SGIO: Finding the right balance between price and features

This year, for the first time, Canstar has researched and rated 11 providers of comprehensive motorcycle insurance in Australia. Canstar is pleased to congratulate SGIO for achieving a state award  for outstanding value motorcycle insurance in Western Australia.

The State Government Insurance Office (SGIO) has been providing insurance in WA since 1926 on the goldfields. They are underwritten by IAG, which has the highest credit rating (AA) of any insurer in Australia and New Zealand, and are a partner of NRMA Insurance.

SGIO has achieved this year’s state award for Outstanding Value Motorcycle Insurance in Western Australia; Canstar caught up with an SGIO spokesperson for a quick Q&A on popular motorcycle insurance and common types of claims.

Q: Across the types of motorcycle insurance you offer, which one is the most popular? Does it differ by demographic?

A:  SGIO offer two types of motorcycle insurance:

  • Comprehensive
  • Third Party Property Damage

Our Comprehensive Motorcycle insurance is the most popular insurance product, particularly within the 30-50 year old age bracket. Our Third Party Property Damage is most popular with motorcyclists under the age of 30.

Q: In terms of comprehensive insurance, what are some of the most common types of claim?

A: The most common type of claims we receive are for collisions, theft and damage whilst parked.

 

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Q: Is there an unusual claim that you can share with us? 

A: Our customer was travelling and slid out on some loose gravel. Our customer was taken to hospital and the ambulance officer who attended arranged for another paramedic to collect the bike and take it to the nurses quarters to store for our insured until he was out of hospital and able to collect the bike.

Q: Finding the ideal balance of price and features in a policy requires ongoing adjustment. How do you find that balance? 

A: Finding the right balance between price and features involves looking at a number of factors, including:

  • Feedback from customers;
  • Feedback from staff; and
  • Industry and regulatory developments.

Canstar congratulates SGIO on its ratings achivement!

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