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Thread: Things learnt from Writing off my bike

  1. #1
    Biker TranceMasta's Avatar
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    Default Things learnt from Writing off my bike

    Hi All

    Thought I might share so that others don't get screwed as I have been.

    So a bit of background,

    Bought my amazing 2008 Kawasaki Versys 650 KLE 2 years ago that cost 54k at the dealer in CPT, 80K taking out a loan at Wesbank with a 15K deposit. Been paying off merrily and still owe around 46k.

    I contacted 1st Call Insurance which connected me to Anderson Insurance underwriters, was trying to find cheapest insurance cause times were tough. Things I quickly learned with my first 2 offs are excess amounts and how they sting your pocket. 1st off was 3K excess, bike repairs 36K for minor slide, as my crash bobbin broke off. 2nd off was 18K damage with 6K excess due to accident happening within a year.

    Then came my major accident recently, 18th April, Had a women turn infront of me at robots while I was doing round about 80 KM/h through the green. Connected the front of the car writing my bike off as I had bent forks, engine open, Frame piece missing etc. She claims full responsibility etc BUT DONT BE FOOLED! YOU STILL GET SCREWED, well I did anyways.
    http://forum.thinkbike.co.za/showthr...rash-in-Strand (If you wanna see pics)

    Contacted my insurance, I now need to pay R5K excess, which after the claim they will recover and give back to me, but the really sucky part, is when your insurance work out the market value of your bike and you see they only going to pay 42K for your bike back to the bank. This is where you get meant to get GAP cover from Wesbank so that if you still owe after insurance settle and you still owe, Wesbank would cover it. So at the end of the day if you do the maths things get very sad: I spent round 35K on payments to Wesbank, 15K on Deposit, 13K on excess, 7K on AGATT = 70K Spent, maybe another 4K to finish payments @ Wesbank and fkall to show for it.

    So now im sitting bikeless, poor and stuck in a cage... fml

    WHAT DID IT TEACH ME!

    Get gap cover from bank you take loan from
    Use a proper insurance that doesnt feed off excess
    read these forums as they would of saved me allot of money
    always wear my atgatt because you never know when its going to happen.

    Hope this helps someone...

    Paul

    P.S Im looking for odd jobs to do in IT in Helderberg or Cape Town, I can do almost anything in IT etc. Have a job but looking for ad hoc work so I can get on a bike SOON!
    Computer Reloads, PC fixes, Network Setups, Wireless and Network Cables, Server Installs, You name it I can probably do it.
    Live expecting something great everyday!


  2. #2
    Evil Biker Scum
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    Default

    Eish, sad to read this. Hope you are back on 2 wheels soon.

  3. #3
    Hooligan Biker
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    Default

    Hang on hang on.

    How did you get to 80k when purchasing a bike worth 54k and doing a 15k deposit?

    Did you finance all the extras and bike gear? Because if that's the case you can hardly blame the insurance for screwing you over.

    You inspired a motorcycle, not a finance agreement. If said finance agreement is off the charts, then you can only really blame yourself.

  4. #4
    GoogleBoy Pyro's Avatar
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    You could look at it from the insurer's point of view...

    R36k + R18k + R42k in damage -> R94k of damages.
    R14k in excess -> R80k of damages.

    And you probably paid around R10k in premiums, so they're R70K out of pocket.

    That's R70k that you effectively 'profited' from them over 2 years.
    Four wheels move the Body; Two wheels move the Soul
    Fuelly: CBR600F Ninja 250R

  5. #5
    Az Dawg

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    Quote Originally Posted by Pyro View Post
    You could look at it from the insurer's point of view...

    R36k + R18k + R42k in damage -> R94k of damages.
    R14k in excess -> R80k of damages.

    And you probably paid around R10k in premiums, so they're R70K out of pocket.

    That's R70k that you effectively 'profited' from them over 2 years.
    Yea that'll make him feel much better.

  6. #6
    GoogleBoy Pyro's Avatar
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    Quote Originally Posted by -Az- View Post
    Yea that'll make him feel much better.
    Hey, it's value for money from insurance.

    Most people are lucky to break even...

    I broke even with my cars at one stage, but some time after my last Hail damage claim I started making a loss.
    To be honest, I'd rather make a loss and not smash things. Less inconvenience, and less expensive in the long run.
    Four wheels move the Body; Two wheels move the Soul
    Fuelly: CBR600F Ninja 250R

  7. #7
    Grammar Nazi (Wish I was a biker) Buelligan's Avatar
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    Hai Paul, spensive lesson there

    Quote Originally Posted by -Az- View Post
    Yea that'll make him feel much better.
    Talking about better, how's the shoulder Az
    Looking for a new onw...some Mad Scot stole mine

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