High Insurance

After speaking to a few friends of mine, I appear to be paying a huge amount on my insurance.

I have been riding 1 year, currently aged 20 with a Thundercat restricted to 33bhp. I am 21 in April and going to take Direct access test then to get full licence sorted.

I'm paying £66 a month at the moment, which worked out yearly is a fortune!! With KGM insurance, who I read have lots of terrible reviews on the internet, got it through adrian flux I believe.

I feel like im being ripped off, Its a insurance group 14. I am 20, first year of riding.. but Still seems alot.

Any suggestions to lower? Can I add other riders to lower premium like on car insurance?

It is garaged, adding any security doesn't really change the price. I am on 2k miles a year, SDP only.. :(

ALSO on a side note, with taking the Direct access test, doable without taking lessons again to remind me what I'm doing wrong? Or worth doing a lesson?

Sorry if this is a daft question, but have you shopped around?

compare the meerkat

Go Compare!

Would that be you all seem to agree its expensive?

I have used the comparison sites and they all come up at £650~ lowest. Cant understand why its so expensive, its on third party F&T aswell!!! £1200 for fully comp? :S

In all honesty, £66 a month at 20 doesn't sound like much at all on a thundercat.

I'm almost 30 and I pay about £40 a month on a 600 sports.

I've done a few more quotes, with TPFT at £800 total excess (compulsory+voluntary). £496 or ~£58p/m.

I've tried cancelling it before but was told that I needed to pay them about £300... The cost of the finance or somthing? I really don't know much about contract law. I expected to pay a small cancellation admin charge of upto £40-50 But I have read crap scam stories about KGM insurance since having problems.

Not happy with my insurer at all.

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Originally Posted by supermancss

I've done a few more quotes, with TPFT at £800 total excess (compulsory+voluntary). £496 or ~£58p/m.

I've tried cancelling it before but was told that I needed to pay them about £300... The cost of the finance or somthing? I really don't know much about contract law. I expected to pay a small cancellation admin charge of upto £40-50 But I have read crap scam stories about KGM insurance since having problems.

Not happy with my insurer at all.

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The cost of cancellation would have been on the contract you signed upto in the first place. If its on a finance package I can well believe the cost of getting out of it being equal to the balance of what is left to run. I would suggest you go back and read the small print on the original documents in case they are making an error.

Unfortunatley its one of those items you have to pay through the nose for until you have built up a history of no claims, when you have 40% or more no claims bonus and a few years on your license the cost is much more affordable. You are insuring risk and its the way of the world that you sit in a high risk category until you prove otherwise. Its how old geezers like I am pay relatively little for insurance - we had to get through the expensive part as well.

You won't save a great deal on TFT since the high risk is the third party liability aspect which with today's compensation culture and personal injury claims is what you are insuring against. The fact that your bike might be inexpensive to replace is a small cost compared to the 3rd party liability.

To be honest I don't think your quotes are too bad considering your age and inexperience - I have heard a lot worse. Good luck finding the best deal it really is worth shopping around - I still do every year.

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Originally Posted by BMWGraeme

Its how old geezers like I am pay relatively little for insurance - we had to get through the expensive part as well.

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It's even better for us old chicks nearly 40! the R6 renewal came through and I couldn't beat it! Not bad considering I've only been riding 3 years! Being old does have advantages ;)

Roxy x

It's great you get older, you get cheaper insurance but you can't ride a sports bike because your knees are buggered. ;D

I would say try AQuote but you have probably tried quite a few.

All insurance is expensive these days due to a number of factors (so they say!) >:(

I am 38 and have been riding on the road for 22 years and a lot longer off road! I have a multi bike policy, never claimed and have just had the renewal through for this year which is £100 more than last! Go Figure!

I changed last year from Carole Nash to Bennetts because of this very thing and now Bennetts are extracting the urine! I will be shopping around for sure. Always play the companies off against each other as they will move on price to get your business but itll help you a lot to get some no claims under your belt first. They will take you more seriously once you have proven you aren't one of the knobheads that push our premiums up :)

Good luck! ;)

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Would that be you all seem to agree its expensive?

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You age and lack of experience are making it expensive.
If you tried the comparison sites then you'll have a pretty good idea of the market.

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It's even better for us old chicks

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Be aware that gender discrimination will be outlawed after December 2012, so you might see your premiums rise next year.

Well if i were to get a restricted 600, i'm 19, i would be looking at a hell of a lot more than 66 quid a month! The lowest quote i could get on a 600 was in the £2000+ region, SDP TPO. Doesn't really bother me overly to be honest, still silly money though

Mine wasn't too bad until I added helmet & leathers cover, legal, protected ncb etc and declared the modifications.

