Budget online motorcycle insurer Insure My Ride is closing down in February leaving riders to pay more if they continue with insurance colleague Shannons.
Insure My Ride has posted a notice on its website and sent letters to their customers advising them they will close from February 23.
Parent company AAI Limited says they have “made a strategic decision to discontinue” the brand.
Customers will still be covered by Insure My Ride until their due date.
Meanwhile, they have been advised that Shannons will contact them about five weeks before payment is due to offer continued insurance.
Both companies are authorised representatives of AAI and part of the Suncorp Group.
We contacted Shannons for a quote and found that the same bike would cost an extra 57% to insure annually. We also couldn’t do the quote online, but had to phone or email them.
While no two insurance policies are the same, the excess was also $100 more, but the Shannons policy did add $3000 worth of gear cover and a choice of repairer.
The main tip is that you should always seek another quote every year and realistically readjust your bike’s market replacement value.
In our experience, Insure My Ride has always been the cheapest, although it is a no-frills policy.
We have never had any experience on making a claim through them.
It seems a shame that a no-frills discount agency such is this is closing its doors on riders.
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