Insurance....merged Topic....

[antigravity]

BTW, this flexi premiums stuff is no big deal. Every insurer out there offers flexible excesses.

The way it works is pretty simple, higher the excess, lower the annual/monthly premium.

AAMI charge extra to pay by the month also.

Here's my opinion of the car insurance market through experience:

- NRMA are extremely over priced and have extremely high excesses for young drivers (over $1000)

- CGU are really well priced and have a good claims and repairer network. They're not that great in accepting mods, but generally accept most standard cars, regardless of driver age. They don't advertise much as most of their business is through brokers and banks.

- Suncorp/GIO are overpriced but offer great deals if you have multiple policies with them. Hard to beat in those instances. However, they use second hand parts when repairing your car and there is no choice of repairer.

- AAMI are quite misleading in their advertising, however they can offer decent prices. Just make sure your not getting an extremely high excess with their "flexipremiums".

- RACQ are quite well priced and have a good reparer network here in QLD. Can't say to many bad things about them

- RACV are a ripoff from personal experience!

Won't say anything about CommInsure because I'd be biased

Edited 02/01/08 12:03 PM by antigravity

[JimmyXR6T04]

BTW, this flexi premiums stuff is no big deal. Every insurer out there offers flexible excesses.

The way it works is pretty simple, higher the excess, lower the annual/monthly premium.

AAMI charge extra to pay by the month also.

Here's my opinion of the car insurance market through experience:

- NRMA are extremely over priced and have extremely high excesses for young drivers (over $1000)

- CGU are really well priced and have a good claims and repairer network. They're not that great in accepting mods, but generally accept most standard cars, regardless of driver age. They don't advertise much as most of their business is through brokers and banks.

- Suncorp/GIO are overpriced but offer great deals if you have multiple policies with them. Hard to beat in those instances. However, they use second hand parts when repairing your car and there is no choice of repairer.

- AAMI are quite misleading in their advertising, however they can offer decent prices. Just make sure your not getting an extremely high excess with their "flexipremiums".

- RACQ are quite well priced and have a good reparer network here in QLD. Can't say to many bad things about them

- RACV are a ripoff from personal experience!

Won't say anything about CommInsure because I'd be biased

the way I look at the flexi premium is this;

if I pay full price premium $645 with a $500 excess, and I have an accident after 5yrs with them, I'd pay around $3725 in total..

if I pay flexi of $340 per year, plus $2100 excess, and I have an accident after 5yrs I'd pay around $3800 in total.

So for me, it's worth it. Even if it worked out slightly more, it would be worth the risk in the long run, as if I keep my nose clean I'd save a fair bit.

[antigravity]

the way I look at the flexi premium is this;

if I pay full price premium $645 with a $500 excess, and I have an accident after 5yrs with them, I'd pay around $3725 in total..

if I pay flexi of $340 per year, plus $2100 excess, and I have an accident after 5yrs I'd pay around $3800 in total.

So for me, it's worth it. Even if it worked out slightly more, it would be worth the risk in the long run, as if I keep my nose clean I'd save a fair bit.

It all depends on each person's situation. People with expendable incomes may run the risk of having a large excess. It all depends on whether you're willing to fork out $2000+ at the time of an accident.

My opinion is insurance is there as peace of mind if something occurs. I don't want to spend an annual premium each year and still know that I have to pay $2000 if I have an accident. But like I said, it all depends on your expendable income.

Keep in mind though, the higher the excess, the less you can claim for. So any accident that will cost less than your excess you'll have to fork out yourself anyway, making your annual premium a bit of a waste.

That said though, nearly every motor insurer out there provides flexible premiums. AAMI just advertise it as some big fancy thing when in fact its not. It always pays to shop around.

[JimmyXR6T04]

Keep in mind though, the higher the excess, the less you can claim for. So any accident that will cost less than your excess you'll have to fork out yourself anyway, making your annual premium a bit of a waste.

That's a really good point mate, and something I obviously didn't think about! I might have to review my options for next year

[Full Monty]

Just changed over to Shannons today, after 13 years with RACV, shannons were able to match my current premiums for car and house and contents with RACV, considering that racv supposedly gave us multiple policy discounts and years of membership discounts this was suprising.

Goes to show, the $697 I was paying with RACV to insure the T, which included almost 50% in discounts, I was supposedly meant to be paying over $1300 without these discounts.

Funny that, I walk into shannons, and after a brief discussion, I get quoted $860 for agreed value of $29000, and all mods listed on the policy (AP brakes, Custom Tune, Intercooler and exhaust mod.

There is no way RACV would have gone near that, as I was insured for market value, with only the brakes and Intercooler noted on the policy.

Funny thing was, RACV had no section in their systems for an intercooler, so they added it to my policy as an airconditioner....rofl, with a side note to say it was an intermacooler for the air.

I also saved around a $100 on my home and contents insurance, so it balanced out nicely.

Peace of mind knowing the car is fully covered, mods and all, with choice of repairer and people on the other end of the phone who are actually into cars...

[bcl]

I guess it had to happen eventually.

GIO have refused to renew my insurance cover this month on my F6 auto because of mods.

I have had continuous insurance cover with GIO for almost 20 years, and always listed my mods, and never had them questioned.

My first accident in 20 years happened last year!

I have paid far more in premiums than claims made.

They suggest I may be eligible for their Custom Car Insurance.

I have 5 cars, all insured with GIO, plus insurance of several houses, plus car lease…. around $25k pa in payments.

We’ll see what happens.

If it doesn’t work out I’ll move all my business elsewhere.

Does anyone have any experience with GIO Custom Car Insurance?

Brian

[ALF05T]

I'm looking to renew my car insurance for the turbo and the cheapest I can get it for is 1422 (with agreed value of 27500), if I insure my house with shannons also.

I mentioned all of my mods. Does this seem like a good deal?

Cheers Alf.

[yw84u]

Lots of things to consider. how old are you? is your car garaged? who is the yougest person driving it? how often do you drive it? what mods, and are they covering them or do they just know about them?

Im 23 and with just cars I pay $980 a year with for agreed value of $22000 with all mods listed and covered and it is my daily driver, with my 21y/o g/f on the policy as well. I have a rating 1 and I have been with them for 4 years but I don't know whether that helps or not.

Im really happy about the cost of my car as my truck costs me $7850 a year plus $1500 public liability, so I don't really complain about the car to much.

[tab]

I think what you meant to say is how long is the piece of string!

[Locky28]

I'm 19, live about 15 mins out from a major city and have my car locked up at night. I pay $209.10 a month with NRMA or around $2500 a year :( . Had a bit of a look around and didn't spot anything cheaper. Can't wait to be 21 so it goes down a bit as I can hardly afford mods with that much money on insurance.