Author Topic: That time of year again.  (Read 1277 times)

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Offlineomnione

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    That time of year again.
    « on: 2014-02-12 14:58:10 »

    It's that time of year again for me my annual insurance is due on the bike.


    Last year I thought I had managed to get a good deal and when the same company rang again I was eager to hear what their offer was.


    In short it had gone DOWN! not by much but what a surprise, anyway I know we are all different but I thought I would jot down the details for you all to have a look and compare.


    First the bike a 2013 k1600gtl  only real extras are some Wunderlich crash bars and a cheap witness camera I fitted recently, I always carry about £1000 excess (including the compulsory excess that seems to be a part of all policy's in the UK these days),because any repairs costing less  I would prefer to pay for to keep the no claims discount intact and my record clean. I need cover for 10,000 miles annually, also for a pillion and continental use, Jackie and I try to get abroad a couple of time's each year.


    The nitty gritty, £160.71 fully comprehensive including an options package which has leather and helmet cover, legal protection, roadside assist, (from the RAC no less) hire bike, (only a 125 but it's  better than walking)and a small amount of personal injury cover.


    They also offered an addition cover to insure the excess (don't forget that's a £1000 for me) and protect my N.C.B. for an additional £52.


    Whether you like the idea of taking out insurance to insure your insurance or not, the end result is worth considering. For £220.71 my bike is insured for 15 months (forgot to tell you they gave me an additional 3 months free) with zero excess and a protected N.C.B. and all the stuff in the third paragraph above.


    At the risk of sounding smug, though I'm sure someone, somewhere will be paying less, I think I'm on a winner what do you think?

    It would be  interesting to hear what insurance costs in other countries.

    OfflineBob S

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      Re: That time of year again.
      « Reply #1 on: 2014-02-12 17:14:04 »
      That works out at an annual premium of £176, taking into account the additional 3 months they have thrown in. Not bad at all. My policy cost me £340 last year but that was for the K1600 and a R1200GSA, so not too bad at all. The excess for the GT was £250 and £175 for the GSA. Legal cover and UK breakdown was also included. When I changed my GSA for a Honda Crosstourer with 10.5 months of the policy still to run it only cost me £15 to make the change.
      I have to wait until July to see what this year will cost me.
      2012 K1600GT-SE

      OfflineGargy

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        Re: That time of year again.
        « Reply #2 on: 2014-02-12 18:18:07 »
        My ex used to work in the insurance game. She said that protecting your NCD is a total rip off, as you may very well keep your 60% or so, but if you make a claim the policy will be loaded at renewal time anyway.


        So you are in effect giving the insurance company money to change the wording on your policy to say you still have full no claims, when in fact, your policy will still go up if a claim is made. Irrelevant of you paying a extra premium................................
        R.I.P. Marco Simoncelli.

        OfflineFP-NLD

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          Re: That time of year again.
          « Reply #3 on: 2014-02-12 19:16:19 »
          My renewal is in March. Last year I paid a little over € 845, which is close to £ [/size]700, and I have the maximum no claim bonus (75%)  :'( .  And this was by far the cheapest! All other companies were way over € 1000  :o .
          Frank (NLD),             BMW K1600 GT Red (2011); top case w/brakelight, comfort package, safety package, F2P, black Wunderlich bars, PDM60, Autocom SPA  |  Other bike: Moto Guzzi V7 850 California (1975)

          Offlineomnione

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            Re: That time of year again.
            « Reply #4 on: 2014-02-12 21:02:01 »
            Quote
            "My ex used to work in the insurance game. She said that protecting your NCD is a total rip off, as you may very well keep your 60% or so, but if you make a claim the policy will be loaded at renewal time anyway."


            Hi Gargy,


            One of my friends works for an insurance broker and he said something very similar, if you have a protected no claims bonus and make a claim, yes you will still have 70% (or whatever it is) after the claim but as your ex said the next policy is loaded before the discount is applied so effectively making it useless. Legalised robbery springs to mind.


            The problem is a lot of benefits are lumped together and it's not possible (or very difficult) to cherry pick the items you want. For instance I will never use the replacement bike, a 125cc is neither use nor ornament to me I will just use my car instead, but if your bike is your only form of transport  it sure beats walking.


            The other bits and pieces like the helmet and leathers cover could be useful should the worst happen and assuming the accident is your own fault, (no one else to claim off) not only would you loose the amount of your excess but damaged biking gear could add up to a pretty penny. The breakdown cover should get me off the motorway without an horrendous bill (it might only be a puncture) and the legal cover could be useful too.


            Insurance is a just another product with a purchase price, in the U.K. we have to pay for it regardless  so the more you can get for the least amount of money the better. Hopefully none of it will ever be used.


            My commiseration's Frank, that is truly an eyewatering figure.


             I wonder what our friends over the pond are going to come back with?

            OfflineBob S

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              Re: That time of year again.
              « Reply #5 on: 2014-02-13 01:55:13 »
              My renewal is in March. Last year I paid a little over € 845, which is close to £ [/size]700, and I have the maximum no claim bonus (75%)  :'( .  And this was by far the cheapest! All other companies were way over € 1000  :o .
              Ouch!!! A double whammy given the luxury taxes which bump up the price of the bike in the Netherlands.
              2012 K1600GT-SE

              OfflineFP-NLD

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                Re: That time of year again.
                « Reply #6 on: 2014-02-13 08:46:42 »
                That's what a hobby does for you: it costs you money. Good thing is it gives you a lot of fun in return  :D.
                When I started riding you rode a bike if you couldn't afford a car. Nowadays you ride a car if you can't afford a bike  ;D.
                Frank (NLD),             BMW K1600 GT Red (2011); top case w/brakelight, comfort package, safety package, F2P, black Wunderlich bars, PDM60, Autocom SPA  |  Other bike: Moto Guzzi V7 850 California (1975)

                OfflineDJS

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                • K1600GTLE-Magnesium Beige & comfort pack & Nav IV
                  Re: That time of year again.
                  « Reply #7 on: 2014-02-13 14:06:39 »
                  I have the standard BMW Motorad policy issued by Allianz.

                  Cost was £237.50 , and until I saw your figure I was quite happy. I did shop around extensively to get the cost down!

                  £650 excess, legal expenses and £1000 of kit covered.

                  NCD protected.

                  I get free breakdown cover by my Bank.

                  European travel of up to 92 days per trip.

                  So, who's yours with?



                  Just enjoy it!

                  OfflineDaren

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                    Re: That time of year again.
                    « Reply #8 on: 2014-02-13 19:38:47 »
                    I have the standard BMW Motorad policy issued by Allianz.

                    Cost was £237.50 , and until I saw your figure I was quite happy. I did shop around extensively to get the cost down!

                    £650 excess, legal expenses and £1000 of kit covered.

                    NCD protected.

                    I get free breakdown cover by my Bank.

                    European travel of up to 92 days per trip.

                    So, who's yours with?


                    I reckon it's MCE. I have a similar policy which is due for renewal in 6 weeks.

                    Offlineomnione

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                      Re: That time of year again.
                      « Reply #9 on: 2014-02-13 19:58:43 »
                      Correct it's M.C.E.

                      OfflineDJS

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                        Re: That time of year again.
                        « Reply #10 on: 2014-02-13 23:50:57 »
                        It will be interesting to see if your renewal is cheaper too!
                        Keep us posted.


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