I just had a look over my insurance policy (Famous Classic Insurance).
* 21yrs old living in Western Sydney.
* 1995 Nissan Skyline Coupe.
* $25,500 or market value (whichever is lesser).
* Usage: Private/Daily.
* 40% NCB
= $3,036 (or $2,760 if I pay it upfront).
Basic Excess = $1,000.
Additional Excess = $2,000 (theft and/or malicious damage).
Plus $2,000 single vehicle accident excess.
So that means:
* Car is stolen = $2,000 upfront (or $5,036 over 1yr)
* An at fault accident = $3,000 upfront (or $6,036 over 1yr)
That means if I was to have an accident i'd have to do more than $6,000 damage for insurance to be worthwhile.
Personally i'd rather spend 1 years worth of insurance ($3,306 in my case) and go all out on security devices and then just sit back and pray that nothing major goes wrong for a good 3 or 4 years. The only problem with this idea is that if you haven't held full comprehensive insurance anytime in the last 365 days your NCB drops all the way back to scratch and you have to build it up again.