Insurance when just starting out

[esullivan]

My son recently did his CBT and is buying a bike (a 2011 CBF). He's trying to sort out insurance before he picks up the bike on Tuesday and asked me whether he should buy third-party only or get fire and theft.

Obviously, getting the bike stolen would be a devastating loss to his bank account, but as we've seen recently, he'll end up paying for it one or another as his insurance premiums skyrocket for the next several years.

What's BCF's wisdom? When getting your first vehicle and insurance is it better to just assume you'll never claim anything on it, at least until you get a few no-claims years under you?
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Current: '14 VFR800X Test passed 31/10/12.
Previous: '12 NC700S, '11 CBF 125, '04 SH 125.

[G]

Depends on the vehicle, but I'd buy cheap enough that TPFT isn't worth it - it's not like 125s have really significantly improved over the last 30 years (the opposite, mostly).
Even if already committed to this and it's a bit expensive, it could still be replaced with a similarly performing cheap bike, so I would go TPO and invest the difference in a big chain etc, unless it's only a little extra.

[-LG-]

Whats the price difference? Also have a look at the price difference for fully comp, sometimes it's not a huge difference.

First year I went TPF&T as I didn't fancy having a £6,000 bike stolen and having to pay the rest still, last two years I've had fully comp as it wasn't that much more.
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Snow rider wrote: I'm far to annoying to be near for long periods of time

[.Chris.]

Has he already bought the bike? Not sure how much the 2011 CBF is worth, but I'm guessing probably £1500 or so. One way of avoiding this dilemma is buying something for say £500, so there would be absolutely no point in claiming for theft, once the excess is taken into account.

If he's already bought the bike, get some quotes for TPO and TPFT. If there's not much difference, go for TPFT and then cross the claim/no claim bridge when you (hopefully don't) come to it.
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Chris
1985 Kawasaki Z550F

[G]

To some degree I think FC makes more sense, if it can be got for only a little more - if you have an 'at fault' accident, you might as well claim for your own stuff, as you've already lost NCB and had a claim against you regardless - while for a theft, you've got the option of not claiming (see Paddy's recent incident, where he preferred not to claim.)

[1198]

Fully comp is often not much more expensive than TPO or TPFT from what I've gathered - in fact on occasion I've heard it being cheaper!

[esullivan]

Yes, he's already bought the bike. Unfortunately, inside the M25, £500 125cc bikes simply don't exist -- they're just too much in demand. And even the ones around or below the £1,000 mark are really bangers, held together with electrical tape and cable ties, and obviously dropped many times by the dozen or so previous owners...

The one he bought was well cared for (by the single previous owner) and looks in good shape. It has very little corrosion compared with newer models we looked at, so not a Friday afternoon CBF. It will sell for close to what he paid in a few months, I'm hoping.

He's planning on holding this only a few months and then doing direct access, so it's really only the depreciation he's spending (assuming it doesn't get stolen, of course).

The difference in price between TPO and TPFT isn't much. I'll suggest he also take a look at fully comp as well. And buy a good chain.
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Current: '14 VFR800X Test passed 31/10/12.
Previous: '12 NC700S, '11 CBF 125, '04 SH 125.

[Tamsin]

It was cheaper for me to get comp by about £10 on the CG on a sub £100 policy thats significant

(Thats Aged 30, BN1 postcode, first insurance on CBT)

[1198]

Check he will be able to cancel / upgrade his policy when passes then to get cover for his new ride. There's plenty of horror stories on here about cancelation fees, insurers not allowing bike changes, stupidly high 'admin fees' for changes...

[esullivan]

[.Chris.]

Usually if you choose to pay insurance monthly, you're actually just taking out a loan to pay for the full 12 month policy, which you then pay off in installments. Unless you mean he's going to take out a monthly policy from the likes of eBike, and renew it every month as necessary.
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Chris
1985 Kawasaki Z550F

[TheSmiler]

I personally went for the cheapest, I knew I was unlikely to cover any losses due to it costing more in the long term. The cheapest for me was £450 tp on a Cb125, for a CG 125 it was £600 TP.
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CB125>CG125>GN125>ER5>K100RS>R1100RS>K100RS
A2 completed 23/07/15 Ready for the Golden Crisp Packet

[G]

[Taught2BCauti...]

I think it would be worth talking to an insurance broker, rather than using comparison sites - they always seem to find cheaper and better deals than you can find online.

As a first-time policy holder, your son might find that fully comp is sometimes cheaper than third party only.

Also, some insurers will only offer fully comp cover for under 21's, so you won't find the cheapest prices if you are searching for TPO or TPF&T.
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Honda Varadero XL125(V8)
www.TheFutureIsHere.eu

[Rogerborg]

[Hold Da Kaeft]

FC may only be slightly more but look at the excess. They seem to skyrocket on FC compared to TPFT.

Just found that out for myself. £600 FC but £700 excess v £500 TPFT with £250 excess.

[G]

Oops, I knew they'd cancelled some stuff, but hadn't realised they'd cancelled monthly policies across the board.

[Rogerborg]

[Wonko The Sane]

I had my varadero on fully comp as i was relying on it for work, had paid £2k for it and that's what I'd always had on the cars.

lowered the cover to 3rd party f&t as didn't have money for tyres for it and lowering cover, got money back, covered tyres - didn't have job at this point as moving area.

got new job, sold varadero and bought a ZZR for £1k and put £1k in the bank and insured it 3rd party, essentially funding my own payout if stolen as excess isn't far off value of bike.

the same logic needs to be applied to each situation,

If I couldn't afford to go out and buy another, even cheap to keep me mobile, bike (money in bank) then F&T might be a good idea.
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They're also on Facebook https://www.facebook.com/pages/Focus-Rider-Training/196832923734251

[DaveB]

Don't go with MCE if he's doing his test soon. I did and they wanted £75 on top of the £315 I paid 3 months earlier just for passing test

They also wanted £550 to insure my new bike (Street Triple) for the 9 months left on policy, whereas I got a full year for £350 elsewhere.
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Mod 2 passed 26/10/2011
Current ride: 2014 Triumph Street Triple R. Previous, 2007 Triumph Daytona 675, 2007 Triumph Street Triple, 2011 Derbi GPR125r.

[NJD]

[andys675]

besides insurance woes, buy a dirty great chain and padlock and teach him how to lock it up everywhere he goes, even if he's popping in a mate's house for 2 minutes
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Some people feel the rain, others just get wet.

[DaveB]