Comprehensive Insurance

Surferdude · **January 22, 2011, 06:59:31**

Have just received our insurance renewals for the i30 and Corolla.
I was not surprised when I traded the Subaru Impreza RV that the insurance on the i30 was considerably lower - given that the scoobie was a 2004 model and the i30 was new.
I was also surprised that the i30 was much cheaper than the wife's 2005 Corolla sedan.

It's still the same.
Now I'm happy enough to share some figures with you. Might be some interesting comparisons out there.
To set the scene I won't deal with those super cheap mobs who advertise on tv and put fliers in your letterbox but I shop around the majors.
Current renewal figures...

i30 $285.50
Corolla $412.03

I have spoken to the insurer and queried the figures. Thay say they base the premiums on historical data (mostly their own) but also take into account the industry averages.
They simply say that their repair figures on i30 are that much lower.
Obviously the amount of cars on the road of each model would have some bearing, as would cost of parts and so forth and I expected the gap would shrink as both cars got older and more data became available for the i30.
But it hasn't.
Not complaining though.
Just need to convince the wife to exchange her beloved Corolla for an i30.

2i30s · **Reply #1: January 22, 2011, 07:06:11**

my wife and i pay double that each,that's a good price .

**Reply #2: January 22, 2011, 07:11:09**

Quote from: surferdude on January 22, 2011, 06:59:31

i30 $285.50

Nah, that can't be right.

Dazzler · **Reply #3: January 22, 2011, 07:14:21**

Interesting figures Trev .. i30 and Tiida were line ball at about $330 each..(through Allianz via a broker) when I switched to the Hybrid..

they said the monthly premium would stay the same but it went up about $13 p/m so the Toyota must be around $485 p/a which is ok seeing it is worth around 40k to replace ..

I will probably swap to RACT when renewal time comes around as a bulk discount should save me quite a bit

Surferdude · **Reply #4: January 22, 2011, 07:26:20**

Quote from: Pip on January 22, 2011, 07:11:09

Quote from: surferdude on January 22, 2011, 06:59:31
i30 $285.50

Nah, that can't be right.

Pretty much my reaction, too.
But it's RACQ Insurance so we can't really go wrong.

There are some helpful contributing factors.

All house and car insurance with them.
Both of us have Lifetime Rating 1
My wife is an RACQ Gold Member.
We are Senior's Card Holders. (only because the RACQ told us how much more they'd give us off if we were.

Dazzler · **Reply #5: January 22, 2011, 07:29:52**

By the time I renew our insurance I will be 55 and Trish just a smidge older.. so if we switch to RACT we will be in much the same boat as you Trev

Surferdude · **Reply #6: January 22, 2011, 07:31:07**

Quote from: Dazzler on January 22, 2011, 07:29:52

By the time I renew our insurance I will be 55 and Trish just a smidge older.. so if we switch to RACT we will be in much the same boat as you Trev

Now THAT'S the sort of comment you need to be careful of

2i30s · **Reply #7: January 22, 2011, 07:32:31**

we have everything insured with racv,this should make our car insurance cheaper in theory. :o we have windscreen and hire car options on our policies,that's only about $50 per year extra.

but I'm paying $500 plus for my full comprehensive insurance,and I'm rating one.

**Reply #8: January 22, 2011, 07:32:56**

$668 and I shopped around... I'm hopeless then. I had better try harder...

TrishCW · **Reply #9: January 22, 2011, 07:33:19**

Quote from: Dazzler on January 22, 2011, 07:29:52

By the time I renew our insurance I will be 55 and Trish just a smidge older.. so if we switch to RACT we will be in much the same boat as you Trev

be carefull there Daz

Dazzler · **Reply #10: January 22, 2011, 07:37:49**

Quote from: TrishCW on January 22, 2011, 07:33:19

Quote from: Dazz on January 22, 2011, 07:29:52
By the time I renew our insurance I will be 55 and Trish just a smidge older.. so if we switch to RACT we will be in much the same boat as you Trev

be carefull there Dazz

Whatever do you mean

2i30s · **Reply #11: January 22, 2011, 07:40:18**

my wife's older than me,and wiser.

yes dear.

