Car Insurance Premiums So High

kanad on 19/06/2020 - 12:10

This is more a rant on car insurance premiums, holy cow insurance premiums are insane.
I was driving a 10 year old Subaru and had 3rd party insurance with BD. Traded in and bought a new Kia Cerrato GT and moved house as well (new suburb). Getting quotes for new insurance for comprehensive with low kms, $800 excess and Rating 1 for life protection.

Budget Direct: $800
Alianz: $1360
CGU: $1650
RACV: $1600

Huge variation and so expensive compared to price of car.
Eventually got Qantas insurance, same underwriter as BD and almost same premium but better policy terms. At least I got some bonus QFF points.

Automotive

Comments

  • wiipantz on 19/06/2020 - 12:18
    +1

    Yep it's a total rip… Try changing your excess?

  • life is suffering on 19/06/2020 - 12:19
    -1

    yeah depends on multiple factors like where you live previous claims etc. But they definately are up. You should check YOUI

    • Mechz on 19/06/2020 - 16:14
      +11

      Every quote I ever got from youi was more expensive than every other insurance company.

      • pegaxs on 19/06/2020 - 17:32
        +6

        I concur. I did use them once, and for the 1st 12 months, they were the cheapest, at the start of the second year, premium doubled. I think it's a honeymoon rate and then they prey on the people who don't bother checking each year and just let them direct debit. I never got a renewal notice via any medium, snail mail, email, sms, carrier pigeon… I only knew about it when the payment came out. Their excuse; It's my responsibility to keep track of when my renewal is due and to cancel the policy if it is no longer financially acceptable.

        I wont ever use YOUI again.

        • mikzter on 20/06/2020 - 08:21
          +1

          Although I do have one of our vehicles insured by Youi, it was via a phone call and in general, Youi were unable to compete with my other insurances.
          Going through their online quote system was a joke, it was so expensive it could never be considered.
          I have a number of other insurances and the best coverage and price I have found has been Budget Direct. Of course, I have never had to claim as yet so not sure how amicable they are then :) Years ago I used Real Insurance, now, they really are a joke and subsequent to the run around for months after a claim I removed all my insurance policies from them. I laugh at the TV ads, dedicated claims agent… LOL, they never answer calls, never respond to messages and never call about anything going on with your claim… in that case, you get what you pay for!

        • Roney on 20/06/2020 - 13:51
          +1

          Fully agree! And YOUI has been unscrupulous.

          • MechEng on 03/07/2020 - 18:03

            @Roney: Ensure that the value you are ensuring for is the same. YOUi is notorious for underinsuring (under quoting).

    • life is suffering on 21/06/2020 - 23:57
      +3

      Forgot to complete . If you check YOUI then all seem cheap lol

  • Ughhh on 19/06/2020 - 12:24
    +2

    New surburb and type of street/location on street can also make a huge difference.

  • BBear53 on 19/06/2020 - 12:25
    +1

    You could save on premiums by maxing out the excess and leaving that amount in the bank so you don't have to worry about a sudden major expense.

    • knasty on 19/06/2020 - 12:31

      I do this. I find with AAMI that it's ~ a 3:1 ratio between the increase in excess and reduction in premium. ie. if you claim less than once every 3 years you are better off increasing the excess.

  • nubzy on 19/06/2020 - 12:35
    +5

    It's a joke. Last year insurance premium $850, this year $1200. And believe me you don't get much value if you have to make a claim, the insurance companies don't pay enough for quality repairs to be done and always look for shortcuts. Panel beating industry is a complete mess right now and insurers have a lot to answer for too.

    • brendanm on 19/06/2020 - 13:00
      +1

      Have to make sure you can choose your own repairer.

      I just ran my car through AAMI for myself and wife, both got the same price. I must be a good boy.

  • bazingaa on 19/06/2020 - 12:53

    did you try AAMI ? it was the cheapest for me, for me it really depends on the address and the age, bummer

    • pegaxs on 19/06/2020 - 13:02
      +9

      it really depends on the address and the age

      Or if you have a vagina or not.

      Did two quotes last year with AAMI using myself as the owner and next using the wife. There was a $600 increase if I was the owner. Wife is younger, less experienced, held license less time and has never had her own insurance. Both no accidents/tickets/cancelled insurance. I was slugged an extra $600 based on nothing more than the fact that I was a male.

      • brendanm on 19/06/2020 - 13:07
        +10

        Take that patriarchy!

      • bazingaa on 19/06/2020 - 14:54
        +1

        just checked and it is same for me but only $50 higher than when selecting wife as owner, another interesting thing is now it is showing $435 increase for the same policy I got in January,lol

  • brendanm on 19/06/2020 - 13:06
    +1

    Tried Woolworths?

