How Much Do You Pay to Insure High Performance Car?

Hello Everyone,

Out of curiosity, I've enquired about insuring a 2014 WRX STI, and out of 10 insurance companies, only 2 were willing to insure with $3000 yearly price tag. Is this normal?

I've inputted my fathers detail to test whether age played a big factor (I'm 28), and it dropped to about $2300.

Made me think twice about buying anything 'high performance'.

What kind of high performance vehicle do you drive and how much does it cost (roughly)?

Thank you for your time.

Comments

  • +2 votes

    It's probably where you live, combined with your age.

  •  

    2013 Renault Megane RS265 60k km Melbourne Driver Age 50 Garaged AAMI. Also try location not only address.

    • +3 votes

      And the price?…

    •  

      Thanks for the info. I live near Rhodes NSW and maybe it's considered as a high risk area. Budget Direct flat out rejected me ha

      •  

        AAMI. Corrected. If you are in a high claim area it does affect the premium even if you are a good driver etc. $550PA Comprehensive. $650 excess.

  •  

    high performance car
    2014 wrx sti

    Huh? At 220 KW, it's not much more power than my FJ Cruiser.

    It's likely a combination of being a 'hooligan' car (some vehicles are higher risk), your age (<30 usually a premium) and location it's stored in. Possibly also what annual km you input. Also any third party mods you have declared.

    • +1 vote

      220Kw in a light weight body and probably modded.

    • +16 votes

      LOL, your FJ cruiser has a power to weight of 102.3 kW/t the STI 150.0 kW/t..

      Why do you think motorbikes are faster than trucks.

  • +1 vote

    2018 BMW M2 - 27 YO - Sydney (Northern Beaches) $850 annual with Bingle

    • +1 vote

      Sorcery!

    • +1 vote

      Literally how

    •  

      How? I just tried to get a quote with a fake address in Balgowla, 2018 BMW M2, 27 years old, and got close to $1,900.

      That's with no suspension, no cancellation, no claim, always parked in garage etc.

      Edit: changing the finance status from "yes" to "no" made a big difference, but the quote is still over $1,500.

      Edit2: are you sure you're talking about comprehensive?

      •  

        OK finally able to kind of replicate the quote. By selecting the least amount of km driven (small difference), selecting female (big difference), selecting no finance (big difference), I'm getting around $900. Unfortunately none of those apply to me, haha.

        • +2 votes

          Yea, I own it outright, female, and drive 10k km's a year. Husband is on the policy too as a listed driver.

  • +3 votes

    Where's @spackbace?? I want to ask if my Fiat 500 Sport counts as a "high performance" car? It needs 95RON and has a 6speed gearbox. It's red, and has a wing on the back if that helps? Did I mention it's Italian?

    For the record, if it is a performance car, I'm well into my 40's, just outside Newcastle, NSW, $360/year (with $1,100 excess)

  •  

    I did pay $2600 for a single year a while ago for a unique performance car. I had no chance of finding parts and it was a crazy car to drive - I was scared shitless of writing it off. Ended up selling it as it spent more time at the mechanics than on the road lol.

    Now I pay $800 for a boring commuter.

    •  

      Thanks for the info. Maybe that's why there are so many used 'high performance' cars on sale. Too expensive to insure them.

  • +1 vote

    Bingle is cheap and didn't palm me off with some ridiculous fees.

  •  

    You can play around with the policy info and you might get it cheaper. For example, go to a higher excess, remove glass coverage etc. If you have listed mods, like alloys or spoiler, factory mods don't need to be listed afaik. These can push your premium up as the insurance software thinks you have aftermarket mods. If you are getting the same premium, it's probably because you have rung a brand from the same group. eg, suncorp, shannons, budget are the same group. Could try Youi as it is more customisable but you are removing coverage for a cheaper price. Budget and any other no frills insurer should be able get it a bit lower.

  •  

    Ubi Car Insurance?

