Australian Motorcycle Insurance - 2018 KTM 790 Duke Forum
 6Likes
Reply
 
Thread Tools
post #1 of 14 (permalink) Old 07-08-2019, 07:24 AM Thread Starter
Senior Member
 
magnets's Avatar
 
Join Date: Jul 2019
Location: Australia
Posts: 104
Post Australian Motorcycle Insurance

For the benefit of others, i thought i'd note my efforts to get my 790d insured.

I currently have a v-strom 650 insured for 7k at a cost of $260 a year fully comprehensive with Shannons (previously insuremyride until they went under)

I rang them to say i was changing bike and they informed me my new premium was $1200 per annum. I went elsewhere.

My details: 35-50 male, full license, riding since i was 17.
Sydney metro area, private daily use, locked in a garage overnight

no points, cancellations, convictions in the last 5 years.
1 at fault claim in the last year (car accident).

my results were (all fully comp with agreed value of 12k or market value; $750 excess):

Swann $549
Famous Insurance $608
Youi $1006 (and were an absolute pain to deal with) and had an extra $1000 excess for the first 90 days
AAMI $647
mi-bike $538
StrawbZ likes this.
magnets is offline  
post #2 of 14 (permalink) Old 07-08-2019, 03:49 PM
J D

Eye In The Sky

 
J D's Avatar
 
Join Date: Dec 1969
Location: East Coast
Posts: 151,019
Garage
Quote:
Originally Posted by magnets View Post
For the benefit of others, i thought i'd note my efforts to get my 790d insured
I'm curious if it works the same way in Oz as it does here in the USA, but individual Credit score plays an enormous factor in determining auto/moto insurance rates, as crazy as that sounds..

Forum Admin. Sin Limites..
J D is offline  
post #3 of 14 (permalink) Old 07-09-2019, 12:01 AM Thread Starter
Senior Member
 
magnets's Avatar
 
Join Date: Jul 2019
Location: Australia
Posts: 104
Quote:
Originally Posted by J D View Post
I'm curious if it works the same way in Oz as it does here in the USA, but individual Credit score plays an enormous factor in determining auto/moto insurance rates, as crazy as that sounds..
road tax and insurance in Australia is a bit weird, but no; credit score doesn't affect your premium.

Sometimes if you want to pay by the month (rather than annually) they charge you a little more, but typically it's less than 10%.

I'll post later about how it all works as it's mildy interesting.
J D likes this.
magnets is offline  
post #4 of 14 (permalink) Old 07-09-2019, 06:36 AM Thread Starter
Senior Member
 
magnets's Avatar
 
Join Date: Jul 2019
Location: Australia
Posts: 104
Post

Insurance Competition is pretty good in Australia with around (relating to vehicle) 4 or 5 underwriters and numerous general insurers.

Vehicle regulation is a bit more weird though. Out here (in the state of New South Wales) to be able to ride on the road you need:

Registration (also known as Road Tax), this is paid to the state government and gives you a license plate that must be displayed on the bike. You can buy it annually or 6 monthly. You don't get to choose your license plate for the standard fee. However you can pay a one off fee (around $150) and get your number plate in a color of your choice. There is a add on service where you can have a customized number plate but this costs quite a bit and you have to pay it every time you renew your license.
Motorcycle registration for my v-strom costs me $129

before you can get your registration you have to get your 'green slip'
A green slip (also known as CTP or Compulsory Third Party) is paid to an approved insurer (6 in NSW) and covers the person(s) you hit for medical expenses. It can cover you and some other bits and bobs depending on the circumstances. For example in NSW, for motorcycle riders who have an accident even if it's their fault they get medical and income payments. But it's a bit fuzzy. I think other countries do it better. South Africa put a duty on their petrol that covers CTP. Not sure how they will manage the change to electric though. Anyway my Green slip costs me $292 for the v-strom. Your CTP will vary depending on where you live and the vehicle insured but that's about it. They aren't allowed to ask too many questions for Green slips.

Before you can get registration (yes again) you might also have to get a 'pink slip' or 'blue slip'

Pink Slip (also called e-safety check) is a road worthy certificate. you have to take your vehicle to a testing station or participating mechanic and they do very basic checks that your car is 'roadworthy'. Basically they check that the lights, horn and indicators work, glass isn't smashed, and tyres aren't bald. They test the brakes. They don't do an ecu or emissions test. it costs about $30 and is done while you wait. Many people get their service done at the same time so that encourages mechanics to be part of the scheme. I don't think they make any money on this and possibly they go out backwards.
If your vehicle is less than 6 years old, you don't need a pink slip as it is just assumed your car is road worthy. Which is bonkers.

Blue Slip is a bit different, it's also known as the Authorized Unregistered Vehicle Inspection report. You need one if your car has never had registration (i.e. brand new) or you've bought it from another state*. You also need a blue slip if you've done something major to a vehicle, like put a new engine (has new vin number) or repaired a statuary write off. Blue slips for bikes are $40 and cars $65

Comprehensive insurance is optional, as is Fire, theft and third party property.


So, in order for me to get my bike, i have to pay:
Purchase price ($13,500)
Blue slip ($40)
Green slip ($458)
Registration ($133) (goes up by consumer price index each year, last year was $129)
Comprehensive insurance ($538)

so the actual total before i can safely hoon about is $14,669
plus i paid $160 for the bluetooth.

