Insurance Help on Options for P Driver

Lstonks on 08/08/2023 - 15:20
Last edited 08/08/2023 - 16:54

Hey,

currently looking at options for reinsuring my Audi TT 2012 coupe, and wanting help whether i should continue to renew under my name or go under my parents as an unlisted driver.
- being listed as an additional driver under my parents policy is the same cost as insuring by myself

car is registered under my (22, M) name. i have held my license for 3 years (green P) w no claims/accidents. i am ~99% the only driver.

options

renew my Aami comprehensive under my name
- $1.6k/ year, gone up to $2k this year if i renew
- $2200 excess (optionally increased) + $400 (young driver)

renew Aami under my parents name as unlisted driver
- $1k/year,
- $1200 standard excess (optionally increased) + $1400 (unlisted driver)
- worried that in event of crash, insurance won’t pay out (as i’m registered owner but unlisted)
- can’t find anything abt this on pds

renew Aami under my parents name AND change registration to their name
- $1k/year,
- $1200 standard excess (optionally increased) + $1400 (unlisted driver)
- possibly works around the issue in option 2?

would love to get input and specifically advice on insurance paying out if under my parents name.

TIA

Automotive Car Insurance Insurance

Comments

  • Gdsamp on 08/08/2023 - 15:26

    Car model & year?

    Considered Third Party Fire & Theft?

    • Gdsamp on 08/08/2023 - 15:31
      +1

      In any case, the Insurer is legally allowed to discriminate against you on the basis of age (Under 25) and sex (Male) because their data suggests that you are more likely to make a claim for an incident that causes a greater loss to them.

      My anecdotal experience of around 30 friends under 25 (50/50 M/F), 3 have had car accidents resulting in a claim. 1 was male and not at fault (someone crashed into him while stationary in a car park), one female into a pole, one female 4 times (each time at fault).

    • stonks on 08/08/2023 - 15:41

      audi tt 2012 coupe. at the cars current market value (~25k) i’m hesitant to go third party

      • Gdsamp on 08/08/2023 - 15:50
        +5

        Okay well that explains a bit.

        Premium brand, turbocharged sports car driven by an under 25 male. Quite probably one of the worst risks for an insurance company.

        https://www.finder.com.au/car-insurance-fronting

        • you can get car insurance under your parents' name if you are simply an additional driver. If you're the main driver but you list someone else, this is car insurance fronting and it's technically insurance fraud. Plus, if you're involved in an accident and you need to file a claim, chances are your claim will be rejected or worse (getting convicted of fraud in NSW carries with it a maximum prison term of 10 years).

        I am not advising you to do this. But I am also aware that many people do this and seem to be OK in the event of a claim. If you do have an accident while driving the car do not lie about it.

        Agree with other comment to avoid budget insurer at all costs. This is one of the costs that increases when driving such a car.

        • stonks on 08/08/2023 - 15:55
          +2

          thanks for the input appreciate it

  • Boioioioi on 08/08/2023 - 15:43

    I am pretty sure there is no issue of your parents taking out the insurance policy, even though you are registered owner of the car - unless insurance company asks, in which case do not lie about it.

    If you want to, call up and ask them.

    Also have you shopped around? I would try AAMI, RACQ, NRMA, see where you can get a good deal.

    Would not recommend more "budget" insurance options, as some will try screw you over when it comes time to make a claim.

    What sort of car is it?

    • stonks on 08/08/2023 - 15:56

      yeah these prices are based off aami. looking to call soon to get a better idea of everything.

      car is an audi tt 2012, just updated the post

      thanks

  • CurlCurl on 08/08/2023 - 17:19
    -2

    May I ask why a P plater is driving a turbo Audi?

    • coffeeinmyveins on 09/08/2023 - 09:41
      +1

      Not really any of your business is it?

      Turbos don't mean anything. Pretty sure 1.2Litre crappy MGs have turbos in them nowadays.

      Equating turbo with powerful is boomer talk.

      • CurlCurl on 09/08/2023 - 11:01
        -1

        Not really any of your business is it?

        Never said it was my business, and what I said is none of your business.

        • coffeeinmyveins on 09/08/2023 - 11:29

          you made it everyones business when you posted about it mate, you opened up the door by making a stupid comment.

          And don't be coy, you "made it your business" when you asked the question!

          • CurlCurl on 09/08/2023 - 12:14

            @coffeeinmyveins: Yeah yeah whatever.

          • Bargainitis on 09/08/2023 - 13:54

            @coffeeinmyveins: To be fair to CurlCurl, OP posted on a forum seeking comments.

            CurlCurl can comment how he likes as long as its relevant. He may not be aware that the term Turbo is a bit loose nowadays - perhaps he is referring to the banned list for P platers.

            In any case, he can ask the question. You could have just responded with the middle sentence but you decided to also attack him? what gives?

