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Bike Insurance SPAM

Mark111

Mark111

Cruisin' Guzzisti
GT Contributor
Joined
Sep 21, 2010
Messages
161
Location
Berowra, NSW
My fellow OZ Guzzi owners
Let me declare my personal interest in this subject.
I work for IAG which is a company that owns the NRMA Insurance brand but I have nothing to do with sales and will receive no personal benefit.
The point of this post is to let people know that NRMA Insurance has recently reduced some motorcycle premiums.
I have a Griso and have just changed my motorcycle policy and saved myself a fair whack of money on my premium for comprehensive cover.
Some of you in NSW, Qld and Tas might be interested in checking out NRMA if you are looking for insurance cover.

A couple of features with the NRMA policy which I think are superior to some others that I have looked at, is that you don’t have to list additional riders, anyone can ride your bike if they have a licence and it is legal to do so. You can ride 7 days a week anywhere including commuting if you want.

My experience is that a number of other insurers may be cheaper for basic cover but if you want to use your bike more than a few days a week or mon to fri or want to allow someone else to use it, they either refuse cover or ramp up the premium dramatically.

This may not suit any of you but could be worth a phone call especially if you have other policies with NRMA.

A final comment: this is just an attempt to give some info to other motorcycle owners which may or may not benefit you, if you have issues with insurance I am not in a position to give advice or help sorting problems so please don’t ask.

Mark
 
Paul
This is one of the limitations of the current NRMA policy in that they don't offer additional cover for your riding gear.
They do however cover your helmet up to $500 if it is damaged in an incident. This isn't a lot but is part of the policy and there is no additional charge.

As I said in my previous post this may be of no value to anyone else, I might be the only lucky bastard to get a reduced premium and you may be able to do better elsewhere but it could be worth a look.

Any benefit you may or may not get will depend on a multitude of things such as age, bike, previous claims, where you live, who your other policies are with etc, etc, etc, but from my experience the NRMA policy is far less restrictions that many of the other bike insurers.
The only additional point I should include is that it is imperative with ANY insurer that you read all of the info and make sure you answer all of the questions accurately when starting a new policy. If you do this there should not be any problems at claim time with the reputable insurers, if it is covered by the policy. Even a small omission or inaccurate bit of info given when taking out a policy can result in your claim being refused. I have heard of claims being refused for what seem minor omissions. The onus is on the client to be truthful when taking out a policy.

Last point to make is that if anyone ever has a problem with their insurer and feel they have been unfairly treated (keep in mind that not all claim refusals or reductions in payouts are unfair) you have recourse to the FOS (Financial Ombudsmen Service).

This is an overseeing body that is independent of the insurers and arbitrates in the case of disputes between the companies and their clients. This is basically a free or minimal cost service which clients can use to get their dispute resolved.
Insurance is one of the most heavily regulated industries in the country and you will find that most of the larger / well established companies try to do the right thing. I know many will argue this but everyone is entitled to their opinion and not everything is always as it seems on the surface.

Sorry about the lecture, when I started I thought this was going to be a 2 line answer.

Mark
 
Mackers,

I have only made reference to states where the NRMA brand operates.
IAG also operates via SGIO (WA), SGIC (SA) and RACV (Vic) brands but I am not aware if the premiums have been reviewed for those states.
I guess it is bit of a sales pitch if you want to see it that way but I can assure you that I won't benefit in any way financially from communicating this info.
I just felt it was worth passing on a bit of rare positive news about bike insurance which allows me to save some money while being able to ride my bike any time I want, wherever I want.
As I have said earlier, my combination of circumstances might mean I am the only one in the country who gets a benefit (unlikely) but it might be worth checking out.
I will reinforce the point that I don't care who people insure with but you must always make the effort to understand what limits apply to your policy, it will be to late after you have to make a claim.
Insurers sell you a "product" but it is your responsibility to know what you have bought and there is no point complaining and telling people you have been ripped off, if you don't even know what coverage you have.
A lot of people like to piss and moan about insurance but you don't have to buy it if you don't want to, it depends on how brave you are. These same people wouldn't go into Myers and pick up a shoe box and pay for it and walk out, they would at least have a look to see if the shoes were of a decent quality, were comfortable and fitted the the purpose for which they were being bought.

There you go, another lecture and I wasn't even trying.

Mark
 
Whatever the outcome, thanks Mark for the info.
I will definitely think about it when the time comes.
Allan (Qld)
 
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