As you see, that's quite a bit different from the purchase price. And it's why dealers have to say with every vehicle sale "Drive away, no more to pay" or they have to say (+ORC) which is Plus On Road Costs. So that you know if you have to put aside another grand before turning the key.





*if you live interstate you can drive your car here in NSW, if you have a NSW license and own the car, you have to get it registered in NSW. Many companies keep an address in Queensland where it is much cheaper and there is no inspection. and register their cars up there even though they drive them down here.

Sources:
https://www.sira.nsw.gov.au/fraud-an...n-slip-refunds
https://www.autoguru.com.au/car-advi...-do-i-need-one
[url]https://www.rms.nsw.gov.au/roads/registration/fees/registration-costs.html[url]
J D and StrawbZ like this.
magnets is offline  
post #5 of 14 (permalink) Old 07-10-2019, 12:59 AM
Member
 
StrawbZ's Avatar
 
Join Date: May 2019
Location: Sydney, Australia
Posts: 43
Quote:
Originally Posted by magnets View Post
For the benefit of others, i thought i'd note my efforts to get my 790d insured.

I currently have a v-strom 650 insured for 7k at a cost of $260 a year fully comprehensive with Shannons (previously insuremyride until they went under)

I rang them to say i was changing bike and they informed me my new premium was $1200 per annum. I went elsewhere.

My details: 35-50 male, full license, riding since i was 17.
Sydney metro area, private daily use, locked in a garage overnight

no points, cancellations, convictions in the last 5 years.
1 at fault claim in the last year (car accident).
my results were (all fully comp with agreed value of 12k or market value; $750 excess):

Swann $549
Famous Insurance $608
Youi $1006 (and were an absolute pain to deal with) and had an extra $1000 excess for the first 90 days
AAMI $647
mi-bike $538

My details: 25-29 Male, Full licence, riding since I was 17.
Sydney Metro, private use, locked in garage
No points, cancellations, convictions or claims in the last 5 years.
quoted for market value (~16k)

Swann: $931
AAMI: $924
NRMA: $810 (already have other policies)

Its always good to shop around. I know once I hit the infamous 30, insurance prices drop a lot.

Australian KTM 790 Duke Group Facebook Page - https://www.facebook.com/groups/ausktm790duke/
StrawbZ is offline  
post #6 of 14 (permalink) Old 07-10-2019, 01:24 AM Thread Starter
Senior Member
 
magnets's Avatar
 
Join Date: Jul 2019
Location: Australia
Posts: 104
ouch!
thanks for the info.
I was chatting to the chap from Famous Insurance, he was saying that Naked Bikes have the highest insurance. To the point where a ducati monster will cost you more than a Ducati penigale

It was certainly a bit of shock compared to the $260 for the v-strom!
J D likes this.
magnets is offline  
post #7 of 14 (permalink) Old 07-10-2019, 10:35 AM
Junior Member
 
Join Date: Jan 2019
Location: Sydney Australia
Posts: 25
A vote for NRMA from an inner Sydney resident...

I’ve had 2 fairly pricey ‘single vehicle’ claims in the last 4 years and they will still cover me and my new 790D for $498.

Perhaps more importantly, they are a pleasure to deal with, even when you’re carrying a collapsed lung, 7 broken ribs and a bellyfull of painkillers.....

https://www.790dukeforum.com/forum/a...1&d=1562765251

Tom in Sydney
Attached Thumbnails
Click image for larger version

Name:	AA0A9988-F49E-4D1E-B527-2C2492DEA6EE.jpg
Views:	44
Size:	95.2 KB
ID:	1522  
Shultz is offline  
post #8 of 14 (permalink) Old 07-10-2019, 09:01 PM Thread Starter
Senior Member
 
magnets's Avatar
 
Join Date: Jul 2019
Location: Australia
Posts: 104
nice!
we used to be with them for everything but then they started creeping the premiums up
magnets is offline  
post #9 of 14 (permalink) Old 08-09-2019, 01:38 PM
Junior Member
 
Dave790's Avatar
 
Join Date: Aug 2019
Posts: 2
I went with youi, was real easy, 500 a year, basically the same details, only difference is im not in a metro area, fully comprehensive, new for old if written off etc, even had one previous claim before this policy, kangaroo vs car, they were real easy to talk to and sorted it all out within the hour
Dave790 is offline  
post #10 of 14 (permalink) Old 08-11-2019, 04:58 AM Thread Starter
Senior Member
 
magnets's Avatar
 
Join Date: Jul 2019
Location: Australia
Posts: 104
I didn't like youi at all.
scripted and disingenuous.
I tried to do it all online, then when i submitted the form it said "no we need a mobile number to verify you are not a bot"
i was unimpressed but thought oh well, if you are just trying to stop bots.
then clicked 'finish'
to get a message saying, thanks we've got your number now and we'll call you.
then spent another 20 minutes on the phone.
resulting in the second highest quote.

so yeah, won't be using them again.

still...i heard bad things about budget direct and they were great when i had a car accident many years ago.

Last edited by magnets; 08-11-2019 at 04:58 AM. Reason: typo
magnets is offline  
Reply

Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page



Similar Threads
Thread Thread Starter Forum Replies Last Post
Motorcycle Maker KTM Passes Harley and Aims at Kawasaki EvansB2 KTM 790 Duke General Discussion 1 06-14-2019 12:05 AM
Australian KTM 790 Pricing StrawbZ KTM 790 Duke Pricing, Dealers And Orders 4 05-20-2019 07:37 AM

Posting Rules  
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

 
For the best viewing experience please update your browser to Google Chrome