Why Don't You Have Car Insurance?
What do you do with the money you save?
Will you post here for help when you crash?
Why Don't You Have Car Insurance?
deme on 11/03/2021 - 11:34
Comments
Who's maths?
The OP’s.
Read it again: "~$150pa" per annum.
I don't have a car.
Some people don’t believe in insurance, not sure if religious or personal reasons but example Modern Gamer a YouTuber had a lightening strike at his house, destroyed every appliance plugged in which included hundreds of arcade machines and lots of expensive AV gear. Even surge protectors didn’t help.
Living in the country comp has saved me tonnes of times.
1 kangah into the driver door
1 kangah into the bullbar
1 write off from a corner impact
Friend hit the corner of my door with his ute tray
And 1 large repair bill when I leant my car to a friend and he slid outMy person total cost = 9years of premiums + 3 excess payments.
Worth. Every. Penny.
You wanna try driving round Sydney sometime
No kangas but plenty of wild beasts
Must sound strange but comprehensive insurance was always cheap for me (RAC).
When I came over from Europe, even though I only had a $3k car, I got comprehensive as it was soo much cheaper here.
Got a really good outcome, painless quick process when a drink driver nudged my car at the red light.Had another 2x cheap cars after this and when I wanted to downgrade the cost difference was only $100 so I kept it.
When I bought a $14k car, I still only got $200/y difference so it is just not worth for me to downgrade and worry.
Currenlty RAC quote gives me $476/y for comp and $266/y for third party (10k $700 excess). The $200 is nothing. I pay more for junk food in a month.
I see the general attitude these days from the bottom to the top of society is that's its whatever you can get away with…. You see it in literally everything. There's no morals or doing the right thing. People with no insurance will also do everything possible to get out of paying for any damage they caused including driving off.
Didn't have insurance for quite a while. Have had 2 accidents in that time (I ran into someone, $700 cashies sorted that out and another time someone ran me off the road, chasing their insurance up was fun but somehow I got there at the end) but now I wouldn't go anywhere without any sort of insurance.
I couldn't get insurance at the time, either they wouldn't touch me or bump the quote to a ridiculous amount to tell me to bugger off. I suppose driving a modded WRX back and being in the wrong part of Sydney does that…and yep the car did get stolen at the end.
I have the compulsory third party insurance along with my rego but anything else I could never afford as I live on a disability pension due to cancer and other health issues.
If I ever lost my car it would (profanity) me over and make getting to hospital appointments/doctors a lot harder but I simply don't have the money to spare on insurance sadly.
And if I had a crash, no I wouldn't post here for help, people posting here don't want help they want people to agree with them not actual assistance 99% of the time.
Do you smoke or drink?
Quit smoking 12 years ago, extremely rarely drink (as in once in the last 3 years).
Because I'm stupid and think that when I crash into a building or a Ferrari I can get away with it.
Oh wait…
Used to work with this guy, was chatting with him one day and the topic of insurance came up. He insisted that car insurance was a scam and he hadn't had insurance in the 8 years he's been driving.
All the stars lined up or something because the next day after work someone rolled their unattended car into his, total write off.
Suffice to say a monthly later when he got a replacement car the first thing he did was buy insurance. Because Moores Law happens.
Should just be mandatory by law
I agree. That'll get more muslims to get car insurance because so many of them don't even get it.
Third party property? Definitely.
You can't force people to get comprehensive even though they should.
I do
Because I don't own a car
In my country I dont think you can drive a car without insurance
third party is what you always need (should have no matter where you are from) you dont need your own car insured anywhere unless its under a car loan then you might need to.
I only have third party Insurance…
if I crash my car then i will buy something else…
TPP only. I've been driving for 15 years. 2 accidents where the other party was at fault. Dealing with insurance companies was easy. I don't plan on getting comprehensive any time soon as I'm not paying a company thousands of dollars to send emails and call wreckers.
Why Don't You Have Car Insurance
i do. but i believe people that don’t are over confident on their driving abilities and road conditions out are like to live dangerously. i got couple of mates that have just ctp and their explanation is, they are 1000% sure they won’t make any mistakes on road so it’s a waste 🤷♂️.
the only reason that i would have ctp is if my car is worth about few thousands which i can replace.
TPP should be compulsory.
I don't drive an expensive car but I know people who do and who aren't necessarily wealthy people.
So some loser without TPP, driving a bomb writes off the above persons car and pretty much gets off paying compensation because he's got nothing in the bank and you can't squeeze blood out of a stone.
I know a bloke on the dole who drives a V8 ute held together by rust with a huge bullbar and shit brakes. He has no TPP and when I question his decision he replies that yeah nah he doesn't plan on running in to anybody.
What a dolt.
The person with the expensive car should have insurance so the insurance company will chase them for it. May take 10 years to get their money back but that's what you pay them for, so you don't have to deal with that.
You're absolutely right. Or I know of some people who just bear the risk themselves (have TPP) as they're able to afford another car if they get into an accident.
I have only third party and not comprehensive.
To pay a third of the car's value in comprehensive each year doesn't make sense.
Why do you make assumptions?
