AU insurance

[Tazzieman]

Well I'm just a Wally.
Shouldnta handed over the $ 3 weeks ago

 

[Mules]

Well thanks folks roadside assist mystery solved - Shannon's don't cover the Grenny, but the standard Allianz cover does (will check the fineprint). I'll count that as a win.

 

[trobex]

So, sorting out insurance.
Basically this - 39 yr old, garaged at night and parked on private property during day. Used 4+ times per week as work commute. Excess set to $1900/2000. Rating 1 - no claim faults etc (possibly a model citizen). No special things except windscreen replacement.

Youi - $2100 p/a (nope not happening)
RACQ - $2400 p/a (kidding me you jokers)
Suncorp - $1760
Shannons - can't do it.
Budget - $1650
NRMA - $1660
ALLIANCE - $1450 (seems well the best by value covers all that I need and covers any drivers including under 25s).

Any thoughts on these? I have almost always had Suncorp, but their rates have snuck up the last few years and seems like poor value.

 

[Steveo]

So, sorting out insurance.
Basically this - 39 yr old, garaged at night and parked on private property during day. Used 4+ times per week as work commute. Excess set to $1900/2000. Rating 1 - no claim faults etc (possibly a model citizen). No special things except windscreen replacement.

Youi - $2100 p/a (nope not happening)
RACQ - $2400 p/a (kidding me you jokers)
Suncorp - $1760
Shannons - can't do it.
Budget - $1650
NRMA - $1660
ALLIANCE - $1450 (seems well the best by value covers all that I need and covers any drivers including under 25s).

Any thoughts on these? I have almost always had Suncorp, but their rates have snuck up the last few years and seems like poor value.

would these cover off-road too?

 

[DaveB]

So, sorting out insurance.
Basically this - 39 yr old, garaged at night and parked on private property during day. Used 4+ times per week as work commute. Excess set to $1900/2000. Rating 1 - no claim faults etc (possibly a model citizen). No special things except windscreen replacement.

Youi - $2100 p/a (nope not happening)
RACQ - $2400 p/a (kidding me you jokers)
Suncorp - $1760
Shannons - can't do it.
Budget - $1650
NRMA - $1660
ALLIANCE - $1450 (seems well the best by value covers all that I need and covers any drivers including under 25s).

Any thoughts on these? I have almost always had Suncorp, but their rates have snuck up the last few years and seems like poor value.

That is a damned high excess
I selected $750

 

[Tazzieman]

That is a damned high excess
I sellected $750

Us seniors are better drivers, and actuarially much lower risk.

 

[Korg]

That is a damned high excess
I sellected $750

It is best maximising excess as greatly reduces premium. You only really want insurance for major repairs not a new headlamp.

 

[Tazzieman]

It is best maximising excess as greatly reduces premium. You only really want insurance for major repairs not a new headlamp.

Yes I ticked $1500 basic excess. Little items I can fix myself , and the saved premium helps pay for parts

 

[trobex]

Seems odd my insurance premiums are quoted so high... all I can put out down to is under 40. So I am going Allianz but the looks of it m wife used then years ago and they were ok on a no fault claim when she had damage from another.

 

[Tazzieman]

Seems odd my insurance premiums are quoted so high... all I can put out down to is under 40.

You should have lied about your age, like you did when you were 15

 

[Top Cat]

No need to increase the agreed value with Shannons - as they do new for old for 2 years. I confirmed this very thing with them about two days ago. Cover it for what you paid for it, for at least the first two years anyway.

I have insured mine with Shannons also. Same conditions as above

 

[DaveB]

I have insured mine with Shannons also. Same conditions as above

Covering it for what you paid for it is a big problem.
replacement cost now is over $20,000 more than what I paid for it.
Insurers I spoke to said that wouldn't be covered.
Also the new for old only includes the vehicle, not the accessories

 

[Solmanic]

Seems odd my insurance premiums are quoted so high... all I can put out down to is under 40. So I am going Allianz but the looks of it m wife used then years ago and they were ok on a no fault claim when she had damage from another.

Figures. I'm paying only $785 through Youi with a restriction to only drivers over 50. Age obviously does have its privileges.
I also went for the maximum excess as I work on the principal that I'm really insuring against a total loss. Anything under $1500 is probably wearable to do the repair myself plus it avoids a boneheaded assessor making a knucklehead call like writing it off for a busted headlight or some such rubbish.

 

[trobex]

Covering it for what you paid for it is a big problem.
replacement cost now is over $20,000 more than what I paid for it.
Insurers I spoke to said that wouldn't be covered.
Also the new for old only includes the vehicle, not the accessories

I put my cover up to the new replacement cost as agreed value and that jumped the premium by nearly 200 a year. Market value won't cover your vehicle when paired against the 2nd hand market. It's the save as people caught out with their home insurance. Many people have old policies that rolled over on house replacement values many 100s of thousands less than new build costs. A house went up in flames in the north GC a few months back and we found out the insurance was taken out nearly $190K less than same cost home. They will rebuild a smaller home now...

We also built our home at the pre Covid construction rates but I had to throw $200K on to the new home cost replacement value in April this year so that we actually have cover that signs with true market costs.

As for cars, full comp used to be $800 not that long ago!!! Not now!!!

 

[Mumblepants]

I rang Youi today, and matched as best I could to the cover that Shannons were providing me.

Youi came out at $2905, compared to my Shannons at $1360.

Perhaps at under 50 (being 48) - Youi think I am a risky driver?

Safe to bet you won’t be on one of their horrible adverts saying how you saved $37 per year?

 

[trobex]

Safe to bet you won’t be on one of their horrible adverts saying how you saved $37 per year?

YOUI has never once been within cooee of competitive pricing for be dating back to around 2010... tried then for 5 of my vehicles and never got my time back!

 

[DenisM]

I went with Suncorp $1360, $1000 xs: max $200 xs for windscreen plus market value because within the first 2 yrs, a write off will provide a new vehicle. I'll review at the end of that time for agreed value.

 

[Mumblepants]

I went with Suncorp $1360 inc. max $200 xs for windscreen plus market value because within the first 2 yrs, a write off will provide a new vehicle. I'll review at the end of that time for agreed value.

Budget Direct $1386 (Private/Business) plus $40 windscreen- excess $2000
Just checked Suncorp with a multi policy “discount” Business use quote is $2,986.69…

I’ll update as this search progresses..

 

[Sam]

Just want to add an observation re: "Agreed Value" vs "New for Old", because this wasn't clear to me until today...

With RAC (WA), who i'm talking to, if the vehicle is a write-off within the first 2 years there's a choice wether to accept one or the other of the above options.

This is relevant if, like me, you locked in an early price which is now ~25k less than replacement cost.

What value to insure for?

- Policies which just list 'new for old' -> what value will you get if you dont want an identical replacement (and waiting period)?
- Policies which list an agreed value -> select an amount which suits you (personally), if you might not want an identical replacement (and waiting period)...?

Me: I'm choosing agreed value for what I paid (not what current replacement cost is)... and if I like the vehicle and want an identical replacement, then all good. If not, so be it.

Just in case this helps

 

[Tom109]

Yes I ticked $1500 basic excess. Little items I can fix myself , and the saved premium helps pay for parts

Sorry to jump in here, but what does “excess” mean? We don’t use that term. Is it a deductible?