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Insurance anomalies

Discussion in 'The Pub' started by hornet, Nov 18, 2007.

  1. So, the bike's insured with Western QBE, I'm over 55 and have a good record, so it costs me around $400 a year for full comprehensive cover, on a bike I paid $5,490 for in March '05. They know my driving and claims record, and renew each time with no increased premium and no increased excess ($350).

    This week one of the families in my church gave us a car. For free.

    It's a '94 2.6 Magna manual, with 288,000 kms on the clock.

    I logged onto the W-QBE site to get a quote on insurance, being a customer and all.

    They value it at $2,900, and I gave them my driving record/claims record stuff.

    Full-Comp insurance? Who wants to guess???

    $1,187 per annum.

    In two years and a bit I would have paid as much in Insurance as the market value of the car (which I paid nothing for :shock:).

    I'm going to ring them tomorrow, because, frankly, that's a sick joke :evil:.
  2. Paul, I had the same problem with RACQ for my lancer - they wanted $1100 for a car I paid $1500 for!

    So I called around, got NRMA to quote for $900, then reduced the options - no windscreen replacement, lower write off ($4500 instead of $6000), and agree to use their repairers if I have to claim - now it is $492 a year.

    Our last car was a 99 Ford Corsair, in exceptional condition and RACQ would only insure for market value, so Husband drove to Head Office, said 'come look at my car, it is not a bucket because it is old, it is worth double what you say, and that's what I want if you write it off', and they insured it for what we wanted, no extra fee for agreed value, just a quick inspection for a couple of years when it was due for renewal.
    It's worth the call to try and get them to drop the premium.
  3. Mate, a car that old, that owes you nothing and is worth so little isn't worth paying full comprehensive on. Just get 3rd party, fire and theft and leave it at that. I've recently dropped the full comp on my '93 Fairmont for the same reasons.

    Just my 2c.
  4. Geez!

    Is it because the likelihood of an older car being stolen is high??? :?
  5. I'm in NSW:

    For My Mazda, I insure with AAMI under their "Flexible Premiums" deal = 50% cheaper premium [but higher excess to make up for that IF I make a claim :arrow: haven't yet, and have saved thousands on insurance as a result].

    Paul - my bike's insured with InsureMyRide - full comp on a faired 600-class sports and I'm a male under 25 :arrow: $880

    Maybe you should check them out :)

    ... at least because Western QBE will price-match on premiums and policies quoted by other companies.
    Go get yourself a discount, old son! :grin:
  6. Update.

    I rang and talked to the people just a while ago. Suddenly the premium is $590 or $50 a month!!!

    Chris, I'm an old geezer and full comp with QBE on the bike is only $290!!!

    Pays to talk to someone, at least as far as insurance is concerned, it seems :).
  7. Still, 1/5th of it's value? Ridiculous.
  8. Yeah, but, I'm covered if I hit someone, and I will still be able to get it fixed/replaced as well. If I insure TPPD, then I'm back walking or trying to carry groceries on my lap on the bike, or imposing on my family and friends for transport for my wife and myself. I know it's a lot of money, but seeing I got the car for nothing, I figure it's worth doing.
  9. Old POS cars are expensive as they know they'll have to write off the whole car for any small event.
  10. I understand why you want F/C insurance, but I'd suggest you keep looking, though. You should be able to get that premium down further than that.

    As an experiment, I just called Suncorp. As a 35y.o., with no accidents, and a multi-policy discount, I could insure that car for $343/yr. Adding on the 10% discount brings it up to $377/yr. The difference between the areas we live in may account for a bit, but surely not $215/yr.
  11. I used to insure my kit cars for $400 per year.
    490kg car - 260 kw. So almost laughed when reading your post.

    I also have a POS Sigma, that I insured through shannons as a 'classic' for $300 per year.

    My wife works for the CBA, and their quote was double that.

    Try the 'its a unique car' approach.