Shifty insurance companies at it again.. Get an annual "renewal invitation" from Sw*nn. The monthly premium is the same but the sum insured cover is...less..by 10%. Note this invitation is headed "Agreed Value"..they're inviting me to agree that the value is 10% less..could well be...and accept that the premium remains the same...I guess I'll agree not to agree. So I go online to their website for a new quote. Input back the cover I want, leave all else the same.. Quote is even cheaper than the renewal invitation..and cheaper than last year by a sizeable margin. (nb. there is no "online discount" or difference for paying by instalments). I cannot account for the differences other than relying on renewal customers not to compare both with the same company and with competitors.
The other screwy aspect of the quotes is that (this is for a low value bike) I could significantly increase the agreed value (from $1800 up to $3400), reduce aspects of security (eg unlocked garage, street, "other" etc) and have minimal or no impact on the premium. Perhaps this is a quirk of comprehensively insuring bikes at the lower end of the value scale..insurance companies have a minimum premium to cover fixed overheads and such..irrespective of the agreed value up to a certain amount. So next time I need to register a cheapie, I'll be bumping up the agreed value and reducing my security constraints (just in case) whilst maintaining the same premium. Thought springs to mind..if you declare that the bike is usually kept, say, on the street at night and the bike is actually parked in the garage one night and stolen..is this grounds for the insurance company rejecting the claim? I'd expect it would certainly work the other way.
No. If the bike is 'usually' kept in the street, then you are obliged to try and park some equally safe if it isn't in the street. Parking it somewhere more safe is no grounds for voiding the policy. However, an unlocked garage at the end of an unlit uninhabited lane is probably not 'more' safe as far as an insurance company is concerned. Do you really need comprehensive insurance for a cheapie? Have you compared a premium for third-party property with fire and theft instead? About $170 from Sw*nn here in the ACT.
In aus.motorcycles on Tue, 10 Nov 2009 05:38:26 GMT when I looked into insurance for the Mighty Scooter, comp and TPPFT was the same price. I think most companies do that now, as too many hoonbikes were getting "stolen" the weekend of good riding weather. Zebee
In aus.motorcycles on Tue, 10 Nov 2009 06:00:40 GMT swann and qbe both do. For the scooter swann was $180 comp and $150 third party. QBE was $280 TPPFT, didn't get a TP quote as their web page was a pain and I didn't think they'd beat the Swann quote. Zebee
My renewal on the Guzzi came due and there was an adv on TV for some cheap Insurance company whom I'd never heard of before. So I got a quote, which QBE matched and saved me $164.00 to $430 for comp cover. Theo
In aus.motorcycles on Mon, 9 Nov 2009 22:34:19 -0800 (PST) I might try that at renewal time as insuremyride quote me half what QBE has quoted for the Norge. Zebee
That was the one. Get a quote number, make sure it includes same excesses and liability as QBE, and QBE will better it by $5 to $10. Theo
Perhaps. If you intentionally mislead them about the nature of the risk they are insuring, at a minimum they are entitled to the premium that they would have charged had they known. Far more likely they will refuse a claim. You can challenge their decision, and you've got a better than 50:50 chance of winning something in that case, but it won't be anything near the full insured value. That's if you intentionally mislead them. If you say the bike is always garaged and then it gets nicked when you're at a mate's place and you left it on the footpath, they can't refuse the claim, because obviously a motorcycle is a vehicle and intended to be used as such.
In aus.motorcycles on Tue, 10 Nov 2009 19:29:22 +1100 way back when I had the 650 Pantah they'd reduce the agreed value by 10% and I'd reply with the dealer valuation that showed it had increased by 10%. Not a usual scenario I'll grant you. Zebee
Why? If you have "locked garage" insurance and park it on the street (at home..the registered or garaged address) then this would be grounds for not being covered? If you park it on the street at a mates house, then fine. It's the declared address where the bike is kept at night (or the registered address) that can invalidate the insurance if stolen.
A quote transforms into a contract once you pay the premium and they accept the premium for the agreed value. The quote is subject to conditions, the Agreed Value..less so. Market value is somewhat more contentious. Agreed Value policies are for the owner to have some certainty that their perception of value will be protected by the insurer.
I looked into this more..Depends on the insurance policy/insurer. One insurer would instead apply a theft access, which would otherwise not be applied if the bike was stolen from the locked garage disclosed. But the usual applies..check with the insurer. Given that some insurers will not provide insurance at all unless the bike (certain bikes in particular) are garaged, anchor-bolted and alarmed when at the registered address, I doubt flouting this condition is going to earn you merely an additional theft excess.
Three polices I reviewed make no variation to the Agreed Value payout. It is what it is..and is not depreciated or reduced during the term of the policy. The amount actually received in hand will be reduced by any applicable excesses and remaining premium instalments. How does that work if the bike is gifted to you or inherited? The insurance company has agreed to what the value is..you or the insurer have nominated a value and the other accepts. That is understandable. Do you mean after a claim is made?
