As with most riders, one common question that is asked is whether insurance is worth it or not. Generally speaking, when one mentions bike insurance, it is fair to assume we're talking about Comprehensive cover. The reason one would assume this is because Comprehensive insurance is indeed a big debatable topic for riders. I myself, am still pondering through the options...
Basically you can get one of three choices: Comprehensive (Expensive), Third Party (Sensible), or no insurance (Risky). For a new rider with no experience, and still on his or her L plates, full comprehensive is likely to cost at least $1.5k with excess being at least $400. With a bike like the 2008 Ninja 250R, which you can purchase for around $7k on the road, it does make you think.
Paying $1.5-2k for a $7k bike doesn't seem really worth it. But unlike cars, you're expected to drop your bike at least once. So if you do happen to drop it a few times, comprehensive looks like the go. However, if you feel like gambling, you could just get Third party and take care of your liability in the event of yourself being at fault in an accident. You just better hope you don't drop your bike or get into single vehicle accidents (yourself being the single vehicle). With third party costing you around $170 a year, it seems fair. No insurance? After several discussions with other bikers it seems you'd be silly not to take out any forms of insurance.
Personally, I think I will be getting Third party, and hopefully I can find a decent package which covers me for Fire/Theft as well (although I doubt bikes ever get set on fire). Bikes are easier to steal compared to a car, so hopefully the addition of Theft coverage won't cost me too much more than the $170-200 I've seen quoted for Third party insurance.
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Fully comp is $$$ but a dropped bike can hurt too! The reality is that you need Third party F&T as a minimum and although it is still expensive, you'll start accumulating a nice NCB.
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