  • bobbified on 08/08/2023 - 17:38
    +2

    $1.6k/ year, gone up to $2k this year if i renew

    That's actually not bad for a P-Plater in a turbo car. I've got a MK3 and, it's valued higher, but I'm almost twice your age (with no prev claims) and the premium is $2,400 through AAMI with a $1500 excess.

    The parts for these cars are damn expensive and that gets reflected in the premium.

    • brendanm on 08/08/2023 - 18:09
      +1

      Holy cow I think you are getting reamed. Have you shopped around price wise?

      • bobbified on 08/08/2023 - 18:17
        +1

        Each year at renewal time, i go through and run new quotes for all the major insurers (not budget or woolies, etc) to compare. I do push it up to the maximum agreed value though so that brings the premium up a little more.

        • brendanm on 08/08/2023 - 18:42

          Still seems like crazy pricing, especially with that excess. I though my $1500 for stupid car with expensive parts was bad.

          • bobbified on 08/08/2023 - 18:47

            @brendanm: Do you have a similar car?

            It could be my location as well - Melbourne CBD. Guess it serves me right for being so particular with cars! haha

            • brendanm on 09/08/2023 - 08:26
              +1

              @bobbified: Just a semi-uncommon euro with expensive parts. I just had a few insane quotes of $3k+, so wasn't sure you'd checked them out. Tried Shannon's? They were very well priced, but I ended up with Allianz, slightly higher agreed value and covers anyone who drives it with less conditions.

              • bobbified on 09/08/2023 - 10:45

                @brendanm:

                I just had a few insane quotes of $3k+, so wasn't sure you'd checked them out

                I did get a couple of those as well! If I remember correctly, GIO was one of them! At one stage RACV was cheaper but for the last few, it's been AAMI.

                Re Shannons: I've never used them myself, but a few years ago, my mate (uninsured) was saying that Shannons had debt collectors chasing her after an accident that wasn't her fault . I reviewed her documents and circumstances seemed pretty clear, but still had to 'fight' to get them to admit liability for their own insured. Theye eventually paid my mate out instead of chasing her for money (three years later!). Not saying it's intentional, but sometimes they can be lazy and just try to take the easy way out.

                I've always stuck to larger companies (even though generally more expensive) to try and minimise the chances of potentially having a claim denied due to a technicality of some sort.

        • fanbubbles on 10/08/2023 - 18:16

          Which are the major insurers you compare?

          • bobbified on 10/08/2023 - 22:34
            +1

            @fanbubbles: Off the top of my head, I generally do GIO, AAMI, RACV, Allianz, QBE and CGU.

  • Euphemistic on 08/08/2023 - 19:08
    +4

    Don’t go as unlisted if you are the main driver of the car. It’s not worth the risk of having a claim denied because you are a regular driver.

    I was told by an insurance company that they’d consider less than once per month as being a covered unlisted driver. More often than that and you should list.

    I checked out TPP for a teenage driver and found it not worth the saving over comprehensive.

    • coffeeinmyveins on 09/08/2023 - 11:31

      Don’t go as unlisted if you are the main driver of the car. It’s not worth the risk of having a claim denied because you are a regular driver.

      Second this. They will flat out deny any claim and you'll be up a certain creek without a paddle as a result.

  • jackary on 09/08/2023 - 02:58

    Sorry to shill, but have you looked at Rollin insurance? They’re pretty much a rebadged NRMA for young people (same underwriter/parent company, very similar coverage)

    In a similar situation (young, male) as you and for some reason they were massively cheaper than everyone else. $500/year cheaper than my next cheapest quote.

    I’ll stop now :p

    • bobbified on 10/08/2023 - 13:33

      Cheapest isn't always best. They may be underwritten by NRMA/IAG, but it's still a separate entity that has their own product and rules. Their claims handling process will also be different and the company will be operating under a much tighter budget (with different priorities). That means they'll be scrutinising claims very closely to save money - just like every other budget insurer does.

      • jackary on 14/08/2023 - 17:47

        That’s a mighty assumption!

        I read the PDS, start to finish. My partner also works for IAG. Rollin’s standard policy is more equivalent to NRMA’s comprehensive PLUS, their higher tier of cover (included windscreen, unlimited hire car etc). You should really look into it, it’s great value and great coverage.

        The only sting I was able to find was a $3000 unlisted driver excess. So I’ve nominated every single person who would ever feasibly drive my car. Simples!

        Thanks for playing

        • bobbified on 14/08/2023 - 18:21

          Companies have to make money somehow. If they're charging so much less than their parent company, something's got to give. They're happy to take your money at the start, but experiences with claims are a different thing - esp when it comes to situations that are a little grey. Over the years, there's been plenty of (negative) stories here with budget insurers. I used to work as an assessor for GIO and because of the sheer volume of claims, there's lots of "grey area" claims that we'd let through because it was often cheaper than potentially having to try to fight it. I can't see a smaller company on a tighter budget doing that.

          • jackary on 14/08/2023 - 19:08

            @bobbified: I don’t really think I have anything resourceful to add… obviously I disagree with you but let’s just call it a day :p

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