Just Bought My Car Want Advice on Insurance Please Help: )

Lvegetariansushi on 29/11/2018 - 11:04
Last edited 29/11/2018 - 13:11 by 1 other user

Hi There,

I am a green P plater of 21 yo based in Melbourne and recently bought a Honda Civic Sport 2008 for $7100

I am looking to buy a comprehensive insurance for my first car but all quotes are insanely expensive from $1500 to $2200 which was on me as I did not think it would cost more than $1000 annually.

I rang up GIO, SUNCORP, RACV, AMMI. (most popular ones)

All of which i put in same details

windscreen/glass cover
roadside assistance
The amount for car insured - $5700-lowest i can go
KM per year 20000km
excess $850 - I am aware of the additional $400 on top if i claim because of my age :(

All of which

GIO Offers around $1500 which is the cheapest

Suncorp roughly $1700
RACV roughly $1700
AMMI roughly $1700

PS:

I do not wish to choose third party or what so ever, only comprehensive
No previous claims, disqualification or sorts
unable to be under my parents' name

I am curious which one would be recommended? - GIO seems to have terrible reviews.

what should i do?

Really appreciate your help!

' 3 '

Vegetarianshushi

Poll Options

  • 0
    Choose which ever - same stuff
  • 70
    Ring more insurance companies
Automotive

Comments

  • boomramada on 29/11/2018 - 11:20
    +1

    Go with the GIO, try not to hit anything then you will save $200 :)
    And next year, review your policy again.

    • vegetariansushi on 29/11/2018 - 11:29
      +1

      But all the reviews scare me. Well doesnt mean other insurance company are any better with their ones. So yeah maybe I will probably choose GIO

      • boomramada on 29/11/2018 - 11:38
        +1

        Try get few other quotes

      • FrugalDealHunter on 02/12/2018 - 09:14
        +1

        GIO, AAMI and Suncorp are all the same; use the same call centres and repair places. Bingle is the same too. Check them out.

  • JimmyF on 29/11/2018 - 11:20
    +9

    I am looking to buy a comprehensive insurance for my first car but all quotes are insanely expensive from $1500 to $2200 which was on me as I did not think it would cost more than $1000 annually.

    rookie mistake, you're on P plates, its ALWAYS costly.

    Tip, next time do a online quote BEFORE you buy the car to see what it'll cost you ;)

    Nothing you can do now about the cost of insurance.

    • vegetariansushi on 29/11/2018 - 11:26

      Hahahaha Yeah it was a mistake.

      but i only expected it to be around $1500. didnt know it would rocket up to $2200.

  • HighAndDry on 29/11/2018 - 11:22
    +21

    green p plater
    21 yo
    Honda civic sport

    .
    .
    .

    all quotes are insanely expensive

    Yeah sounds about right, you basically tick all the boxes for being high risk (actuarily speaking, don't know you personally obviously).

    I'd get a few more quotes - have you tried iSelect or CompareTheMarket?

    • vegetariansushi on 29/11/2018 - 11:27

      Thank you for your reply

      I laughed actuarily speaking.

      I did try iselect which gave me a quote of 2000 dollars something and told me to go on findinsurer

      • HighAndDry on 29/11/2018 - 11:33

        Just trying not to inadvertently offend anyone, since apparently I do it enough intentionally…

        But yeah - if you've tried all the options and those are the cheapest, go with the cheapest and drive like a grandma (but a grandma with fast reflexes and perfect eyesight…).

        • vegetariansushi on 29/11/2018 - 11:38
          +1

          I laughed harder this time hahahahaha

          I am trying to drive like a grandma.

          Thanks for replying/ :)

      • knk on 01/12/2018 - 09:48

        You could also take the risk and go with third party insurance. It should be significantly less.

        When I was 20 I had a commodore, high risk apparently. I paid 5k for the car and similarly insurance was minimum $1400. Third party was around 500. I just took the risk, however I always had enough money spare for excess and a crappy car if needed.

        Of course it's a gamble and you need to be sure you can replace the car if the worst happens and you write it off.

    • ihbh on 01/12/2018 - 23:24

      Can you do an [AMA] I'm an actuary?

  • Spam Service on 29/11/2018 - 11:31
    +15

    Your other option is to go for just 3rd part insurance. That's what I did until a few years ago.

