Hi OzB,
Comprehensive Car Insurance opting for higher excess with lower premium, what are your thoughts?
To give you an indication, with the basic $850 excess, the premium is $750. On the other hand, with an excess of $1850, the premium is $500.
Driving history is pretty decent, with only one claim about 7 years ago.
Keen to hear your thoughts.
that's not enough of a premium discount for the increase in excess for my liking.
i've found the $800 range of excess seems to be the sweet spot.
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Assuming the numbers were similar, one claim over 7 years ago, cost extra $1k in excess. 7 years of saving $250 means $750 in front. BUT you need to not make a claim for 4 years to break even.
yep, the four years is my key too.
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Depends on how new the car is. Would suck to have a $1850 excess if someone opened a door into the side of your new car at the car park. If it's already a little old then maybe that's the kind of thing you wouldn't claim on and save you excess?
Its all about your risk and betting on if you are to make a claim. I've started in the last policies to go with high excess for low premium. Rating 1. Rarely make a claim. Ie more than 5 years. Wife is a defensive driver. So given past history to get a cost saving now is probably worth it for us. Major frontal accident and you would still likely make a saving evem with high excess. IMO
Shop around Coles-insurance have become a rip off around the same time there petrol prices became a rip off
I have a $2000 excess and also a higher agreed value. the premium is less than market value with $800 excess.
You need to worry about excess only if you are at fault in an accident.
someone kicked my car had an $850 excess. Pretty pissed off as I just increased it from $650, my line of thinking was nothings going to happen. Is always the case lol. I would definitely not go for an excess for $1850. If you have a small incident you can repair it privately on the cheap sure. You get "exactly" what you pay for at those type of repairers.
I have a fairly high excess on all our insurance. Key is to have a) enough money for the excess available, b) the ability to pay for or diy repairs of low value and c) expectation you probably won’t need to make a claim as often with the higher excess.