Just Bought My Car Want Advice on Insurance Please Help: )

Lvegetariansushi on 29/11/2018 - 11:04
Last edited 29/11/2018 - 13:11 by 1 other user

Hi There,

I am a green P plater of 21 yo based in Melbourne and recently bought a Honda Civic Sport 2008 for $7100

I am looking to buy a comprehensive insurance for my first car but all quotes are insanely expensive from $1500 to $2200 which was on me as I did not think it would cost more than $1000 annually.

I rang up GIO, SUNCORP, RACV, AMMI. (most popular ones)

All of which i put in same details

windscreen/glass cover
roadside assistance
The amount for car insured - $5700-lowest i can go
KM per year 20000km
excess $850 - I am aware of the additional $400 on top if i claim because of my age :(

All of which

GIO Offers around $1500 which is the cheapest

Suncorp roughly $1700
RACV roughly $1700
AMMI roughly $1700

PS:

I do not wish to choose third party or what so ever, only comprehensive
No previous claims, disqualification or sorts
unable to be under my parents' name

I am curious which one would be recommended? - GIO seems to have terrible reviews.

what should i do?

Really appreciate your help!

' 3 '

Vegetarianshushi

Poll Options

  • 0
    Choose which ever - same stuff
  • 70
    Ring more insurance companies
Automotive

Comments

  • Carmen Sandiego on 30/11/2018 - 15:36

    As a fellow Bargainer, I ask - Have you tried Huddle?

    As a junior Insurance Broker, I say - Comprehensive cover would be insanely expensive for someone under 25, expensive under 30, and an mild-very painful experience after that (depends on how you feel about something covering you for events that will most likely occur). It'd only be under $1,000 if you were over 25-30. Doubly so once you're off your P's.

    Third party is something if you don't care about the value of your car but clearly, that's not what's happening here (understandably).

    DISCLAIMER: This is general advice and anything I say in this comment, and subsequent comments, will be based on general information.

    • imurgod on 30/11/2018 - 20:38

      It's not like that anymore. There have been lots of disruptor brands aimed at domestic motor spring uo in the last 2 years and they are super competitive. In this current hard market, everyone wants domestic home and motor business now.

      Only select brokers have access to the products though.

  • HeWhoKnows on 30/11/2018 - 16:26

    I dont think you will be saving any money.

    $1500 is insanely CHEAP for a P plater!

    P platers have horrendously high insurance premiums.
    Some insurers wont go near them.
    Best place to try is the car insurnace comparison sites.

    The best ones are comparethemarket.com.au followed by iselect.com.au

    If they are still too high consider taking out Third Party only but that doesnt cover your car in the event of an accident.

    GOOD LUCK

  • SiameseIfYouPlease on 30/11/2018 - 16:32

    I’m in the same boat and I went with budget direct. Insurance only ended up costing around $600 for comprehensive. But the excess is like $1000. I don’t ever plan on getting in an accident so that doesn’t bother me. I mean, If I scratch or dent my car I’d never claim. Id only ever claim for a stat write off.. once we have our open license for 2 years it’ll be much cheaper.

    Edit- sorry this probably doesn’t apply to you as I’m 26.
    You should have bought a crappy car and just got third party insurance until you’re on your open license for 2 years, or turn 25 (whichever comes first.)

  • solidussnake on 30/11/2018 - 16:36

    Try Budget direct I've had my Evo X and Rexys insured by them when I was a young fellow and wrote off my 35k wrx and it was paid out under a week really great insurance company

  • apptrack on 30/11/2018 - 18:13

    In your circumstance I'd get Third party fire and theft.

  • pformag on 30/11/2018 - 18:49

    I would have gone for 3rd party only for a car that is worth 7K.

  • andyc26 on 30/11/2018 - 19:18

    Have you tried Allianz or NAB(supplied by Allianz)? I’ve used them since I was 18 on 6 cylinder cars and they’ve been a few hundred cheaper than other companies. I’m paying $820 with NAB this year. SGIO, Coles, AAMI etc were $1200+
    Good thing about NAB is that they don’t charge interest when paying monthly.

    • imurgod on 30/11/2018 - 21:09

      Weren't NAB caught up in the insurance issue at the royal commission? They acted dishonestly and had numerous breaches of the law.

      Also, you'll be dealing with people who don't know what they're doing in the event of a claim and they work for nab, not you.

      I'm short, never insure through a bank or car dealership. You can get a far better deal through a broker.

      The OP was concerned with using gio, NAB are far far worse.

      • andyc26 on 02/12/2018 - 00:00

        Well, like I said, NAB CI is underwritten by Allianz. So all claims are done through them, not the bank. They onsell the exact same comprehensive insurance as Allianz. Royal commission wise they were selling questionable credit card insurance.

        Is any of your comment based on first hand experience?

        • imurgod on 02/12/2018 - 10:17
          +1

          To be honest, my comment is not based on personal experience with NAB for personal motor and I did a policy comparison and you're right, it's a very similar wording (almost exactly the same).

          I wasn't aware that the claims are handled by Allianz.

          That said, I also checked the premium and compared the wording to 3 intermediated policies and the wordings were broader, premium more competitive and in the event of a claim, there's a professional broker handling the claim on your behalf and working for you, not against you.

          If you've never had a claim where liability is called into question, you won't know the value.