    It's all about risk. If you're fully insured and write your car off in the 1st year, you'll be about $3300 better of than if you didn't have insurance.

    But if you have an accident and do under $2500 worth of damage to your car, it's not worth it to pay $1700 + $850 + the increase in your premiums.

    • vegetariansushi on 29/11/2018 - 11:44
      +1

      Good point and new perspective

      I did think about that option but I feel safer feeling that i am fully insured

      So i am not gonna consider third party.

      Thank you so much!

      :]

      • altomic on 29/11/2018 - 12:26
        +3

        however, if you are feeling safer because you are fully insured then would that make you subconsciously less vigilant when driving?

        driving with comprehensive "meh, if I cause an accident then I'm covered"
        driving with third party "damn, better be careful because if I cause an accident I may lose my car"

        I'm just saying.

        and the consideration of $aving$ gained from having 3rd party

        how much would 3rd party be for you?

        • AdosHouse on 29/11/2018 - 12:33
          +6

          Mate my driving is unchanged by the fact that I have full comprehensive insurance, that is a weird assumption to make. A inattentive driver will be that regardless of what insurance they have.

          • altomic on 29/11/2018 - 14:34

            @AdosHouse: it's not a totally weird assumption to make.

            I'm hypothesizing that a comprehensively insured driver may be more likely to be inattentive.

            this is due to an internal belief of "I'm covered".

            or possibly that a 3rd party insured driver may be more likely to be attentive.

            this is due to an internal belief of "I'm covered, but I might lose my car if it is written off".

            I'm not saying a comprehensive driver would drive like they were in a dodgem car because "I have comprehensive insurance". but that a 3rd party driver has "more to lose/more risk" and may possibly be unconsciously more careful.

            subconsciously perceived risk possibly governs behavior

            consider it this way-
            If you had $1,000,000 in the bank (no debt, owned own house, etc) and you went to the pub with mates - how readily, and without concern, would you shout a round of drinks?

            if you had $100 in the bank (to last you till next week) and you went to the pub with mates - how readily, and without concern, would you shout a round of drinks?

            • AdosHouse on 29/11/2018 - 15:43
              +1

              @altomic: I can see what you are saying, it is just that MY personal experience and MY driving style disagrees. I respect that everyone is entitled to an opinion.

              When I am driving, I drive to my normal style/habits, pretty much nothing changes this. An example is when I hand a hire car from Hyundai because mine was getting serviced. While driving down the highway I saw a couple of birds flying low and perpendicular to the road, and I could also see that I was on a collision course with them. I could of tried to swerve or brake hard to try and miss but my driving style is to never do that on the highway. Anyway I did hit one, decent size bird too, bigger than an adult pigeon. Only afterwards did I think, shit, I have to pay $1500 for damages.

              My opinion is that with something so "everyday" such as driving, most people only think of consequences/repercussions after it affects them.

              Side note, bird must have hit a strong point on the front bar (I saw and heard it hit hard), because no damage to the front bar, couple of light scratches that I polished out.

            • HighAndDry on 29/11/2018 - 15:47

              @altomic:

              I'm hypothesizing that a comprehensively insured driver may be more likely to be inattentive.

              Gotta agree with Ados on this one. I can see where you're coming from and it makes logical sense, but my insurance coverage is just not something that's remotely in the back of my mind when I'm driving. Hell - I probably drive safer now (with comp insurance) than I did previously (with only third party insurance), just because I'm older and less reckless now.

        • imurgod on 30/11/2018 - 20:34

          There is far more difference between 3rd party and comprehensive.

          For one, when you have an accident, your car is repaired. There's a lot of uninsured drivers and others who simply won't make a claim and if you have 3rd party, you're on your own.

        • ihbh on 01/12/2018 - 23:28

          There's a technical term for this: moral hazard.

      • AutomationGuy on 01/12/2018 - 12:28
        +2

        This doesn’t make sense to me. You won’t consider going third party because you want to be ‘fully insured’… yet you are trying to insure it for $2000+ under what it is worth!?!

        Just go third party fire and theft. Will cost $300-400 with AAMI. Put the rest of the money in a rainy day account in case you need to pay for repairs in the future.

    • AdosHouse on 29/11/2018 - 12:31
      +1

      Your math is assuming that 3rd Party Fire and Theft is free, doing a quote for the OP on 3rd Party still comes up as $900 and $1050 excess.