I bought a used 2002 Mercedes SLK (a rare high performance model) in 2013 for $39k outright.
The quotes I got for fully comprehensive insurance at the time were something like $5k a year. I decided it's simply not worth it (in relation to the value of the car) and that I'm willing to take the risk of having to pay for damaging other cars if it's my fault (I could afford to, unless I wrote off a new $400k Ferrari or similar). The VIC rego I pay every year (about $800 now) provides the legal minimum 3rd party insurance required for my liability if I were to cause personal injury to others.
9 years later, I haven't had any accidents and saved more than the purchase cost of my car by not having extra insurance. I see no reason to change.
I bought a used 2002 Mercedes SLK (a rare high performance model) in 2013 for $39k outright.
Was it a high yield investment
There is only 1 for sale in Australia right now (as of March 2021) with an asking price of $59k so yeah it's turning out to be a collector's item that may actually go up or at least retain value
You have to be trolling me.
Collector's item
Not insuring a very expensive collector's item
Do you lack contents insurance as well
@deme: I have buildings & contents insurance for my house as required by my mortgage lender
My car probably wouldn't be worth $59k as it's a bit higher mileage - At a conservative value estimate of $30k - $40k I still don't think paying $5k a year to protect that asset is worthwhile
If I had taken the safe option (which you seem to be saying it's crazy not to) and insured it fully comp from when I bought it in 2012, I would have paid $45,000 of insurance premiums for nothing by now since I've owned the car
I am definitely not trolling
@y: To add: I'm in the fortunate position that I could afford to just buy another $40k car outright if I total this one. I understand the risk calculation would be different for someone who owned a $40k car, depends on the car and could not afford to replace it from savings. For me, it seems a very rational decision not to pay thousands a year to fully comp insure my car which has saved me heaps of money.
So food for thought, why wouldn’t you buy TPP insurance for like $400 PA to insure yourself writing off the said Ferrari. Understanding you can replace the cost of your own car, then shouldn’t TPP be fit for purpose if it’s an at fault accident.
I'd consider it, depending on cost
I have comprehensive insurance which is about 5% of the value of the car. Of course this percentage will go up as my car depreciates. I have it because I cannot account for other drivers all of the time. Sometimes third party might make sense for some people; just depends on your individual circumstances but driving without TPP is irresponsible in my opinion.
Third party only for me. In Europe you can't even get comprehensive cover on a car that's more than 5 years old. I'm amazed at how many people here pay for comprehensive cover for their Camry or Accord. Factor in the low risk of an accident combined with the low value/cost of repairs on these cars and you quickly realise it's not worth it.
My car is worth over $55k and I only had comprehensive cover for the first couple of years. After that I figured that since I only drive it a few times a week I really can't justify paying over $1500 for full insurance.
Your car is worth over 55k and you can't justify 3% of that cost on full insurance? I always take out comprehensive insurance. Some people value their time. It's not worth the hassle of taking someone to court with third party if they happen to claim it wasn't their fault. Hit and runs are also common not just on the road but in parking lots as well.
In most accidents, even the person at fault could've avoided it with extra care. If you roll through a green light without looking both ways then you're just as much to blame as the dumbass who came from the other side.
So if my car gets totalled ill consider it an expensive lesson in how to be more careful next time. I've been driving for over 10 years and never had an accident. Not even a minor bump.
You've just committed the anecdotal fallacy: https://yourlogicalfallacyis.com/anecdotal
There are so many other factors beyond driving ability that affect whether you have an accident or not.
I commend you for at least getting TPP.
@driew: You just committed the fallacy fallacy.
https://yourlogicalfallacyis.com/the-fallacy-fallacy
I commend you for at least being correct overall.
would not take that chance looking at the weird sydney drivers (more than ) half overseas born who really don't know how to drive here.
I know of someone who hit a near new BMW M3 (long time ago ~ 2008). They didn't have insurance because "they were a good driver" and "didn't need it". BMW driver waved him through, he turned, then BMW driver drove into him. Nothing to back up his claim and was liable for the accident.
Instead of trying to pay the claim, he was pretty spiteful and declared bankruptcy. It's affected his life substantially. His financially credibility was absolutely ruined and he's still battling to improve it.
The takeaways:
1// You might be a great driver but the people around you may not be.
2// If you can't afford to buy someone elses car, insurance is a small cost to pay.
3// Follow the rules, even if someone waves you through.
4// Think long and hard before declaring bankruptcy.
2// If you can't afford to buy someone elses car, insurance is a small cost to pay.
Not if it's comprehensive and TPP only covers you if you are a fault. If they are at fault and you have proof, your insurance aint gonna fix your ride up and assuming the guy who crashed into is willing to payout, if not then you're better off saving that TPP money for something else…
If they are at fault and have TPP, their insurer will cover you, the other party just needs to lodge a claim.
Hence why, at minimum, everyone should have at least TPP.
huh…yes that would make sense then if you look at it that way…..
Your maths is out: $150/mth is substantially more expensive that $6K every five years. Over a lifetime, your friend should finish well in front of someone who's been paying for insurance—that's how insurance companies make a profit—but he might take the occasional big hit along the way and needs to be set up to cover these.