I am shopping around for insurance for my 2013 Lexus IS 350, the cheapest price I've found so far is around $3000. I am 26 with my full licence no fines/claims ever.
Most of the major companies have some sort of age limit on the car of 30+. Is this lexus really that much of a hooligan car that insurance companies won't take me on?
What's Going on with These Crazy Prices I Am Getting for Insurance?
asafasr on 01/05/2020 - 21:19
Last edited 01/05/2020 - 22:07
Last edited 01/05/2020 - 22:07
Comments
crazy. I was really expecting to pay around 1500-2000
Yes I'm 'bracing' for all mine to come in as well, everyone who has gotten renewals in the last 3 months have said they all have 'jumped' in price.
So OP is being punished with higher premiums because other people have made too many claims?
I'm curious would his insurance come out cheaper than average if we had a string of unexpectedly peaceful and claim-free months.
So OP is being punished with higher premiums because other people have made too many claims?
Yes, thats how insurance works.
Total number of claims expected for the next 12 months + overheads + profit + unexpected claims from the last 12 months / number of people with insurace = renewal costs.
So why do they ask for your personal details when you take out a policy then? It doesn't sound like they've raised premiums for OP because too many 26 year olds lost their cars in bushfires or floods. They're likely using data from all age groups and locations to hike up prices for everyone.
Eg, insurance is usually dearer for young drivers because stats show that young drivers get into the most accidents. Does that mean insurance should be cheaper for young drivers if stats showed that they were less likely to be the owner of a car damaged in a flood?
insurance is usually dearer for young drivers because stats show that young drivers get into the most accidents.
So why do they ask for your personal details when you take out a policy then?
I dumbed it down for you, so it was nice and simple. clearly I made a mistake in trying to educate you to start with.
Have a great day.
@JimmyF: You're missing my question. Why do they ask for your personal details when they increase premiums based on the actions of OTHER people anyway?
Please proof read your question, it doesn’t make sense
Which part?
He's saying he's been quoted a couple times for $3000+ and that most other insurers won't even insure his car unless he's older than 30 years of age.
He wants to know if the Lexus IS 350 is seen as a high risk car hence only wanting to insure older peopleis 350
Reads the word “is” and $350
To someone who doesn’t know Lexus models, makes sense now it’s captilozed.
Don't try 'capitilolzed' on his mistakes
captilozed
Please proof read your replies, it doesn’t make sense
Congratulations, you've discovered the highest risk category for this car.
I understand. But $3000 for a car that's worth $23000 feels way overpriced
Have you tried putting in your neighbour’s addresses and see if that changes the price substantially?
why would it change the price if it's only few blocks away?
Because insurance costs change from address to address? It could be something specific for your address that’s causing it to be that high as opposed to being you or the car.
I’m in a small complex of townhouses and I share the same double carport with one of my neighbours. I can literally touch their car from mine and using their address through a few Suncorp owned insurers (I was with one at the time) the price was half of what mine was. The other 2 townhouses were only a few dollar more than that as well.
Want to sell the car at mates rates?
Put it in your parents name. Car insurance actuaries are really just discriminators.
Try Woolworths car insurance they were best price out of many. A mate had his 3 year old car written of when a 4wd slammed into it while it was parked, he received the insi\urace payout in just a week. My 2014 Mercedes is insured with Woollies Ins. on 10,000 kms per year basis, can add to that for peanuts at any time..
It used to be 25 was the age when premiums decreased. Now it is regularly 30. Soon premiums will only decrease between 54 and 55, then start to increase again. Welcome to the wonderful world of insurance.
Yep. I remember when I was at Uni, 25 was the promised age when you were told that officially you become a responsible driver. This was also the minimum age to rent a car. I'm now 29 and I'm still paying marked up premiums. I don't doubt they'll raise the age again.
Put under your parents name and list yourself as a driver, or don't list and pay the $700 or so excess as unlisted (depending on how much the quote differs)
OP, make sure you read the small print if you wanna go down this route
some insurance policies won't cover anyone else living at the same address unless they're listed
ohhh never knew about this; thanks for sharing
The car is registered to me, can I even do this?
Yeah, don't think it really matters. The issue comes from if you do get into an accident then the payout goes to your parents, so depends what sort of relationship you have 2ith thrm
So you're suggesting insurance fraud?
Have you tried bingle car insurance. I have a Lexus and they were the cheapest.
wow!!! thank you so much. Its actually %50 off any other quote
Always read the fineprint. See how it differs from the other insurer…
Fire, flood, plague so far this year has caused lots of insurance renewals to jump in price…..