Insurance Quotes FIY

[Veeduby]

Bumping the thread for any new buyers!

Have no idea how some of you under 25's are getting such low quotes...

I'm 24, in Sydney, male, been driving since 19, no previous claims and have been quoted the following for my 12.5 GTI (always garaged):

AAMI - $2240... ($1320 excess...)
Just Car - $1627 ($1075 excess)
Allianz - Wouldn't give a quote.
GIO - $1764... ($800 excess...)
NRMA - $1135 ($1200 excess)
Coles - $2188 ($700 excess)

Still looking around, but NRMA seems like the way to go!

[ill0gitech]

Keep in mind if you increase your excess, you can reduce your premium. Not sure if Coles have a higher excess, but I'm pretty sure GIO does. The point being - those aren't apples-to-apples comparisons on price alone (and of course, you'd want to make sure they cover the same things in the PDS)
From personal experience, I'd hate to be in an accident and have to fork out $1000 as a base excess. I've also had some bad experiences with insurers telling me my excess is $xxx but failing to add on that it's an extra $xxx for being under 25.

[Ryan41]

i don't know how the whole insurance thing works.. i think they just pluck numbers from thin air..

To insure my Golf R, on the gold coast it is costing me $752 a year plus 50 for the windscreen.

To insure my girlfriends car under my name which is a 2012 toyota yaris the same insurance company (NRMA) wanted $988. So we insured it soley under her name for $645.

How can a $55,000 TURBO car cost me $200 less to insure than what a 66kw yaris worth $18,000. I'm still dumbfounded.

[Hail22]

i don't know how the whole insurance thing works.. i think they just pluck numbers from thin air..

To insure my Golf R, on the gold coast it is costing me $752 a year plus 50 for the windscreen.

To insure my girlfriends car under my name which is a 2012 toyota yaris the same insurance company (NRMA) wanted $988. So we insured it soley under her name for $645.

How can a $55,000 TURBO car cost me $200 less to insure than what a 66kw yaris worth $18,000. I'm still dumbfounded.

Its vehicle statistics mate...here is how the insurance muppets see it:

Golf R (How many Golf Rs have had claimed from 3rd quarter 2010 to first quarter 2012) There won't be a lot...however

Toyota Yaris (lets remember that a lot of uni students...and a certain demographic own these vehicles)

How many claims? I'm guessing a lot!...especially with regards to rear prangs, front bumper damage which would = a higher cover cost.


Got my insurance back from NRMA $739 with glass cover (bought it with house insurance...which was very competitive!) Glass cover was thrown in.

[Veeduby]

For a brand new car, would it be better to use market value than to select an agreed value?

[readerr0r]

For a brand new car, would it be better to use market value than to select an agreed value?

The general idea is to use Market value for as long as they supply new for old replacement, since they'll just get you a new version of your car anyway. Some quotes (like RACQ for me) take this into account anyway and there's no real price difference between the two but for others it can be quite a lot.

[ill0gitech]

i don't know how the whole insurance thing works.. i think they just pluck numbers from thin air..

There's a lot of factors with regards to underwriting It also comes down to demographics and geography, even down to streets, sides of the roads, etc - based on statistics. How likely is a male of a certain age to claim, how likely is a female to claim. What costs are associated with claims, how likely is an accident to result in a write-off, how much are parts etc.

But that's the technical side. The other part is the sales side. Sales people like to sell. so they want to make it as appealing for you as possible. Which is why there are dozens of excess levels available. Their sales techniques may have them start you off mid-way through the levels of excess. To low an excess, and the premium price will be so high you'll run. Too high an excess, and they can't talk down the price any more.

For a brand new car, would it be better to use market value than to select an agreed value?

Again, make sure you read the fine print, especially if you have finance. You don't want to end up with a lower market value than your loan in the event of a write-off or total loss. The market could lower in value faster than your loan

Also, some insurers will only replace new-for-old if the exact same model exists and is available. That may sound great, but if you look at one and on TV at the moment suggesting you will have new-for-old replacement for the lifetime of the car - but if (and I havent read their PDS) they have a clause saying that it's the exact same car or same specs - you might be in for a surprise.

An example would by having a Golf R32 and being told the new R isn't the same because it's got 2 less cylinders. Another example would be ordering a Polo GTi With GPS (Which is usually a special order) - if you had a total loss, you may find the insurer won't replace it if it's not "available."

Things to consider and ask your insurer

[Karly101]

well I've had my polo a year! Renewed my insurance today, couldn't do any better than last year ($730) and RACV was the cheapest by a few hundred bucks than competitors.

[adamda]

Always go through a broker. They get access to better policies at more affordable prices. Having a qualified insurance professional assessing your needs definentely lets my mind rest rather a 2 week crash course on inaurance racv or aami might put there staff through looking after your insurance.

[06eleven]

After talking to a mate I decided to get a Bingle quote. For a 35 year old driver living in Richmond Vic - parked in a security carpark - It came out at $788, or $74pm. I'm currently with AAMI for $89pm. Agreed value is about $1000 different, although there's around a $500 difference in excess.

For that I can't be bothered going through the hassle of changing until renewal time.

My understanding is that both AAMI & Bingle are owned by Suncorp.