  • kahn on 19/06/2020 - 13:20
    +29

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    • free support from experts
    • free temporary Ozbargain account
    • free car window safety sticker reading "OHFUC - watch out"
    • Camry owners receive 20% extra support
    • BYO dashcam
    • MS Paint tutorial not included
    • pegaxs on 19/06/2020 - 15:05
      +4

      There was that one guy who used to come into every insurance/accident related thread sprouting how much they saved by not having insurance and how the money he saved each year was more than any accident costs… until he came back posting a questions about being involved in an accident…

      I cant find it now, but I'm trying…

      • wiipantz on 19/06/2020 - 15:46

        lol, plz

      • Zachary on 20/06/2020 - 12:41

        ooh, I'd like to hear this story please!

    • MS Paint on 19/06/2020 - 15:47
      +10

      MS Paint tutorial not included

      PM me for assistance if desperate

  • big1964 on 19/06/2020 - 13:53
    +1

    I recently renewed my car insurance a couple a weeks ago with the racv the premium went up around 80 dollars and I asked to make it cheaper and was told don’t ask for a discount next year we are only giving you a discount because of the virus.
    Got 60 dollars off better in my pocket than theirs!!

  • [Deactivated] on 19/06/2020 - 14:07

    Bingle

  • Tovers93 on 19/06/2020 - 14:09

    Quite surprised by this.

    I recently renewed with Bingle based on their renewal quote. Last year was (Corolla, safe suburb) about $800 and the renewal came it at about $550.

    • brendanm on 19/06/2020 - 16:38
      +1

      Bingle seems to be market value only for me?

      • Tovers93 on 19/06/2020 - 16:57

        Yes MV only. I guess you take some risk in having to argue what that is, should you have a claim

        • brendanm on 19/06/2020 - 17:23

          I normally wouldn't have an issue with thatz but online only makes it a royal pain. Only about $50 cheaper than my agreed value Woolworths policy.

  • crentist on 19/06/2020 - 15:39

    Eventually got Qantas insurance, same underwriter as BD and almost same premium but better policy terms.

    Could you expand on this? How much better?

  • blutek on 19/06/2020 - 19:51

    My NRMA renewal is now over $1k. That's after 65% no claim bonus and 20% loyalty bonus. WRX with repairer of my choice.

  • OzHunterNSW on 20/06/2020 - 12:10

    Silly you.
    Your vehicle is worth possibly only a couple of grand.

    Insurance is a gamble assuming you will run into someone else, or they you.

    What you should be doing is insuring for Third Party only.

    This covers you if you run into somebody else…. bi=ut what they don't readily tell you, is that your vehicle is also covered for anything around 3k.

    So if your vehicle is only worth 5k… I would go the Third Party option.

    • TEER3X on 20/06/2020 - 22:25
      +3

      Third Party only. This covers you if you run into somebody else…. bi=ut what they don't readily tell you, is that your vehicle is also covered for anything around 3k.

      That doesn't seem right, where'd you get that info from?

    • Toph Beifong on 21/06/2020 - 13:46

      I was covered up to $5k when an uninsured driver was at fault for hitting my car. I'm with SGIO/NRMA.
      As far as I know, this is the only situation where 3rd Party Property cover will cover your vehicle.

  • Zachary on 20/06/2020 - 12:44

    Well a brand new 2019 Kia Cerrato GT is about 33k….which in itself is pretty expensive…..at least relatively to us poor people who only buy second hand cars that are worth less than 10k….or 5k….maybe even 1k or less…

    And yes, comprehensive will always be expensive….no matter the price of what you paid for, for the car….

  • mafroew on 20/06/2020 - 14:38

    Try a broker, if you're interested I can give you the details of the one I use. I don't get any kickbacks or anything, but they've been pretty good. Recently suggested I switch insurers to save money - so they follow up. Been using them for about 7 years. They used to (don't know if they still do) have a good deal for 4wd's on ungazetted roads as well.

  • x2r9ypbj on 20/06/2020 - 17:28
    -3

    WHAT IS COLES CAR INSURANCE LIKE ANY IDEA OF PRICE PLEASE HELP ME

    • Ughhh on 22/06/2020 - 11:22
      +5

      Sure, give us your home address, age and all the personal details and someone here can put in the info for you. 🤦‍♂️

    • kerfuffle on 22/06/2020 - 11:52
      +2

      $400-$2000

  • miwahni on 20/06/2020 - 22:16

    Qantas insurance won't cover my car. No loss - my current insurer (RACQ) just issued my renewal for $60 less than last year, even after a hail damage claim. Same address, same excess etc. Lower cover due to market value policy, but all in all I was expecting it to increase due to the claim.

