Results 1 to 13 of 13

Thread: Thinking about skipping on Insurance

  1. #1
    N00b RobTheNinja's Avatar
    Join Date
    Apr 2016
    Location
    Johannesburg
    Bike
    Kawasaki ZX6R
    Region
    Gauteng
    Posts
    21

    Post Thinking about skipping on Insurance

    Hey,

    Now I know how important insurance is but I only use my bike on weekends.

    Nevertheless I will find some kind of third-party insurance but even this is pricey because of my age group, etc.

    Let me know you guys's thoughts on skipping normal insurance and getting third-party as well as the options you know, thanks!

  2. #2
    Slow Searcher
    Speed Devil's Avatar
    Join Date
    Aug 2010
    Location
    Annlin
    Bike
    Triumph Sprint GT 1050 Ver2.0 (Guiliana)
    Region
    Gauteng
    Posts
    4,757

    Default

    Firstly, by law if your bike is still under finance then it must be insured.

    Secondly, if you still paying off the bike, whether through a financial intsitution or private sale you will lose the bike and still be accountable for paying off the rest of the loan, as the insurance will only pay the 3rd party's costs should you be involved in an accident and write your bike off.

    Personally I feel that anybody who owns a vehicle should by law pay for insurance. But with our present government that will never happen. At present people ride around without insurance, cause accidents, and the those that do have insurance get penalised for claiming.

    Also, if everyone contributes to the "insurance pool" it should reduce premiums.

    Just remember, accidents happen very quickly, and it's only when you involved in an accident that you really appreciate it. It's one of those love/hate things.... you hate paying the exhorbitant premiums but love it when things go wrong.


    Don't take life too seriously....nobody gets out alive!!!

  3. #3
    Hooligan Biker Dynamite's Avatar
    Join Date
    May 2014
    Location
    Johannesburg
    Bike
    waiting
    Region
    Gauteng
    Posts
    180

    Default

    I'd say rather buy/get a cheaper bike (or car) that you can afford with full insurance than skipping on it.

    You can always shop around for cheaper insurance. I'm with Santam and got my car's insurance almost halved through their retention department when I enquired on why it was so expensive.

  4. #4
    Evil Biker Scum
    Join Date
    Oct 2012
    Location
    Somerset West
    Bike
    2008 CBR600RR, 2014 Fireblade SP
    Region
    Western Cape
    Posts
    1,097

    Default

    Perhaps like you, I have felt that the insurance industry has assessed my risk to be far higher than I know my own risk to be. I do small annual mileage, I drive slowly and carefully, I'm a teetotaller, my community has very low crime etc. etc. Your premiums are actually a form of cross subsidy for the insured who ARE high risk, and those who make fraudulent claims, and this ticks you off.

    It's not unreasonable to insure your own risk yourself, so long as you can fully afford the consequences.

    Can you shrug your shoulders and walk away from the total loss of your bike from theft?

    The very small and inexpensive car I drive everyday is not insured. I am the only driver, I do small distances, I am ultra careful etc.
    I have made my own judgement call on this, and I am running the risk myself. So far, I am ahead.
    There are other cars in my family that I do fully insure.

    My motorcycle lives inside my house, in the living room. I ride it on weekends only, and then not every weekend either. I never park it where I can't see it. It is fair to say that it is almost never out of my sight. The insurance on it is high. So I have not insured it either. BUT, I do not ride this two wheeled vehicle like I drive my car, and I push it. A motorcycle's natural resting state is on its side. I have fallen off twice in the last three years. So far, I am behind. I would have been better off if I had insured it.

    What is also a factor though, is when I was dealing with the consequences of the bike damage it was great NOT to have to go through putting in a claim, being second guessed about what actually happened, having my word doubted and arguing for replacing vs repairing parts etc. The decsions were all my own, I was "claiming" from myself.

    There are no motorcycle panelbeaters, only motorcycle mechanics. The only one I trust says he has learned to refuse to repair bikes that are insured because his dealings with insurance assessors over the years is negative and frustrating and they try and insist that he takes shortcuts, like repairing a damaged wheel on a 300 kmph superbike when he knows that it must be replaced.

    Anyway, I have lost money by not insuring my motorcycle.

    And then there is insuring yourself.

    Although I can afford to instantly replace any un-insured vehicle I lose, I cannot afford what it costs to spend a few weeks in an icu. If this happens to any of my family and I am not carrying health insurance, I will have to sell the house. I work in intensive care and I watch the devastation that this can cause in un-insured families. It is also impossible for us in the private sector to transfer a patient to the state sector for financial reasons. The state just won't take such a patient from us and they are under no obligation to do so. The patient is already in an intensive care environment and how he is going to pay for that is simply not their problem. And the private hospital does not write off monies owed to it, and this can easily run into millions. (Whether you feel medical services offered by the state are adequate for your family, and you have no intention of going anywhere near a private hospital, is another debate. )

    So yes, I can afford to not insure some of my vehicles. No I cannot afford to not insure the house against total destruction. No, I cannot afford to not insure my family against health related disasters.



