Insurance: What company, and how much?

[gorgath]

What does everyone prefer or to be more practical?

Having a higher excess of $1700 like Just Cars which it lowers your premium plus any additional excess

or

Having a standard excess with your premium as per quoted by the insurance?

Reason why I'm asking is, my insurance will be run out in the next couple of days and I haven't made my mind which insurer to go.

My premium with JC is $1100 (went up a bit due to additional mods) but it put me off due to $1700 excess in the even of an accident whilst Shannons is $1540 premium with $500 excess.

Hmmm........

 

[Tom]

$440 a year isn't too much really, that's less than $40 a month extra with a $1200 less excess.. If, god forbid, you have an accident, that's an extra $600 you're paying towards your repairs instead of a simple $440 a year on your premium..

But then also that could be a $440 a year saving if you DON'T have an accident and need to claim!

Hmm tough pickle lol

 

[Tom]

My manual is insured with Just Cars and I had no issue with them identifying the transmission.

Perhaps it depends on the operator you get on the day?

I too am with JustCar and can't even remember telling them about a transmission at all??

I now pay $1800 with 1 loss of license and 22 and have had insurance with them for 1 year on this car.. at 21 years old I paid $2700 last year

 

[Stuii]

I have $1300 for comp at just car, I'm 25 they've given me rating 1

that's with $3000 for rims, $1000 stereo, roof racks, sport seats, steering wheel, exhaust, coilovers, avcr, safc and pod filter listed

 

[ygoslo]

My latest is $921 from Shannons. Annoyed because it went up this year even though no details changed.

$1700 excess through Just Car is freaking ridiculous. Do Just Car charge extra for pay by the month?

 

[Tom]

Nah I don't think I pay extra per month, I'm on a per month payment thing as I couldn't afford to fork out that much (plus rego) at the same time!

I have my wheels and stereo, no-claim bonus, exhaust and front mount on my policy.. They're aware of my carbon bonnet but they won't pay to replace carbon if something happens..

 

[cyber_scriber]

What does everyone prefer or to be more practical?

Having a higher excess of $1700 like Just Cars which it lowers your premium plus any additional excess

or

Having a standard excess with your premium as per quoted by the insurance?

My premium with JC is $1100 (went up a bit due to additional mods) but it put me off due to $1700 excess in the even of an accident whilst Shannons is $1540 premium with $500 excess.

Irwin.

If you are a good/low risk driver that has not had a history of making regular at fault claims, then you are better off with the higher excess and lower premium.

Remember, the excess is generally only payable when you are at fault. So let's run the numbers.

With Shannons, you are paying an extra $450 annual premium. The Shannons excess is $1,200 cheaper. Let's assume you went with Just Cars.

If you make a claim in year 1, you are $750 worse off.

If you make a claim in year 2, you are $300 worse off.

In year 3, you are ahead.

This means that in order to be financially better off with Just Cars, you will need to go at least 2 years without making an at fault claim.

If your driving history indicates that you generally don't make at fault claims in periods of less than 2 years, then I suggest that Just Cars is the better option.

On the other hand, if you tend to make at fault claims in blocks of less than 2 years, then Shannons is the go.

 

[cyber_scriber]

I have my wheels and stereo, no-claim bonus, exhaust and front mount on my policy..

Tom.

Did Just Cars increase your annual premium because of the addition of wheels, stereo, exhaust and front mount?

 

[cowabunga438]

If, god forbid, you have an accident, that's an extra $600 you're paying towards your repairs instead of a simple $440 a year on your premium..

But then also that could be a $440 a year saving if you DON'T have an accident and need to claim!

Hmm tough pickle lol

Not in my books. This is a fairly simple cost risk analysis. Asuming the figures of $600 eextra excess and $440 extra insurance premium....


Basically you need to have an accident within approx 1.36 years for Shannons to be better. If you have an accident after 1.36 years Just Cars is better.

You then need to weigh your risk of paying an extra $600 against having an accident within 1.36 years.