Surferdude · **Reply #12: January 22, 2011, 07:44:16**

Quote from: TrishCW on January 22, 2011, 07:33:19

Quote from: Dazz on January 22, 2011, 07:29:52
By the time I renew our insurance I will be 55 and Trish just a smidge older.. so if we switch to RACT we will be in much the same boat as you Trev

be carefull there Dazz

Quote from: surferdude on January 22, 2011, 07:31:07

Quote from: Dazz on January 22, 2011, 07:29:52
By the time I renew our insurance I will be 55 and Trish just a smidge older.. so if we switch to RACT we will be in much the same boat as you Trev

Now THAT'S the sort of comment you need to be careful of

TOLD you so.

Surferdude · **Reply #13: January 22, 2011, 07:46:17**

Quote from: surferdude on January 22, 2011, 06:59:31

Just need to convince the wife to exchange her beloved Corolla for an i30.

Just re-thought this idea.

Dazzler · **Reply #14: January 22, 2011, 09:48:15**

Quote from: surferdude on January 22, 2011, 07:46:17

Quote from: surferdude on January 22, 2011, 06:59:31
Just need to convince the wife to exchange her beloved Corolla for an i30.

Just re-thought this idea.

Good Idea.. A similar flippant comment cost me almost $15000

rustynutz · **Reply #15: January 22, 2011, 10:21:04**

Trev mate....were those prices for "Market" or "Agreed" value? :-\

rustynutz · **Reply #16: January 22, 2011, 10:24:36**

Quote from: Dazzler on January 22, 2011, 07:29:52

By the time I renew our insurance I will be 55 and Trish just a smidge older.. so if we switch to RACT we will be in much the same boat as you Trev

Of course you meant that Trish would only be a smidge older than she is now....isn't that right, Daz?

Dazzler · **Reply #17: January 22, 2011, 10:59:38**

Gee.. You're not such a bad fella afterall..

beerman · **Reply #18: January 23, 2011, 04:24:07**

$647 for me (after ringing and managing to get them to drop it, their original quote was just silly)....The broker could do it slightly cheaper than that, but I still have 18 months of the write off replacement left so didn't want to risk it.

Mind you, after I paid I found out that AAMI has been taken over by Suncorp.....and I hate Suncorp.

Surferdude · **Reply #19: January 23, 2011, 05:20:37**

Quote from: rustynutz on January 22, 2011, 10:21:04

Trev mate....were those prices for "Market" or "Agreed" value? :-\

Market value Rusty.

Had Agreed Value cover for years but there are some overriding clauses normally which IMO made it not worthwhile so we switched and kept it that way when we went back to RACQ.

Surferdude · **Reply #20: January 23, 2011, 05:23:14**

Quote from: beerman on January 23, 2011, 04:24:07

$647 for me (after ringing and managing to get them to drop it, their original quote was just silly)....The broker could do it slightly cheaper than that, but I still have 18 months of the write off replacement left so didn't want to risk it.

Mind you, after I paid I found out that AAMI has been taken over by Suncorp.....and I hate Suncorp.

What's the story with Suncorp beerman?
They've covered themselves with glory in the SE Qld floods. I know a few people who are very glad they're with them right now.

Dazzler · **Reply #21: January 23, 2011, 07:07:24**

Quote from: surferdude on January 23, 2011, 05:23:14

What's the story with Suncorp beerman?
They've covered themselves with glory in the SE Qld floods. I know a few people who are very glad they're with them right now.

THey will be hurting big time after all the flood claims (they might have to sell AAMI again)

Surferdude · **Reply #22: January 23, 2011, 08:19:24**

All the major insurers spread their exposure across one another and even overseas. Don't know the actual deatils of how that works but I can understand the principle.

Dazzler · **Reply #23: January 23, 2011, 08:31:16**

Quote from: surferdude on January 23, 2011, 08:19:24

All the major insurers spread their exposure across one another and even overseas. Don't know the actual deatils of how that works but I can understand the principle.

