TSI - Insurance observation

[OzDJ]

Well here's something I didn't consider with the Golf GT Sport TSI.

Turbocharger + Supercharger = Insurance company reaming!

Spend the last 90mins ringing around getting quotes (65% NCB, two nominated drivers only, vehicle under bank finance, no under-30s, full driving/insurance history disclosure, parked in garage overnight).

NRMA..................$2679.80
Allianz.................$2559.50
AAMI...................$2400.45
Suncorp...............$3090.40
GIO.....................$1490.10
Shannons.............$2805.00
Bingle.com.au....... $1213.21 (Thank you, Buchs!)

OUCH!

Vehicle pick up in 4 days, 21 hrs and 26 mins

Wet weather predicted in Sydney for Saturday

Garage cleaned out yesterday to make way for the new baby

DJ

http://www.phlog.net/user/OzDJ

[Mischa]

man... thats a killer! im under 20 and pay about as much as the cheapest quote!

[buchs]

DJ,

Have you considered Bingle?
Low cost internet insurer underwritten by AAMI. My R32 was quoted at roughly $975 and while I chose not to go with them in the end I was able to use the quote to screw down GIO who were next cheapest at around $1600. As I had my home contents insurance with them as well as my old car (which was about to be sold and the insurance cancelled - but they didn't need to know that!) I said to GIO that what was the point of their multi-policy discount if I could get such cheap insurance with Bingle.

In the end I paid $1140 with GIO ($95/month) as Bingle didn't do choice of repairer (heard bad things about some AAMI selected repairers) and didn't do pay by the month.

Worth a look at http://www.bingle.com.au/

[DAN682]

What the hell?

I have a written quote from the dealership saying $1256 with their Alianz/VW cover. I found this excessive, I called RAC (WA) and they were $656.70

Shop around!

I don't know how old you are but I am being hit with an age excess on mine so I would assume if you are over 26 you would get an even lower premium!

[OzDJ]

Have you considered Bingle?......
Worth a look at http://www.bingle.com.au/

Thanks for the heads-up, Buchs! They certainly are a few $$$ cheaper at $1213.21.

I have added to the original list.

DJ

[OzDJ]

What the hell?

I have a written quote from the dealership saying $1256 with their Alianz/VW cover. I found this excessive, I called RAC (WA) and they were $656.70

Shop around!

I don't know how old you are but I am being hit with an age excess on mine so I would assume if you are over 26 you would get an even lower premium!

I was reluctant to post these quotes in the first place, but did so as a heads-up to others who might be asking for input into the TDI vs TSI debate.

I have some background in the financial services industry (incl insurance). There are so many underwriting variables it can be mind-boggling to make sense of it all.

A couple of the factors, in particular, have skewed our risk profile

(1) We live in South Sydney (hello Redfern riots et al). That, alone, can impact a base premium by 15-25% for some insurers.

AND

(2) One of the two drivers is male and has three accidents in the last three years (....only one at fault, however ) I won't mention who he is

DJ

[Greg Roles]

Wow, that's very rude. I'm in Brisbane, and 38 years old, but have had one acco and got quoted 600-700 for both the GT TDI and GT TSI from AAMI whom I have all my stuff insured with. Amazing how a few variables affect it so. Any chance you can register a friends place as where it will be "mainly" parked............if you get the drift. Doing some online quotes with different addreses may be useful?

[alexander_the]

Well here's something I didn't consider with the Golf GT Sport TSI.

Turbocharger + Supercharger = Insurance company reaming!

Spend the last 90mins ringing around getting quotes (65% NCB, two nominated drivers only, vehicle under bank finance, no under-30s, full driving/insurance history disclosure, parked in garage overnight).

NRMA..................$2679.80
Allianz.................$2559.50
AAMI...................$2400.45
Suncorp...............$3090.40
GIO.....................$1490.10
Shannons.............$2805.00
Bingle.com.au....... $1213.21 (Thank you, Buchs!)

OUCH!

Vehicle pick up in 4 days, 21 hrs and 26 mins

Wet weather predicted in Sydney for Saturday

Garage cleaned out yesterday to make way for the new baby

DJ
http://www.phlog.net/user/OzDJ

Check out www.realinsurance.com.au

I have been with them for a while now and with my new GTI i am only paying $895.00 with detailed as follows:
- 29 y.o
- Sydney metro
- 60% NCB
- Low Milage (less then 10k)

I used to pay 600.00 for my Accord Euro, where AAMI quoted me 1500 bucks!

