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Old 01-03-2004, 06:50   #1 (permalink)
Dra
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Arrow Insurance advise needed.

Well, I've flicked through the yellow pages and called about 20 places. I got laughed at, hung-up on, one lady even told me her screen said "Not old enough for vehicle".

But that's what's expected trying to get insurance for a V8 when you're 18, I suppose.

Only 2 companies would insure me "full comprehensive".

Just Cars, with a Rating 6, $2300 PA, with an "At fault" excess of $1250, unlimited modifications, $2m Third Party coverage, and $3000 for the car.

And,

Allianz, Rating 5, $3200 PA, "At fault" excess of $1000, limited mods, $500k Third Party coverage, and $3000 for the car.

So considering I only paid $3500 for the car, I'd basically be paying for the car again, every year, until I'm 25 (assuming I keep the car that long, which I'm not).

So my question is, is it really worth getting "full comprehensive" for a car worth $3000, or should I just get $500,000 worth of Third Party insurance for about $500 PA?
And if I used this sort of coverage, would there be any circumstances where I would be held responsible for the costs for other parties, other then myself?
I don't want to get shafted through a loophole.

I did search for topics related to insurance, which is where I got the list of companies to try, but couldn't find anything regarding this.

Cheers.
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Old 01-03-2004, 08:26   #2 (permalink)
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Re: Insurance advise needed.

Quote:
Originally Posted by Dra
So my question is, is it really worth getting "full comprehensive" for a car worth $3000, or should I just get $500,000 worth of Third Party insurance for about $500 PA?
And if I used this sort of coverage, would there be any circumstances where I would be held responsible for the costs for other parties, other then myself?
I don't want to get shafted through a loophole.

I did search for topics related to insurance, which is where I got the list of companies to try, but couldn't find anything regarding this.

Cheers.
No, its not worth it for full comprehensive on a car worth $3k
The only circumstances where you wouldnt be covered under the third party insurance, would be if you car is unroadworthy, or you were doing something illegal (drunk, running from the cops etc) Make sure you ask them regarding this and read the pamphlet thoroughly.

$500,000 coverage isnt really alot though, I heard of someone crashing into a massive electrical junction box, which was worth millions or dollars ($10million maybe from memory?) But he was drunk at the time so insurance didnt cover it, so he's paying that off for the next millenium.
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Old 01-03-2004, 09:13   #3 (permalink)
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Re: Insurance advise needed.

I was faced with similar issues once, $3,200 to comprehensively insure an EA with market value of $3,500 plus a $950 excess if I make a claim ($600 plus $350 for being under 25. Had never had insurance and also have a clean driving/criminal record. Needless to say this quote was un required. Go with third party + fire and theft and try your hardest to save the difference. Then spend it on yourself or save for better things.
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Old 01-03-2004, 15:44   #4 (permalink)
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Re: Insurance advise needed.

deffinately 3rd party, as u can see with those prices, you'd only have to be accident free for about 1.5 years to already have enough money to buy another $3000 car :)
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Old 01-03-2004, 17:15   #5 (permalink)
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Re: Insurance advise needed.

I insure my cheapo TX3 with http://www.budgetdirect.com.au/ they are realy cheap but I don't know if they insure "high risks". My Falcon which is high risk is with http://www.vigilins.com.au/vigil/default.asp you can try for a quote online with either so it is worth a try.
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Old 01-03-2004, 18:07   #6 (permalink)
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Re: Insurance advise needed.

Thanks fellas, I probably would've gone the Third Party route anyway, because I'm cheap, and broke. I just thought I'd get another opinion.

I think I'll get $2m coverage, I could probably find a good price if I ring around again. And if I can do more then $2m damage in one accident, and live, I will be SO proud of myself. Though I will try and avoid substations.

Yeah, I tried Vigil and BudgetDirect (the Laser is with Budget), but I got a "No" with both companies, I'll ring them again tomorrow to see about 3rd Party.
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Old 01-03-2004, 18:10   #7 (permalink)
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Re: Insurance advise needed.

It has always been my view that any car under around 5k is not worth insuring fully if the premiums are over 1k.

3rd party is fine.

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Old 01-03-2004, 19:20   #8 (permalink)
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Re: Insurance advise needed.

Quote:
Originally Posted by Martin
No, its not worth it for full comprehensive on a car worth $3k
The only circumstances where you wouldnt be covered under the third party insurance, would be if you car is unroadworthy, or you were doing something illegal (drunk, running from the cops etc) Make sure you ask them regarding this and read the pamphlet thoroughly.

$500,000 coverage isnt really alot though, I heard of someone crashing into a massive electrical junction box, which was worth millions or dollars ($10million maybe from memory?) But he was drunk at the time so insurance didnt cover it, so he's paying that off for the next millenium.
Just started workin in the insurance industry:) He'll actually get up to 10 million for liability so hes covered in case he does run into anythin rich:)
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Old 01-03-2004, 21:47   #9 (permalink)
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Re: Insurance advise needed.

i cover my XR6 with racv... third party, fire and theft up to 5k... it was about 300 bucks, other companys wouldnt listen too me unless i had over a grand for third party alone!
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Old 01-03-2004, 21:53   #10 (permalink)
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Re: Insurance advise needed.

I would just get 3rd party fire & theft
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