Hi Guys, I'm looking to buy a Mazda 3 for around 15k. I'm having trouble picking a reliable and cheap insurance provider. Can anyone recommend me anything?
I currently drive my parents car at least twice a week, have a few months left till I am on full license, never had a driving offence and accident. I am under the age of 25.
Is it possible for my car to be insured under my parents name to save some $? Would third party with theft be adequate or should I go for comp insurance?
Thanks all
Hopefully if anything happens to the car, it would be for theft but who knows what can happen on the road. Would having my parents file a claim still be fraud?
It doesn't matter who makes the claim, it's the moment you lie about who was driving at the time, it becomes fraud.
Try adding your parents as secondary drivers to your insurance policy (if they have impeccable driving records). It should shave a couple hundred dollars off your premium
I was thinking of signing the car insurance in my parents name and adding myself as the secondary driver? Would it work out the same way?
It would probably end up being the same or a similar price if you're listed.
You could go with something like NRMA that covers everyone who drives the car, and insure under your parents' names only. That'll save you hundreds, but the legality of that is questionable…
Nrma insures all drivers as far as i know, so get a quote under your parents name in that. Apart from that i always am sure to check out coles / woolworths/ bingle. Usually one of them ends up being the cheapest for me personally.
Thanks! Will definitely take a look
I have my insurance under my name but have dad as an extra driver (doesn't drive it at all) which makes it cheaper.
which insurance?
I think I'm with bingle but doing that trick is possible with other insurance providers.
Just go NRMA and pay the extra 'tax' for piece of mind.
Absolutely go comprehensive insurance! Just read all the horror stories of people on this site with only third party insurance. Try Budget Direct for a quote.
Get your parents to insure the car under their name with you as a non listed driver. They might have a higher premium each year to account for non listed drivers being covered.
In other words your excess will be massive(~$2K) but you’ll be fully covered in the event of a accident. This will be a lot cheaper than your own insurance.
What state are located?
Victoria
Try RACV, they were leagues ahead for both of my kids. Also, if you are an RACV member even though the insured driver and main policy holder is the child, have you name added to the policy on the bais of having a financial interest in the car. That way RACV will apply your years of membership discount to the policy.
Spend a bit of time reading all the posts on OZB about all the issues and horror stories you encounter after accidents - 99% of which you can avoid (or manage withput much hassle) if you have comprehensive car insurance. Personally I would NEVER drive without comprehensive insurance irrespective of the value of the car.
If your car was legally owned by your parents (ie they would have to buy under their name) they can get insurance under their name with cover for an additional named driver (ie you). This may work out cheaper for insurance cover but you usually have to declare the age of the youngest driver which drives up premiums. Do not drive without declaring as your insurance may be null and void in the event of an accident.
You can have the car insured under your parents' name. Check if the cover will cover ANY driver, although there might be a higher excess for younger drivers (usually under 30?), even if they are not mentioned. There is usually a higher excess for non-named drivers too.
So short answer: yes, you can drive your parents' car without being named, and that will save you money. However if you ever need to claim (and pay excess) you will be up for a hefty sum, but it is a fixed amount. And of course if it was a no-fault thing you're all clear.
Thanks for making it clear! Do you have any company suggestions?
I'm with Allianz, but I prefer to get a "more expensive" provider, but with my dealings with them it has been nice, simple and I get to choose my own repairer (which is important to me).
If you have a second hand older car, choosing your own repairer probably don't mean too much…
However I'd had claims and they've gone without a hitch so I'm happy with them.
Personally I think your first car for $15k is a lot of money.
I had my first car about 2 years ago and I am on my late thirties.
I am a green plate driver and I decided to buy something cheap but reliable car (personal suggestion Toyota or Mazda) for a third of $15k (what you are willing to pay).
If you finance this $15k your insurance would be even higher.
If I crash, my third party insurance will cover the costs and my excess with Bingle will be less than $800. Other budget insurances would charge me $1300 on the top of their basic excess because they say I am an inexperienced driver.
If someone hits my car, hopefully their insurance would pay but most definately will be write off anyway. Then i would need to fight with their insurance to get something above what the peanuts they will try to offer.
I am afraid of being hit by an uninsured bogan because according of what I read on forums out there it would be almost impossible to recover something in case they are on Centrelink with no assets.
I am afraid of being hit by an uninsured bogan because according of what I read on forums out there it would be almost impossible to recover something in case they are on Centrelink with no assets.
Could still make their life hell by taking everything they have, and putting it in auction.
I can so imagine: "Up for auction, 1 mattress, used, slightly soiled"
I agree. I would do it. But to take then the court we have to spend more money.
In the end they can claim bankruptcy and I would get $20 a month. After a few months he/she can stop the repayment and you would need to start the process all again.
I am just saying what I read here and whirlpool forum.
If they claim bankruptcy they can't holiday overseas for 2 years or something. Or legally own a car I believe.
Try Woolworths insurance, they don't ask about a no claims discount, just the number of years without any claims. This worked out much better for us, as we have no claims but no "no claims" discount because we haven't had a car at all for years (living in the Melbourne CBD it's not really needed, far cheaper to just hire one when we needed one, but my wife decided she needed one again…). We're both mid thirties though, and drive super low distances (as noted, we don't really need the damn car anyway), so their risk model may still screw you.
Also, get a WW rewards account and make sure you provide that when doing the price calculation, for me it came out far cheaper. Also, oddly, adding a second driver in dropped the premium quite a bit too (I would have expected the opposite).
regardless of which insurance you get, buy a dashcam
will do thanks! been looking at coles
Is it possible to commit insurance fraud? Sure, depends if you have the stomach and moral compass for it.
Given you're a P-Plater under 25 you're going to get reamed out on comprehensive premiums, but it comes down to your risk tolerance. What would feel worse, paying absurd premiums every year and never claiming, or writing off a 15k asset?