      So you are only saving $600pa from full comprehensive. So only $600 damage to your own car and comprehensive would have been worth it.

      Also full comprehensive for when other idiots damage your car. I have had 6 crashes in my years, not a single one of them was my fault. All of them handled in full by my comprehensive insurance.

      • Spam Service on 29/11/2018 - 12:55
        +1

        Your math is assuming that 3rd Party Fire and Theft is free, doing a quote for the OP on 3rd Party still comes up as $900 and $1050 excess.

        I was assuming a price of a couple hundred dollars - wow that's expensive. My 3rd party, fire and theft insurance when I was 18 was $160.

        • AdosHouse on 29/11/2018 - 12:56

          I think when I checked I was about $300. Yeah insurance is bloody expensive these days.

          • Colombian on 29/11/2018 - 16:01

            @AdosHouse: Yep it is about $300, I had an old yaris until January this year with third party only, paid about $17 a month. Comprehensive insurance in this case is a waste of money in my opinion.

            • AdosHouse on 29/11/2018 - 16:07

              @Colombian: Yes and no, at the OPs price, probably not, OP needs to decide the risk.

              As I said above, I've had 6 crashes in 10 years, none of them my fault, 2 of them by uninsured drivers. Each time I just give details to my insurance and let them work it out.

        • macrocephalic on 30/11/2018 - 15:09

          Comprehensive insurance on my motorcycle is only ~$200pa!

          • Spam Service on 30/11/2018 - 17:25

            @macrocephalic: Comprehensive on my motorbike is under $100 with Shannons (old bike) - and that covers the bike, and $3k worth of gear and luggage.

  • AdosHouse on 29/11/2018 - 12:20
    +5

    Mate the reason it is high is because your policy options are asking for 3 whole things. Car insurance, windscreen insurance, and roadside assist.

    Take out the windscreen and roadside assist and see what it goes down to. Probably a couple of hundred there.

    I just had a windscreen replaced on my 2017 Elantra, cost me $240. Only the second windscreen I've replaced in 10 years. Work out if it is worth it to you. Also see what the roadside assist is bumping up your policy by, and work out if basic RACV is cheaper.

    And yes you are also ticking all the boxes for high risk so your policy will be expensive. I paid about $1200 a year 13 year ago for my VX V6 Commodore, with $1800 of excess. So yours isn't that bad.

    EDIT: Okay I'm bored so had a play with the GIO insurance quote, put in a random DOB that makes you 21, put in a random address in Dandenong. So windscreen inclusion only costs $20 extra, which is……very cheap, so just get that. Roadside assist adds $90 to the policy.

  • Ryanek on 29/11/2018 - 12:40
    +2

    Would it work out cheaper if you put it under your dad's name and just nominate you as a second driver?

    • CLoSeR on 29/11/2018 - 12:53

      No, insurance always calculated on age of youngest driver.

      • AdosHouse on 29/11/2018 - 12:58
        +3

        But you can certainly use parents discounts.

        I had my old car under my parents name just because he had a rating 1 for life discount, multiple policy discount and gold member discount. Difference was $700 down to $300. Full comprehensive.

    • Noblejoker on 30/11/2018 - 14:10

      ^^ This
      The issue here is No Claim Bonus - OP has none or only complimentary say 20%
      If you can leverage parents policy (presuming they have 60%/Max) it can reduce
      yes you will still pay for driver at 21 but additional discounts = saving
      e.g. $1500 premium with 20% discount = $1875 with 0% NCB
      $1875 less 60% NCB = $750

      If you have parents/etc. try calling their insurer and give their policy details and get a quote

  • CLoSeR on 29/11/2018 - 12:54
    +2

    Hope you're not driving it without insurance, always get insurance before taking it out of the lot.

    Insurance is expensive, at your age especially.

    Go with AAMI, SUNCORP or RACV. First two are the same parent company.

    • vegetariansushi on 30/11/2018 - 07:21

      I got my insurance with GIO which surprising also belongs to suncorp and had a much cheaper quote at 1400 dollars.

