Is $1133 for My 2016 Mazda 3's Comprehensive Insurance Too Much?

talismansa on 30/01/2018 - 11:35
Last edited 30/01/2018 - 12:42

So I bought my Mazda 3 SP25 new 11 months ago for $25k.
I got NRMA comprehensive insurance without really thinking about the cost since they seemed on the level on my previous car (KIA Rio).

Not really thinking about it, I insured it for the price of purchase. And they quoted me $1100, which I accepted. But now that I'm thinking about it, should I be insuring it for the RRP of $31k?

So is $1133 too much? I just read that 24yo guy who's buying a Mustang got quoted $1300 and he thought it was too much due to his age. I'm 35 and the Mustang must attract a much higher premium.

EDIT: OMG Stay the hell away from Youi! They made me fill out their form without giving me a quote and then called me and asked me the exact same questions which wasted 15 mins! Only to give me a quote of $2500!!! WTF?!

Automotive

Comments

  • bobbified on 30/01/2018 - 11:56
    +1

    When getting an insurance quote, there's so many factors that need to be taken into account. With that in mind, you simply won't be able to do comparisons of premiums.

    As an example, it could be that the data they have shows that 50% of Mazda SP25's get stolen and only 1% of Mustangs get stolen. And hence they'll factor the higher potential recovery costs into the Mazda quote.

    Your best option would be to get as many quotes as you can from different companies to do the comparison.

    Just remember that the insurer with the cheapest premium may not be the best. They'll all be happy to accept your premium payment, but when it comes time to paying out, it could be a different story.

    Remember to consider the post-claim customer service. Some smaller insurers will even force you to pay the relevant excess upfront at the time of a claim regardless of who's at fault. Other thing such as choice of repairer etc should also be considered at the time of purchasing the policy.

    • talismansa on 30/01/2018 - 12:06

      Well I went to iselect.com and the results returned about $1000 - $1200.
      But then I went on Bingle and their quote is $660. Is Bingle considered a small insurer?

      • bobbified on 30/01/2018 - 12:18
        +1

        $660 is quite a bit of a difference from the $1000-1200 quotes.

        Honestly, I don't know how every insurer works. It may be worthwhile to google some reviews on their claims process and make a judgement based on what you see.

        I personally would pay the $660 (given the savings and I've never had an at-fault accident), but I would be prepared to fight them if it came down to them trying to get out of a claim. Some people are not willing to put up with that kind of trouble and prefer a simple claims process - service comes at a cost.

        • talismansa on 30/01/2018 - 12:28

          How can I compare the difference between Bingle and NRMA? Are reviews on ProductReviews my only option?

        • Euphemistic on 30/01/2018 - 12:38

          @talismansa: Price is easy, the hard bit is comparing the product. You need to read the fine print

        • bobbified on 30/01/2018 - 12:58

          @talismansa:
          NRMA is one of the largest insurers in NSW. The number of claims they deal with means that their processes tend to be more streamlined.

          Search for "complaints", not "reviews".

          Don't just look at the number of complaints - read and look at the nature of the complaints. Is it the claims process? Is it their response time? Is it their staff attitude?

          Just keep in mind that the complaints you find represent a relatively small number of their claims. Generally, only people who consider their experiences "bad" would go online and complain. Those who have "good" experiences rarely sing praises because their experience is what they expected in the first place.

  • Fake News on 30/01/2018 - 12:05

    My parents just bought a brand new 2017 Mazda3 Maxx this month and paid $540 for fully comprehensive insurance. Both are late 50s, Dad has had one not at fault accident in the last 5 years.

    NRMA seems like it's a lot!

    • talismansa on 30/01/2018 - 12:29

      Which company are they with?

      • Euphemistic on 30/01/2018 - 14:28
        +1

        A better question might be 'where are they?' Location maeks a big difference in price. Inner city-high. Country-low.

        • Fake News on 30/01/2018 - 21:49

          They're insured with AAMI and live on the border of Mt Eliza and Frankston South in VIC, postcode is 3930 (Mt Eliza). Metropolitan but outer suburbs.

          When I moved out, living only 7km away, my insurance went up $200 despite me having an extra year's experience (25 to 26 years old) and my car depreciating. When I rang AAMI to query it they said that as I lived 200m from an intersection that had a lot of accidents my risk had gone up (my tiny street and the one off it was fine, but the big intersection down the road had about a crash every week I reckon)… so perhaps your particular street/what is near you ups your risk.