For me personally I would take that risk.

If you pay in full yearly in fact it is even easier. The excess is less than the second years extra insurance payment. ($600 versus $880 extra you have paid after the second year premium).

 

[gorgath]

Irwin.

If you are a good/low risk driver that has not had a history of making regular at fault claims, then you are better off with the higher excess and lower premium.

Remember, the excess is generally only payable when you are at fault. So let's run the numbers.

With Shannons, you are paying an extra $450 annual premium. The Shannons excess is $1,200 cheaper. Let's assume you went with Just Cars.

If you make a claim in year 1, you are $750 worse off.

If you make a claim in year 2, you are $300 worse off.

In year 3, you are ahead.

This means that in order to be financially better off with Just Cars, you will need to go at least 2 years without making an at fault claim.

If your driving history indicates that you generally don't make at fault claims in periods of less than 2 years, then I suggest that Just Cars is the better option.

On the other hand, if you tend to make at fault claims in blocks of less than 2 years, then Shannons is the go.

Yeah, I am a low rick driver with no claim in the last 5yrs and no traffic offences (just illegal parking fines only).

I still went with JC and continue my policy with them after pondering the whole Friday arvo and didn't do any work at the office, LOL.

I could use that extra $400 for modding my car ahehe

 

[cyber_scriber]

Given your infrequent claiming history (and assuming history repeats itself going forward!), you're definitely better off with the lower Just Cars premium.

You're right - that $400 is better off in your pocket rather than Shannons. Maybe invest in a deep cycle battery?

 

[ygoslo]

Worth looking at the other stuff too though. Does JC give free glass replacement? Wreck retention option? etc. Shannons are quite good with their extra bits.

 

[smitty]

$904 PA from Just Car, garaged in FRANKSTON of all places (anyone who knows frankston will be shocked...) 24 y/o with no recent claims.

 

[Guest]

Just car are the only company I could be insured with as I'm on my P's, under 25 and have a turbo car. price was $831 for my tx3 turbo, and that is with my excess adjusted to $1500. The thing with just car is you have to pay the first year up front.

 

[MasqUAP]

$730 / yr with no mods, $804 / yr with 'non-significant' modifications (boost controller, exhaust, intercooler etc) through Shannons, and a further 10% discount when I join CAMS to run my tracker.

31yo, 1 x loss of licence (2 days for driving unregistered 100m from my home, i was testing my fuel pump on the track car and went to the first intersection on my road, did a u-bolt, then noticed the coppers pulling out of said side street... had no front bumper and the car was about 9 colours >.<), 1 x speeding fine ~ 4 years ago

 

[VR4sum]

Shannon's wont touch you unless you have a fully lockable garage

Just an FYI as I spent 15 minutes on the phone getting a quote - for nothing!
(What sucks is that another reader living in Frankston was approved but even though I'm in Pymble, I still need a lockup garage. LOL!)
(If you know Pymble and you know Frankston then you'll understand my confusion/laughability at this whole situation)

 

[Guest]

your premiums are making me jealous.
i got insured by justcars.
the woman who answered the phone at shannon's got on my nerves with her attitude, so i hung up on her. lol.
my premium with justcars is $1750. my galant vr-4 is stock, plus a turbo timer.
i'm 22, fully licensed (since may this year), no accidents/claims
and they gave me a rating of 3. total driver excess of $1100.
does that sound correct?

 

[SupremeMoFo]

22 is relatively late to get your full licence? Most people would get it at 19?

 

[Guest]

i had my full licence at 21.
i don't know about SA rules, but the probationary in VIC lasts 3 years.
minimum age for probationary is 18. minimum age for full is 21.
so you can't say that i got my full licence late.

 

[SupremeMoFo]

Ah, sorry, I didn't think the current rules in Vic affected anyone who started on their Ls over about 3 years ago. In SA I'm on P2s now (18) and will be up for full licence when I turn 19 next March.