Changes to the NSW

http://www.rta.nsw.gov.au/newsevents/downloads/minister_releases/100408_car_rebirthing.pdf

Just saw this posted elsewhere. NSW to ban the reregistration of any
written off vehicle. Expect insurance premiums to get jacked up
across the board as a result of this one.

 

The price will go up because spare parts prices will be jacked up,
therefore, repairs will cost more and so it goes on

 

It's not all that hard to comprehend -

As the vehicle cannot be repaired and re registered the price attained at
auction will be significantly less
Therefore the amount the insurance Co. can recoup after paying out will be
significantly less . And thus they will have to charge more up front to
maintain their profit.

These vechicles will only be worth "Parts value". Very sad for those who
would like the option of purchasing their wrecked MC off their insurer to
repair themselves.

Still perhaps insurers will be less keen to write bikes off. I've seen many
written off with supreficial damage. Presumably because after paying out
the owner, less excess, and recieving the cash from auction the'ye not out
of pocket a lot. For example if the payout figure is 16K and the damage
bill comes to 8K, lets say gravel rashed fairing, engine case and exhust,
dented tank, damaged bar, mirror, indicators, foot peg, gear lever and torn
seat. All from a low speed slide on one side. They payout 14.5K ( 16 less
1.5 excess) then they get 8K at auction. Total cost to Mr. Insurance Co
equalls 6.5K as opposed to 8K if they repaired the bike. Plus writting the
bike off means a lot less hassle on their behalf..

For them it's a big win. For you, well you got 14.5 K your bike was
possiably worth 17K so you get shafted. Even more so soon as you'll
probably pay more to get shafted.
Which is why out of the 15 bikes in my garage only one is insured and that's
because the wife demands it. You cant get insurance to protect you from the
wife.



This legislation seems like a bad idea to try and fix a bad problem.
Reminds me a little of speed cameras.

Capt. A. L.

 

On the other hand if you choose not to insure your bike cannot be written
off and you'll allways be able to repair it yourself or sell it as parts if
you choose. No payout though but no premiums either.

Insurance is often a hard call, if you take it out you don't win unless you
loose. But if you dont take it out you can loose big time. Still life's a
gamble as many a motorcyclist knows.

Once I decided that you cant beat insurance company's so you may as well
join them. I brought a large parcel shares in HIH.
I just cant win with insurance anyway I look

Capt. A. L.

Capt. A. L.

 

Shouldn't (sorry about the apostrophe) that be TPP and not TTP?

Yes I agree on the ute it's (opps sorry again) an ideal compromise. On
bikes however the differance between full comp. and TPP is sometimes a lot
less than on cars and with some insurance companies (there now, how's, oh
shit, that) TPP on bikes is not offered anyhow.

Capt. A. L.

 

Heh! If my truck were to suffer hail damage I doubt I'd be able to see
the difference!


BTH

 

I had comprehensive on my CB250RS because it was actually cheaper than
TPP.

 

We had it on the CD250 about 5 years ago, so it'd have to have been
dropped more recently than that.


G-S

 

Since never. Swann offer it: 3rd Party Property, Fire and Theft. I think
you can dispense with the Theft if you want.

 

Well, both of those apostrophes were corectly used, but differANCE?

 

All hail BTH's truck!

 

Vans are like utes. If it doesn't hav e a few dents and scratches,
it's not a real van, or ute.

Theo

 

Our receptionist thought that the day before we were to take our fleet
van to auction. The side door and panel have been wonderfully dented
by a brick wall. The door quite amazingly still slides perfectly
smoothly along its track.

Knowing the rorts one of our guys manages to pull all of the time, he
probably bribed her to damage it so he can buy it a few of grand cheaper.