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General Boards => Off Topic => Topic started by: Our1stIsuzu on Dec 08, 2017, 05:47:37 PM

Title: MU-X Insurance.
Post by: Our1stIsuzu on Dec 08, 2017, 05:47:37 PM
Recently I traded in my 2010 Ford Ranger XLT dual cab ute and purchased an Isuzu MU-X LS-U 4x2 wagon. Just prior to the purchase I had paid the insurance on the Ranger. When I notified my insurance company of the changeover and organised to insure my MU-X I was told I would receive a refund cheque in the mail. Today the cheque turned up in the mail. The amount was nearly half what I had paid for the Ford. Has any one on this forum had the same experience? I checked my certificate of insurance and it is for the right amount and the correct amount of time. Would it be that a new Isuzu worth $45,000 is cheaper to insure that a Ford Ranger worth $21,500?
Cheers,
John
Title: Re: MU-X Insurance.
Post by: mux339 on Dec 08, 2017, 06:09:34 PM
I had a similar experience. Buying comprehensive insurance for a $52,000 MU-X was only a little more expensive than re-insuring a 2005 Holden Astra station wagon with an agreed value of $4,500. The value of the insured vehicle seems to be of marginal importance.
Title: Re: MU-X Insurance.
Post by: mydmax2 on Dec 08, 2017, 09:44:49 PM
As a  vehicle gets older the insurance charge for cover rises. A new car/ute will be cheaper although it's purchase price is more.
My 2011 Dmax is dearer now to insure than it was when new, quite a bit more. The reason the insurance company give is the increased cost of obtaining parts for older vehicles which have used up many of the spares held by car companies. The insurance companies have to pay more for OE parts because they don't use used second hand parts from wreckers as they used to. Eveyone wants brand new parts on their older vehicle when repairs are required. The whole industry makes plenty of money from spares, that is bread and butter for them, cost of it all goes to the people who use the bits, the consumer/owner.

RACV in Melb Vic used to run a HUGE yard of wrecks which they dismantled and used for their repairs within their supply chain for insurance repairs. Now they just use new ones at any cost and the yard is gone, prices are UP.
Title: Re: MU-X Insurance.
Post by: asap on Dec 09, 2017, 08:56:26 PM





 The reason the insurance company give is the increased cost of obtaining parts for older vehicles which have used up many of the spares held by car companies. The insurance companies have to pay more for OE parts because they don't use used second hand parts from wreckers as they used to.




Spot on. What gets me shity is the fact that my wife's 07 Pajero is still the same car (a few cosmetic changes) as the current 17 model so even though 95% of the parts are the same they still charge more for a $18000 car as a new $50k (i think) car.

Same with allot of models that don't change that often.

Title: Re: MU-X Insurance.
Post by: Magilla on Dec 10, 2017, 04:11:55 PM
The risk of a car being "stolen" also increases with age and is another reason premiums increase.
Title: Re: MU-X Insurance.
Post by: tom60 on Dec 10, 2017, 06:59:36 PM
In my experience insurance companies reward customer loyalty with annual increases in the premium.  They also look to attract new customers by offering a lower introductory rate.  That's why we usually change insurance company annually.
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