BMW X5 Cheapest Car Insurance?

Hi Ozbargainers,

Our 2013 BMW X5 comprehensive car insurance is up for renewal again and I was shocked to see the premium went up by almost $400 with Allianz! They were by far the cheapest last year at just under $1,000. I’m not sure why car insurance premiums go up every year when cars are such a depreciating asset!

I have done some quotations with other insurers and they have come out to be:

Budget Direct - $1209
Coles - $1394
Woolworths - $1746
Progressive - $2060
Bingle - $1024 (the cheapest but I’m not sure if I want to go with them being only online….)
Dodo - $1138 (and a free tablet!)
Australia Post - $1127
Virgin - $1178

The main driver is 35 and we expect to drive around 6000kms per year.

Any other recommendations of insurers that I should try?

Comments

  • +1 vote

    NRMA, CGU, GIO, AAMI, QBE, Youi (but you can't get a quote online, you leave your number and they call you back). I ended up with Bingle, they won Canstar cheap car insurer of the year, working online is fine most companies you do it all online now anyway. I made a claim in February for hail damage and Woolworths were great (as were Coles with my husbands car) but for my sons car neither were competitive.

  • +2 votes

    RACV?

  • +2 votes

    I've found AAMI to be the best, the last few years.

    There is no one size fits all when it comes to insurance. What's cheap for me, will be expensive for you.

    Just get multiple quotes, compare the PDS, and purchase one.

  • +5 votes

    make your excess higher, it's a risk but will knock a couple hundred off the premium price.

  • +2 votes

    I had the same issue with RACV for my 2012 Skoda. The reason RACV gave me was that its hard to find parts for old cars so the premium is higher despite no claims and agreed value being lower.
    Shannons worked out to be cheaper for me.

  • +1 vote

    Either way, ensure you get the choice of repairers as a primary option for your European premium car. Mate had a Beamer and was with AAMI, had a bingle and AAMI tried to fix it themselves with their preferred panel beater. It was a shoddy job and had to be sent back multiple times to get it fixed. Still unhappy with the result, he sold the car out of frustration.
    Another mate with a european car insured by Allianz used the choice of repairer option and sent his car to BMW Body shop & later sent to BMW dealership for mechanical checks, came out better than before. So yeah, horses for courses….if it's stock Japs or Koreans, choice or repairers wouldn't matter much but for premium brands it's a must. Look at Shannons too if you can.

    Edit: Take the cheapest quote and talk to allianz retention team to see if they can price match/beat the quote. My mate just told me that he did that for this year's renewal. Cheers.

    •  

      Allianz is the insurance BMW sell/white-label (previously they used MMI, which may be how Allianz acquired the account), so with the right options you can get probably get the appropriate service direct from them.

      I bet it's not more expensive to arrange through BMW though, despite them collecting a healthy commission. Several years ago when I used MMI, there's wasn't an expensive option compared to other insurances that offered the same features (repairer choice/agreed value/free windscreen/roadside assist, etc.). It was dead easy too, I just asked when dropping the car in for service, asked them for a quote and it was done.

  • +3 votes

    Insurance providers are prohibited by law to discriminate between existing customers.

    What this means is that you will see better prices with competitors, than you would with your current insurer, and your current insurer has no capacity to match it.

    The lesson here is that you must regularly switch insurers to get the best deal or pay the lazy tax.

  •  

    I used to find Shannons or Lumley Special Vehicles the cheapest when I had a European car to insure (it wasn't a BMW though).

  •  

    Budget Direct - $1209
    Coles - $1394
    Woolworths - $1746
    Progressive - $2060
    Bingle - $1024 (the cheapest but I’m not sure if I want to go with them being only online….)
    Dodo - $1138 (and a free tablet!)
    Australia Post - $1127
    Virgin - $1178

    all of these quotes seems cheap except for wow and pgr. do keep in mind that these are budget insurers.

    •  

      No such thing as a premium insurer in reality my friend. They are ALL budget insurers when it comes to claims. Depends on what options one elects to include as to the final cost.
      I think you will find all the cheaper quotes use A&G as the underwriter so comparing apples with apples there.

      •  

        i dont know the OPs history but if he has something like 5yrs no at faults then I would go with any of the sub $1,2k outfits.

        Realise a BMW X5 is a $50-$60k asset so to me, $1,200 is a very fair price to cover that and the potential damage you and it can cause.

        OP did his homework. You cant lose too much at that price. OP doesnt have much to gain by asking here or anywhere.

