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The cost of vehicle insurance

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Chunky:
Ray68 that DGA Insurance sounds interesting how did they match-up against Club 4x4 or didn't you get a comparison as they appear on the surface to offer similar coverage? 

Gav62:

--- Quote from: Where-to-next on May 06, 2020, 06:00:37 PM ---Just got my renewal, over $1300. About $100 more than last year. No claims made. Does not make sense, the covered value goes down but the cost of the insurance goes up. Insurance  shopping time.

WTN

Sent from my SM-G955F using Tapatalk

--- End quote ---

Mine went up $300 dollars on last year. Hence the change.

mux339:
My original comprehensive cover in 2016 cost $593. Since then it has reduced to $500-$550. I run a 2016 MU-X LST originally valued at $52600 with genuine accessories fitted. The "agreed" value at last renewal was $41300. I am insured with NRMA, with a stack of loyalty and no-claim bonuses.

Comprehensive insurance is less about the value of the car, and more about risk. Your postcode, your address, how you house your car, how many k's you do annually, vehicle modifications, your driving and insurance history are greater determinants of insurance premiums than make, model and perceived residual value.

My point is that everybody's annual premium will be different, because the elements of risk are different between individuals. It's pointless comparing premiums and companies here because it's a case of apples vs pears vs oranges and watermelons.

However, Chunky's original query about perceived recent sharp rises in premiums is legitimate. In my case, the answer is NO, there hasn't been any sharp rises in insurance at all.

I suggest that you look closely at how the elements of risk may have changed within your domicile and in your personal circumstance. Additionally, look at how bushfires, hail storms, floods and pestilence may have altered the insurance equation. Inflation is also a legitimate factor.

Cheers
Russ

Ray68:

--- Quote from: Chunky on May 06, 2020, 06:49:45 PM ---Ray68 that DGA Insurance sounds interesting how did they match-up against Club 4x4 or didn't you get a comparison as they appear on the surface to offer similar coverage?

--- End quote ---

Just checked my policy. Dearer than what I remembered at $947 but that includes my tray and canopy included at several thousand dollars. From memory the canopy added about $50 in premium. I didn't look at Club 4x4.

Mike C:
If you want cover for off road work make sure it's in your policy. Many, if not most, car insurance policies don't cover the vehicle for damage when it's being used off road.

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