  •  

    Audi TT 2015 S line for $1049 30 Y.O

    •  

      Which company are you with? And how much is it insured for? Standard excess of $500 or $800?

      •  

        with aami excess of 650 insured for 73k at the moment

        •  

          Pretty good premium, but are you sure you've got it insured for $73k? When I did comparisons amongst the insurers on agreed value, the allowable range was between $39k to $50k (around that).

          Ive got my current policy through RACV with a $1700 annual premium and $2000 excess. The car is insured for $50k. AAMI was a couple of hundred dollars more. (I'm 38 and I've got a clean record with no suspensions or accidents).

  • +1 vote

    You get a high performance car you don’t just pay extra for fuel. Play the game you gotta pay the entry fees.

  •  

    WRX have the unfortunate reputation of being a "hoon" car. Same as Nissan Silvia, etc. Too many d/h's with their cap on backwards drive them.

    Try buying something that has less history with insurance companies.

    Age, suburb (even street) all have a bearing on the price.

    •  

      Thanks for the reply. Any Japanese/Korean car with 4cyl turbo you recommend that is percieved as 'low risk'? I can only think of the usual (type R, sti, i30n) which I think they'll all be in the naughty list

      • +2 votes

        Toyota CHR, Kia Picanto GT, Suzuki Swift GLX Turbo are a few. Basically, if you want a "turbo" but you don't want the "risk" badge applied to it, you have to get something that the turbo is used for "economy".

        •  

          Do you find the C-HR- Koba aesthetically pleasing?

          •  

            @Jar Jar binks: You’re asking the same guy that finds the Fiat 500 “aesthetically pleasing” ? :D

            •  

              @pegaxs: Is it the Fiat 500 that you find "aesthetically pleasing" or Catrinel Menghia?

              As for the C-HR, I'm going to go with no: you prefer smooth curves over sharp angles? 🤔

              •  

                @Jar Jar binks: Yeah, I like a more “rounded” profile. I like “curves” and not edges.

                The CHR is a nice looking vehicle though, considering what it is and what it isn’t?? Is it a small hatchback, is it an SUV, is it a sports coupe mash up. It kind of reminds of something (and another turbo car to add to the list) like a Hyundai Veloster, but on a Tucson undercarriage.

                Would I own a CHR, hell yeah. Would I buy one, not likely.

                •  

                  @pegaxs: I don't get it. I've driven a 2017 koba (AWD) in egg-yolk yellow once. I had to go to the rescue of a mate's son who got caught drink-driving and kindly offered to get him and his car home safely.

                  Never again! We had to make several stops for him to puke🤮. But worst than that, the Koba was such a gutless , under-powered and butt-ugly car that it just compounded my frustrations even more and made the 40 km journey home feel like it would never end.I still have nightmares of being trapped in that egg-yolk car with no android auto to cover up the sounds coming from the puking and crying 22-year old passenger😨

                  Yet, people rave about this car so much.What am I missing? Does the driving experience improve much if you have a sober passenger in the car?

                  •  

                    @Jar Jar binks: I test drove one when the wife and I were looking at getting a Kona, a Tucson or something similar. We went and gave the CHR a chance, and like you, I really wasn’t that impressed.

                    The styling is kind of different, and I like having something “different”, but, like I said, it just felt like a jacked up Hyundai Veloster. And as for gutless, it was for the wife, she thought it had enough power, so that’s all I needed. We’re not going to race it, and those 1/4 mile times were just not that important for getting to and from shopping. It was more about the fuel economy.

                    Would I own one, yeah, if I won it or work gave it to me as a work vehicle, sure. The in your face styling is bold, it’s easy to drive and it’s just a commuter. But, would I actively go out and purchase one, no way. I would rather spend a few coins more and get a RAV4 if I was going to go SUV, or spend a few less and get a Corolla if I wanted a hatchback.

                    It’s a vehicle that is marketed to the buyer in their mid 20’s with a decent job and no family commitments who want a sporty hatchback but an SUV at the same time.

