Define Insurance

[HD]

Okay so insurance time is coming for my wee Derbi.

Just need a hand of defining the different insurance types and the benefits and downsides.

So as far as my knowledge goes:

Third Party Only - Cheapest of the bunch. Covers you for only if it is not your fault so if someone crashes into you. If you crash into someone it comes out of your pocket (does this mean you still ring your broker)

Third Party Fire and Theft - Middle priced. Third party only + covers your if your bike is burnt or stolen.

Fully Comprehensive - Covers you for anything? (but what is anything?)

On a side note, just thinking about insurance if I am parked at a mates overnight. I imagine if it is nicked I can still claim right? So same if I keep it outside my house? I have a friend who lives like 2 mins up the road but what if I stayed there and wanted to keep my bike there? (he has a garage but its always full)

And when do you need to contact your insurance? What about other peoples? And if both people who are involved agree, does nobody need to be contacted?

Any comments that aren't copied and pasted would be appreciated.

Thanks ()

EDIT: I have a derestricted Metrakit exhaust, surely I wouldnt put this on my insurance as it means my bike is not legal therefore doesn't correspond with my licence. Plus it looks standard. But would I put my renthals on my insurance?
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Rusty '02 Vito Camper + CBR600F3

[truslack]

TPO Covers the person you crash in to, even if it's your fault.
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Current: Suzuki RG 125 Gamma, Honda H100, Triumph Tiger 800XC, Suzuki SV650 (minitwin)

[Ste]

Third party only is the minimum legal requirement and covers you for damages to third parties, any damage to your own vehicle comes out of your pocket.

Third party fire and theft covers you for damages to third parties and covers you if your bike is stolen or burnt (you have to pay the excess). Any crash damage to your own bike comes out of your pocket.

Fully comp covers all of the above and covers damage to your bike so you only pay the excess amount.

If you've got TPFT or fully comp then you'd be covered for your bike being stolen outside your mates house.

Cover for riding other peoples bike depends on the policy.

[dragstaar]

Scenario: You crash into a cager. police come. your bike is a write off. and the cager's door is dented.

Option A: Its not your fault.

Then it doesnt matter what insurance cover you have. Because all the costs will be paid by the Cager's insurance company. So you'll get paid for your bike, gear, and any personal injury, loss of earnings due to injury time etc etc.

Option B: its your fault

Third Party Only The cheapest insurance. This will means that because the accident is your fault, your insurance sompany pays up. So it will pay for the dented door, and any injuries that the driver may be claiming for.

The wrecked bike, your injury, loss of limbs and whatnot, is up to you to sort. The Insurance company wont give a shit about that.

Third party Fire and Theft This is exactly the same as Third party Only in terms of the given scenario. the only difference is, If your bike was to get stolen, or catch fire, then the insurance will pay for it. But in an accident that was your fault, its up to you to sort it.

Fully Comprehensive THis is the most expensive level of cover. This will cover the cager. And it will cover you, even though it was your fault. so any injuries you've got, the bike, the car's door, the driver, will all be paid by your insurance company.

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Shit gets more complicated if its a 50:50 liability split, if you're both to blame. what happens here, is that there are 2 claims in process. One of them will be you claiming against the cager for your bike, and your injuries, and the other will be the cager claiming against you for his car and his injuries. You will each be paid 50% of your total claim. So, if you were to claim for £2000, and the cager claimed for £1000. Then you'll get £1000, and the cager will get £500.

Remember, if the accident is NOT YOUR FAULT, then you claim against the OTHER person's insurance. Not yours.

[HD]

So what do I do? Ring my insurance and say some twat crashed into me

Then give them their insurance details?

Theoretically then I should go Third Party Fire & Theft if my bike is like £1000 brand new?

And what about the parts on my bike?
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Rusty '02 Vito Camper + CBR600F3

[Rogerborg]

[Ingah]

[The Shaggy D.A.]

[multijoy]

[Paulington]

[iooi]

I look at it like this.

TPO. If you have cash to spare should anything happen to the bike, so you can replace it straight away.

TPF&T. If you can't afford to replace the bike should ir be nicked, but have cash to spare should you crash to repair it yourself.

FC. If you don't have spare cash and rely/need the bike to get around.

Of course if you are totally skint and are prepared to risk it, go with what you can afford.

There is then the school of thought that no matter what you need to avoid claiming, as all you get is shafted in the next years....

As to the pipe. If you don't declare it, you risk it not being replaced, or worse they see it and decide that you have invalidated the insurance, so won't pay out.
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Just because my bike was A DIVVY, does not mean i am......

[HD]

Hmm. Gives me a lot to think about. As with the pipe, it looks basically standard and there are no markings to say its an aftermarket. It came with sticker to put on the can but I didnt put it on for this reason.

As standard, this exhaust does actually have restrictors in it.

I am thinking of TPF&T. This means I have to borrow about £100 off my dad. If I go fully comp that means £200. You think it is worth it?

And what about putting my bars on? It surely wouldn't matter?
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Rusty '02 Vito Camper + CBR600F3

[itsallgood]

[HD]

I do understand the derestricted bit but there is nowt I can do about it. I am not riding a restricted bike; it is dangerous and unneccesary.

As for the bike, I bought it for £1000 but not sure it is quite worth that. They go for around £800.

So you think I should go for Third Party Fire & Theft?

That way I would eliminate the huge excess but what if I injure myself?

Thanks
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Rusty '02 Vito Camper + CBR600F3

[Ste]

[Ingah]

If you injure yourself it's your loss unless you are able to sue someone else for it.

One exception is an optional add-on you can buy from many insurers along with the actual bike insurance policy (even for TPO) called "Personal Injury" insurance, which will pay out set sums in the event of specific serious injuries (we're talking lost limbs etc here).
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-- Ingah

[itsallgood]

[Ingah]

[HD]

My head hurts. I need to speak to the father and such like and see what the outcome is. Thanks guys
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Rusty '02 Vito Camper + CBR600F3

[Ingah]

Basically, if you're young, you should (best solution imo, but obviously it's your choice) have a crappy cheap bike your not too attached to, and TPO insurance, some saved money to replace it, and whatever extras you fancy (i.e. helmet and leathers, personal injury etc - but check the small prints because sometimes these products are actually white elephants).

Avoid claiming for bike theft / drops at nearly all costs, as the excess, loss of NCB, and having to declare the claim for the next several years, will cost you far more than all but the most expensive machine. So by claiming, you'd lose more money than you gain (this is one reason why people don't like insurers, it's lose-lose no matter what). Hence get the cheapest quote (probably TPO - and will be cheaper, saving you more money, because of the reduced cover and crappy/low risk machine) and play the game until you're assessed as a lower risk and can afford to buy and insure something nice as a result.

Do anything else, and you're spending more (probably unnecessarily). I do appreciate you may want to disregard this though, get something nice and take the risk.

Hopefully that clarifies it.
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-- Ingah

[HD]