Switching bike insurance, average cost
Discussion
Picking up a new to me bike at weekend, current bike 54 plate Honda cbf 500…
I have been quoted £120 to switch the insurance to a 97 Yam TDM 850, never switched bike insurance, is that the going rate ?
Switched car insurance 1/5/21 £53.
I did a comparison and the cost to insure both bikes is almost the same, as is the value.
I have been quoted £120 to switch the insurance to a 97 Yam TDM 850, never switched bike insurance, is that the going rate ?
Switched car insurance 1/5/21 £53.
I did a comparison and the cost to insure both bikes is almost the same, as is the value.
A £50 admin charge is pretty normal. £120 sounds steep.
What would a new policy cost?
I was hacked off changing address but from no garage to locked brick garage which ended up costing me £30 for a couple of months left on the policy. If I didn’t need the extra years ncd I’d have cancelled and taken out a new policy.
What would a new policy cost?
I was hacked off changing address but from no garage to locked brick garage which ended up costing me £30 for a couple of months left on the policy. If I didn’t need the extra years ncd I’d have cancelled and taken out a new policy.
Bike insurance still doesn't make a huge amount of sense to me.
I passed my DAS so rang insurer on my 125 Varadero to let them know thinking I'd get a slight rebate going from provisional to full license... Nope! Actually increased
Ended up selling and getting a Bandit 1200 and pay less insurance on that than my Varadero! I cancelled the Varadero policy. Lost 6 months NCB but seemed easier and cheaper.
I passed my DAS so rang insurer on my 125 Varadero to let them know thinking I'd get a slight rebate going from provisional to full license... Nope! Actually increased
Ended up selling and getting a Bandit 1200 and pay less insurance on that than my Varadero! I cancelled the Varadero policy. Lost 6 months NCB but seemed easier and cheaper.
black-k1 said:
Is the £120 the admin charge only or the total cost of changing to what is likely to be viewed by the insurance company as a "higher risk" bike? If the latter then how long does your policy still have to run?
Exactly this. Assuming its the cost of the bike as well, the underwriter* for the insurance company might not see it as a comparable bike. Hence why you're seeing comparable quotes on a comparison site, but not with the same insurance company underwriter.That or you're using MCE or some s
thole insurer like those- edit - you can't change underwriter mid term I believe, you'd have to cancel. The insurance company may have more than one underwriter though
Edited by snagzie on Wednesday 28th July 15:30
snagzie said:
Exactly this. Assuming its the cost of the bike as well, the underwriter* for the insurance company might not see it as a comparable bike. Hence why you're seeing comparable quotes on a comparison site, but not with the same insurance company underwriter.
That or you're using MCE or some sthole insurer like those
Funnily enough it is with mce That or you're using MCE or some s
thole insurer like those- edit - you can't change underwriter mid term I believe, you'd have to cancel. The insurance company may have more than one underwriter though
Edited by snagzie on Wednesday 28th July 15:30
Lee540 said:
BeMoto.. no mid-term adjustment costs.
Just switched bikes on my policy.
Obviously still get charged if the bike is higher risk/ different group. Just switched bikes on my policy.
I went from a modded 1290 SDR to a modded 690 smcr all the same details apart from change of bike. Thought I might get a bit back as I was only about halfway through my policy. Ended up costing me another £150 which was almost half again of the SDR policy.
Had my renewal price through at the end of the policy but didn’t bother for a couple of weeks. Rang them to renew and it was somewhat cheaper ( same insurer) as I got a new customer discount.
scorcher said:
Lee540 said:
BeMoto.. no mid-term adjustment costs.
Just switched bikes on my policy.
Obviously still get charged if the bike is higher risk/ different group. Just switched bikes on my policy.
I got a significant refund, my new adventure bike costs about half of my superbike to insure.
Lee540 said:
scorcher said:
Lee540 said:
BeMoto.. no mid-term adjustment costs.
Just switched bikes on my policy.
Obviously still get charged if the bike is higher risk/ different group. Just switched bikes on my policy.
I got a significant refund, my new adventure bike costs about half of my superbike to insure.
Swings n roundabouts.
When I changed from the Thruxton to the 1290 Super Adventure there was understandably an increase due to the change in risk, but I was surprised that Triumph Insurance quoted me competitively for the change against a new policy elsewhere - despite it not being a Triumph!
I think the admin charge did make it slightly more expensive, but I would have had the cancellation charge to change anyway, so no difference overall, and a I get the full years NCD.
What always surprises me is how much the purchase date of the bike makes a difference, quotes on a new to you bike are always significantly higher than if you claim you've had it for 1 year, even if all other aspects are the same. Always the additional cost of changing bikes either mid or start of term. I often use the 2nd year price to roughly consider running costs, and just take the initial jump as part of the cost to change.
I think the admin charge did make it slightly more expensive, but I would have had the cancellation charge to change anyway, so no difference overall, and a I get the full years NCD.
What always surprises me is how much the purchase date of the bike makes a difference, quotes on a new to you bike are always significantly higher than if you claim you've had it for 1 year, even if all other aspects are the same. Always the additional cost of changing bikes either mid or start of term. I often use the 2nd year price to roughly consider running costs, and just take the initial jump as part of the cost to change.
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