QLD CTP vs Full comprehensive insurance 2011 Suzuki Swift

Benson on 11/07/2024 - 21:09
Last edited 11/07/2024 - 21:31

Hello,

My 2011 Suzuki swift is getting on, clocked over 110k km’s. I plan to drive it til it’s not worth fixing, so far it’s affordable.

My car insurance renewal just arrived and prompted the thought.. why pay $490 for insurance with 1k excess on a car worth maybe 3k.

In QLD Compulsory Third Party is covered under rego so that is always paid.

In the event the car breaks I will just purchase a new cheapest hatchback small car version like a MG3 for 17k..

To me saving $490 a year now puts more money in investments and over years covers more of the new car price.

I drive 5k Kms a year and only reason will buy a new cheap car is so I can run it again until it dies.

Am I missing anything? That warrants the $490 a year spend?

Thanks heaps

Poll Options expired

  • 25
    Pay the $490
  • 4
    Save the $490
Automotive Insurance

Comments

  • miwahni on 11/07/2024 - 21:22
    +12

    What if you hit another car? At least take out third party property damage; Murphy's Law says if you're going to have an at-fault accident it will be a Lamborghini that you hit.

      • sumyungguy on 11/07/2024 - 21:32
        +15

        It covers people, not property

        • miwahni on 11/07/2024 - 21:36
          +9

          Exactly. Compulsory Third Party that comes with rego does not cover you if you hit another car. It does cover you if you injure someone, either another driver, a passenger or pedestrian but the damage to another vehicle is not included.

      • Drakesy on 11/07/2024 - 22:53
        +7

        Oh dear,
        CTP only covers medical injuries
        Third party property covers a Ferrari if you hit it.

        don't get the two confused…

      • JIMB0 on 12/07/2024 - 07:49
        +6

        No wonder we get so many uninsured crash threads on here.

    • HeWhoKnows on 12/07/2024 - 08:32
      +5

      How is OP even driving a car on the road if they dont know the difference between CTP, thrid party and comprehensive insurance?

      One begs to ask:
      "Is OP even aware of all the traffic and parking rules",
      "Is OP ensuring thier car is safe to drive on the road and doing the regular checks such as tyre pressures?"

      OP asks: "Am I missing anything?"

      Yes OP you miss the entire point!
      In fact you are missing EVERYTHING!!!!

      • miwahni on 13/07/2024 - 01:04

        On the plus side, he knows how to use apostrophes, and he can spell "third".

  • Jaduqimon on 11/07/2024 - 21:23
    +12

    3rd option. Go readup on what CTP is.

  • sumyungguy on 11/07/2024 - 21:27

    Per @miwahni, get quotes for TPP. Include Qantas in your shortlist.

  • MS Paint on 11/07/2024 - 21:52
    +16

    FFS, how many people are driving around thinking they are insured for hitting other cars but are not? FFS

    a car worth maybe 3k.

    And have no idea about the value of their car. FFS.

    clocked over 110k km’s

    And think their car dies at 100k kms. FFS. Service it regularly and it will make 250k km's easy. FFS.

    Am I missing anything?

    Yes. The ability to use Google. FFS.

    • sumyungguy on 11/07/2024 - 21:58
      +8

      And now it's a poll with two wrong answers.

      • MS Paint on 11/07/2024 - 21:59
        +2

        FFS

        • Benson on 11/07/2024 - 22:26
          +3

          Don’t be angry, I’ve never not had Full comprehensive. I now clearly understand.

        • pegaxs on 11/07/2024 - 22:45
          +1

          FFS caused rants, cheers!

    • recycledrevenge on 12/07/2024 - 08:20
      +1

      FFS, how many people are driving around thinking they are insured for hitting other cars but are not?

      A substantial amount of people. I have lost count of how many times I've seen posts of people who thought they were covered by CTP, crashed into another car, and then discovered they're only covered for injury and not property.

      They really need to change the name to something else.

      • BinaryPirate on 12/07/2024 - 15:09
        +2

        Yep. It should be changed to something like:

        Compulsory Accidental Injury Insurance, or;
        Mandatory Muppet Coverage

        • recycledrevenge on 15/07/2024 - 08:00

          In ACT it's called MAI insurance (Motor Accident Injuries insurance) which I think is a far better descriptor for what it is.

  • miwahni on 11/07/2024 - 22:14
    +3

    Just had a "swift" look on carsales.com.au and the cheapest 2011 Swift is $5800 with 223000 kms on the clock. There's one there with 257000 km. You've got a while to go yet.

    • sumyungguy on 11/07/2024 - 22:22

      Insurers market value may be somewhat lower than hopeful private seller price. In Brisbane I reckon we're only worried about hail write-off, otherwise I'm happy with TPP and self-insurance for low value cars.

      • BinaryPirate on 12/07/2024 - 15:18

        In Qld the 2nd hand car market is definitely still inflated ~20-30% higher than insurance values.
        10-15yr old cars which should be in the $3-5k range are selling for $5-8k

  • Benson on 11/07/2024 - 22:31
    +2

    Ok thank you for feedback, I clearly need TTP. I will run the numbers vs Full comprehensive.

    Can close this thread

    • MS Paint on 11/07/2024 - 22:45
      +4

      You want TPP not Tontine Toilet Paper

      • altomic on 11/07/2024 - 23:11
        +1

        don't you mean the internet provider TPG?

  • shxhshzhz on 11/07/2024 - 22:47
    +2

    MG3s aren't cheap anymore. Starts from $25k now.

  • altomic on 11/07/2024 - 23:12

    auspost third party car insurance was very cheap for me.

    I'm glad you figured out what CTP is and what it does and doesn't cover

    • sumyungguy on 11/07/2024 - 23:14

      What's your Aus Post/QBE premium? I went with Qantas for $235

      • altomic on 11/07/2024 - 23:55

        I got comprehensive for my 2014 outlander for $349, $384 for 3rd party on a 2008 VW which my uni student child (on P plates) drives

        damn, I just did a quote for my outlander for 3rd party for $277, but comprehensive was $964

  • Euphemistic on 12/07/2024 - 05:47

    You only need comprehensive if you cannot afford to lose the car. That is, if you need a car to get to work, or cant go buy a car from savings tomorrow.

    You need Third Party Property insurance in case you hit an expensive car or decide to park in a cafe, but youll lose your car. The catch with TPP is that if you get hit by am uninsured driver (their fault) you may well lose the car even if its not your fault. Some TPP have uninsured cover of around $5k if someone uninsured hits you, but that means uninsured, not just 'wont use insurance'

    Ill say it again fpr the people up the back, CTP only covers injury to other people not property like cars or cafes.

    • BigBirdy on 12/07/2024 - 10:01

      Another important benefit of comprehensive over TTP is that when that uninsured vehicle hits you, your insurer will fight on your behalf to get them to pay (& avoid a claim on your insurance), vs with TPP you’ll have to fund any legal action to pursue your rights.

      • Euphemistic on 12/07/2024 - 14:51

        your insurer will fight on your behalf to get them to pay (& avoid a claim on your insurance)

        That doesnt make any sense. Your insurer pays you out, or arranges repairs then its up to them to chase the other guy. By getting them to chase the other guy for you, you are basically making a claim.

        • BigBirdy on 13/07/2024 - 10:19

          If your insurer is able to extract payment from the other (at fault) party, it won’t be a claim against your insurance.

          • Euphemistic on 13/07/2024 - 11:15

            @BigBirdy: Thats not how it works.

            • BigBirdy on 13/07/2024 - 11:33

              @Euphemistic: Queensland Govt Law Handbook

              If a claim is made on an insurance policy and the other party is at fault, your insurer is likely to take steps to recover the cost of the claim from that other party or their insurer. In those circumstances, you may not be required to pay the excess at all or the excess may be reimbursed to you when the claim has been resolved.

              Similar re no claim bonus. It’s not clear whether you technically have a claim recorded against you. My comment was based on previous forum comments re insurance companies taking up the legal fight against a recalcitrant at-fault party on behalf of their comprehensive customers

              • Euphemistic on 13/07/2024 - 12:38

                @BigBirdy: To get that ball rolling you MAKE A CLAIM on your insurance. Then they do what they do in chasing the other party. . They will not act on your behalf unless you MAKE A CLAIM.

                • BinaryPirate on 16/07/2024 - 18:37

                  @Euphemistic: What they meant, correctly, was it doesn't count against you or your no-claim bonus to have your insurer act on your behalf in a not at-fault accident, not that you didn't need to open a claim to get the insurer to act on your behalf.

    • MeToo on 01/09/2024 - 19:19

      Also most third party property is up to 20million limit, some up to 30million. Years ago some insurance co have limit of $50k. So read the PDS. Not all insurance payment is same. But most seem have changed to 20million. Third Party Property also option of fire and theft.

      And also it seem if other party is uninsured driver and is at fault damaging your car, you can get up to $5k.

  • [Deactivated] on 12/07/2024 - 07:52
    +2

    The next post from OP will be:
    "A car hit me and they were uninsured, my insurance doesn't cover me and I'm out a car"

  • gyrex on 12/07/2024 - 08:15
    +3

    I had to double check the calendar to see if it was the 1st of April.

  • Schikitar on 12/07/2024 - 08:17
    -2

    CTP also covers any medical expenses related to injuries that the driver, or their passengers, may sustain - not just 'other' people.

    I assume in QLD it's also a no-fault scheme like it is here in TAS?

    • SlickMick on 12/07/2024 - 08:46
      +1

      That is very incorrect.

      It covers driver's liability to passengers and others, not self. (I've never heard of anyone trying to sue themselves, but might make an interesting case.)

      • sumyungguy on 12/07/2024 - 09:25
        +1

        The driver does get cover for injuries via NIISQ, a no-fault Scheme which provides eligible people with necessary and reasonable treatment, care and support, in some cases for their lifetime.

        • SlickMick on 12/07/2024 - 11:00

          Well that slipped through without me hearing about it!

          What a wierd system. If I understand correctly (which I doubt), CTP doesn't cover drivers. NIISQ covers everyone. CTP insurers claim from NIISQ for everyone except driver.

          • sumyungguy on 12/07/2024 - 11:06
            +1

            @SlickMick: Across this only because I know a young guy who was at-fault, injured and severely disabled. He gets a support package somewhat like NDIS but from NIISQ.

    • SlickMick on 12/07/2024 - 11:00

      Apologies. I was proven wrong.

  • Geoff01 on 12/07/2024 - 08:22
    +2

    Your swift has very low kms and is worth at least double if not more what you say . $490 is cheap insurance. Just pay it and keep the car another 10 years.

  • VW-Kombi on 12/07/2024 - 08:33

    I think they should teach this stuff in school. With a few simple examples. Crash into a Lamborghini, run through someone’s front window of a house etc etc. it’s been said before here but if you can’t afford third party property at least, you can’t be on the road. I told my kids since 17, that if they can’t afford TPP, I will pay it.

  • 82norm on 12/07/2024 - 11:07
    +1

    Why don’t state governments just make it compulsory that everyone who has a vehicle should have third-party property insurance at the very minimum plus CTP/green slip. This will change the thread landscape in Oz bargain once and for.

  • Benoffie on 12/07/2024 - 13:51

    Mum? Is that you?

    Had the same conversation with my Mum about her Swift. She refuses to dump the comprehensive cover on a car that's worth less than $3k.

    Comprehensive is to cover your car. When the cover is essentially exceeding the vehicle write off value, you're being conned.

    It's in the same bracket as funeral plans for 80 yr olds.

  • sam-1966 on 12/07/2024 - 22:08

    As well as TPP, you may also may be able to get Third Party, Fire and Theft. That way if your car is stolen or burnt out you will still be able to get something for it.

  • billy72 on 15/07/2024 - 10:52

    The golden rule is always to buy a 3rd party property damage unless you are ready to pay 20 million at any time,
    and upgrade to a comprehensive one unless you are ready to dump your car at any time.

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