insurance renewal what to do...

[TUFFD40]

Hey guys thought id ask for some advice.... my renewal is up with RACV, I am now a rating 1 for life, aged 24, no claims or finds, my renewal went up to now $1450pa.... :O from $1300

I have done the ring around and everyone was more expensive besides budget direct, same excess, same agreed value, no hire car and no window protection but quote came to $890!

I'm confused would rather stay with RACV but can save quite a lot of money If I go to budget direct... What would you do in my situation??? Cheers fellas.

 

[jimmy_jay89]

mate, im in the exactly same boat as you


hold out till ur 25

it should drop significantly

 

[TUFFD40]

Really.. I actually asked about that when I rang RACV to complain and was told that their would be minimal difference if I was 25...? who where you with and did it drop when you did turn 25? Thanks.

 

[Knickers]

try nrma, you can get an online

 

[ourd40]

Hey mate, Im with RACV and they did that to me earlier this year and i told them i was leaving so the did it for the same as previous year

 

[unknownspeedster]

hey tuff,

i work in insurance.

pretty much expect your premiums will go up each year unless the insurer re-valuates individual vehicle risk in which case it will either jump massively or decrease.

once you turn 25 the age excess drops off and u will find a small decrease in premium until you turn 50ish (which is the safest risk group) but it might be cancelled out as per what i said above.

all i can say is your insurance company's are great at taking your money. but look at the individual cover and make sure it will cover you for your needs, e.g mods and offroading... also check is it rating one protect for life? or for one claim? when you drop a rating you go down two ratings.

make sure you find the best insurance for your needs, the cheapest or most expensive might not suit your needs or cost more in the long run.

 

[bods]

Insurance companies suck. Both our cars are with aami, every year we get a renewal and for some reason it is cheaper to do a new quote every year, so that's what we do. Even with the supposed discount for being with them for a year with no claims... Pretty average if you ask me, so a new customer can get a cheaper price than a current one? Doesn't make sense to me.....

 

[unknownspeedster]

depending on the insurance company premium structure they don't actually make money off you until the second year. so with some insurance companies they get you in with a cheap rate then price as per their risk ratio on the second year... always best to shop around.

the motoring club and bank insurance products are the few that would reward loyalty since they structure themselves for members and clients.

 

[doc]

The "risk" factor insurance companies use seems to increase with the age of the vehicle too (within reason).

A brand spankers off the lot vehicle has ready parts availability, and theres a pretty good chance the owner is going to look after it.

Same vehicle 5 or 6 years old - been on the second hand market at least once in most cases - plenty of kays on the clock, and the vehicle risk goes up.

I have owned my 2008 D40 since new and it now costs substantially more to insure than it did when new, despite being valued at a whole lot less. I'm not big risk - mid 40's, cleanskin.

Merc we sold when we moved here - $100k car, cost bugger-all to insure first year. Second year was dearer, but not totally ofensive. Third year. Value of vehicle was basically half what we paid, and insurer wanted almost 4 times as much in premiums (as the original policy).

I don't understand it either, but thems the breaks.

 

[unknownspeedster]

also look at claims history for a vehicle as it get older,

to give u an example that i personally aware of thru my work.

a V35 skylines when they first could be imported the premium was reasonable it was 50k car with not alot of claims, considered low risk. now pick them up for 20k or so and considered high risk due to claim history and the type of people buying them and premium cost the same as r32/r33/r34 skylines.

 

[sparra04]

My r33 worth 10k costs the same to insure as the nav with agreed 35k value
rating one for life with shannons, they werent the cheapest but not many will insure a grey import these days

 

[Traian]

I pay $66 p/m $780 p/y Full comp, flood(flash), fire, theft and intentional damage.

24 yrs old, 2009 ST-R D22, 62k on the clock.

Got Youi down there? Give them ago mate.

Just got a quote from budget direct, $847 full comp, no accessories.

 

[ourd40]

Victorians just get ripped by everyone for everything.....

 

[TUFFD40]

Cracked the shits with RACV for the last time, I increased my excess by 500, but in a few more months I will be 25 so loose the age excess so that means when I turn 25 I will have a total excess of what I was on with my last policy if that makes sense... and it came to $1200pa agreed value 36K much more happy with this, just don't have it in me to go to budget they seem too cheap and could be nasty when you need them in my opinion...

 

[Damian m]

I just got my renewal and it's gunna cost me $680 for full comp with Allianz, and that covers all my upgrades.

It is definitely worth shopping around for insurance as it can vary so much.

 

[ST-R]

try comminsure on line. Part of cba. we found them last year and were impressed. Just made our first claim, hail damage on our Holden Cruze and all went well.

Greg

 

[Sunny Coaster]

Youi will cover you for all of your mods and they also cover for Off Road 4x4 use as well, if you need they can add hire car, windscreen cover and all of that sort of stuff as well..... There claims service is awesome and we cover the car policies for storm, hail and flood as well........... Cheap is not always nasty as any genuine claim will always get payed and thats the whole reason about shopping around, no point shopping around if your happy to get ripped off paying a higher premium elswhere