Insurance Query

[dru]

So this morning I was doing some more insurance quotes to see who we should go with. It will be a Liftback MY10 Octavia RS TFSI Manual with a 21yr Female and 24yr Male. Went on quite a few websites and have basically decided to go with GIO at a total cost of $1470 ($1530 TOTAL Monthly).

My main query though is to do with some of these other not so well known insurers like Budget Direct, Kudos, Cashback and Ozicare. I went through iSelect to get a quote and had them all quoting around the $900 with a $600 excess. I was astounished at the reduced premium, but then I realised I had put the model in as a Wagon, not liftback. Changed it to liftback and all of a sudden, they cannot insure us due to underwriting criteria?

Going to give them a call tomorrow to see what the go is - most likely they won't insure us but it just seems odd that the shape of the vehicle can affect insurance?

Budget Direct - $825
Ozicare - $922
Cashback - $931
Kudos - $983

[K1W1]

More than likely the wagon / liftback thing is simply that the liftback isn't in their database. It may be there as a sedan so try that option.

Most of the budget insurers are just low cost variants of traditional insurers (think Jetstar / Qantas). If you go to the site for the budget insurers and look at the dosclosure statements you will find who owns them then go to that site and see all the different companies they own. It's quite interesting at times.

Budget insurers are like budget airlines though. You will get a seat on a plane but that's about it. With the insurers you will get basic cover but that's about it. Before you go with any insurance company carefully check the disclosure statements and make sure what is covered and what isn't. For example it would be silly to insure a vehicle then find that in the event of a crash you had to go to one of only two authorised repairers and both were 100km away but you were only covered for towing for 20km. Your saving would disappear very quickly. That example is made up but it's the sort of thing you have to check for.

[dru]

I have been checking through the GIO product disclosure statement and I think I will be happy to go with them. They seem to provide everything I want including choice of repairer and new car replacement in the first 24 months. I will still give the other budget insurers a call and check through their product disclosure statements to compare.

Originally, I was going to go through AAMI. They had a decent price and 10% off if you complete their driving course, but after double checking the quote, they would only value the car at what I purchased it for (<35k) and if you paid monthly, the total cost was $233 more!!!

Can't wait until the missus turns 25! lol

[jayen]

I have been checking through the GIO product disclosure statement and I think I will be happy to go with them. They seem to provide everything I want including choice of repairer and new car replacement in the first 24 months. I will still give the other budget insurers a call and check through their product disclosure statements to compare.

Originally, I was going to go through AAMI. They had a decent price and 10% off if you complete their driving course, but after double checking the quote, they would only value the car at what I purchased it for (<35k) and if you paid monthly, the total cost was $233 more!!!

Can't wait until the missus turns 25! lol

G'day Dru,

Strongly suggest that you visit The Australian newspaper Car Duide website (car insurance | tools and advice | carsguide.com.au). This has a link to Cannex report on Insurers and GIO rated very low.

Hope this helps.

[rob_]

I'm 24, driving an Octavia RS wagon (MY2010) and I pay under $900 with justcarinsurance... Which is just AAMI by another name... When you ring you get their call centre etc etc - service has been great.

[dru]

Thanks Jayen, I have checked that out and it's got some good info there! GIO actually rated 4 stars in the under 25 category which isn't too bad!

$900 is a great price rob. I haven't had any incidents but my partner has 3 years ago and I think that is what is causing all the problems! It's her car to drive 5 days a week so I can't really have her off the list!

Both AAMI and GIO have given half decent quotes now. I'll double check what justcar is offering.

***

Just did the justcar insurance and it came in at $1400 with a $800 excess. Mind you, I don't think they do new car replacement if the car is written off in the first two years and like AAMI, you have to pay in full otherwise it ends up costing an extra $300 a year!!!

[Antiplastix]

MY vRS wagon is insured through GIO and I have been with them for years. Several years ago I got a quote from Budget direct for my T5 Transporter, they were about $280 a year cheaper than GIO.............but as the car was less than 3 years old GIO had a replacment policy on a new vehicle, Budget wanted to insure it for their ??? market value, $16,500..( $4,500 less than Redbooks value ). Read the fine print with insurance policies no point saving a little bit if its going to cost you big time come crunch time.

[cjay]

Have you tried Allianz?

I got a great price and have excellent service from them on 2 claims, rare for an insurance company

[K1W1]

Geez it's good to be old. My insurance is around the $600 mark.

[ian]

I have been checking through the GIO product disclosure statement and I think I will be happy to go with them. They seem to provide everything I want including choice of repairer and new car replacement in the first 24 months. I will still give the other budget insurers a call and check through their product disclosure statements to compare.

Originally, I was going to go through AAMI. They had a decent price and 10% off if you complete their driving course, but after double checking the quote, they would only value the car at what I purchased it for (<35k) and if you paid monthly, the total cost was $233 more!!!

Can't wait until the missus turns 25! lol

I'm with GIO if you do an on line QUOTE you get a 15% discount , write down the quote number and then ring GIO and let them finalize it all for you on $900 you should save about $135.

I bought my Golf Gt diesel 2008/9 for $26,000 GIO insured it for $35,300 sight unseen. And i paid $820.

[dru]

Allianz wouldn't touch us. Maybe not until I am at least 25. I think GIO is going to be the winner, after reading some reviews of AAMI and the fact that I can have a choice in repairer with GIO - I think it's going to be the best option. $1500 isn't too bad, at least it's for a nice car

[Ozsko]

I have the replacement car condition from GIO but I have a question and it is this, what happens if I write it off and they have to order it from the factory, do I walk for the four or five months it takes to get it here? BTW my Superb sedan only cost $730 with GIO.

[Mountainman]

I paid $321 for my Golf 90TSI market value, standard $500 excess, hire car option and rating 1 for life with RACQ. Things like location, driving record, club membership, multi policies and age all help to get discounts. My Forester XT was only $397.

[Gnat]

Geez it's good to be old. My insurance is around the $600 mark.

lol Yeh, new vehicle, $500 with SGIO
Biggest problem was getting the girl over the phone to identify the correct vehicle !
She says "But sir, we cant insure it for that value, you've obviously paid too much ...."
I say "ffs, can we go through those options again on that bloody computer your tapping on ...."