Insurance Question

[Zaver]

Hey guyz.. i am new to this insurance thing as i have never owned a car before so i was just looking if someone could let me know what is the deal with the insurance thing.. like what is excess and premium and stuff.. Sry im a newbie and im going to buy a car soon.. Would anyone suggest me a good insurance company to look for im planning on buying a R34 GTT and im 20

Any help is appreciated..

Thanks.....

[Moodles2]

Only Just Cars will insure you, best to do their online quote thing, the full comprehensive will be approx 1-2k and excess about 1k to 1.5k

[GTR-N1]

Hi Zaver,

Premium = $$ that you pay each year to insure your car

Excess = What $$ you pay if you are deemed to be at fault in an accident, or you can't identify who hit you, or your car is stolen

Sum Insured = $$ value of what your car is worth and will be paid to you (less the excess) if you get the Comprehensive Agreed Value Policy below.

Types of Insurance are...

3rd Party Property = your car is not insured but whoever you hit is insured by your insurance company

Comprehensive Agreed Value = You and the insurance company come to an agreement as to what your car is worth before you sign up, and that's what they pay if the car is written off or stolen (and not returned within x weeks). They pay up to that amount if the $$ repair is worth it to them

Comprehensive Market Value = You sign up for a policy, but if it's written off, they determine how much your car is worth at the time at their discretion based on yadayada.

Now that you understand the above, there are more options...

a) you can opt to pay a higher premium but a lower excess applies or

b) you can opt to pay a lower premium but a higher excess applies

Only very few companies will insure a grey import; but it still pays to shop around.

Hope this helps!

Tez

NB: If you add mods to your car, it is best to tell the insurance company (if the car is comprehensively insured) and the premium won't go up by much but the mods will be covered!

NB: If you sell your car and don't replace it, the balance of your premium is refunded to you, once you call them.

If you sell your car and replace it, you tell the company the details of your new wheels, and the premium will just get adjusted accordingly

[Randon_I_Am]

I just got my 34 GTt done with just car insurance

i pay $1100 p/a for premium, but with that low premium the excess is well above 3k... nearlly 4k

that is with max no claim bonus, 24yr old male. no mods either