Insurance Pricing

Dave said:
I can't remember what I pay, it comes out every month and I don't notice it so it can't be much.
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I am lucky to have only been a bike rider for much of my youth... I doubt I could stomach paying so much insurance for a car. I usually pay upfront, you make some savings doing that. Of course, you have to have the cash in reserve (can be difficult when they all arrive together - I just did all mine, plus regos, there goes $8k).

We only paid $1200p.a. on the $70,000 SAAB Convertible we had.. If we get the EOS, it will be about the same...

I guess if you all end up getting a few policies, with the same insurer, you will start to feel some benefit. For me, with NRMA, I have 2 x car, 2 x bike, 2 x house and 1 x contents insurance.

I am also guessing that $1,500 per year on a CE Lancer isn't something that people really want to pay...
 
i have no idea what i pay. ill find out soon tho :p
i just know my rego + insurance (fully comprehensive) is about 1100 or 1200, as it's under my mum's name.

tryg said:
I am also guessing that $1,500 per year on a CE Lancer isn't something that people really want to pay...
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even tho i paid just under 6k for my car, i wouldn't sell it for 9 or even 10k. I just love it way way too much!
So even tho you might be paying a quarter of the car's value in insurance every year, it still might be worth it to some.
 
tryg said:
Dave said:
I can't remember what I pay, it comes out every month and I don't notice it so it can't be much.
Click to expand...

I am lucky to have only been a bike rider for much of my youth... I doubt I could stomach paying so much insurance for a car. I usually pay upfront, you make some savings doing that. Of course, you have to have the cash in reserve (can be difficult when they all arrive together - I just did all mine, plus regos, there goes $8k).

We only paid $1200p.a. on the $70,000 SAAB Convertible we had.. If we get the EOS, it will be about the same...

I guess if you all end up getting a few policies, with the same insurer, you will start to feel some benefit. For me, with NRMA, I have 2 x car, 2 x bike, 2 x house and 1 x contents insurance.

I am also guessing that $1,500 per year on a CE Lancer isn't something that people really want to pay...
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Yeah most of the people I know pay up front, if it were a substantial saving I'd do it but it's pretty minimal so I am happy to pay in line with how I get paid. Makes rego/ctp a bit easier to stomach at that point of the year after recovering from the Christmas spending binge that inevitably takes place!
 
Jazza2442 said:
even tho i paid just under 6k for my car, i wouldn't sell it for 9 or even 10k. I just love it way way too much!
So even tho you might be paying a quarter of the car's value in insurance every year, it still might be worth it to some.
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For those of you who do quality mods, care for your cars...and dare I say have 'history'.... the sure, of course you should insure it. Just make sure you revise your insurance yearly, to cover the cost of all the expensive bits you chuck into your car!
 
$960/year comprehensive with Suncorp. Originally quoted $2000 because of being on red P's at the time, under 25 and apparently VRX's get lots of claims, but got sweet Family Discount as my mum has our house and her two cars
with them.
 
red Ps, listed as secondary driver, i pay $500 for third party Fire&theft. - just car. all mods covered.

next renewal i am switching to my bank. instead of these insurance companies. they offered me $900 for full comprehensive including mods, and the base car agreed value of 6k.
 
tm34 said:
red Ps, listed as secondary driver, i pay $500 for third party Fire&theft. - just car. all mods covered.

next renewal i am switching to my bank. instead of these insurance companies. they offered me $900 for full comprehensive including mods, and the base car agreed value of 6k.
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That sounds pretty good, considering your a P plater.
 
19 male. one previous accident on a motorbike (not at fault) loss of L's on the motorbike for speeding. Quoted $980 pa for comprehensive incl mods with nrma and they were the cheapest.

Better than when i was 17 on a 650 motorbike. insurance was $6-7k for comprehensive and $2-3k for third party.
 
I pay around $1100 for my VRX insured at $34k, its a bit dearer because its on the street and drunks must cause damage around here...but basically I am 22 and no claims/crashes

Joshy_morris said:
mayn.... some of you are gettin punked. i payed 160 a month because i had an accident and i have every mod listed on my insurance. and my girlfriend payed like $700 for full comp to insure a 89 corrola for 3k
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Hmm hardly worth comprehensively insuring your mrs car...

