To fully comp or not: Insurance

[TFU] Thegoon84 · 13 Feb 2017 at 10:17

Could someone do a sticky or something to give some advice on reducing insurance prices?

God damn prices are bonkers atm. I’m tempted to just go 3rd party fire and theft, since as if I tank it hard enough to write it off I’l break bones in the process and my life/injury cover will cover the repair. Plus I work for the local authority so get sick pay for 6 months… Terrible outlook, but just being honest here

Going to get a MT07, Think I can get a second hand one for around £4200…. I can just about afford the fully comp, but for the amount I’l be riding it doesn’t seem worth it…. I mean, no matter how good of a rider when riding in public anyone can be hit or taken by surprise I know…. However I’ve ridden motorcross from a young age so can handle torque and power, plus I do taxi driving part time so my road awareness is absolutely brilliant (lolz, debateable)… So I’m hoping it’ll reduce my chances of an accident being my fault… I know that sound ridiculous but I’m trying to weight up if its worth me doing fully comp.

As I’m going to be parking the bike on my drive, with a super thick chain and padlock to a floor anchor it still is expensive. So I might just do the cheaper option for 2 year to hopefully build up no claims, that said I think the price hike is because its not in a garage so regardless of no claims I still think it’ll be a lot….. If god forbid I smash it into something my injury cover will cover the repair/full loan…. If the bike is stolen the insurance will cover it.

How else can I reduce the premium? I’ve said 3000 miles a year, parking it on my drive…. There’s a million options for additional security and whats all this about Data tagging? Does it make a difference or rather justify cost?

Has anyone else opted for 3rd party fire and theft only?

[TFU] Thegoon84 · 13 Feb 2017 at 10:41

Plenty O'Toole;30498207 said:
What are you being quoted for Fully comp now?

I've not paid attention lately but do all MT-07 have ABS? If not, I presume there's an ABS model, might be worth seeing if that model has lower premums?

That's a good shout!

Yes there are some ABS models, but not all. Tbh I'm gonna try and the ABS model, money isn't a massive issue with purchasing the bike tbh. I intend to keep this bike for as long as I can.

Cheapest fully comp price is £35pcm... £20 third party. I can afford it, but don't want to stretch my families finances too far if I'm honest. I intend to do a week day taxi shift every other month which will pay for loan/some of the insurance.

[TFU] Thegoon84 · 13 Feb 2017 at 11:40

misterjingo;30498305 said:
TBH, that's not a bad price for fully comp...

Any chance of paying in a lump sum? It usually knocks a huge amount off. If you want to go the credit route, perhaps look for a CC with 0% interest for 12 months?

Yeah I do have a credit card actually, only has £900 on it, suppose I could just put it on there!

[TFU] Thegoon84 · 13 Feb 2017 at 12:17

tom_e;30498478 said:
The interest on monthly insurance is mental I think it was coming back around 40% odd when I've been running some quotes.

Definitely worth putting it on even a normal CC as long as it's not one of the credit building ones with similar lol% interest.

Just had a quick look, doesn't make a huge different to be honest... However you've given me a great idea... As I pay a min payment on the credit card, that'll cover the insurance meaning i'l save by paying yearly and can get the bike I need for the monthly amount I've set!

Cheers!

[TFU] Thegoon84 · 13 Feb 2017 at 12:33

Clov!s;30498668 said:
But my MT07 from me?

Trust me..... Not looking until April tho.

[TFU] Thegoon84 · 13 Feb 2017 at 13:25

Clov!s;30498693 said:
Ah shame, I'm looking to sell now.

Still tho.... Name ypur.price and details

[TFU] Thegoon84 · 13 Feb 2017 at 15:01

Ahhhh This one:

http://www.ebay.co.uk/itm/2016-Yamaha-MT-07-/302221084477?hash=item465dc7c73d:g:VwYAAOSwdGFYngtQ

Yeah nice price!

[TFU] Thegoon84 · 13 Feb 2017 at 19:01

I'd go £4400 if i were buying now... the only thing i'm not keen on... and again person opinion.... I dont like the extended Exhaust

[TFU] Thegoon84 · 13 Feb 2017 at 22:15

TallPaul_S;30500305 said:
As a first big bike, get a £2k max used bike, and insure it TPFT.

You'll most likely drop it at some point in the first year, probably only a parking/1-2mph drop but enough to damage a pristine bike.

TBH though, £35 a month isn't a lot, that's about £400 for the year?

I get what your saying. But I just can't do it. What's the difference in dropping the 2k ya know.

My mind was made clear a week ago. I was out cycling with a friend when he came across a friend of his about to go out on his bike... Naturally I said my intentions....

His reply was simple, 17 years ago he bought the cbr 900 (I think) for 3500, he had a wife 2 kids (same as me), wife was against it, but he went ahead.... He still had that bike which was a dream bike to this day. Which to be honest is exactly why I'm willing to spend a few quid now to get my ideal long term bike.