  • Seraphin7 on 29/11/2018 - 13:02
    +1

    Please tell us you're not driving around without insurance at the moment …

    • vegetariansushi on 30/11/2018 - 07:23
      -5

      I did for 1 day…………….. which i was EXTREMELY careful… maybe that does not justify anything but I am with GIO now

      • HighAndDry on 30/11/2018 - 11:16
        +2

        Oh yeah no no no that's crazy dangerous. What I've done is - sign the paperwork, get into the car, buy the insurance on my phone (and pay for it), and then drive away after the policy is in place.

      • CLoSeR on 30/11/2018 - 11:48
        +2

        Doesn't matter how careful you are, if someone hits you car gone..

        Never drive off without insurance. You call them before leaving, it's done on the spot!

      • [Deactivated] on 30/11/2018 - 18:50
        +2

        Consider yourself very lucky and don't every do it again. You have no idea how many people have crashed on the same day they took a brand new car from the showroom and were really careful for just one day….but crashed. All one can say is that it was your choice to take the risk.

  • Peter Enis on 29/11/2018 - 13:13
    +7

    Get rid of the windscreen cover for a start.

  • Aap Ke Papa on 29/11/2018 - 14:22
    +2

    I go through a broker who gives the best deal at a very fair price and all claims go directly through his company. I cam PM you details if you turn your messaging on

    • imurgod on 30/11/2018 - 21:14

      This is the way to go. There's a bunch of excellent insurers who offer great policies only through brokers. They smash the direct market on cover and price.

    • usernameinvalid on 02/12/2018 - 16:12

      I'm looking for an insurance broker, and would appreciate any suggestions. PM me, please. I'm in Sydney btw

  • Godric on 29/11/2018 - 14:49

    Budget Insurance

    • vegetariansushi on 30/11/2018 - 07:24
      +1

      They wont quote me and tell me that they cant insure me lol

  • apple2016 on 29/11/2018 - 14:51

    I would prefer RACV due to my experience with them. Also I would recommend a higher excess EG:1000 or even 1500 to keep the premium low. You will only need to pay excess if you are at fault. Also you can opt out of windscreen/ road side assist.

  • dcep on 29/11/2018 - 15:00

    so you want sashimi and nigiri at the price of vegie sushi ?

  • [Deactivated] on 29/11/2018 - 15:36

    Don’t forget about Coles and Woolworths insurance, if you have their loyalty cards (ie flybuys etc) they usually have discounts that apply for that. And like others have said, you don’t need windscreen insurance. RACV does road side form $110.

    Any chance you can break down your quotes for us?

    • Mitsun on 30/11/2018 - 16:07

      Coles is cheap but their service has been absolutely horrendous. I'm still in the middle of a claim I made with them in mid-May and they keep jerking me around and doing shit-all. Already made two official complaints (one to them and one to AFCA) and they are still saying they're working on it… (profanity) Coles Insurance tbh, I specifically avoided using them again even though their quote was the cheapest for comprehensive. Cheap doesn't mean anything when there isn't service.

      If anyone has had favourable experiences with Coles Insurance, then good on you. Personally, I'm never going back to them.

  • Cave Fire on 29/11/2018 - 15:56

    not financial advice I used to work at Suncorp. You've actually called GIO, AAMI and Suncorp. These companies are actually part of the same network/are all brands of one parent company. So the premiums will be similar. If you or your family members have any three policies with Suncorp you get a 15% Multi Policy Discount. CTP counts as well, so I think you can pledge to switch over at renewal and it counts as a policy. Which will bring your policy down to $1445 for Suncorp. The next option is Youi for micro policy changes or Budget for the absolute lowest price.

    • macrocephalic on 30/11/2018 - 15:11

      You might think so, but the prices are actually quite different. Identical insurance quotes for Suncorp came up nearly twice as much as AAMI - for my bike.

      • Cave Fire on 30/11/2018 - 18:09
        -1

        Yeah, their's certain things each insurer does not like or could even be a glitch. My memory from 2010 is that the bike policies were inputted with an excel file that was prone to the wrong quote info being generated. Not sure if this still happens.

        • syousef on 02/12/2018 - 08:06

          That's the biggest load of bollox I've ever heard. Same parent company doesn't mean same prices or premiums. Ever. It's about the brand. And I doubt all 3 insurers used the same method (and Excel) for entering bike policy premiums.

          • Cave Fire on 02/12/2018 - 09:33

            @syousef: I said similar not same. And that was my point, that the Suncorp quote may have been subject to more user error because of Excel.