tryg said:
I am lucky to have only been a bike rider for much of my youth... I doubt I could stomach paying so much insurance for a car. I usually pay upfront, you make some savings doing that. Of course, you have to have the cash in reserve (can be difficult when they all arrive together - I just did all mine, plus regos, there goes $8k).
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Bike insurance aint cheap these days either though, especially for a new rider. I'm paying ~$800/year for comprehensive on my GS500F and even when/if I had my crash it wasn't worth going through insurance due to the excess and future premium hikes and loss of rating 1... So unless ze police get involved when I come off the bike (because insurance will find out if they ask down the track for a license record after another crash), it's stolen or I hit another person its probably not likely I'll ever claim but meh it wasnt a great deal extra than third party...

tryg said:
I guess if you all end up getting a few policies, with the same insurer, you will start to feel some benefit. For me, with NRMA, I have 2 x car, 2 x bike, 2 x house and 1 x contents insurance.
Apart from Multi-Policy discount for house, life, ctp and roadside I dont think they could care less these days. You are just a number on a page to them...well that's certainly the case for my parents who have numerous CTP, car insurance, house/contents and landlord policies with NRMA. When she went to insure my brother's cars though AAMI and GIO were cheaper even though she didnt get a MPD from them

tm34 said:
red Ps, listed as secondary driver, i pay $500 for third party Fire&theft. - just car. all mods covered.

next renewal i am switching to my bank. instead of these insurance companies. they offered me $900 for full comprehensive including mods, and the base car agreed value of 6k.
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See who underwrites the bank in the PDS...it's not likely the bank would be doing it...
 
With all that said, I guess you all have to learn to 'suck it up' until you're older... feeling for you all.

The 'right thing to do', though, is to have the appropriate insurance to cover 'other people', even if you don't care about your property....

Because, the last thing in life you want, is to have to file for bankruptcy, this will end your chances (in your immediate futures) for borrowing, becoming a sole-business owner and a raft of other things...
 
For some reason my greenslip is $737 this year (or will be by the time it comes to renew). Could have sworn it was about $500 last year..
 
Interesting, everyone is doing theirs for around $600 for mine in July but NRMA are still showing up as $539.37...
 
Greenslips are CTPs (personal injury) in NSW...so pretty much unrelated to all the recent natural disasters...

Sun Herald looked into it and they reckon at previous pricings insurers were already reaping over $50/policy excess profit on average!
 
Ryan said:
Greenslips are CTPs (personal injury) in NSW...so pretty much unrelated to all the recent natural disasters...
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Not sure that's how business works.. one arm supports the other.. it's just a natural thing. When NRMA takes a hit, they would make all areas of their business perform in a way that assists the arm that has lost it's reserves..

I have no proof, but even the NRMA operator suggested this was why all my seven premiums were going up...

I am sure she was just told to make conversation, but this seems pretty applicable to me...
 
Just read a complaints file to APRA, seems it totally sucks to live in NSW, where CTPs for riding motorcycles is markedly higher than other places..

Oh well, guess when I post down to Nowra, I will keep whatever daily crap bike I bring down will be registered in QLD....
 
Yup, they knocked off a slight amount due to motorcycling lobbiers putting pressure on the Govt, but it was only around $70 and what *poo*s me most is we get minimal coverage anyway.

Overall they are only supposed to be setting premium prices in order to get an agreed 8% profit margin!

http://smh.drive.com.au/roads-and-traff ... 1kf01.html
 
I think you will find, that even though that agreement was in place, it was before a tragic season of disaster..

There are only 5 underwriters, running 7 insurance companies in Aust..

We do not have the luxury of choice, so there would be an element of group-gouging, profiteering and tacit collusion...

They do not want to be depleted when disasters happen, so they will always settle slowly and demand higher premiums on 'every' sector, as quickly as they can.

Welcome to life, fellas!
 
I am 21 and Male (if you haven't already figured). AAMI has by far been the cheapest for me since my first ride. But the catch is you pay extra in 'excess' if you're at fault.
Standard for any driver is $625 and then depending on if you're under/over 24 or listed/unlisted driver or licensed under 2yrs, you could end up paying up to $1200 (so upto $1825 in the worst case scenario)

In my case, for third party property damage only, I started out paying $500 odd for my 1998 Lancer and over the years it reduced down to $298 (no accidents, claims or licence issues). When I got my 07 CH in Feb last year, they couldn't transfer the insurance to the new car so I had a new covernote quote which was $556. This year I paid $547 (cool $9 saving for some mods :D ).

All in all, GIO was $800 odd, others were sitting around the $1k mark, AAMi was the cheapest and NRMA was a rip off!!

Hope this reduces much more next year given that I dont do anything stupid on the roads. :why:
 
Was paying $50/month for the CC on my P's. Now paying $109/month for the lude on my opens. Shiet's fuarked.
 
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