Way around insurance

[SauRoNZA]

Let me guess, you don't have a license either?

That's the only reason insurance would be too expensive that you even ask this question.


Bikes fall over by themselves without much help.

You NEED insurance and it's cheap.

R400 odd a month for my bike and all my gear.

 

[Vrugtebome]

The bike is R1.8K pm, my latest quote from Outsurance is R1367.96, I could buy another bike for that. Got a quote from ESbrokers now and it came in at R480pm. So ja, that makes more sense to me. But these companies that try and rip you off like that... most people fall prey to this and its not cool. R480 (and this is with a learners only) is a fair deal and I dont object to it at all. So ja, case closed. Hopefully some lost soul will stumble onto this thread in the future.

 

[Bar0n]

but you could take out the insurance get the financing then cancel it a month later.

I'm pretty sure the insurance company will notify the bank about this...

 

[Archer]

The bike is R1.8K pm, my latest quote from Outsurance is R1367.96, I could buy another bike for that. Got a quote from ESbrokers now and it came in at R480pm. So ja, that makes more sense to me. But these companies that try and rip you off like that... most people fall prey to this and its not cool. R480 (and this is with a learners only) is a fair deal and I dont object to it at all. So ja, case closed. Hopefully some lost soul will stumble onto this thread in the future.

Check your excesses
My premiums are R900 per month (hopefully to be reduced next month when I'm a year claim free) with a flat R2500 excess
R400 premium from somewhere else, but excess is 10% of the claim amount, with an additional 10% if the claim is in the first 90 days of inception, or within 12 months of another claim. If you're really unlucky its possible to face an excess thats 40% of your claim amount with some of the other additional costs

 

[Vrugtebome]

It could get ugly, but not too bad. Looks pretty much standard to me

TOTAL MONTHLY PREMIUM = R480

The Motorcycle excess is as follows:
1. Basic Excess: 10% of claim min R2 000
2. Learners License 5% of claim min R3000
3. Claim within first 6 months of cover 10% of claim min R2000
4. Own damage/no third party 10% of claim min R2000
5. Trailer and screens –Nil
6. All risk items – Nil
7. Locks and keys - Nil
[Excesses 1,2,3 and 4 apply independently and accumulatively]

 

[Pitbull]

It could get ugly, but not too bad. Looks pretty much standard to me

TOTAL MONTHLY PREMIUM = R480

The Motorcycle excess is as follows:
1. Basic Excess: 10% of claim min R2 000
2. Learners License 5% of claim min R3000
3. Claim within first 6 months of cover 10% of claim min R2000
4. Own damage/no third party 10% of claim min R2000
5. Trailer and screens –Nil
6. All risk items – Nil
7. Locks and keys - Nil
[Excesses 1,2,3 and 4 apply independently and accumulatively]

I get what you are saying 100% on the 3rd party and not needing Comprehensive. Don't get me wrong.

However: Should you total the bike then your wife sits with the added debt should you die in the accident. A small thing like this can make your estate insolvent and then you have nothing to leave your wife and kids if any.

No matter how one tries to spin it, insurance is a MUST. Get it and make sure you take all the financial obligation in the event of a claimable event out of your hands and those you love.

 

[Re83L]

If it's a leisure item you should buy it cash. You don't finance "leisure", it's probably one of the least responsible things you could do..

 

[Nuke]

If it's a leisure item you should buy it cash. You don't finance "leisure", it's probably one of the least responsible things you could do..

I fully agree.

If I can't buy it cash, I don't need it. My general philosophy.