Over 40 Yr Old, Rating 1 - Insurance Cost?

[turboadam]

Hey guys, just got my insurance renewal in at $1500 (with a voluntary $2k excess included) is this comparable with what everyone else pays?

I'm over 40, rating 1, full no claim bonus, car is garaged & covers 5000klm / yr.

[simdog]

That sounds expensive to me. Who's that with?

[GTR-N1]

Other variables (besides age) to consider are...

* high or low risk suburb/postcode

* weekend car only or a daily

* your driving record altered

* ADM Vs JDM

* choice of Lumley SV or Shannon's or Just Car or Dawes (through a broker) or NRMA (or equivalent)

* sum insured (moderated by choice of excess)

[turboadam]

"Who is that with?"

SGIO here in WA

So many of the online places I checked refused because of the car. Will some of these do it if they speak to me/see the car???

Can peeps chime in with say, age, rating, etc etc and their premium so I can get an idea of what I should be paying.

It just seems crap that the insurers risk (ie total car value) is decreasing every year, but the premium goes up.

What the f#$% is with that?

Edited December 26, 2013 by turboadam

[GTR-N1]

Age:- 64

Rating:- 60% maximum no claim bonus - so top level

Record:- 1pt infringement and 1 at fault accident in past 5yrs

Suburb:- Low risk

Insurer:- Shannon's

Sum Insured:- $130,000

Premium:- $1,400

Excess:- $500

Formerly, this car has been insured with Lumley SV and Dawes (through a broker)

Each year at renewal time, I shop around

On no occasion has the car needed inspection

[cant drive 4 shit]

Age:- 29

Rating:- 60% no clam

Record:- No driving infringements in past 3 years

Suburb:- med risk

Insurer:- NRMA

Sum Insured:- $100,000

Premium:- $1,800

Excess:- $1500

Expensive i know. Im sure i could get it for cheaper but im to lazy to look around :-)

[OVA 300]

48

New policy with Shannons

No infringements

65% No claim discount.

Low risk suburb, locked garage.

No immobilser fitted as yet. ( will be ).

Agreed value policy

Twice weekly use

Heavily modified vehicle ( R33 GTR ) with rollcage, single turbo, ap racing brakes, race seat, etc. All noted on policy.

$500 excess

$78.96 per month.

[Truffles]

Having worked in the insurance business, there's nothing out of the ordinary for that premium.

There's a large amount of mitigating factors in any premium as noted. Definitely depends on the company and the underwriting.

[turboadam]

I guess that I consider it expensive as, when I bought it new, the cost was $1200. Now (with the risk/car value at only 60% of that new price) I think its bloody expensive considering the drop in the total risk.

[Bepo]

Just got quoted $1132 from racv on a 2009. 38 yr old in Melbourne rating 1. $600 excess.

Brett

Edited January 3, 2014 by Bepo

[turboadam]

Fantastic Brett, thanks for that. I never would have checked with RAC as have always found them (in the past) to be quite expensive, however the quote is under $1K. That's more like it!

Cheers & thanks for your input.

[Truffles]

I guess that I consider it expensive as, when I bought it new, the cost was $1200. Now (with the risk/car value at only 60% of that new price) I think its bloody expensive considering the drop in the total risk.

You'd be surprised. I've issued change of vehicle insured between a 2010 BMW 320I and a 2013 320i, with a $30,000 difference in sum insured. The premium on the 2010 was $11 cheaper annually. Go figure. The older the car, the more expensive they are to insure as a premium:value ratio.

Depends what you're looking for in insurance. No product or policy will be the exact same and prices will reflect that. The premiums are also recalculated daily, so as you've just said; the previously more expensive provider is now cheaper.

[jim80z]

Age:- 45
Rating:- 60% no clam
Record:- No driving infringements in past 5 years
Suburb:- med risk
Insurer:- NRMA
Sum Insured:- $194,770
Premium:- $800
Excess:- $2700

[BLISTC]

Age: 28

Rating: 60% No Claim + 7% Multiple Policy Discount

Record: 1 x Loss of License within past 3 years / no claims

Insurer: nrma

Suburb: No Idea

Sum Insured: 130k

Premium: $2,400

Excess: $800

Edited May 20, 2014 by BLISTC

[jattsta]

coles insurance (apart of wesfarmers) age 35. insured value $100k, excess $500, premium $1500

[GTR32G]

Do a online quote with Progressive, post up what premium they give you. Im 32 live just out side Sydney & pay $620 yearly for the R35 with a $1000 excess.

http://www.progressiveonline.com.au/?code=9002826087&gclid=CNCz2br_zL4CFVF8vQodLiAAqw

[turboadam]

Not bad - $826 with a voluntary $2000 excess.

The only thing is my NRMA policy was about the same price and the agreed value i chose for that amount was $135k instead of the max allowable with Progr of $115,400 (yes I know that the lower amount is more of a true reflection of the real value). Anyway, it is another option for next renewal.

[nick_7g]

I'm getting screwed by the looks of it.

Age- 30

No at faults or infringements in last 5 years

Car- 1999 R34 GTR V

Mods- Light

Suburb- Medium risk

Use- Daily

Insurer- Just Car

Agreed value- $45k

Premium- $1,500

Excess- $2,700 (not typo)

They wanted to charge me $1,800 so I called and whinged and they knocked $300 off. Shannons quoted me $4,600 and NRMA quoted $2,600.

They try to jack up the premium every year. And the value falls about 5% p.a.

Must be the import factor, car type history and daily use that makes the difference.

Can't believe someone is paying just $800 to insure $200k of R35.

[nick_7g]

Just got a quote for an R35 and it was $3k. Maybe they don't like my exact birthday or something.