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Originally Posted by roxychick

[quote author=BMWGraeme link=1329817258/7#7 date=1329826616] Its how old geezers like I am pay relatively little for insurance - we had to get through the expensive part as well.

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It's even better for us old chicks nearly 40! the R6 renewal came through and I couldn't beat it! Not bad considering I've only been riding 3 years! Being old does have advantages ;)

Roxy x[/quote]

Even better when your 45 I pay less than £100 a year on a 1000cc :)

Definately worth shopping around though whatever age/bike/experience/sex you are - amazing how premiums differ.

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Originally Posted by Ducatista

Be aware that gender discrimination will be outlawed after December 2012, so you might see your premiums rise next year.

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Will that apply to insurance? I know it will for salaries etc, but it's not discriminatory as far as insurance goes. Women are lower risk than men. That's a fact, not a sexist comment. If it's outlawed across the board, then we should see men able to take 6 months paternity leave if the women want to back to work etc...

Doubt that will hapen though!

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Originally Posted by Squashed_Fly

[quote author=Ducatista link=1329817258/11#11 date=1329841550]

Be aware that gender discrimination will be outlawed after December 2012, so you might see your premiums rise next year.

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Will that apply to insurance? I know it will for salaries etc, but it's not discriminatory as far as insurance goes. Women are lower risk than men. That's a fact, not a sexist comment. If it's outlawed across the board, then we should see men able to take 6 months paternity leave if the women want to back to work etc...

Doubt that will hapen though![/quote]

Looks like us ladies are going to be paying more :'(

http://www.moneysavingexpert.com/new...urance-pricing

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Originally Posted by Squashed_Fly

[quote author=Ducatista link=1329817258/11#11 date=1329841550]

Be aware that gender discrimination will be outlawed after December 2012, so you might see your premiums rise next year.

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Will that apply to insurance? I know it will for salaries etc, but it's not discriminatory as far as insurance goes. Women are lower risk than men. That's a fact, not a sexist comment. If it's outlawed across the board, then we should see men able to take 6 months paternity leave if the women want to back to work etc...

Doubt that will hapen though![/quote]

As far as Vehicle Insurance is concerned the answer is yes, it will apply.

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Originally Posted by 955i_Triple

All insurance is expensive these days due to a number of factors (so they say!) >:(

I am 38 and have been riding on the road for 22 years and a lot longer off road! I have a multi bike policy, never claimed and have just had the renewal through for this year which is £100 more than last! Go Figure!

I changed last year from Carole Nash to Bennetts because of this very thing and now Bennetts are extracting the urine! I will be shopping around for sure. Always play the companies off against each other as they will move on price to get your business but itll help you a lot to get some no claims under your belt first. They will take you more seriously once you have proven you aren't one of the knobheads that push our premiums up :)

Good luck! ;)

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I jumped from Carole Nash to Bennetts to BMW and back to Carole Nash again in the last 5 years. They can't seem to get themselves out of this cycle of getting new business with competitive pricing and then upping the price at the first renewal. At least I now have multi bike and multi car policies so I only have to do it twice a year.

Crazy isnt it G! Im going to investigate the policies that allow cars and bikes together on the same one so I only have to do it once! ;D

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Originally Posted by 955i_Triple

Crazy isnt it G! Im going to investigate the policies that allow cars and bikes together on the same one so I only have to do it once! ;D

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That would be great - let me know how you get on.

Will do! [smiley=thumbsup.gif]

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Originally Posted by BMWGraeme

[quote author=955i_Triple link=1329817258/10#10 date=1329841483]All insurance is expensive these days due to a number of factors (so they say!) >:(

I am 38 and have been riding on the road for 22 years and a lot longer off road! I have a multi bike policy, never claimed and have just had the renewal through for this year which is £100 more than last! Go Figure!

I changed last year from Carole Nash to Bennetts because of this very thing and now Bennetts are extracting the urine! I will be shopping around for sure. Always play the companies off against each other as they will move on price to get your business but itll help you a lot to get some no claims under your belt first. They will take you more seriously once you have proven you aren't one of the knobheads that push our premiums up :)

Good luck! ;)

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I jumped from Carole Nash to Bennetts to BMW and back to Carole Nash again in the last 5 years. They can't seem to get themselves out of this cycle of getting new business with competitive pricing and then upping the price at the first renewal. At least I now have multi bike and multi car policies so I only have to do it twice a year.[/quote]

It's not that they are enticing new customers with a bargain. What they offer is the actual price. They then try and repay your "loyalty" by screwing you over and bumping the price up. This practice is seen in banking (checked how much your ISA is paying lately. Move it) and mobile phone contracts. (every year I threaten to leave and every year they let me set my own tariff) They hope people are too lazy/stupid to shop around.

