I am relatively new to the car insurance world and I know insurance costs have risen a lot in the last few years but it seems absurd that a lot of quotes are for over 10% of the cars value.
In the end I got Youi which is about 8% of the cars value. I am curious to what everyone else is paying as a percentage of their cars value.
Agreed value is a big one too. My friend's car got written off and they gave her the lowest value on Redbook. If you have a car loan you need enough money to at least pay the loan back.
Low excess is important too. I know the higher the excess the cheaper the policy. You need that money aside to get your car fixed
Just curious who you with?
Shannons currently
This is pointless as a lot of the money insurance pays out goes to 3rd parties. You need to look at price difference between 3rd party and comprehensive as a percentage of vehicle value.
Also pointless because cars can't be accurately valued by their owners
"You need to look at price difference between 3rd party and comprehensive as a percentage of vehicle value."
this 100%
.
It varies a lot. I have several vehicles insured. Over 10% policy for the cheapest car but under 3% fpr the most expensive. But the policies are within the same ballpark pricewise.
Yes it does seem like more expensive cars pay a lower % of cover value
Pointless process to pick an insurance policy
QBE didn't even give a price when I was looking for insurance on my 19 yo sons' Magna, just got the following result;
WARNING: The excess/ policy premium is a substantial portion of the vehicle value
.
How much is you comprehensive car insurance yearly premium as percentage of your car's value?
One car is about 10%, the other car is about 7%.
Just getting crazy now.
might aswell get 3rd party only and self insure ur car at that point
I can see your point, but still happy to pay as I don't want to have the hassle of dealing with some deadbeat without insurance if I'm not at fault. 3rd party doesn't do that.
Unfortunately way too common now, so many drivers without any insurance.
Shouldn't be legal. The one thing the US has right.
Unfortunately way too common now, so many drivers without any insurance.
Correct, we see the posts here all the time and honestly for the extra money to get full comp, I'm happy to pay that to remove that hassle from my life.
Shouldn't be legal. The one thing the US has right.
It's no different in the US, sure you have to have to have insurance by law, but lots of people drive without insurance or not enough insurance. So it isn't really any better. As a driver you have to cover yourself.
Watch whambam on youtube and you'll see the sorry state that insurance is over there. Insurance that doesn't cover repairs and stuff as the driver only took out a policy to cover 30k or you having to take out uninsured insurance so if the other driver doesn't have insurance you're covered. WTF? Isn't that what insurance is for!? Anyhow I think its a total sh!tshow compared to what we do. At least here if you get full comp, you're cover without many hassles.
@JimmyF: Probably a function of society over in the US, many simply cannot afford it anymore.
Cops always ask for proof of insurance and registration over there when they pull you over though
Cops always ask for proof of insurance and registration over there when they pull you over though
As I said, law says you are meant to have it. Doesn't mean people do.
Plus there are different levels. You can get 'insurance' but only covers you for 30k in damages. So hit a car and cause $50k worth of damage, and its too bad for that person as they get 30k max, so they are meant to have under insured insurance to protect them against that happening.
Its a totally sh!t show once you look into it. Unlike our pretty black/white policies.
@tenpercent: Not sure if serious. But the compulsory insurance only covers injury to people. Has various names, CTP, Green slip, TAC(?). Third party insurance for property damage is not compulsory amd is referred to as TPP, or TPPFT. FT is for fire and theft.
@tenpercent: Its a common comment here and sometimes is tongue in cheek. It pays to correct it each time regardless.
This is Ozbargain there needs to be a
'What insurance' option lol
That poll option would reach the limit of 99999.
Your cars value is only a fraction of what goes into the premium. Things you need to consider
- The area that you live, most accidents happen within 5km of your house. If you live near shopping centres or high volume traffic areas, chances of a accident go up
- Cost of repairs, european cars are more expensive to get parts for. Also small volume imports means parts can be harder to sell
- Accident profile of the car - back in the day, the Subuaru WRX was the choice for all idiot teenagers, meaning they were getting in more accidents and more high speed accidents (which led to the insurance premium for those cars going up because of the amount of claims)
- How easy is the car to steal? Do you live near railway stations/public transport.
There are so many more factors like this. NSW has a ridicuously high rate of litigation, so NSW is one of the most expensive states to insure a car.
Also if your car is only $5,000, and you crash into a million dollar Ferrari writing off both cars, the claim is still $1,005,000…
Two cars - one is 1.7% and the other 1.2% premium cost of the insured value
Make and model?
Agreed values of $40,800 for the 2022 car and $101,200 for the 2023 car
a lot of quotes are for over 10% of the cars value
You could crash into and write off a car that is 200% the value of your car
2.17% here.
In my experience Youi was one of the most expensive companies, and the most annoying to deal with. When I ran a quote I couldn't just get the dollar figure. I had to hand over my contact details and get them to give me a sales call.
Make and model?
I was doing insurance quotes while overseas, and youi weren’t able to call me (obviously) and eventually sent an email with a stupid low price ($900 vs renewal of $2k from a different insurer) and a link that allowed changes to the policy details.
Ended up playing with that and once I reduced the excess to a comparable excess, and insured value to a reasonable amount (not their market value), it ended up being like $3k lol
2.43% for $35k agreed value, last July while second hand prices were still holding up.
With the way premiums are moving in recent years, like pet insurance, it may be cheaper to self insure 🤔
There's far more to policy than price. Are you getting true choice of repairer? Guaranteed genuine new parts or do they allow used and aftermarket? Loan car even if at fault? List goes on, you should read the PDS and understand what you're paying for.
That said, about 1.5% but that's on limited use as I work from home so don't drive much.