A Rant about Insurance

[thebug]

I popped into my local Triumph dealer today to test ride the Daytona 675. I absolutely love the bike and could just about stretch to the monthly payments so of I went home to see if I could insure it. I thought this would be a formality... My 955i Daytona is dirt cheap, around £250, and that is a more powerful machine. I received a set of quotes which a Russian oil tycoon would have baulked at - around the £1000 mark. I don't understand. I'm over 25, have never had a claim in 5 years of riding, live in a typically middle class area of London and the bike is safely locked away in a garage each night, how can they justify those quotations? Has anyone else tried to insure a brand new bike and had better luck? Looks like I will have to keep buying used bikes for cheap, which is a shame because I would really love for once to have a low mileage bike which I can be sure will be reliable and hasn't been thrashed before it got to me.

Had to get that off my chest. End rant.

[Kenzie]

Strange, the 955i and 675 both seem to be group 15. Normally insurers do that to put you off as the don't really want to have you on their books.

[rapidgaz]

Yeah it happened to me. Got quoted by a shed load of company's to insure a new gixxa 600. Ranged between 1400 to 2000
I was gobsmacked to say the least. Oh I am 44.


Sent down the wires from home

[DJ123]

I popped into my local Triumph dealer today to test ride the Daytona 675. I absolutely love the bike and could just about stretch to the monthly payments so of I went home to see if I could insure it. I thought this would be a formality... My 955i Daytona is dirt cheap, around £250, and that is a more powerful machine. I received a set of quotes which a Russian oil tycoon would have baulked at - around the £1000 mark. I don't understand. I'm over 25, have never had a claim in 5 years of riding, live in a typically middle class area of London and the bike is safely locked away in a garage each night, how can they justify those quotations? Has anyone else tried to insure a brand new bike and had better luck? Looks like I will have to keep buying used bikes for cheap, which is a shame because I would really love for once to have a low mileage bike which I can be sure will be reliable and hasn't been thrashed before it got to me.

Had to get that off my chest. End rant.

The 955i is an older and cheaper bike. I suspect if anything happened to it they would write it off. The 675 being brand new and a lot more expensive will cost more to get repaired or to pay out if it is written off. You may also find the insurer may have high claims against the 675 being written off/involved in accidents/stolen hence the higher premium.

FWIW my F800st (6 years old) cost me £400 FC. I can insure a brand new S1000RR for £1k FC.

[Sir Trev]

The 955i is an older and cheaper bike. I suspect if anything happened to it they would write it off. The 675 being brand new and a lot more expensive will cost more to get repaired or to pay out if it is written off. You may also find the insurer may have high claims against the 675 being written off/involved in accidents/stolen hence the higher premium.



This.

Plus, the demographic of who buys a 955 vs a 675 is different so the same "group" may well have a different risk profile and therefore different weightings on premiums. Which is effectively what Job says above...

[ethariel]

Been in the same boat recventley, was looking at moving up from a 955i S3 to a newer 1050R and one look at 1200 to 1500 a year insurance (up from 240) put me off.

Although the Tiger 800 and Street Triple came back under same quotes (400 comp), tho trying to shoehorn 6'4 and 20 stone onto a Street was a bit of a giggle.

[Biker Biggles]

I popped into my local Triumph dealer today to test ride the Daytona 675. I absolutely love the bike and could just about stretch to the monthly payments so of I went home to see if I could insure it. I thought this would be a formality... My 955i Daytona is dirt cheap, around £250, and that is a more powerful machine. I received a set of quotes which a Russian oil tycoon would have baulked at - around the £1000 mark. I don't understand. I'm over 25, have never had a claim in 5 years of riding, live in a typically middle class area of London and the bike is safely locked away in a garage each night, how can they justify those quotations? Has anyone else tried to insure a brand new bike and had better luck? Looks like I will have to keep buying used bikes for cheap, which is a shame because I would really love for once to have a low mileage bike which I can be sure will be reliable and hasn't been thrashed before it got to me.

Had to get that off my chest. End rant.

Sounds like the insurance is trying to do you a favour.They are saying to keep the 955 and save shedloads of dosh on the premium,and the cost of buying the new bike.Apart from the odd late night knee down on Apex Corner the 955 is probably a nicer bike to own and ride anyway;)

[thebug]

Sounds like the insurance is trying to do you a favour.They are saying to keep the 955 and save shedloads of dosh on the premium,and the cost of buying the new bike.Apart from the odd late night knee down on Apex Corner the 955 is probably a nicer bike to own and ride anyway;)

I do love the 955i, but it's at an age that it spends longer in the garage being repaired than it does on the road being ridden! I understand that with the increased value comes an increased risk to the insurer, but I can really understand why dealerships are finding it so hard to shift new machines!

[NTECUK]

675's get pinched .
So see if a proper tracker and security markings helps.
Its got a thacham imobaliser . An alarm didnt reduce mine.

[Scoff]

Try MCE mate, I did some test quotes on the 675, Bennets refused, I got £300 from MCE...

[NTECUK]

Just think about McE reputation befor you take the jump though .

[yorkie_chris]

+1 on the beware MCE, a few years ago our experiences with them put them in the "lying, thieving sack of sh*te" category.

I do love the 955i, but it's at an age that it spends longer in the garage being repaired than it does on the road being ridden! I understand that with the increased value comes an increased risk to the insurer, but I can really understand why dealerships are finding it so hard to shift new machines!

Why what's up with it, they're normally pretty good.

[andrewsmith]

Try MCE mate, I did some test quotes on the 675, Bennets refused, I got £300 from MCE...

Search MCE on here or any UK bike forum.

I'm with YC what's up with the 955?

Sent from my ST25i using Tapatalk 2

[Scoff]

I searched MCE reviews, and they were more or less the same as all the others.. Bit worrying reading the negative side of trying to claim!
Surly, the insurance ombudsman would have something to say if they didn't deal fairly with people??
Fingers crossed I don't need them for anything other than being legal!

[Nutsinatin]

Try actually being 19 and trying to get insurance! A fully comp SV is £2k +!

[granty92]

nutsinatin is that with anyone else on your policy or just you? because i passed at 19 went straight on the sv with no previous experience and its was only 1k

[Nutsinatin]

nutsinatin is that with anyone else on your policy or just you? because i passed at 19 went straight on the sv with no previous experience and its was only 1k

Only me with a years experience, was your bike pre 2007 as that makes a big difference, also my bike lives outside!

[Bibio]

i sometimes wish i was younger but after hearing what the younger generation has to pay in insurance premiums i think i like being old. it's disgusting the amount younger people have to pay just to be on the road.

[granty92]

yeah mine is a 2003 model and also lives outside, poor thing sometimes gets to stay in the hallway though