            • syousef on 03/12/2018 - 07:37

              @Cave Fire: No. Not even similar. There are lots of companies that buy multiple brands specifically to appeal to different segments of the market, offering different features at a different price point. It happens in service industries as well as for physical products.

              • Cave Fire on 03/12/2018 - 08:08

                @syousef: But how could anyone know about this specific premium in the past? This is a moot point.

  • Euphemistic on 29/11/2018 - 16:12
    +1

    Other have mentioned it, but drop the windscreen and roadside assist. I’ve been driving since last century and not had need to claim for a windscreen. Roadside assist isn’t necessary if you can afford to either wait, walk or arrange family/friends to help you jump start etc.

    • macrocephalic on 30/11/2018 - 15:12

      Lots of mechanics will offer roadside assist when you service with them.

  • wizzy on 29/11/2018 - 17:55
    +4

    Have you tried Bingle? They are generally much cheaper than the others. They have 2 main negatives: 1) you have to do everything online, including any claims; 2) you have to pay your excess upfront, even if it wasn't your fault, and then they refund it later (if it wasn't your fault). If you are ok with both of those things, they are MUCH less expensive.

    • zerocritical on 30/11/2018 - 08:42
      +1

      +1

      Bingle was cheaper when I was looking than any other insurance. I just did I quick quote for you and it was coming to around $1100. The quote may differ based on your address though.

      With GIO, you might still be under cooling off period. :)

    • Zoosh on 30/11/2018 - 20:57

      Once you have lodged a claim you are provided a number so you can talk to real people over the phone.

      I also had the pleasant surprise of organising a tow via AAMI over the phone as they are the same as Bingle (I thought I was insured with AAMI at the time of the accident but they were extremely helpful and didn't just direct me to Bingle's website).

  • inherentchoice on 29/11/2018 - 17:59
    -6

    I've had no insurance for years and years. Never even spent $1 on car insurance ever (other than CTP).

    However I mostly just bought the dirt cheapest cars/motorbikes and I barely go more than 10,000 km per year.

    Also, with enough savings in reserve, arguably you are "self insured". If something happens you'll probably have to cough up the savings but hey it cuts out the middle man and the claims process doesn't rely on loss adjusters and assessors.

    I see insurance as paying for other people's misfortune and negligence (and fraudulent claims too), plus mega corporations to administer the slush fund. No thanks.

    • BigBirdy on 30/11/2018 - 09:10
      -2

      Did you ever consider the cost burden you put on other people if you are the cause of a collision? Do you have enough savings for a multi million dollar payout? Insurance is there to cover your losses, but also your legal obligations to others.

      • inherentchoice on 30/11/2018 - 09:31
        +1

        CTP covers personal injury.

        Did you ever hear about a multi million dollar vehicle insurance payout? I would love to read about even one example in Australia.

        • BigBirdy on 30/11/2018 - 09:50
          -4

          Here’s a NZ $10 Million crash

          How much savings have you set aside to cover other people’s costs?

          • SlickMick on 30/11/2018 - 09:57
            +1

            @BigBirdy: um so 3rd party costs were $0

          • inherentchoice on 30/11/2018 - 09:59

            @BigBirdy: So it's a supercar worth $10 million but it doesn't say there was a multi-million dollar payout. It NEVER says it was a "$10 Million crash".

            The driver sustained a minor injury to the thumb and is being checked by a medical team as a precautionary measure.

            The vehicle involved has sustained some minor damage

            It's just a typical sensationalist headline.

            Also you were talking about "other people", but the article is about a single vehicle accident. I would love to know if there was even one case in Australia where there was a vehicle insurance payout to other people over $2 million.

            There's a reason why third party coverage costs much less than comprehensive.

            • RockyRaccoon on 30/11/2018 - 11:08
              +3

              @inherentchoice: Your choice, but CTP doesnt cover damage, like the other car, or fences, building etc. It only covers injury to persons

              Whereas TPP does and is extra cost

              Comprehensive cover your and others damage, also if someone hits you and doesnt have insurance or any other means (Your twin!)
              While $10 million claims are rare -it's possible crashing into a car showroom etc, I agree with you it's highly unlikely and over the top

              But hitting a car worth $40K and other damage,at the scene is what TPP insurance covers and that more likely. Lots of $1 bargains needed here at Ozbargain to recoup those losses.