  • PoKGuy on 21/06/2020 - 11:36
    +1

    My top 3 for low premiums on Comprehensive Insurance:

    Budget Direct
    Progressive Insurance
    Bingle Insurance

    The usual disclaimer: YMMV on your individual circumstance.

  • kanad on 21/06/2020 - 18:00

    I didn't have the energy to compare all, had read bad reviews on Youi. I was with Budget Direct and their contact centre agents are actually very good and helpful. But their low premium has catch, I really drive very little and select up to 5000 km / year. This has a $2000 excess if you go over the limit and didn't notify them. You will also have to provide odometer readings every year via a phone system which is painful (I don't know why they don't have this feature online, cynically I think so that most people forget to do this). I am M 40+, no insurance for anyone < 25 years and no claims in last 5 years.

    Qantas insurance is by same underwriter Auto & General, they have all the brand PDS on their site. https://www.autogeneral.com.au/search/car/exql
    It was better than budget as they don't have the $2000 excess for going over distance traveled limit, the limits on other things were also higher than budget (personal effects $750 vs $500, replacement keys $1500 vs $1000, emergency transport $200/day vs $100/day).
    I also got 8000 got QFF.

  • Jugganautx on 21/06/2020 - 20:23

    Allianz was the best out of all others for me. Everyone else was a good $400 dearer for no reason at all.

    2014 red Toyota Aurion
    25 years old
    No crash history
    Full comprehensive
    $13800 agreed value
    $1500 excess and no drivers under 25

    $550 a year.

    Not bad at all.

  • nepalesesquirrel on 21/06/2020 - 20:48

    I recently went with Allianz for both my vehicles, a 2020 Kia Seltos GT and a VW Polo for $90/month total, $1080/yr.
    We were with Bupa which was comparable for the Seltos, as were other insurance companies, but most of them quoted us more for the approx $15k Polo than for the $40k+ Seltos. Allianz were the only ones that gave us a realistic (to us, based on value) quote for the Polo.

  • kronicmacstigator on 22/06/2020 - 11:28

    You got the 'sport' version, it's flagged as a higher risk by underwriters.

  • Cliche Guevara on 22/06/2020 - 13:25

    Carpeesh - backed by RACQ - was the cheapest I could find. As long as you don't mind having a bluetooth tracker in your car that connects to an app on your phone, which collects data on your driving (speed, acceleration, braking etc). I was only with them a few weeks before I needed to claim (not at fault). All Aussie customer service. Went smoothly with no problems.

  • ozbjunkie on 23/06/2020 - 09:04
    +1

    It's been a few years since I last had a car, however Bingle was always cheapest for me.

    Market value only, relatively high excess. And quite shocking additional excess for unlisted drivers.

    But the comprehensive was only a few hundred more than third party property. So worth it even on my clunker.

    YMMV

  • JFFTech on 03/07/2020 - 22:30
    +1

    I just got a price increase notice from AAMI for my 14 years old Honda Accord Euro and the quote is $1100, for a car valued at $6400. Comparatively, I feel like your premium is cheaper for a $23k car :-). No doubt, car insurance is a rip-off. By the way, one of the important lessons is you should never continue with the same insurance provider for the next year. The system works in such a way that they offer you a good discount for the first year but when it comes to renewal, they take off those discounts and therefore you should keep changing your provider every year.

    • Roney on 04/07/2020 - 14:15

      Seems there's very little incentive to retain their customers. I suppose they're exploiting the 'musical chairs' with customers from other insurances to keep up their business.

  • itsmehuey on 06/11/2020 - 00:40

    I’m in need of suggestions on insurance providers. I’m currently with Suncorp insuring my 2017 Mercedes Benz CLA250 Sport 4matic and last year I was paying 2.1k. It’s gone up to 2.3k this year. I tried getting a quote from Qantas insurance and they won’t insure my car… any other recommendations to look at?

  • justcallmeboss on 07/11/2020 - 15:44

    Bingle seems to be the cheapest for me, although Suncorp Bank (who owns Bingle) is only about $80 more but has an agreed value. Suncorp quoting me $880 for brand new Mazda 3

  • etouq on 13/11/2020 - 18:34

    I'm not going to list down to dollar amount as it's hard to exactly make apples to apples comparisons. So, for pretty much similar policies:

    Coles, AAMI: ~ $1200
    Woolworths: ~ $900
    Virgin Money, Budget Direct, NRMA, Bingle: ~$600

  • Foxtail on 15/11/2020 - 12:50

    We use Woolworths Car Insurance for our 2014 C class Mercedes, could not find cheaper.

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