Insurance Dilemma...

[AngelGrinder]

Righty then, am in a conundrum with my insurance. Today I passed my unrestricted license, so will be moving up from my CB400 to the Thundercat.

I am only just 21 so am used to paying lots for insurance, but...my conundrum is this -

My current insurer's (H&R) will insure me for £125 extra (have already paid about £500 for the insurance) and this policy will run out on the 9th of June.

I asked them how much they will refund me if I cancel the policy now, as it is and I will get £175.

So, I ran an few quotes, and managed to get a quote of £360 from Carole Nash, and that would start tomorrow, so is a whole years insurance.

So -

a) do i spend £125 more for the next 5 months, BUT get 1 year no claims discount.

b) spend £185 on a new policy which lasts for a year, but I won't have any no claims discount till this time next year.


So...any advice anyone?

ta!
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Currently Riding - 2002 Aprilia RSV1000 Mille

[Jackyboy]

NCD FTW.
It'll prove useful as premiums start going up - insurers have lost 8bn since last monday - you can guarantee that will show up on renewals :o

NCD is ALWAYS the way forward, pretty much
____________________
Insurance Beehatch Supremo- Direct any grumbles about repudiated claims my way
Yamaha SR125 - Scrapped 13/06/2006. Hyosung GT125R - Totalled 18/11/2006.
Honda VFR400R NC30 - Totalled 09/02/2007. CBR600F - currently in 1 piece...

[Jackyboy]

oh yeah, well done on passing your test!
____________________
Insurance Beehatch Supremo- Direct any grumbles about repudiated claims my way
Yamaha SR125 - Scrapped 13/06/2006. Hyosung GT125R - Totalled 18/11/2006.
Honda VFR400R NC30 - Totalled 09/02/2007. CBR600F - currently in 1 piece...

[AngelGrinder]

[Jackyboy]

no worries -- ride safe!
____________________
Insurance Beehatch Supremo- Direct any grumbles about repudiated claims my way
Yamaha SR125 - Scrapped 13/06/2006. Hyosung GT125R - Totalled 18/11/2006.
Honda VFR400R NC30 - Totalled 09/02/2007. CBR600F - currently in 1 piece...

[MarkJ]

NCB

[Kal]

Do the time and get the NCB, and nicely done.
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Kal...
I Like To Hoon It Hoon It I Like To Hoon It Hoon It I Like To Hoon It Hoon It Ya Like To (HOON IT!).
1984 GB250 Clubman,1983 CB250N Superdream, 1999 GPZ500S

[kitty kat]

I would go with the NCB.

Well done on passing
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Enjoy everyday, tell those you love everyday you love them
Life is too short to fall out with people

[Blackwolf]

As whats been said ^^^^ there, go for the NCD as it will soon add up.

Congrats for passing your test!
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Current: Ducati Multistrada 1200s

[butterob]

watch out for carole nash... they have sneaky ways with their policies... when i wanted to cancel my insurance with them after 4 months for 200 pound insurance they were only offering me 30 quid back and after 8 months it goes down to just a 10er back! what made it worse is they wouldnt even transfer my exisitng insurance onto a bigger bike!
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j1 zx6r in green
g2 zx6r trackbike Trackdays done: Mallory park, Brands Hatch Indy, Snetterton 300

[Kal]

That isn't just Carol Nash - that's industry wide and is basically down to the terms of the underwriters.

I'm just guessing but you were going from a 125?
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Kal...
I Like To Hoon It Hoon It I Like To Hoon It Hoon It I Like To Hoon It Hoon It Ya Like To (HOON IT!).
1984 GB250 Clubman,1983 CB250N Superdream, 1999 GPZ500S

[butterob]

[matthab]

i may be on L's still but 2 years NCB saved me £200 on my current insurers. NCB is well worth it.
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2005 - 2006:Peugeot jet force 50 TDSI (sold)
2006 - Present: Yamaha YBR125 06 (extras:pilot sporty tyres and screen)

[calum17]

i dont want to be like evryone else.
so yes, go with the no claims option - but look at it this way.
£125 for 5 months
or £360 for 12 months - 5 months is then £150. so just chaning with your current insurer is the better option as you get your no claims AND it works out cheaper by £25 for the 5 months - therfore over £50 for the year.

[Kal]

[butterob]

[Kal]

I got the same thing from Bennetts when I upgraded from 125cc.

If memory serves to get a competitive quote they had gone to NIG.
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Kal...
I Like To Hoon It Hoon It I Like To Hoon It Hoon It I Like To Hoon It Hoon It Ya Like To (HOON IT!).
1984 GB250 Clubman,1983 CB250N Superdream, 1999 GPZ500S

[dwayne_101]

yeh pay the extra and get your no claims in.

will make your insurance cheaper in the long run.
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looking at getting a full uk licence, after 3 cbt's bored of doing them
selling a burgman 125 03 plate soon

[Jackyboy]

You're with NIG? Don't crash, and change company next year.

The sliding scale of cancellation charges isn't us being bastards for the sake of it.

You pay £200. It costs us:

£60 (approx) brokerage (goes to the broker)
£10 to pay someone to put the details on the system and draw up the documents.
That fancy sleeve the documents come in doesnt cost nothing so cost of documents £10.

So, £80 quid to set your policy up. You cancel after 6 months, we're 40 quid out of pocket. You entered into an annual contract, so you cover our losses.

I think thats fair play...
____________________
Insurance Beehatch Supremo- Direct any grumbles about repudiated claims my way
Yamaha SR125 - Scrapped 13/06/2006. Hyosung GT125R - Totalled 18/11/2006.
Honda VFR400R NC30 - Totalled 09/02/2007. CBR600F - currently in 1 piece...

[the grim reaper]

[Willenium]

Since when have you had a Cat?!

[thefallenange...]

keep the CB if your Cat is in pieces for as long as you can so it'll save you money on the change up.
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Past - CG125 ,KR1S, SV650s, Street Triple R - Current - Duke 390

[email protected]

[AngelGrinder]

[Willenium]