Comprehensive insurance recommendations in NSW Australia

[Wol747]

>>This is why I use a broker. He manages the claims for me, and the insurer wants all his business so they make it easy. Insurers dont care so much if they lose a single income customer<<

That’s a very good point.

 

[Vostok]

I’m with APIA for Comprehensive (inc. glass) and did a cursory online quote check with other insurers and they are still the best for me.

BUT the 2 years “new for old” is about to end, so the policy will revert to agreed value in the event of a write-off. And the default agreed value they have put on my policy seems rather… insulting.

Is $68k fair for a 2-year old Model 3 LR? That’s a rather staggering 28% depreciation if so. Some free online market value sites claim a range $68k to $86k, so it looks like APIA picked the bottom end.

Thoughts? What are others getting as ”agreed value” for LR after 2 years?

 

[Maximillan]

That's their proposed value based on formula that hasn't been adjusted for the madness that is the current agreed value. Given it's an agreed value, call them and ask them to change it to what you believe is a more appropriate value, if it's within their allowable range they'll accept it and adjust your premium to suit the new agreed value.

 

[Hungry Mile]

What are others getting as ”agreed value” for LR after 2 years?

I got an agreed value of $80800 with NRMA for I think the same car as yours and same age. Difference may be my usage is low at 10000 km.

 

[Evison]

This might be a bit of an obscure question - but what happens if there are no authorised Tesla repairers in your area? I live in Newcastle, and there is no listed repairers here. So if I am in an accident, and I am with NRMA for example, and they want to use their authorised repairer, how am I meant to know that they are qualified/know what they are doing with an EV?

Williams in Walker Street Warners Bay is the local Tesla approved repairer

 

[BDB2088]

If you have other policies with NRMA then the 15% discount helps, I have home policies and NRMA membership so my RWD at 77000 agreed value is 1911 per year and the LR is agreed at 90000 for 2287 per year. Both policies are the Comprehensive Plus which I believe is the top cover at NRMA

Hope that helps.

 

[Wol747]

Williams in Walker Street Warners Bay is the local Tesla approved repairer

Are they one of the Prestige franchises? I had heard that they were getting approval for a shop in Newcastle - the Prestige group seem to have very good shops with all the Tesla jigs and approved specialist tools etc.

 

[m3rwd]

When getting quotes, its always cheaper to insure with market value than agreed value.

But what happens in a claim when the market value may be higher than the purchase price like it is today?

Do they actually pay out real market replacement value if it's $10k over RRP?

 

[Vostok]

When getting quotes, its always cheaper to insure with market value than agreed value.

Not if you say “market value” is higher than ”agreed value” and want to insure it for the higher amount.

But what happens in a claim when the market value may be higher than the purchase price like it is today?

Do they actually pay out real market replacement value if it's $10k over RRP?

Depends on the policy. If you have “new for old” replacement (typically only applies for the first 2 years of ownership) then agreed or market value is irrelevant. If your car is totaled, you get a new car that is as close as possible to the one you had.

After that, if your car it totaled, you’ll get a payout of whatever insured amount is on the policy. Doesn’t matter how that number was arrived at, the insured amount is the insured amount. End of.

You don’t have to accept the insurer’s “agreed value”. I didn’t last year when my Model 3 insurance came up for renewal at the end of my 2-year “new for old” cover. The “agreed value“ offered was insulting and out of whack with market prices, so I added $10k to it
(and paid a slightly higher premium) so that I could cover the purchase of a new LR if mine ever got totaled.

 

[Maximillan]

Depends on the policy. If you have “new for old” replacement (typically only applies for the first 2 years of ownership) then agreed or market value is irrelevant. If your car is totaled, you get a new car that is as close as possible to the one you had.

To add to your "depends on the policy" point, it's important that everybody reads their PDS when it comes to "new for old replacement". Some insurers have clauses that specify only if they can source you a replacement within X months, which with the current wait times means that this feature isn't an option.

 

[Jimboctoz]

I found NRMA had the best comprehensive package of the 5 or 6 insurers I investigated. It was the cheapest and they had fewer restrictions (named drivers, etc.) than the others.

 

[johnchidgey]

>>This is why I use a broker. He manages the claims for me, and the insurer wants all his business so they make it easy. Insurers dont care so much if they lose a single income customer<<

That’s a very good point.

I'm looking to consolidate some of insurance policies. Are there one or two brokers you've worked with that you would recommend? Thanks! John