              CTP - is compulsory third party. A must to register your car.
              TPP - Third party property. Covers Damage to other peoples property.

              Often people misunderstand which third party insurance they have.

              • inherentchoice on 03/12/2018 - 12:37

                @RockyRaccoon:

                But hitting a car worth $40K and other damage,at the scene is what TPP insurance covers and that more likely. Lots of $1 bargains needed here at Ozbargain to recoup those losses.

                $1 bargains maybe, but not paying even $1 for insurance will also recoup $1000 or more per year. Like I said "self insured".

            • macrocephalic on 30/11/2018 - 15:17

              @inherentchoice: It's arguably worth having third party to avoid the hassle if you do have an accident, but I can see where you're coming from.

              For many years I didn't have [property] insurance at all, and although I had a few scrapes on my bike, it certainly worked out cheaper for me. Now that I'm in my mid thirties insurance is cheap enough to make it worthwhile, my [comprehensive] insurance on my KTM was less than $200 this year (will go up to about $250 next year after the initial discount).

        • HighAndDry on 30/11/2018 - 11:19
          +1

          Not vehicles, but third-party also covers you if say, for example, you crashed through someone's front living room. THAT could run to hundreds of thousands of dollars fairly quickly.

          But I have no issue with people (of means - so not homeless, broke, or otherwise judgment proof) self-insuring in this way. It's a risk but for some people worth it.

    • SlickMick on 30/11/2018 - 10:01

      I knew someone who did same. He once had to pay a lawyer to write a letter of demand (insurance companies respond better to lawyers than civilians apparently), his only cost in a lifetime of driving.

    • Cluster on 30/11/2018 - 13:27
      +5

      A friend crashed his old car into other cars without third party insurance. Twice. He had to pay out close to $10k to buy out the other cars (fortunately he hit old cars) and that's not including damage to his own car. He paid close to $15k instead of spending $250 per year on third party insurance.

  • snowcold on 29/11/2018 - 19:45

    Try Woolworths insurance if you drive less. They have a drive less, pay less policy which is a kinda cheaper

    • Antikythera on 01/12/2018 - 01:54

      Yeah I have my car with Australian Seniors Insurance, even though I'm decades away from retirement age.

      Last year I bought a new (to me) car and bought a 10,000 km policy with them because I usually do very low mileage. I actually used just under 5k km and when I renewed I found out it rolled over into the next year so I just got 5000 km policy which still gives me a total of 10k km this year.

      I paid around $700 for $14k agreed value.

  • Micko179 on 30/11/2018 - 09:50
    +1

    Try Budget Direct(I believe they recently won insurer of the year) or Shannon's etc. WHATEVER you do, DON'T CHOOSE COLES, OR TURDS LIKE YOUi as you WILL get screwed over!

    • dlakers3peat on 30/11/2018 - 14:09
      +1

      I am with youi. Why are they turds you put it.

  • SlickMick on 30/11/2018 - 09:51
    +1

    Are you a really bad driver? Otherwise I don't understand why you insist on comprehensive insurance.

    I presume 3rd party would be far cheaper?? In which case if you can avoid putting your car on it's roof for 5 years, you'll have saved enough to replace the car. Why give that to an insurance company?

    • robbyjones on 30/11/2018 - 10:00
      +1

      If OP is in an accident that isn't his fault and the other party either isn't insured or is difficult to deal with, with comprehensive insurance you can just get your insurance company to deal with it, with 3rd party you can't.

      • SlickMick on 30/11/2018 - 10:02

        yeah, but what price are you willing to pay for such a service?

        • HighAndDry on 30/11/2018 - 11:35
          +1

          It's not just a service - if the other at-fault party has no money, with comp insurance OP will still get money from their insurance. Without it, OP will be SOL.

          • macrocephalic on 30/11/2018 - 15:19

            @HighAndDry: I thought there were some 3rd party plans which covered $X in the case of an accident by an uninsured third party.

            • HighAndDry on 30/11/2018 - 15:29

              @macrocephalic: Oh yeah, those definitely do exist but are still not that common as far as I know (but it's not like I work in the field). They are a good compromise between bare third-party insurance and comprehensive, that's true.

  • [Deactivated] on 30/11/2018 - 11:24
    +1

    let your parent insure that car, and put u as second driver.
    or only buy third part insurance for a 7k car.

