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  • Finding Bike Insurance

    So I've just passed my theory to start learning to ride last week and thought now would be a good time to look at how much insurance would be.
    I'm 20yo first time insuring and it would be for Honda Grom (125cc) with roughly 3k-5k mileage and going for $3,500
    I'd be getting comprehensive because you'd be silly not too but my question is how much would you insure it for?
    the cost of purchase?
    a bit more?
    a bit less?
    bit confused on what this question actually means when looking for a quote
    thanks!
    Last edited by jackl00; 29-10-2020, 10:42 AM.

  • #2
    Insurers will offer you a variety of contracts/policies/conditions.

    Comprehensive is broken into 2 known types. Agreed value and Market value.
    1. Agreed value. This is a value that you AND the insurer will agree upon, taking into account, purchase price, condition, potential advantageous purchase price (bought ex-deceased estate for example, or gifted to you).
    2. Market Value. Insurer will never disclose (in writing) the actual insured value of the item, until it comes time to settle the claim as a result of a declared write-off. It's then that they will determine the value of the bike based on average 'for sale' prices for similar models in similar condition etc etc.

    And then there is Third Party Property damage cover...which you said you weren't interested in.

    So...in your best interests, you should find an insurer who offers an agreed value, provides terms, conditions and features/benefits within the policy that best suits you.
    Not always will the cheapest premium be the best policy, as when it comes time to claim you may be left with a very empty wallet.

    Hope this helps.
    Originally posted by Viper
    I'm probably fucking something up.
    FOREVER RIDING WITH "DAVO" - FarRider #1

    http://forum.fjr13.org/index.php
    Administrator

    Comment


    • #3
      Originally posted by jackl00 View Post
      So I've just passed my theory to start learning to ride last week and thought now would be a good time to look at how much insurance would be.
      I'm 20yo first time insuring and it would be for Honda Grom (125cc) with roughly 3k-5k mileage and going for $3,500
      I'd be getting comprehensive because you'd be silly not too but my question is how much would you insure it for?
      the cost of purchase?
      a bit more?
      a bit less?
      bit confused on what this question actually means when looking for a quote
      thanks!
      I'm glad my response was beneficial for you. it's always nice to get +ive feedback.
      Originally posted by Viper
      I'm probably fucking something up.
      FOREVER RIDING WITH "DAVO" - FarRider #1

      http://forum.fjr13.org/index.php
      Administrator

      Comment

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