                    I was just coming up with Japanese turbo charged vehicles that are not considered in the “high risk” category for insurance. Pretty much anything with a turbo that isn’t an insurance risk is going to uninspiring to drive, so for that lack of oompf, it needs a pretty face or an endearing personality…

                    PS: I would buy the Turbo Kia Picanto GT over the CHR. :D

                    •  

                      @pegaxs: What did you wife end up getting? Let's hope she has better taste in car than you :P

                      • +1 vote

                        @Jar Jar binks: Pffffft, I wear the pants in this family… and if she is paying and has as much experience as me around cars, I’ll let her….

                        Nope, nope, that’s not how it happened. She liked the Hybrid Corolla, so we got a Hybrid Corolla…

                        •  

                          @pegaxs: I can relate. I'm married to a strong-willed woman too. She got the Tucson Highlander because it came in the "most perfect shade of blue". She's fiercely independent though and pays for her own car. So, can't complain and it could have been a CHR shudders It's not and for that I'm forever grateful.

                    •  

                      @pegaxs: Hell,I would buy neither!

                      •  

                        @Hackney:

                        i wOuLd BuY nEiThEr

                        That's a solid recommendation from the guy who thinks that the Holden Arcadia is a good vehicle and who owns a Mustang and a Qashqai. After those choices, you'll have to forgive me if I don't really feel confident with your ability to pick a quality vehicle.

                        InB4: BuT yOu OwN a FiAt!!11!1!!

                        I do, and it is a shitbox, but I would never recommend it to anyone.

                        • +1 vote

                          @pegaxs: Your training is complete, young padawan

                        •  

                          @pegaxs: Ok,then,list what you do not like OR think is wrong with the Qashqai.(just happens to be one of the biggest sellers in Europe).#5 last time I looked in the UK.I guess when you own an Acadia,you might be able to form an honest opinion.Until then,your opinion does not count.Mustang? It is a sports car,nothing more.It has its failings(as ALL vehicles do) but I have had no issues with mine ,period.Everyone one is entitled to an opinion(yes even you) but that does not mean you OR I am correct!

                        •  

                          @pegaxs: Each to his own.My daughter owns one(they are not for me) but she has never had an issue with it.She is more then happy with it.It does regular intestate trips(Newcastle/Sydney & southern teblelands)

        • +1 vote

          Kia Picanto GT,
          71kw 1.2L, I'm curious to drive one. Picked myself up a Kia Proceed GT as a daily recently, 150kw of 1.6DITT lolz Really suprised with Kias.

      •  

        Subaru Forester XT
        Veloster Turbo

        Neither are high performance but they go well

        You just have to do the hard yards on the keyboard and not assume what the premium will be

  • +1 vote

    Look at a Liberty GT
    195kw (STi is 221kw), but still a manual turbo boxer AWD. Won't have the stigma of the STi with insurers

    Dummy insurance quote through RAC (WA) - 2014 Liberty GT Manual - $789/yr, $750 excess, $21,600 value (for a 28yo)

    There's only 1 in the country for sale though apparently lol

  •  

    $900 to insure a GT Mustang.(GIO).

  • +1 vote

    4 year old AMG SL63 42 years old driver perfect driving record in Northbridge I pay $1600

  •  

    I pay about $850 a year for my Mustang, third party cover only, I'm 29.

    The notion that 'its because of age/location etc' is only partly true. A big part of it is that insurance companies want to make money so they'll jack up prices for the people who have no choice but to buy their products.

    I owned a 350 when I was 26. 0 demerits in the last 5 years, no suspensions, no claims, lived in a private estate where the car was in a locked garage, only nominated to drive to work twice a week, where the car is also parked in a secure garage. That'll be $2314.75…!

    "it's the car" they all say. Bullshit - I've gone to hundreds of car meet ups, and I have a habit of looking at every car I see on the road. The Z range of Nissan's are not that popular. I see about 2 every month. Hard to believe that the accident rate for this car would be so high given that the car sold quite poorly and is very hard to find!

