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Old 01-23-2002, 05:05   #1 (permalink)
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confused Insurance costs, is it the norm?

Hi everyone

I just got my car insurance renewal this afternoon and nearly fell over when I saw the premium!!

My premium has jumped $160 from last year up to $949 .... and last years premium was $130 up on the year before ........ aaahhhhhhh!!!!! ...... and not only that but my supposedly "Agreed value" keeps comming down as well!!

Am I really so out of touch to be shocked at these prices ??????


I was wondering what you guy's and gal's have been experiencing with your insurance premiums on a similar vehicle ?
Mine's a 95 EF XR6 Manual and I'm in the over 40 age group (Yes, old .... I know :s5 ) on rating 1 on an "agreed value" policy.

I'd be curious to see if my premium figure is normal or not .... geez if it is normal I'd hate to think what you guy's with new AU's and T Series are forking out!!



Oh well .... that's my whinge for the day .....
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Old 01-23-2002, 05:16   #2 (permalink)
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Hi Sierra,

I own an EF xr8 with full tickford kit, exhaust system, 17 inch ajr's and fitted with a quiktrack alarm. I am 27 and the yearly premium is roughly $1250. My rating is also 1.

Tim
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Old 01-23-2002, 05:49   #3 (permalink)
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It sounds a bit high, but there is not much you can do about it... except for shop around.


I think it is also due to the events of september 11 and all the disasters that have been happening recently. I was speaking to a guy from GIO and he said that these events have definately shaken the worlds confidence. Risk assessors are definately worried especially about protecting valuble sites and buildings. They are basically jacking premiums throughout the industry, to cover the expected higher payouts

In general the world is not a stable place at the moment... ie world is declining into a reccession it seems and also with what has been happening over the last few months in the US.

Cheers

Will
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Old 01-23-2002, 06:31   #4 (permalink)
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Well - my insurance is getting cheaper every year for the last 3 years.

But after I turn 25, I am changing to Shannons, cos it will be a full $2000 cheaper than what I am paying at the moment!!

Seriously - shop around - there are HUGE differences between companies... (mine range from $1800 - $5500)
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Old 01-23-2002, 06:41   #5 (permalink)
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Shannons only like Weekend cars 5000km P.A. etc try getting a quote for a CSV or Herrod modified car. OUCH!
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Old 01-23-2002, 13:16   #6 (permalink)
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Insurance cost is a funny thing, my EF XR6 costs more to insure than my XB GT.
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Old 01-23-2002, 13:50   #7 (permalink)
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yeah.... September 11 is aparently having an effect on the cost of re-insurance that insurance companies use.

ie The company re-insures the risk of its business with another and while that might not be related to driving issues in Australia its a follow on cost.

Expect to see insurances rise up to 10% for this year!

Good advice on shopping around.

Who is good at the moment?
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Old 01-23-2002, 16:46   #8 (permalink)
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Quote:
Originally posted by CSV Strada SiR
Shannons only like Weekend cars 5000km P.A. etc try getting a quote for a CSV or Herrod modified car. OUCH!
Not necessarily... I got my car valued by shannons (about $11k more than nrma say its worth), and they will insure me for $1800.

Yes my car is a daily driver, I do take it to the track, and I put on over 21,000 km this last 12 months. (and they are aware of all of this)
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Old 01-23-2002, 18:59   #9 (permalink)
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Re: Insurance costs, is it the norm?

Quote:
Originally posted by Sierra
My premium has jumped $160 from last year up to $949 .... and last years premium was $130 up on the year before ........ aaahhhhhhh!!!!! ...... and not only that but my supposedly "Agreed value" keeps comming down as well!!
I'm told that the 'agreed value' comes down automatically, due to 'depreciation', but that it's "only a suggested value, contact us to alter it".

Quote:
Am I really so out of touch to be shocked at these prices ??????
No, do what I did and shop around.

Quote:
I was wondering what you guy's and gal's have been experiencing with your insurance premiums on a similar vehicle ?
Mine's a 95 EF XR6 Manual and I'm in the over 40 age group (Yes, old .... I know :s5 ) on rating 1 on an "agreed value" policy.

I'd be curious to see if my premium figure is normal or not .... geez if it is normal I'd hate to think what you guy's with new AU's and T Series are forking out!!
You haven't told us what the agreed value is, but to give you some idea, my '00 XR6 is insured for $40,000. I'm 40 as well, have a 60% No Claim Bonus (which is the same, I believe as your L1) and, after shopping around, got my annual premium down to about $595 from an initial renewal of $908.

Look for my previous post on Insurance and you'll see the trail. Don't accept it, you can do better with reputable insurance companies. Remember that some insurance companies will quote high if they don't particularly want your business.

Check out some more restrictive policies, such as 'nominated drivers' etc etc. The less the risk to the insurance company, the less the premium (as a general rule).

Simon....
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Old 01-23-2002, 19:22   #10 (permalink)
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i'm paying $1160 on my EL XR8 on rating 1 and i'm nearly 24. I reckon i could cheaper though...
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