  • letthiswork1 on 30/11/2018 - 11:45

    Hey man i went through the same scnario as you.

    V6 Commodore UTE rego was not fun.

    I registered it under my dad's name with me listed as the youngest driver. He had a bunch of discounts through NRMA which worked out to save a lot

  • Herbse on 30/11/2018 - 12:31

    Wow. I was going to suggest Just Car insurance, but apparently they've shut down??

    Have you tried Shannon's? They are good and I think they take under 25s now if you call

  • [Deactivated] on 30/11/2018 - 12:32
    +1

    To be honest if I was in your position I would just be looking at 3rd party insurance. Based on what you are insuring for and the size your access there seems like a very narrow set of circumstances that a claim would be in your favour.

    With your risk profile and lower value of car you might be better off putting $150 a month into Acorns type fund or a high interest savings account for a kitty that would help out with repairs if you do get into an accident. The benefit here is it would also serve as a savings pool for a new car down the track but risk is if you write off your car you might be carless or have to replace it with a cheaper car in the short run.

  • Cluster on 30/11/2018 - 13:23
    +5

    Before buying a car be sure to look at insurance costs. Anyway, now that the car is purchased paying almost 30% of its retail value per year in insurance is crazy. After just over 3 years you could go and buy another whole vehicle.

    You could just buy third party insurance, but the risk is if you're hit by someone else and they don't have insurance it's a ripe old merry go round trying to get the money. Happened to me brother.

    With a vehicle that old however I would be tempted to just buy third party insurance, and here's the important bit, put the saved money into a bank account where you don't touch it. After a few years you'll have saved enough to buy the next car and insurance will be much cheaper to boot.

  • This Guy on 30/11/2018 - 13:34
    +2

    I know you want comprehensive but 3rd party property is a good idea for a car worth that little at your age.

    Your quotes are almost $25% of your purchase price, and don't even cover the cost of the cheapest, worst condition 2008 Civic Sport on Carsales, let alone transfers.

    Expect your car to depreciate to around $4,000 in two years. You might be better off self insuring and putting away $1,000 each year instead.

    But make sure you buy at least 3rd party property before you first drive your car. This is separate to CTP. Do not drive your car with out it.

    • Randxyz123 on 30/11/2018 - 14:23
      +2

      You might be better off self insuring and putting away $1,000 each year instead.

      That is shockingly bad advise. If you hit a $100,000 Mercedes that $1000 you’ve got in savings ain’t going to help.

      • AG_ACT on 30/11/2018 - 14:34
        -1

        If they write off a 100,000 Mercedes and their own car, they have lost excess + max $4700 (i.e. 5700-4700) rather than just the excess. Would you buy a $1 raffle ticket for a chance to win $5? (btw, you have more control over winning that $5, and it's not purely up to chance).

        Also, by only having TPP, you are entitled to keep the wreck + left over rego + your insurance policy remainder which you don't get with comprehensive so that 4700 number is actually closer to $4500.

      • Euphemistic on 30/11/2018 - 15:35
        +4

        That is shockingly bad advise. If you hit a $100,000 Mercedes that $1000 you’ve got in savings ain’t going to help.

        Read the rest of the post - the bit in bold. @This Guy is only suggesting self insuring your own vehicle, by way of purchasing TPP and not comprehensive.

  • Noophe on 30/11/2018 - 13:46
    +2

    at that age i was having it insured under my parents name (registered under mine), i'd be on as a named driver.

  • filfa on 30/11/2018 - 14:20

    What about companies like Bingle? (Bingle is under the suncorp umbrella)

    Also, you'll only see negative reviews about insurance companies due to the nature of their business.

  • Randxyz123 on 30/11/2018 - 14:22

    Is it cheaper to bundle in roadside ?

    You’re just on your p’s which means you can get cheaper roadside through RACV’s free2drive program.

    I’d ditch windscreen cover and see where that brings you to

  • AG_ACT on 30/11/2018 - 14:27

    Just jumping on the bandwagon recommending you consider Third Party Property damage.

    TPP should be close to $200, even if it's $500, thats still 10/57th of your car's value. So if you have an accident that writes off your car, at worst, you are 4700 worse off.

    If your accident is a single vehicle, it's 3450 worse off.

    I know which way i'd be going.

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