Insurance

[peteMember]

My wife wants me to get life insurance but what do i get ?
i was on the phone answering the questions that the guy was asking when he asked about motor racing, i have done pony express and want to do more so i thought i would be honest and said yes, now this is where the shit bit comes in :S because i race i am not covered in a race ( fair enough i understand that ) but im not covered on a social ride this is where the shitter bit comes in :silly: if i dont race then i am covered on a social ride ( yeah it confused the crap out of me too ) :huh:
this makes me wonder about my income protection as well ( cant get smashed and have too much time off work with no money ).
Do you guys have insurance ?
And have you got any sugestions, how do i insure myself when i ride a bike?
Your input would be awesome thanks.

PTW

[GregMember]

Will watch this with interest

[Mick DMember]

I have insurance through a mob called Combined. It covers me for any motor vehicle related injury. I have had it for about 10 years and have only used it once and they payed up no worries. I am only covered if it is vehicle related, if I fall of the roof of the house I am not covered. If I ever do fall off the roof I will get dressed in my moto gear and head to the doctors. :whistle:

[peteMember]

Mick you need to work on the roof in your riding gear :laugh:

Is there fine print about racing? Im not a pro racer, not by a long shot :laugh: I’m just a weekend hack when it comes to racing, do I just lie when the subject comes up? :whistle:

[peteMember]

Surely Mick can’t be the only rider on this site who is sensible enough to have insurance :dry: come on guys, help me out.
I might not be smart enough to pick the right insurance on my own :silly: but I am smart enough to ask for help so I can get my wife off my back ( and maybe underneath me :woohoo: :laugh: :woohoo: ).

PTW

[MalMember]

I have life and income protection insurance with ING. From memory they didn’t ask about motor racing for life insurance and unless you’re wanting to insure your life for a massive amount of money then they should’nt really care that much. I didn’t have a race license when I got the poiclies though.

If you have superannuation there is uaually life insurance attached. You should be able to increase the cover easily on that.

On the motor ‘racing’ thing. It’s all a game with insurance companies you can play with them like they play with you.

Tell them you have a Motorcycling Australia License that allows you to enter events that suits your ability and riding style. And that you enter these events not to push yourself to the limit and beat all other competitors, but to push yourself to comfortable limit in a safe environment where all entrants ride in the same direction and that the organisers have all safety measures covered. Say entering events is actually safer than socially riding with your mates deep in the bush where a ‘race’ between a few mates can turn nasty real quick.

Try ringing an insurance broker and let them find one that suits your needs.

Hope this helps.

[peteMember]

Thanks mal.
It was all just a bit weird when they were talking about the “racing” part. “because i race im not covered if i crash my bike outside of racing” I tried to tell them about it and that its no more dangerous than riding on the road but they didnt want to hear it.
Its only a couple of races a year and i could lie, but it would be bad if something did happen to me and my wife and daughter got nothing because they found out i had a race licence.
i will check some more out and see what happens, AND IF THEY DONT ASK…….. DONT TELL.

PTW

My wife wants me to get life insurance
but also just asked how hydraulic breaks work on a dirt bike :ohmy: :ohmy: :ohmy:

[Mick DMember]

Another place to ask is Motorcycle NSW. When you race you are covered to some degree with insurance by them too.To what degree I am not sure. They might also be able to point you in the right direction.

[Jeffrey SmithMember]

I have just looked into insurance, both life and income, after coming off on the hampton ride and injuring my shouder, then on the wauchope birthday ride some guy randomly pulled up in a car and gave his insurance sales card to a couple of the riders. That got me thinking about it, I had never had income protection before as I had worked at the same place for 20+ years and had accrued almost 6 months worth of sick leave when I got back into bikes a few years ago.
I emailed a few different places asking for a quote, 2 of which were insurance brokers, they rang me and sent me some emails with quotes and other details and from that I made a decision as to which company I was going with. They rang me yesterday (all pre-arranged) to go through the sign up and I was on the phone with them for about 20 minutes answering health questions but nothing was asked about racing or outdoor activities. That being said I don’t know that we had finished with the questions, we got onto my shoulder injury which is still being diagnosed (MRI in 2 weeks time then can’t get back int the specialist until a month after that ) they decided to not go ahead with the application until I had a full diagnosis at least.
So long story short (too late now for the short though really) insurance brokers might be your best option, this is the one I was going with, the sales people are actually finacial advisers as well.
http://www.iselect.com.au

