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Need Insurance? Want Cheaper Insurance?

two40

By two40,
in General Automotive Discussion

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GT-R32 Grand Master

GT-R32

Posted
Posted
It's price to risk though. I think it would more so be a coincidence that the rates are higher in the major centres anyway as they tend to contain both the more affluent people AND the riff raff.

It is supposed to be yes. But would you think Canberra is a greater risk then Brisbane? Because that is what the rates say...

evil_weevil Grand Master

evil_weevil

Posted
Posted
It is supposed to be yes. But would you think Canberra is a greater risk then Brisbane? Because that is what the rates say...

yes, cause everyone goes there for porn,fireworks and pot :) :) hehehe

scorp32 - leave 31's out of it mate!

mark_sudakov Community Regular

mark_sudakov

Posted
Posted

i was given a quote of $4500 for a $11000 R32 GTST from Young and Cool. I almost fell off my chair.

This is for a full licence holder, age 20, clean history(not even a parking ticket). He said is was because i park it in an "unsecure carpark" when im at work. They ask where u park at work.

Best ive found, and the only company that will insure me, is Just Cars at $750 for fire and theft or $2000 for comprehensive. When i claim with full insurance, its $2300!!!

R34GT-T Enthusiast

R34GT-T

Posted
Posted

Me and my buddies decided to self insure, we opened a deposit only account and started putting in monthly instalments. soon had a fair bit of money to cover damages there are a few rules though. but we all got third party property damage to cover the other guy. Its not for the average joe but it makes a mile of sense. if you want in or some details as to how it works just PM me.. works for me.

ScorpR32 Enthusiast

ScorpR32

Posted
Posted
So, what if you crash into each other?

And what if your car is a total loss? If we are talking about a cheapish sort of car it makes sense, but not if your car is worth in excess of 5k- unless you are all making large contributions each month. And if one of you dips into the fund and uses all of it- what happens to the other guys if they need it soon thereafter? I'd rather have the security of knowing that I can simply call on my insurer if required. Plus I wouldn't want to risk a sh!tfight with my mates everytime someone needs to use the money.

R34GT-T Enthusiast

R34GT-T

Posted
Posted (edited)

thats how insurance companys make money, they hope every one will hope for worst, they get your money and the share holders live it up.

we put in $1200 a year each member, if you sell you car and want out - you take your money, I had an R32 in the scheme, sold the car and put an extra $1800 in the wallet from saved insurance.

All involved where prepared to pay the first $1000 for damages (like excess). In my case the first year of contribution and excess could have bought me a half-cut with all cosmetics, and mechanical bits to sell to reduce total cost.

Fact is most accidents are less than $3000 of damage, if you claim in the first year on that you only draw $800 of the other guys funds. Like I said there is a lot of things we have considered and put in place. This isn't for every one..... What many don't factor in is the excess they have to pay on a claim with a company. if your policy cost you $1250 and your excess is $1500 then its gunna cost you $2700 to claim in the first year $3950 in the 2nd ect. ect. (then check their total pay-out figure its criminal one of the guys was offered $4000 for a 92 sss bluebird sr20t after $2500 excess)

Bag it / Pull it to bits / it aint for the faint!.....................carry on

Edited by R34GT-T
ScorpR32 Enthusiast

ScorpR32

Posted
Posted (edited)
thats how insurance companys make money, they hope every one will hope for worst, they get your money and the share holders live it up.

we put in $1200 a year each member, if you sell you car and want out - you take your money, I had an R32 in the scheme, sold the car and put an extra $1800 in the wallet from saved insurance.

All involved where prepared to pay the first $1000 for damages (like excess). In my case the first year of contribution and excess could have bought me a half-cut with all cosmetics, and mechanical bits to sell to reduce total cost.

Fact is most accidents are less than $3000 of damage, if you claim in the first year on that you only draw $800 of the other guys funds. Like I said there is a lot of things we have considered and put in place. This isn't for every one..... What many don't factor in is the excess they have to pay on a claim with a company. if your policy cost you $1250 and your excess is $1500 then its gunna cost you $2700 to claim in the first year $3950 in the 2nd ect. ect. (then check their total pay-out figure its criminal one of the guys was offered $4000 for a 92 sss bluebird sr20t after $2500 excess)

Bag it / Pull it to bits / it aint for the faint!.....................carry on

That's all well and good however as I said... expensive total loss= up the creek. And not all companies have such phenomenal excesses. I can see how it could potentially be of some use to an under 25 however. Plus I really couldn't be stuffed putting in the effort to monitor my mates contributions. It seems like you guys are keen tho!

Edited by ScorpR32
  • 3 weeks later...
BillyMako Proficient

BillyMako

Posted
Posted

VIGIL have insured me finally after stuffing me around for a month. They have finally insured me for 3 months and said i cannot renew my insurance after that because their policy JUST CHANGED and cannot insure under 26 year olds. They said everyone who is under 26 yo and have insurance with us will have their insurance cancelled and cannot renew again with us. They are the most unprofessional company i have ever dealt with!! SO BEWARE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  • 1 month later...
GT-R32 Grand Master

GT-R32

Posted
Posted
Me and my buddies decided to self insure, we opened a deposit only account and started putting in monthly instalments. soon had a fair bit of money to cover damages there are a few rules though. but we all got third party property damage to cover the other guy. Its not for the average joe but it makes a mile of sense. if you want in or some details as to how it works just PM me.. works for me.

That is the essence of insurance and its beginnings: Risk sharing.

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