  • Kamsi on 01/12/2018 - 00:37
    -2

    I suspect the OP is a oversea student or similar status, parents are abroad. Money is a not a big issue.

    Like above says, P-platers, 21 age. semi sport car . what do you expect. Pay up.

  • dtbnguyen on 01/12/2018 - 02:41

    Felt my insurance was expensive a while back as well. I decided to ask around and check for online comparisons. Funny thing is that if you look for quotes online (directly to the company in question and not via comparison websites which sometimes lag anyhow) they often have good "deals". For instance, signing up online instead of via their call centre gives you a discount of between $50-100, going with multiple policies via a single company often yields a discount as well, online you can switch around excess amounts which changes you're premium level, customising the policy also helps further, etc… Basically only pay for what you want/need and you'll get a better deal. The irony is that this is easier to figure out via online quotes rather then via customer service representatives (who sometimes differ in quality) at their call centre. Another option is to go direct to their offices. I was about to pay for my insurance when the customer service representative offered a discount for basically doing nothing other then signing up (I was new to the company).

  • kaleidoscope on 01/12/2018 - 07:44

    Take out roadside assistance, windscreen… you wont need these for a $7k car. Get a good mechanic to check your vehicle so you can be confident on risking road side assistance.
    Until you have few more years of experience insurance companies will rake in your money for being high risk :-)
    Consider third party. But this being your first car and age of 21 i’d recommend comprehensive as statistically high probability to make mistakes.

    Try looking into insurance with drive less pay less options.

    Obey road rules. Drive carefully. Keep your patience and never drink and drive or use your phone while driving. (Seriously, its not worth the consequences of these)

    You know what a good driver is? Its not someone who can drive as fast but someone who can stop on time.

    Good luck. 👍

  • DiscoJango on 01/12/2018 - 09:21

    coles

  • endolphin on 01/12/2018 - 09:36

    I was going to switch to just 3rd party this year, until I got a quote and the difference was only about $100 ($350 vs $250). Car only valued at $2,700 though so in percentage terms it seems a bit rich!

  • crazyhor77 on 01/12/2018 - 09:45

    Use an insurance finding website like lendi, the results on there will be cheaper than if you contact them directly. I experienced this first hand getting some cover for my son.

  • TOKEN8 on 01/12/2018 - 18:32

    I'm an insurance broker, this is general advice without hearing more about your specific details.

    Call an insurance broker and ask them to find a policy for you.

    They have access to policies with better wordings. We are paid a commission by the insurer and you may be charged a small broker fee (usually well under $100).

    They will do the quoting work for you and you are not obligated to follow the recommendation. You will only be charged if you take up the policy.

  • xuqi on 01/12/2018 - 21:03

    Rip the 'Sport' badge off the car.

    • Tech and cars on 01/12/2018 - 22:14

      https://www.google.com.au/search?q=Honda+Civic+Sport+2008&oq…

      This car is literally the honda's equivalent of a toyota corolla… I don't know why everyone is thinking it's some sporty car.

      It's not the type r… meaning it should be cheap on insurance.

      alternatively - see if you can ask your folks to get on an insurance like nrma (cover any driver) and list yourself as a driver - see how that plays out?

  • bmerigan on 01/12/2018 - 21:57

    Budget or Coles are very cheap. Way cheaper than the big names.
    There are ways to reduce the cost:
    Don't get windscreen cover.
    Roadside assistance… depends whether you have handy friends and family nearby.

  • Tech5 on 02/12/2018 - 00:09

    Just wait until your insurance is $3500. Fml

  • jtc13 on 02/12/2018 - 08:10

    Third party fire and theft. $5700 is not enough to pay massive amount of insurance for. See how much TPFT costs and work out the savings per year. Be disciplined with your driving and your savings. I reckon you would save $1000 per year on comp insurance. As long as you save that and dont spend it within a few years you should have saved enough to buy the same car again should you write it off as the car will continue to depreciate.

    I used to work in insurance and this is what I would advise my kids when they get to driving age. Hope it helps

  • fozzie on 02/12/2018 - 08:48

    We have huddle insurance very cheap.

  • minotaurian on 02/12/2018 - 09:32

    Have a older family member insure it on your behalf, under their own name and add you as an additional driver. This may also include registering the car to them, and when you're older have both transferred to your name.

    Or move to a rural town, it will be around $600 for over 25 or $1100 for you.

    Have excess at 1500, it's not like you will be in a car crash often, and most time, your insurance is to pay for those major ones, any minor ones, you pay your self. And if its not your fault. You don't pay

  • cnrmlj on 02/12/2018 - 15:29

    I have 3 card with woolworths - Mine, my wifes and my daughters.

    They were the cheapest around. Unfortunately my daughter had an accident while on her L's. They chose the repairer who are one of the busier ones around so it took a few weeks to get back which was a pain. A few weeks ago when I was switching over cars and my daughter got her car their contact centre ques were horrendous. I ended up chatting and got someone to call me straight away.

    They are however the best value for money I have been able to find and would certainly suggest them to someone who is looking for good value. They aren't the best and you generally get what you pay and i think i could choose my own repairer or have shorter phone ques if i was prepared to pay more, but they represent good value for money to me.

    We also get triple points as woolworths at standard on the rewards program.

  • echelon6 on 02/12/2018 - 17:27

    just get third party property damage

  • ufsta on 02/12/2018 - 19:14

    Bingle insurance

Login or Join to leave a comment
Login Join