Car Insurance - Good Competitive Information

Clickbait on 18/12/2024 - 21:52
Last edited 18/12/2024 - 22:00

This was posted as a comment by Ooops on a recent Car Insurance post. It saved mr and could save you a lot of time getting competitive quotes.
They were all quoting me $1750-$2200 for Full comp a 10YO car withh 150000K and as much as $900 for Third Party Property.
I finished up at BankVic (not listed here) and got $447 pa on 12 monthly payments with no surcharge loading. One of the Full comps was loading almost 25% on monthly loading
So if you want to check your options, this will save you doubling up
IAG own both CGU and NRMA which is the largest insurer of Australians. They also own SWANN, Mutual Community General Insurance, SGIO, SGIC, WFI -Wesfarmers Insurance, Lumley, 70% of Insurance Manufacturers of Australia (RACV) and Coles Insurance.

SUNCORP own SUNCORP, GIO, VERO, AAMI, Shannon’s, APIA, Promina (formerly Royal & Sun Alliance), Just Car, Insure My Ride, Terri Scheer, Bingle, CIL, Asteron & Tyndall and are the 2nd largest insurer of Australians.
QBE (formed by BurnsPhilp as North Qld Ins Co Ltd, QI, Q = Qld B= Bankers & Traders, E= Equitable Probate & General Insurance) own Australian Eagle, Trade Indemnity Australia, Mercantile Mutual, bits of HIH, Elders and Cuna Mutual in Australia. QBE is the largest Australian insurer in Australia however 69% of their business is overseas business.

YOUi is owned by a South African insurer called Outsurance.

Budget Direct is owned by a South African Insurer called Auto & General. Auto & General Insurance also have Dawes which is owned by Calliden which specialises in the prestige end of the market and won't even write the business that Auto & General will write so there is no true comparison of insurers, only comparison of brands.

Real, Woolworths and Al Insurance are all owned by South African Insurer called Hollard.

Ever seen that stupid meerkat on TV claiming to compare the market? That meerkat is South African as he only compares products from Hollard and Auto & General.

Progressive is owned by an American insurer believed to be the largest motor insurer in Chicago.

All of this is called brand separation. When one company has 15 brands like Suncorp do, they get your money whichever way you turn.

Now lets look at the other comparison website “iselect”, they claim to provide choice. However they compare 9 brands underwritten by the same insurer. Now that's great! Whilst a duopoly in the Australian market can never happen, questionable marketing practices that lure people in under false pretences such as i-select and compare.the.market are well and truly out there.

Whilst you all moan about Woolworths and Coles holding such a large market share of the grocery game, have a think about who insures your assets?

Next time you want a fair comparison, on the best product for your circumstances use an independent broker and get real some advice, but then again most brokers get commissions or kickbacks from insurers, so tread carefully. Nothing beats making the phone calls yourself and doing your own research and find the policy and deal that is right for you.

Finding the policy and deal that is right for does not mean simply insuring with whoever gives you the cheapest premium.

Financial Car Insurance Insurance

Comments

  • Sye on 18/12/2024 - 21:57
    +3

    OzBargainers don't need insurance, we just wait until we have an accident and then ask on OzBargain what to do along with a MS Paint diagram.

    • Clickbait on 18/12/2024 - 21:59

      Don't you have a wife???
      What did they say about the old EH diff?

    • JIMB0 on 19/12/2024 - 07:48

      Self insurance saves money.

      • Ocker on 19/12/2024 - 08:40
        +2

        Until you hit a Ferrari, Lambo, or the likes and then you need to sell the house to pay for their insurance claim

  • spackbace on 18/12/2024 - 21:58
    +2

    TL;DR many insurance companies own many other insurance companies…cool

    I finished up at Vicbank

    You mean BankVic?

  • Clickbait on 18/12/2024 - 22:00

    Fixed

  • brendanm on 18/12/2024 - 22:09

    Bankvic even more expensive than my already expensive allianz policy for me.

    • TEER3X on 19/12/2024 - 05:48

      Yep expensive Allianz subsidiary, rubbish.

  • Hellfire on 18/12/2024 - 22:30
    +2

    Not sure if you used ai or are just way out of date. Progressive left the australian market a long time ago, HIH famously went into liquidation, Mercantile Mutual are long absorbed into QBE (and no longer sponsor the cricket), and probably some of the others no longer exist either.

    But you are right about compare the market and iselect, they provide very limited comparisons. Others like Canstar or Finder take payments for leads or promoted listings.

    • TEER3X on 19/12/2024 - 05:45

      Yeah progressive is massive in the US, non existent here.

  • vorsprung on 18/12/2024 - 22:31

    I’m with NRMA for my Tesla. I occasionally check other insurers and NRMA is always the cheapest.

    Compared to NRMA, BankVic is $200 cheaper. Allianz is $400 more expensive despite being the same insurer?

    Thx for the BankVic tip. Never heard of em. Will have to check a bit closer to renewal…

    • wikimee1 on 19/12/2024 - 09:00

      My BankVic quote is double my NRMA renewal. Haven't been able to find anyone cheaper than NRMA at the moment.

    • radicalvin on 19/12/2024 - 11:54

      Thanks for this. Was renewing my Tesla and Everyday insurance came $400 cheaper than anyone else, but checked NRMA today and it’s $500 cheaper than Everyday 😍

  • Gunnar on 19/12/2024 - 00:59
    +1

    Thanks, I needed this for my recent G-Wagon purchase

  • El cheepo on 19/12/2024 - 02:12

    Luxottica Is a great example of one conglomerate having a true monopoly on a market.

    But even though they have control, that doesn’t mean you can’t work the system and find a good deal.

  • pharkurnell on 19/12/2024 - 10:08

    Next time you want a fair comparison, on the best product for your circumstances Take the time and do some online quotes, or even make a few fone calls to get the facts and figures

    is that what you meant? Cause by the time I used a broker in the past I saved nort $

    • Clickbait on 19/12/2024 - 14:59

      I did use a broker for a few years, with good monthly rates, then he started sneaking up the monthly. That was the end of him.

      This year I spent proabrly 6-7 hours looking for someone who wasn't in lockstip on Full comp.
      I made the big mistake last year of letting them roll over.
      Finally found VBankvic on Google, and even the it was only their Third Party Comp that worked..

  • MeesusEff on 19/12/2024 - 23:40

    I've actually been pretty surprised that my renewals this year with AAMI was cheaper than doing a new quote, and $200 cheaper than any other insurance online I looked at.

    Lol phone call, I remember I called Allianz once after checking the price online as it said 'call for our best offer', he came back with $50 over my online quote. Then went off at me when I asked him why it was more expensive "why didn't you tell me you already did an online quote" x2 as he was actually waiting for an answer from me 😂 never went back since

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