Insurance payouts and premiums, tell me your stories!

[Crumpets]

Hi All,

I've heard from riders i know that buying 3rd party fire and theft or comp at a young age (22) is useless because the excess on a 5k bike is high (£850) the insurance is expensive (£600 for 3rd part fire theft) and in the end what they don't recover here they make up on when you go to renew your policy.

I've also been informed that bike payouts are no where near the value of the bike... don't know if this is true either...

I've never had an accident on my little 125's and i've never lost a bike so i don't know if this is true. I've also claimed on my car but it didn't affect my premium by that much.

What has your experience been when claiming and can anyone tell me if what i've heard is truth or a fable?

Thanks

[wr6133]

Not claimed for a theft (or a fire) but I took TPFT on my current bike as it actually cost 10 quid less than the cheapest TPO cover

That said I wouldn't claim for theft if it did occur. My bike is worth bugger all not worth years of premium rape to get whatever % of bugger all the insurers deem my bike is worth. Different though if your bike is worth a lot.

[c-m]

I only ever buy TPFT. If I drop the bike that's my stupid fault. This helps eliminate risk compensation. I only buy used bikes though.

In my experience of making 4 non-fault claims, the insurer has always paid out more than I paid for the bike.

Plus as they were no fault accidents, I've always been given a hire bike and had legal representation and private medials where needed.

[Wonko The Sane]

I'm 30, the bike's a 10 year old zzr 600 and the excess on TPFT was more than the £1000 the bike cost me but the policy was less than TPonly

rang up to buy (should have bought online) and was told "can't sell you the policy" because the excess would have been more.

would have saved £100 and just never claimed.
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[Nitro_159]

Had one non fault accident on my bike, TPFT cover, got 400 more than the bike was worth! Not complaining either they provided a hire bike, legal fella has been great, even when the other side went and claimed that she couldn't have been driving as she had sold the car a few days prior to the accident (3 miles from her home) they still did what they could for me at every stage

Whenever I've dealt with my insurers they've always been happy to help, even with the silly questions

Now I'm fully comp on an FZ8 and swapping it for a new GSXR-6 this weekend and again they were more than happy to help

But perhaps I'm one of the lucky ones who wasn't stung up the arse despite being a young rider

[P.addy]

Well...

TPO insurance, Honda CLR125, paid £600, paid out £1095 for bike. More for injuries.

TPO insurance, Suzuki GS500, paid £500 for bike, paid out £795 for bike. More for injuries.

Never had increased premiums, they are lower than they ever have been in fact.

Add in car claims and a few more bike claims, some points... and its still low.

[Crumpets]

Thanks for all the info i'm getting stung every which way because i live in east london (thanks work) and i'm living in a flat block with a secured underground car park with cctv and patrols yet they say i have to classify it as on street parking making my premium a wopping 1300 for a gs 800.

[c-m]