the odds.
I'm not saying it's going to be best to go TPO in all cases and definitely not even for all young people.
However when there's a decent mark-up, it's definitely worth taking the time to understand the odds - in some cases the normal path that society takes is one where the odds are stacked against you to the point that you are guaranteed to lose whatever the outcome. |
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Old Thread Alert!
The last post was made 18 years, 304 days ago. Instead of replying here, would creating a new thread be more useful? |
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