          Also, check if NRMA give you a choice of repairer if you do have an accident. A girl at work had her car repaired when someone ran into the back of her at an intersection and got no choice, they had her car for 3 weeks and the repair is awful - didn't match the metallic paint properly and it's got that orange peel look…

  • Kangal on 30/01/2018 - 12:10
    -4

    Proper Road Rules, and Multiple DashCams are your cheaper Insurance option….

    • QW3RTY on 30/01/2018 - 12:17
      +5

      Unless, you know, you have an accident.

      • Kangal on 30/01/2018 - 12:46
        -3

        If its raining and you lose control, sure.
        Otherwise, why would you be responsible to cause an accident?

        • kolorijo on 30/01/2018 - 14:25

          Human nature. People make mistake.

        • c0balt on 30/01/2018 - 14:47

          Have you ever thought about what you would do if you were not at fault in a collision, but the other person's only income was centrelink and they were not insured?

          Not only are you left now to repair your own car at full cost, but any legal action you take against the person at fault will be dead money as you will never recover a cent.

          That's why having at least 3rd party insurance is the best cheap option - a lot of them offer to cover damages to your own car if the other person was at fault and do not have insurance.

        • [Deactivated] on 30/01/2018 - 16:48

          @c0balt: Plus yeah, without at least 3rd party property insurance, if you blink (or have a heart attack etc) and hit something expensive you could be paying it off for the rest of your life.

          Really 3rd party property should be compulsory.

    • ddhar on 02/06/2020 - 09:28

      I follow rules and take all defensive measures on the road. Didn't stop an idiot from disregarding a stop sign and swiping hard into the side of my car (I had nowhere to swerve to).

      Luckily insurance took care of it all. I will never drive without insurance.

  • talismansa on 30/01/2018 - 12:43
    +3

    Everyone stay the hell away from Youi! They made me fill out their form only to say they'll call me to give me the quote, but then the operator asked me the exact same questions in the form, which wasted 15 mins! Only to give me a quote of $2500!!! WTF?!

  • pao2x on 30/01/2018 - 13:43

    Bingle is a good company. Had a claim with them and it was easy and fast enough. I wouldn't pay $500 more, unless they were offering a ferrari for a courtesy car.

  • spersephone on 30/01/2018 - 14:27

    Check the PDS to work out what you're actually covered for. And look at reviews for customer service in the case of making claims. These two things will help you decide who you're happy to go with, after acknowledging the price differences.

  • BargainHunterKD on 30/01/2018 - 16:03

    With a lot of insurance company's they often have a new for old policy where if you are the first owner of the car and it gets written off within the first 24-36 months or sometimes a certain amount of km's, you get a new car regardless. If this is the case there is no point insuring for an agreed value, may as well insure for market value which will drop the premium significantly.

    I bought a brand new mazda 3 myself in 2015 and insured with NRMA and was very comfortable with their New Replacement Vehicle terms and therefore only insured for market value.

    • talismansa on 30/01/2018 - 16:46

      Do NRMA do that for all their standard comprehensive insurance? Or do you have to pay extra?

      • BargainHunterKD on 31/01/2018 - 08:07

        Yes according to their PDS they do. I used to sell insurance in my first job so I know a bit about what to look out for in the PDS.

        Also many insurance companies offer this - you just have to check the terms. Some say you must have insurance with them since it was brand new, some say 2 years, some 3 and some are limited by the kms you drive. From a quick search NRMA, AAMI, BUPA, RACQ, CGU all offer something along these lines.

  • Ryanek on 30/01/2018 - 16:03

    I got NRMA comprehensive insurance without really thinking about the cost

    Seriously, for a purchase that big don't you shop around and find the best quote?

    • talismansa on 30/01/2018 - 16:45

      Like I said, they have been pretty on par with the prices compared to other insurers when I had my previous vehicle.

      Plus I just got 20% off the ticket price for the new car, so I wasnt thinking about insurance.

  • Brick Tamland on 02/06/2020 - 11:43

    That premium may be on the pricey side but its not crazy but it depends on a few things we don't know, such as locality and where the car is stored.

    Personally I've found WFI insurance to be very reasonable. YOUI is the worst, they quoted me something like $3,500 P/A to insure my car but through WFI its something like $600. YOUI was also a pain for the house insurance quote and they wanted me to measure the height of trees on my nature strips. They are the worst.

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