They've pretty much got you over a barrel on this one. My advice, sell the bike and get something more insurance friendly. It's amazing how quickly the premiums will come down when you've got some NCB.

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Women are lower risk than men. That's a fact, not a sexist comment.

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I agree with you about risk, but the European Court of Justice has ruled on it - that's a fact.
The ruling was about insurance.

But before anyone gets up in arms remember this applies to all insurance not just motor - so it applies to life, health etc.
In many cases (like health insurance and pension annuities) men will have to subsidise more costly and longer living women, but my point was really to the girls that they may see their motorbike premiums rise.

Annuity rates for men from pensions are likely to get significantly worse because you have to subsidise all the 100+ year old women in their nursing homes.

Personally I don't agree with the judgement.

It might also follow that the governments recent help to get unemployed youngsters into paid work (17-24 year olds) might backfire on them and could be judged as 'age discrimination' - if someone decides to challenge under Human Rights legislation.

I have an Suzuki sv650 im 51 and only pay £54.00 a year happy days.

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could be judged as 'age discrimination'

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It's definitely age disrimination.
But some forms of discrimination are perfectly legal.
For example we know very well that insurers can discriminate on age at the moment.
Not all discrimination is illegal.

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if someone decides to challenge under Human Rights legislation

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Yes but it would be fairly pointless because all the government have to do is to change the scheme to qualify it on lack of work experience and most older people will qualify out.

But you are right that it could mean there are more cases along similar lines.

I don't agree with the gender decision but I do think it great that we live in a democracy where ordinary people can challenge these type of things.

The Sex Discrimination act 1975 (‘SDA’) as amended makes it unlawful for a person providing goods, facilities or services to members of the public to directly or indirectly discriminate (or victimize) on the grounds of sex in the provision of such goods, facilities or services. This is regardless of whether or not the goods, facilities or services are provided free of charge. This covers a wide range of public and private services, including pubs, cafes, restaurants, hotels, transport, banking, insurance, hire purchase, recreation and entertainment.

This is the relevant act which relates to the forthcoming parity of insurance premiums for both genders. Despite the fact that motor insurers claim that statistically young male drivers/riders pose a higher risk than females, I personally agree with this new legislation. Premiums should reflect an individual’s (irrespective of gender) driving/riding behaviour, taking in to account factors such as penalty points, accidents and claims, etc.

Interesting, currently, Age Discrimination law (AD) only really covers employment, The Employment Equality (Age) Discrimination Regulations 2006 (the Regulations). However, The EU in consultation with the European Convention on Human Rights is at present considering extending AD law to other areas such as goods, facilities and services.

You are right Ducatista, insurers can discriminate on age at the moment, but I wouldn't bet my mortgage on that changing in the not too distant future.

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Originally Posted by monday21

(...) I personally agree with this new legislation. Premiums should reflect an individual’s (irrespective of gender) driving/riding behaviour, taking in to account factors such as penalty points, accidents and claims, etc...

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I just wish this would also apply to age :-/ I'm still under 25 so have to pay a premium on my insurance because of it - this is despite the fact that I have no points, no claims and 7 years NCB, better than some drivers twice my age!

Ash, you'll have to grit your teeth and get through the first year - take it easy and make sure you get your NCB as that makes a big difference. I noticed too that insurance tended to be higher for a restricted bike - some companies class it as a modification and charge accordingly!
I ended up with a broker in Scotland who only charge me £150 for my CBR600 Third Party only, so you will find decent insurance in the end.

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Originally Posted by lunalupi

[quote author=monday21 link=1329817258/27#27 date=1329941451](...) I personally agree with this new legislation. Premiums should reflect an individual’s (irrespective of gender) driving/riding behaviour, taking in to account factors such as penalty points, accidents and claims, etc...

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I just wish this would also apply to age :-/ I'm still under 25 so have to pay a premium on my insurance because of it - this is despite the fact that I have no points, no claims and 7 years NCB, better than some drivers twice my age!

Ash, you'll have to grit your teeth and get through the first year - take it easy and make sure you get your NCB as that makes a big difference. I noticed too that insurance tended to be higher for a restricted bike - some companies class it as a modification and charge accordingly!
I ended up with a broker in Scotland who only charge me £150 for my CBR600 Third Party only, so you will find decent insurance in the end.[/quote]


It will come. Why should a 24 year old who rides/drives with care and with 7 years no claims pay so much more for insurance than a 25 year old with the same? Blatant age discrimination in my view.