Quick Insurance Question

RickHolt · Traffic Copper Joined: 17 Mar 2004 Karma :

I'm insured on my GS500 with Equity Red Star, I used BikeTeam as the broker. When I rang BikeTeam to ask them for a quote on a ZX6R they said they don't cover people under 23 on bikes that size. (That's the broker said that). Should I be able to change this direct with Equity Red Star or use another broker? Don't want to cancel the policy because I'll lose quite alot that way but have got the chance to buy a very cheap ZX6R...

Rick

bennyboy · Scooby Slapper Joined: 15 Aug 2005 Karma :

If you CAN wait you DEFINATELY want to wait till your renewal date, how far away is renewal?

I work for a broker, and we have similar problems with people not being allowed. The chances are both the broker AND Equity wont accept.

My advise is be patient and wait till renewal, you will have an extra years NCB and can switch to a company that is more accomodating for young riders on big bikes

Cheers
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2000 peugeot speedfight....1999 RS125....2001 RS125....1997 GSXR600 srad

Ted · World Chat Champion Joined: 26 Mar 2006 Karma :

I agree with bennyboy, but if you really can't wait, give your insurer a ring, you have nothing to loose by asking.

RickHolt · Traffic Copper Joined: 17 Mar 2004 Karma :

Don't really see why I should have to wait. I'll try the insurance company in the morning, see if they will deal with me straight away instead of through a broker. I've got about 9 months left on the policy so cancelling isn't an option, I just want to upgrade the bike.

Do you know if Equity will deal with people direct? Would another broker be able to sort something out if they wont?

I already have 1years NCB, should be enough to get reasonable insurance on a 600 at 20.

900 quid for a good condition ZX6R, seems like a shame to let it go.

Rick.

Ichy · World Chat Champion Joined: 15 Jul 2005 Karma :

Don't you get the money back for the remaining time if you cancel your insurance?
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RickHolt · Traffic Copper Joined: 17 Mar 2004 Karma :

No where near as much as you should Sad

I meant to sort things out this year so I was paying monthly for just this kind of situation.

paulthewitt · World Chat Champion Joined: 17 May 2004 Karma :

if you buy a new bike and they cannot cover it (underwriting or whatever) and you are "forced" to cancel because of this. they cannot charge you a cancelation charge so you will get a full pro rata refund.

if they dont they are breaching guidelines

RickHolt · Traffic Copper Joined: 17 Mar 2004 Karma :

Ahh that sounds interesting...

But I guess they'd still pay back the amount the paperwork says eg after 3 months it might be 50%, after 4 months 25% after 6 months 10% etc.

So I'd still lose alot.. I'll see what they say tommorow anyway.

Rick

paulthewitt · World Chat Champion Joined: 17 May 2004 Karma :

bennyboy · Scooby Slapper Joined: 15 Aug 2005 Karma :

Are you sure Paul? 100%?

Im a broker and in my life whatever reason a policy is cancelled for, it doesnt have to be pro-rata. If there are percentages listed on the policy then thats what you will get back
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2000 peugeot speedfight....1999 RS125....2001 RS125....1997 GSXR600 srad