        Also I dont beleive in youi or any of these new companies who wants to be 'your friend' - chances are they are using that information against you, or selling that information.

  • +1 vote

    Try REAL

  •  

    Definitely NOT AMMI. Years ago, We had terrible experience with AAMI for our BMW 320. (A Cole/Linfox truck hit our car when it was parked outside our house.) When the tow truck came, we told the tow truck driver we were with AMMI, he rolled his eyes and said 'you bloody idiot'. He said European premium car should not be insured with AMMI, and told us to dump AMMI as soon as we get our car back. And he was right. AMMI was a nightmare to deal with, delay after delay, and we didn't think the car was fixed properly. So much so, we had to sell the car soon after.

    Since then, all our cars are insure with GIO, with choice of repairers. Our house & contents insurances are also GIO, so there's a 10% multi-policy discount. Made a claim last year (someone smashed the side window in the middle of the night), the whole claiming & fixing process was trouble free. We did shop around earlier this year when we were renewing, but GIO still came up the best. Currently, our 2014 X5 is $1500… not the cheapest, but we think it's reasonable.

    •  

      On the flip side, I had 3 accidents with my BMW 528i when I still had it and never had an issue with them. All not my fault and all sorted quickly with no fuss.

      The last accident was someone rear-ending me at an off ramp (person infront of my slammed hard and I could stop in time), because of other circumstances I was not able to get the car repaired for almost a year. AAMI rang up every month just to see if I was ready and when I finally was a year later they had it in the workshop the day after and done in a week. Again no fuss.

      So though some may have issues with euro cars and AAMI, i've had nothing but fantastic service with my 528i and AAMI. In the end the car failed me and not the insurance, glad to see that car gone!

    •  

      Been with AAMI for all our cars (inc. various Euro prestige). Two claims and they've always been stellar.

    • +1 vote

      "we told the tow truck driver we were with AMMI, he rolled his eyes"

      Nearly all panel beaters will respond the same with AAMI.

    •  

      I had no problem with aami for a not at fault claim

    •  

      Just so you know GIO is under the same parent company as AAMI.
      Suncorp owns a fair bit of the insurance market if you include all their sister companies.
      http://www.suncorpgroup.com.au/about-us/what-we-do/our-brand...

  •  

    +1 for bingle, there fast

  • +1 vote

    Call Coles back and request a price match.

    • +1 vote

      Doesn't look like it's an active promotion any more, but can't hurt to try I suppose.

    • -1 vote

      What, every year??? why bother???

      • +1 vote

        I saved $450 with their price beat promo. Coles quote was $1000, bingle was $600, they beat by 10%, got it for $550.

        So yeah, I personally would bother if calling them did the trick.

        •  

          Can I ask when you did this? Is the deal still active?

        •  

          @BadMotivator: No, not active as far as I can tell from the website. To clarify I got this when the promo was actually active. I didn't need to call anyone, I just did it all online…early 2016?

          If you google "coles car insurance price beat" you should be able to see a pdf of the terms at the time.

          The suggestion is to call and try and get the same promo applied… I am not sure what the success rate would be.

          I suppose if they don't agree, but run the promo again in the near future, you could sign up with Coles and then cancel your existing policy?

          Hope this helps.

  • +1 vote

    Have you done an online quote for Allianz for 'new' customers? Chances are it will be lower than your renewal.

  •  

    When insurance firms send out a renewal it is supposedly indexed to take account of inflation, the risk they are taking on (how many claims you have made) as well as your loyalty to the firm. For some reason that means the rate goes up as they try and gouge money from you. Consequently unless you look round you will subsidise lovely TV adverts and new policy holders who get better rates.

    On the renewal front just had a renewal quote for $1200 in Melbourne for a RR Sport. Doing the ring around it came to $537 for comprehensive with $700 excess. The $700 difference is better in my pocket than a sharp suited insurance exec.

  •  

    For the quotes you mentioned, what's your excess?
    Do try to increase it to say $2k.

  •  

    Obviously OP doesnt apprecaite that it's LESS about the CAR and more about YOU.
    OP has the quotes already. Im sure OP can find places where all these insurers are reviewed by customers.
    Suggest OP looks into productreview.com.au for the answers they seek.

    Otherwise some good suggestions here by OBs.

  •  

    Check real insurance they are cheap as well

  • +1 vote

    Ended up going with GIO actually for $960 with $1050 excess. Not too bad! Didn't think they would be cheaper than all the budget insurers

  •  

    Around the $1k mark is about right for a BMW X5, particularly one that is a couple of models old and stock of parts would be low

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