    •  

      the car sold quite poorly and is very hard to find!

      Soo… you don't think parts might be expensive then, when/if it's crashed?

      That didn't cross your mind when wondering why the premium was so high?

      •  

        Shortage of cars does not necessarily mean shortage of parts. Every car is different when it comes to part availability and in my experience service and repair costs for a 350 were very reasonable, far less than say an average BMW.

        If it was down to part scarcity, you'd see old cars which are no longer made skyrocket in insurance premiums. Fortunately, Japanese cars tend to have a very good tolerance of mixing and matching components from other cars.

  •  

    2017 WRX STI premium , $900 Shannons, non daily however inner city. Insurance companies been fleecing rexy owners for over 25 years…

    For that price range, Id seriously consider a KIA Stinger GT, test drive it. Not as agile as STI but much easier to live with performance car and 7 year warranty.

    •  

      Ahhh finally a wrx sti owner. Thanks for your input. As long as I stick with Bingle I can get a sub 1k quote. I was thinking of getting a used 2015 one for about 30grand. Do you suggest buying a newer one (like 2017) or going for a different car altogether? I personally think the Kia is too big and not many used ones out there.

      Many thanks!

      •  

        How many clicks on it?

        Always with cars they make revisions that improve the car. I think the differences are minor, main thing is interior updates and side mirror camera.

        If budget allows go the premium model. Had lot of modern convinces over base, true keyless entry, push button start, auto;wipers,rear mirrow, lights, sun roof, blind spot monitoring, rear cross traffic alert. Last two worth in IMO also power heated seats with memory function, heated mirrors. Nicer interior too.

        Kia isnt much bigger than STI, STI is actually a big car, much bigger than GD chassis that i owned previously.

        Test drive them all and see what you think. As an owner Id say STI is very "accurate" car in thats its very responsive. Drive sloppy it wont smooth out bad inputs like other cars. This is great but also annoying daily driving. Just depends what you want out of a car really and where you live. For me I love it.

        If you do get one; silicon intake, nvidia downpipe and custom tune. Stock map is trash, slow and chews fuel. Those mods 30% gain, torque, power, fuel economy. Also STI short shifter, stock is too sloppy.

        •  

          Thank you for your input. Great to hear from someone who actually owns it. I am looking at a 2015 premium model at around 80k - 100k km on the clock for 30 grand. Very hard to find a stock one so I'll try to pick one with the least modification done. My only concern is that the car might have ringland failure or any headgasket issue. Are those problems really common or is the internet over exaggerating? Maybe I can buy a pre dynoed one with all the modifications you've recommended? I am planning to daily this. I do about 12000km a year.

          Many thanks!

  •  

    24 - Comprehensive cover
    Previously 2009 WRX STI -2.1K as the only driver
    Current 2019 Civic Type R -2K as the only driver

    Cover with Racv with no mods
    Original prices quoted around 2.4K But all it takes is a phone call with the RACV sales consultants who will be more than willing to discount

  •  

    BMW 135i, 31yo male.

    Around 1000 with GIO.

    I took the optional excess, total 2650, as I consider myself a good enough driver. And if I'm at fault, so be it, I'll cop it, I can afford it (most importantly).

    It was painful when a hailstorm came through though.

    Either way, over the 5+ years of ownership, I have saved approximately 700-1000 per year in premiums on this strategy.

  •  

    My car with very light mods is covered by Shannons, who also cover the third party mods. It is a little bit more expensive to declare the mods, but not nearly as much as I thought. The guy who I signed up with didn't sound open to negotiating on price, but I managed to get a few discounts by declaring memberships to CAMS and affiliated car clubs.

    Having your trim/bodykit parts intentionally not covered by insurance is one thing.

    But if you have a mod that can affect performance/handling (e.g. suspension, etc), it could be possible that they use that to argue against you in the event of a claim. Just something to think about, but I have no personal experience in this scenario (maybe someone else could give better advice here).

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