    When I had my last off, the cost to fix the bike was mine. But the cost of hospitalization, surgery, and my lost income was many, many, many multiples of the cost to fix the bike, and that was all paid for by insurance.

    Are you riding a motorcycle that is insured, but you are not insuring the consequences to yourself of falling off? It is way, way, way more expensive than fixing the bike. I know.

  5. #5
    Snow White? Not quite.

    Join Date
    Oct 2010
    Location
    Kempton Park
    Bike
    BMW G310R
    Region
    Gauteng
    Posts
    2,767

    Default

    I had an off on Valentine's day ( I have a 300 Ninja)...... bike not insured!!!! It is now a hassle to restructure budgets and stuff so that I can get new fairings and handlebars and levers and stuff.
    Gonna take me a year to fix bike...... if I stick to the savings plan.
    GET INSURANCE!!!!!!!!!

  6. #6
    Lurker Griffin's Avatar
    Join Date
    Oct 2007
    Location
    Cape Town
    Bike
    Multistrada
    Region
    Western Cape
    Posts
    9

    Default

    I purchased an 2002 RSV Mille cash, and the insurance seemed considerably higher than the average 1000cc. Insurance companies gave me the usual, "It's Italian"; "Parts are harder to come buy"; "We'd rather write it off than repair it". I opted for no insurance, but again, the bike was paid for and I felt at the time that I was a fairly safe rider. Insurance however is not a waste, more of a gamble, so you have to work the system. Carbon's lengthy post , summarized exactly to this: Do the math.

    If you then decide insurance is an acceptable option... negotiate... aggressively!

    Right now I'm paying R407 p/m on a Duke valued at R206k. All that was required to get this premium was for me to submit comparative quotes to my insurance house and request they do their best to match it. I've got a 7 year no claim bonus and I've had all my vehicles and belongings insured with them for 10+ years. I can vouch that all of this (no claim bonus and 10+ years of cars and household contents) is not as important as a comparative quote. My first and initial quote for the Duke, received in writing from the Santam, and with a 7 year no claim bonus, was R3600 p/m. It only took 2 quotes to get this lowered to R407 p/m.

    I requested comparative quotes from Mont Blanc and Bikesure, who came back with R800 - R900 for business insurance. Somehow Santam managed to step up their game and came back with R780 p/m. Since I primarily use my motorcycle for personal use, with the odd drive to work on sunny Friday (still personal according to Santam) they lowered it to R407 p/m for personal only.

    Work the system, don't take sh1t.

  7. #7
    Adventure Biker
    Join Date
    Jul 2014
    Bike
    Yamaha
    Region
    Western Cape
    Posts
    2,468

    Default

    My bike is insured of replacement of it towards a value excepted by the insurance company, fire, theft and natural disaster. I wouldn't claim repairs and would do that myself.
    On my Namibia trip the insurer was notified and I paid a small once off amount for recovery of my bike from cross border back to SA.
    For myself, health related was taken care of and a small payment for recovery of my carcass back to SA and home should the worst case happened across border. Take note that its not easy to get a deceased across border and by road.
    I have to say my premiums is low as I'm above 50 and claim free. The tour accesses wasn't even R300 added.
    http://yamahavirago400.blogspot.co.z...ur-report.html

  8. #8
    Meme Mumbler
    Join Date
    Dec 2008
    Location
    Pretoria
    Bike
    BMW, Honda & KTM
    Region
    Gauteng
    Posts
    3,019

    Default

    Driving or Riding without insurance is an offence in some countries and I feel it should be made compulsory here is South Africa as well.
    Even if it is just 3rd party, fire and theft cover.

    Picture this scenario:
    You are responsible for crashing into a very expensive vehicle and cause major damage to said vehicle of a couple of hundred thousand Rand.
    You are not insured but it is OK because the owner of the vehicle is in insured and his insurance company picks up the tab.
    His insurance company now comes after you for the couple of hundred thousand Rand loss...
    They end up selling most of your prized possessions and getting a Garnishing order on your salary...

    Acquaintance of mine has being paying off a Porche he never owned for the last 15 years already... It happens!

    Think hard and long before you risk it!

  9. #9
    N00b RobTheNinja's Avatar
    Join Date
    Apr 2016
    Location
    Johannesburg
    Bike
    Kawasaki ZX6R
    Region
    Gauteng
    Posts
    21

    Default

    Hey Guys,

    Thanks so much for your Posts!

    All of you have given me very informative and subjective information that one cannot just get off the Net.