Good Luck

[OzDJ]

Wow, that's very rude.

Welcome to living in inner-city Sydney (about 3km from the GPO). Very convenient for entertainment, shopping and lots of other things. But expensive as all get-up for lots of stuff, especially insurance. At least I don't need to put security bars on the Golf's windows (unlike our house).

Any chance you can register a friends place as where it will be "mainly" parked............if you get the drift.

The address made a difference of 18% (~$298 ), but it's just not worth the risk. Insurance fraud is a huge problem and I'm not going to risk less a criminal conviction and/or insurance claim denial for a "benefit" of less than $1/day. If you don't think they check - think again

DJ

[The_Hawk]

The variables suck.

I have a MK3 VR6, am 29, live in SW Sydney. No accidents at all, no claims, no speeding tickets... I am the youngest (and only) driver.

I am currently paying a shade over $1,200 with NRMA who will cover the minor mods I have for an agreed value of $12,000. (on a side note NRMA cover up to two mods (not turbo or superchager) within limits for no extra charge)

Just did a check on Bingle... as an "unmodified" example (since they don't cover any mods) insured for $11,600 the premium is down to $732.60 Maybe I need to have a chat with my insurer...

Long story short, while I have a perfect driving record and a relatively cheap car, I know of younger people with worse records and more expensive, more powerful turbo cars who may much less than me. It comes down to where you live and the class you car falls into. Sad but true. My mother who is almost 60 pays close to $1,000 for a Lancer because it's a "2Dr Coupe".

[gareth_oau]

Insurance co's will take into account the risk. and 60yr olds are just as risky as younger guys with weapons (the only difference is the amount of damage done!!).

but also they take into account the cost of repairs, and i suspect a VR6 would genreally be more expensive to repair that yr average commodore for the same minor bingle

[The_Hawk]

Insurance co's will take into account the risk. and 60yr olds are just as risky as younger guys with weapons (the only difference is the amount of damage done!!).

but also they take into account the cost of repairs, and i suspect a VR6 would genreally be more expensive to repair that yr average commodore for the same minor bingle

All very true. Which is the sad part of it all, damn my love of a more obscure and expensive vehicle. If only I loved the Falcadore instead!!!..........

Wait, I think I prefer things this way instead

[tinto]

That pricing is offensive!

I called RAC (WA) and they were $656.70

Almost identical to what I'm paying from the RAC WA - and they were OK with some basic mods too, as long as I let them know (wheels, suspension).

I don't think it is the TSi that is the killer - i think it is your location as you've implied.

[gareth_oau]

That pricing is offensive!


Almost identical to what I'm paying from the RAC WA - and they were OK with some basic mods too, as long as I let them know (wheels, suspension).

I don't think it is the TSi that is the killer - i think it is your location as you've implied.

Ive got a 2000 S3 with quite a few mods (circa 250KW), i'm a 44 yr old with top NCB and no recent claims, and RACWA quoted $900/yr, insured for $27k

Ive also got an FPV GT-P with lots of mods (circa 375KW) and its insured with CGU via a broker for $1500/yr, insured for $65k

[BarneyBoy]

Wow, OzDJ that's terrible.

Elsewhere I wrote about the insurance on the TSI - how it makes no sense. My insurance company (RAA) flat-out refused to insure me because I wanted to nominate 2 under 25 drivers - the TSI being classified as far more dangerous than an R32 for example! I dumped them - 2 cars, 2 properties and 1 business policy.

I ended up arranging cover through my bank (Adelaide Bank) who secured cover through CGU. I have choice of repairer, $700 excess (driver <21), $400 (driver 21 - 25), $300 (experienced driver). As I have claimed once already (minor car park bingle), I can say I was 100% happy with the whole claims process and final repair job.

The premium (including GST & Stamp Duty) is $739.73.

You're right to feel that you're being stung, and my experiences with shopping around before calling my bank were pretty similar to yours. It's outrageous the prices being quoted for the TSI. After some very heated discussions with my original insurer (RAA), I finally had the admission from one assessor that the car is so new and 'hard to classify', that they automatically opt for the highest possible premium (the lowest risk to them). You'd probably find that your prices are similar to M3s and Cayennes!

Unhappily they were unwilling to look at the TSI as a new category (for what it is - a 1.4 litre economical sporty car). They preferred to see me walk. So I did. So keep bashing the bushes - someone will come their senses! At least now you can see what price is possible. Your price may vary, depending on your suburb and whether it's garaged or not (mine's not), but you have a ballpark figure to work with. Good luck!