[RoyMember]

I have income protection that covers me for all riding but racing with Aviva. Combined insurance like Mick says will cover all riding/racing. They give a once off lump sum payment instead of replacing 75% of your salary like income protection insurance does.

My advice is to tell the insurance companies you race even if they don’t ask. Better to find out they don’t pay now then to get hurt in a race after paying them for 10 years only to find out they won’t pay out. If you get hurt in a race they will call an ambulance regardless. Once others are involved then the insurance company will find out what you were doing when you were hurt. There will also be injury reports go in to Motorcycling NSW from the club hosting the race.

It’s funny most people think racing is more dangerous. I reckon there are less risks in one sense. You get a practice lap so you know the track. Your brain is switched on because you know it is a race. All traffic is going the one way. The track is usually marked so you know when corners or dangerous bits are coming up. I’m certainly not saying there are no risks but it seems odd to me they will cover trail riding but not racing.

[ianMember]

i got income protection after i dislocated my shoulder last year , cant tell you the details cause the wife sorted it all out but my biggest problem wasnt the riding which was clearly stated to them , it was when she told them i was a truck driver they didnt want anything to do with me.

[john morganMember]

its horses for courses,
as mal stated , your super fund ( especially an industry fund) should have a life and total and permanent disabled cover , and you should be able to top up to the level of cover you want. This for me is the most cost effective method. plus it shouldnt matter too much what you do in your spare time for coverage.
Income Protection is a can of worms, as they want to know all about your social activities and work environment. Being in the underground mining game , I found it near impossible to get insurance , but my union services eventually found coverage, but it was dear.
To keep the cost down I have a 3 mth waiting period before they pay, this means I have to use my sickleave or annual leave for the first 3 mths, but it made a big difference in premiums.
Also look at how long they will pay you for, as some will only cover for 5 years. Sop if you end up in a chair or worse, after 5 years the money stops, then what. To combat this i have a socond policy that kicks in after 5 yrs till age 65.

so , look at your super fund, check your union services, but if you self employed , then a broker would be best

Funny story, when I first got married I did the right thing and got an insurance guy out, during the sales pitch he asked all sorts of questions and gave me scores, after telling him i was a coal miner and a scube diver he closed the book and left. too hard.

[Paul FaheyMember]

Hi All

I have quite comprehensive life and income protection insurance. However it was taken out before I became a rider. Which I think makes a difference. I dont race either.

I have broken my leg riding and when I accidently bumped into my insurance rep he told me I would be eligible for a claim. After quite a deal of paperwork I received 8 weeks income cover for a broken leg. I didnt even have to prove loss of income and I was able to go to work (office worker). The immobilisation of my leg created an automatic payout.

Through the same agent I tried to get a pro-rider income protection. They wouldn’t even consider it. The issue was his ability to return to same work after his accident and generate the current level of income. Most of the policies have a return to work clause that contains same occupation criteria. They told me at the time – how do we get a broken up professional rider back riding and winning so that he can earn his/her money again? I had no answer and no income protection was provided.

Good luck with cover hunting – someone suggested combined insurance – I believe they do offer a basic cover for racers. But I dont know if it would be enough to pay the mortgage if it was a long term event.

Death and permanent disability in super is great but the conditions for permanent disability are tough and I would check into the release conditions before relying on that options. Obvious death is a no brainer.

An insurer that could provide a solution to the rider/racer cover would be a great contact and I am sure could do some great business if they took some advertising space on this site.

Unit

[Author]

Posts