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post #1 of 9 (permalink) Old 01-12-2003, 07:05 AM Thread Starter
 
Join Date: Oct 2002
Posts: 77
Angry Help - Insurance

Hi Guys

Insurance is due

Whose the cheapest, appreciatte any assistance

Cheers

FJ
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post #2 of 9 (permalink) Old 01-12-2003, 03:36 PM
 
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Mmmm,....

I have never found "insurance" and "cheap" being used in the same sentence...

Your cheapest bet is probably NTUC.

As far as I know, China don't insure faired bikes anymore. I am with Liberty Citystate, expensive and has a high excess for faired bikes. (I think mine is about $3000!)

I didn't pick them by choice, it was the insurance that came with the bike when I bought it new.

I was with NTUC before, premium was $750 with a $750 excess (that was without NCB), but be careful and make sure you read the fine print. There are many clauses that you may not like. From memory, I thinbk one of them was long the lines that if you do crash your bike, you have to take the bike to a mechanic THEY specify - you can't use your favourite/whoever. Also, I think that in the event of a TOTAL loss you only get the market value of your bike at the time of loss, a figure that the insurance company comes up with, which is likely to be miles away from what you think the bike is worth...

Also, it is increasingly difficult to find anyone that will insure you to ride into Thailand.
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post #3 of 9 (permalink) Old 01-12-2003, 03:42 PM
Tug
 
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NTUC

I hear the premiums have all just about doubled this year and people are getting quotes for 2 grand. Watch out for policies that insist on IDAC inspections out at Sim Lim.

Mine will be due soon so interested in any good info.
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post #4 of 9 (permalink) Old 01-12-2003, 03:42 PM
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NTUC

Im with NTUC.

Am paying just over S$800 fully comp on the 02 R1 thats after a full no claims. Excess is low. They claim they pay out 'market rate'.

Only disadvantage is that repairs have to be done through one of their appointed places. (Check on that , Im not sure what the rules are!)

I used to be with China but they no longer cover bikes so I had to change. Must say it took me less than 20 mins to get covered, they'll print out your certificate of insurance there and then if you've got all your documents with ya.
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post #5 of 9 (permalink) Old 01-12-2003, 04:16 PM
 
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Unhappy

Insurance premiums have gone up a lot in the past year. When I got the CBR 600 in March last year I paid 600 fully comprehensive no NCB. In October when I got the R1 the premium for that was about 1500 (still no NCB). I talked to a guy in the insurance business, he blaimed the increases on 9-11 and nothing to do with increased claims.
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post #6 of 9 (permalink) Old 01-12-2003, 04:18 PM
 
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What? Blaming it on 9-11

I'll make sure I don't leave the bike near any low flying airplanes then...
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post #7 of 9 (permalink) Old 01-12-2003, 04:41 PM
 
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SBR INSURANCE EXPERT

After my annus horribulus, at least from an insurance point of view, in 2002 I'm a bit of an expert in this field.

When I called NTUC for a quote on my Fazer they gave me a quote of S$1995-00 basis a full clean record. According to NTUC they quote basis the CC of a bike (and not the model) and have significantly increased their premiums for 2003. When I told them about my accident last year (which they'd insured) the premium skyrocketed as you can imagine.

As far as IDACs is concerned, all accident damaged vehicles MUST be surveyed through one of their approved centres. IDACS stands for Independent Damage Assessment Centre (Singapore) and is designed to stop some of the rogue accident repair centres from falsely inflating claims work. Its a good idea in principle but was a very long winded affair when I trashed the Blue Cat. I think this was something to do with the fact that it had just been introduced that week so there were all sorts of teething troubles.

Once the damaged is assessed by IDACS the vehicle can then be sent to a workshop of your choice and they will have to submit a quote to the Insurers. If this is apporved then the work can be done at the repair place chosen by you. If the INsurers feel this is unreasonably high then they may elect to get a third party to quote for the repairs. Get the picture?

I was very impressed by NTUC and would recommend them without hesitation. They were efficient fast and honourable in settling my claim. As for fair market value, remember that all vehicles in Singapore basically have a paper value that is a funtion of COE, age & PARF (not sure if that applies to a bike). So that is the market value of your bike. You maybe able to haggle a bit basis yr bike being a Ducatti or whatever but be warned. In addition to this, all the fancy trick bits that we go and add on do not enter into the adjustment process.

Hope thats helpfull.
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post #8 of 9 (permalink) Old 01-12-2003, 10:15 PM
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Another possibility is...

Commercial Agency who handle Matsui. I pay S$922 fully comp. after 20% NCB, no inspections or funny clauses and covers 50 miles into Thailand.
See Insurance in YP.

1-4 The Road
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post #9 of 9 (permalink) Old 01-13-2003, 12:27 AM Thread Starter
 
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Thumbs up Cheers

Thanks Guys

This should be enough to start calling around.

Maybe we could have a link or two on the website for the most bike friendly insurance companies ???????????

FJ
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