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Old 10-03-09, 08:36 AM   #1
Miles
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Default Super Sport 600 Insurance

I've been looking at how much it is to insure a SS600, and its a bit odd.

I can insure a GSXR600 for around £285, but a an R6, ZX6R, CBR600RR, Daytona 650 all cost around £450. For ref my SV comes out at about £185. All FC.

I'm under the impression that they are all pretty similar in terms of value, performance and desirability to a thief, so why the big difference?!
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Old 10-03-09, 08:41 AM   #2
the_lone_wolf
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Default Re: Super Sport 600 Insurance

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Originally Posted by Miles View Post
I've been looking at how much it is to insure a SS600, and its a bit odd.

I can insure a GSXR600 for around £285, but a an R6, ZX6R, CBR600RR, Daytona 650 all cost around £450. For ref my SV comes out at about £185. All FC.

I'm under the impression that they are all pretty similar in terms of value, performance and desirability to a thief, so why the big difference?!
cause nobody would steal a GSXR

insurance risk also takes into account the cost of repairs and the cost of the vehicle when new, which may favour the suzuki

either that, or a particular insurer specialises in suzukis and happens to match your risk profile with theirs...
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Old 10-03-09, 09:25 AM   #3
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Default Re: Super Sport 600 Insurance

I tried official Suzuki insurance for my SV, came to about £6000. So i bought from BikeSure for the best price (for me)!

Also, depends on your area. If the insurers you quoted from have had previous claims from riders of the other bikes, they become higher risk and more expensive.
Also, what years were these bikes? All relatively new?
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Old 10-03-09, 09:38 AM   #4
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Default Re: Super Sport 600 Insurance

oh, my own opinion of insurance companies is that they have a large random number generator, and a multiplier for when you tell them you're under 25

see my own thread on insurance
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Old 10-03-09, 10:05 AM   #5
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Default Re: Super Sport 600 Insurance

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Originally Posted by the_lone_wolf View Post
oh, my own opinion of insurance companies is that they have a large random number generator, and a multiplier for when you tell them you're under 25
Step 1 - calculate risk of accident based on claims database for age and bike
Step 2 - multiply by average claim size including processing costs
Step 3 - repeat 1 and 2 for theft
Step 4 - add in overheads for marketing, call centre etc.
Step 5 - ADD A HUGE AMOUNT TO HELP COVER THEIR INVESTMENT LOSSES

The big insurers generally have a huge pile of money invested in the markets to cover contingent liabilities (the risk of claims). That includes shares in banks and other industries whose share prices have tanked recently. So to rebuild their asset/risk profile all kinds of premiums will be shooting up (well it's that or reduce profits ).

Maybe I'm just being pessimistic, but that's what I'm expecting.

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Old 10-03-09, 10:14 AM   #6
Ceri JC
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Default Re: Super Sport 600 Insurance

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Originally Posted by keith_d View Post
Step 1 - calculate risk of accident based on claims database for age and bike
Step 2 - multiply by average claim size including processing costs
Step 3 - repeat 1 and 2 for theft
Step 4 - add in overheads for marketing, call centre etc.
Step 5 - ADD A HUGE AMOUNT TO HELP COVER THEIR INVESTMENT LOSSES

The big insurers generally have a huge pile of money invested in the markets to cover contingent liabilities (the risk of claims). That includes shares in banks and other industries whose share prices have tanked recently. So to rebuild their asset/risk profile all kinds of premiums will be shooting up (well it's that or reduce profits ).

Maybe I'm just being pessimistic, but that's what I'm expecting.

Keith
+1. For certain types of insurance (breakdown recovery for example), steps 1-4 cost more per year than the total amount collected in premiums. The way they make the profit is by investing the money collected for premiums. In the current financial climate, they won't be able to do this with any certainty, so expect your premiums to go up instead.
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Old 10-03-09, 12:18 PM   #7
Miles
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Default Re: Super Sport 600 Insurance

All bikes were the same age and value, but if I change it from newer bikes to 2005 ish models then its still the same. The 2004/5 ish bikes seem to have about 20bhp less as well?

Are the insurance groups of the GSXR / R6 / ZX6R the same?

I know insurance is based on statistics, it just seems odd that the GSXR is so much cheaper because it at least appears to present the same risk as the other bikes.
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Old 10-03-09, 12:23 PM   #8
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Default Re: Super Sport 600 Insurance

Quote:
Originally Posted by Miles View Post
All bikes were the same age and value, but if I change it from newer bikes to 2005 ish models then its still the same. The 2004/5 ish bikes seem to have about 20 claimed bhp less as well?

Are the insurance groups of the GSXR / R6 / ZX6R the same?

I know insurance is based on statistics, it just seems odd that the GSXR is so much cheaper because it at least appears to present the same risk as the other bikes.


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Old 10-03-09, 01:12 PM   #9
Holdup
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Default Re: Super Sport 600 Insurance

Im quessing your a lot older than me for me gsxr600k4 fully comp cheapest qoute is £2794.81 , a £2000 price increase from my SV XD
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Old 10-03-09, 01:24 PM   #10
Miles
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Default Re: Super Sport 600 Insurance

I'm 25, will have 1 years ncb and a quite friendly post code.
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