I think they actually insure with other insurers against the risk of a natural disaster or major catastrophe.. I think all of our premiums will go up

2i30s · **Reply #24: January 23, 2011, 09:43:41**

speaking of flood/storm damage,my policy says that our cars are covered for it.

rustynutz · **Reply #25: January 23, 2011, 11:40:45**

Quote from: surferdude on January 23, 2011, 05:20:37

Quote from: rustynutz on January 22, 2011, 10:21:04
Trev mate....were those prices for "Market" or "Agreed" value? :-\

Market value Rusty.

Had Agreed Value cover for years but there are some overriding clauses normally which IMO made it not worthwhile so we switched and kept it that way when we went back to RACQ.

Ta Trev....When I took out comp insurance on my i30, the girl from Apia tried to convince me to go market value as they have new for old replacement for the first couple of years. I decided I'd still go for Agreed value as I figured there's no way they'd agree to $30,000 coverage after the new for old coverage ran out.

eye30 · **Reply #26: January 23, 2011, 12:18:29**

My limited knowledge of how the insurance market operates is that premiums WILL RISE as the companies will want to recoup their additional outlay within 12 months!!!!!!!!!!

But do they put the premium down when they DON'T have a bad year and are making large £££ $$$$$ profits?

beerman · **Reply #27: January 24, 2011, 00:58:27**

Quote from: surferdude on January 23, 2011, 05:23:14

Quote from: beerman on January 23, 2011, 04:24:07
$647 for me (after ringing and managing to get them to drop it, their original quote was just silly)....The broker could do it slightly cheaper than that, but I still have 18 months of the write off replacement left so didn't want to risk it.

Mind you, after I paid I found out that AAMI has been taken over by Suncorp.....and I hate Suncorp.

What's the story with Suncorp beerman?
They've covered themselves with glory in the SE Qld floods. I know a few people who are very glad they're with them right now.

Had house insurance with them (and a mortgage but thats another issue). Had two claims and didn't like how they delt with either of them.

First was storm damage to the roof (I had no spare tiles). They sugested I get up on the roof and make it safe incase of more rain. I said hey isn't that what I pay you for? I have already had a look and done my best, but I am not a roofer and if it does rain and any further damage occurs then I want to be covered for that too on the basis that I did as you sugested. They had a roofer at my house in an hour (why didn't they do that to start with?).

Then we got broken into and the loss investigator was a real bitch. I had everything required for her, and she still wanted more. Went beyond what I would class as a reasonable investigation given that the police had already investigated.

Then there is the fact that they were stinging me $200 more than another company.

Sure I don't have flood cover, but if I flood were all in a world of hurt. I think the only thing making Suncorp look good is they offer 'lazy insurance' for people who didn't bother to look into what they were buying, hence those with Suncorp are relieved that they have dodged a bullet. I am sure there are other companies out there doing the same thing, only cheaper.

Surferdude · **Reply #28: January 24, 2011, 02:24:00**

^^^
Thanks beerman.
That clarifies it.

Dazzler · **Reply #29: July 02, 2011, 00:33:46**

Hi folks,

Rather than start a fresh I thought I would just continue with this one...

Our insurance is due for renewal on both our cars this month.. a year or two ago when we had the 2008 SLX Crdi and 2007 Nissan Tiida it was only around A$340 each for Full comprehensive insurance (market value) with $250 Excess (we are both over 50 y/o with full no claim bonuses)

Like most things with inflation and upgrading both cars to the 2010 Camry HYbrid and MY11 SX CW Petrol 2.0 the premiums have crept up through Allianz (via Broker) to around A$900 combined on the latest renewal..

We had already decided to go with RACT this time as they were the best on house insurance and offer 10% off everything if you combine house, contents and car.. I was hoping to save some money all up but they came in at nearly A$1200 with a A$400 excess

But.. the difference was I decided to go with agreed Value which was A$37,000 and A$24,000 versus market value of A$29,000 and A$18,500

With the 10% off accross the board probably costing us a bit over $100 extra all up but think I've done the right thing.

I just bit the bullet and went for it as we pay by the month (no penalty) and so probably only $10 p/m more..

I will see what next years renewal looks like and shop around again if I get a sniff that there are better deals out there from well known insurers.

That includes comprehensive glass cover on both vehicles which allows multiple windscreen claims in any year with no excess and covers all glass so if someone smashes a side window to steal something out of the car that is covered excess free too (which I don't think is standard in the industry)