    With your examples and stories I will definitely get my bike fully insured. I will get competitive quotes and try get the best price I can get.

    I'd rather pay a lil monthly and know if anything happens I won't have to pay my life away to an insurance company!

    All the best,
    Rob

  10. #10
    Mommy's sweet, little boy Biker mom's son's Avatar
    Join Date
    Nov 2011
    Location
    Roodepoort
    Bike
    KTM 1290SuperDuke R
    Region
    Gauteng
    Posts
    1,311

    Default

    mmmm, I should get my bikes insured.... I have not done it out of laziness though it's easy and quick to do. Will be getting quotes tomorrow.
    And @Robtheninja... you say it's pricey.. For two of my bikes(1000cc and 250cc) I got quotes at roughly R600, that includes a whole bunch of stuff like pillion medical transport,hail damage and a whole bunch of other rubbish which is probably not necessary. I would be put in the "young and eager to crash" category because of my age.
    Girlfriend:"Why do you sleep with a gun under your pillow?"
    Me:"Decepticons"
    She laughed, I laughed, the toaster laughed, I shot the toaster. good times.

  11. #11
    GoogleBoy Pyro's Avatar
    Join Date
    Dec 2009
    Location
    Roodepoort
    Bike
    Honda CBR600F
    Region
    Gauteng
    Posts
    4,675

    Default

    Quote Originally Posted by Griffin View Post
    I purchased an 2002 RSV Mille cash, and the insurance seemed considerably higher than the average 1000cc. Insurance companies gave me the usual, "It's Italian"; "Parts are harder to come buy"; "We'd rather write it off than repair it". I opted for no insurance, but again, the bike was paid for and I felt at the time that I was a fairly safe rider. Insurance however is not a waste, more of a gamble, so you have to work the system. Carbon's lengthy post , summarized exactly to this: Do the math.

    If you then decide insurance is an acceptable option... negotiate... aggressively!

    Right now I'm paying R407 p/m on a Duke valued at R206k. All that was required to get this premium was for me to submit comparative quotes to my insurance house and request they do their best to match it. I've got a 7 year no claim bonus and I've had all my vehicles and belongings insured with them for 10+ years. I can vouch that all of this (no claim bonus and 10+ years of cars and household contents) is not as important as a comparative quote. My first and initial quote for the Duke, received in writing from the Santam, and with a 7 year no claim bonus, was R3600 p/m. It only took 2 quotes to get this lowered to R407 p/m.

    I requested comparative quotes from Mont Blanc and Bikesure, who came back with R800 - R900 for business insurance. Somehow Santam managed to step up their game and came back with R780 p/m. Since I primarily use my motorcycle for personal use, with the odd drive to work on sunny Friday (still personal according to Santam) they lowered it to R407 p/m for personal only.

    Work the system, don't take sh1t.
    I'l definitely have a chat to Santam again.

    A few years ago a broker that sells only Santam products were willing to replace my R1400 package that was raised to R1700 package for some reason to something just under R1000 with various excess conditions for the first 4 months.
    My broker shifted my package to drop down to just over R1100 with slightly better cover, so I stuck around.

    Recently though they restructured things making my cars cheaper, but raising the Ninja to R300 a month for a R25k cover.
    On a cheap vehicle 3rd party risk makes up a significant part of the risk, but DAYUM! Shifted it to Bikesure at R120-ish.

    My CBR600F is still covered for R80k (Honda couldn't give me a value on it other than R80k ) at R440.
    Four wheels move the Body; Two wheels move the Soul
    Fuelly: CBR600F Ninja 250R

  12. #12
    Nuon Fangirl

    Join Date
    Mar 2008
    Bike
    BMW R1200GS
    Region
    Gauteng
    Posts
    39,070

    Default

    Key: Shop around and don't be afraid to let them know you are.
    NB: Check conditions like extra excess.

  13. #13
    Slow Searcher
    Speed Devil's Avatar
    Join Date
    Aug 2010
    Location
    Annlin
    Bike
    Triumph Sprint GT 1050 Ver2.0 (Guiliana)
    Region
    Gauteng
    Posts
    4,757

    Default

    Quote Originally Posted by AMZ View Post
    Key: Shop around and don't be afraid to let them know you are.
    +10000


    Quote Originally Posted by AMZ View Post
    NB: Check conditions like extra excess.
    Try and ask for the same excess values and conditions at all the insurance companies. That way you will be comparing apples with apples when looking at the premiums.


    If your budget can be stretched a bit, also have your jacket, helmet, boots and any other aftermarket items insured under all risk. Insurance companies are getting sticky about paying for aftermarket accessories if they are not listed on the insurance policy. This includes spot/daytime driving lights, topboxes, aftermarket screens, heated grips etc etc.


    Don't take life too seriously....nobody gets out alive!!!

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •