By the time you pay the excess and comprehensive insurance for the year, and cop the raise to the premium for 5 years, it would be cheaper to just pay for the repairs in cash - no?
Is Getting Comprehensive Insurance Worth It for a $13k Car?
BargainHunterJohnnyB on 15/10/2024 - 22:15
Last edited 16/10/2024 - 10:59 by 1 other user
Last edited 16/10/2024 - 10:59 by 1 other user
Comments
Yeah but the third party, fire and theft is only 800…. comprehensive is like 2.5k with 'choose your own repairer' which is the only sensible option if you want quality workmanship
WTF? - I have TPF&T on a couple of cars and it's around $270pa each.
This is for a run of the mill 13yo Mazda?
OP could be 1/5 of your age and living in high risk area LOL
@boomramada: OP wears a Seiko Coutura so could only live in a wealthy suburb and be a mature gentleman.
$2.5k !! You should have opened with that.
Comprehensive is nice for peace of mind when someone else hits you too - they take care of everything. But for $1700 extra, I'd self insure. How old are you?Say if you heavily modified a car for performance, will a comprehensive insurance cover the costs of the modifications aswell in the case of a write off?
@ATTS: A lot of general automotive insurance companies won't cover modified cars. That's when specialist insurance companies like Shannon's step in.
If you don't mention that you cars is modified (and they find out) then they will cancel any claims and you'll be left with a potentially massive bill plus wasted your money on insurance cover.
@MS Paint: Oh yes i heard of shannons.thanks
My q wqs more around would the insurance company cover the full costs of the modifications in the event the car is written off.
For example for general car insurance the insurance usually cover the market value of the car right? So i wqs trying to find out if they would cover the market value of the modifications in the case it gets written off?
@ATTS: You need to nominate them to be covered and the insurance company needs to agree and list the approved mods on the policy.
Driving history impacting here ?
80K+ car value and pay less than 1K in comprehensive.comprehensive is like 2.5k with 'choose your own repairer'
The only way the cost is such a high proportion of the value of the vehicle is if you are (a) very young (b) have a bad driving record (c) live in a high crime area, or combination of the above.
For that price I'd just self insure but insure for any third party damages.
Well, I have Comprehensive insurance for my $3K car and my premium wasn't that high compared to the third party, so it does depend on a few things.
yes but if you're not at fault good luck chasing them without comprehensive
literally this
Many third party property policies will cover you for up to $5000 if you are not at fault and provide the other driver's details.
Pretty sure that's only if the other party is also uninsured
If you're not at risk of hail write-off or theft/vandalism then TPP should be OK
I even had comprehensive insurance for my previous car, which I recently traded for $1000, it was somehow cheaper than 3rd party insurance for the same car. My current car is around the same value (selected 12k), I pay ~$1000 for comprehensive insurance + windscreen cover + road side with AAMI
I had comprehensive for my $2500 car (recently sold), paid about $500 per annum with woolworths (nsw)
Can you afford to replace your car if it gets written off either of your own fault or someone else’s? No? Then stick with comprehensive
comprehensive is like 2.5k
are you 12 years old and drive an AMG?
that seems so crazy expensive.
i'm paying $468 for comprehensive with auspost for my 2014 Outlander (it's up from last years $349 as my 19 year has been added as a driver)
Didn’t you post a very similar thread this time last year?
A year gone by and OP is still wondering about insurance haha
By the time you pay the excess and comprehensive insurance for the year, and cop the raise to the premium for 5 years, it would be cheaper to just pay for the repairs in cash - no?
Sure the maths only works as long as you assume you don't crash in that time frame and have to spend $10k in repairs.
You also have to factor in 3rd party, hitting someone else.
I’m waiting to hear about how the OP saved $15k on insurance but then rear ended a Ferrari without insurance.
Hopefully his Seiko Coutura can pay for the repairs
I’m waiting to hear about how the OP saved $15k on insurance but then rear ended a Ferrari without insurance.
Yeah never do this without having 3rd party to protect you from others! A Ferrari mirror would cost the OP $5k!
They are also overlooking the hassle of managing a claim when they are not at fault and the other party doesn't have insurance!
Is $2.5k the cheapest comprehensive quote you could find? Have you checked Allianz, Suncorp? Allianz was for some reason much cheaper than all the rest for me last time I renewed.
You are thinking only about damage to your car.
Can you afford to replace or repair a brand new Rolls Royce if you are at fault in a crash that writes one off?
Can you afford to replace or repair a brand new Rolls Royce if you are at fault in a crash that writes one off?
That's what third party property damage insurance is for. Comprehensive would cover both the Rolls Royce and OP's $13K car.
The answer is always yes. It is not that expensive I have my $24k sports car insured at agreed value and I pay about $1200 a year….
Get some more quotes. Don’t be overly hung up about choosing your own repairer, which seems crazy given you’re considering self-insuring. And definitely get at least TPP.
Agree. Own repairer is if you drive an exotic and want a dedicated specialist repairer for that brand. A $13k Mazda doesn't require choice of repairer.
Always get TPP. Look at Fire&Theft TPP and the covered value (usually up to10k).
I would only (and have) gotten TPP for cars worth <10k. Anymore and you open yourself up to losses for NAF incidents (unless you want to self initiate a claim)
You can absolutely choose to self-insure. I would at that value.
The other thing to consider is third-party coverage. Green Slips don't cover someone else's car or property you crash into. So it's potentially not just $13k you'd be out of pocket in an at-fault incident.