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Insurance. It is that time of the year again.

Discussion in 'Australia & New Zealand' started by Dborn, Nov 21, 2018.

  1. Dborn

    Dborn Confirmed

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    In the process of getting comprehensive quotes. NRMA Is around $3900 odd with and agreed value of 117000 odd on my 4 year old car. That does not include unlimited car hire which would take it to around $4500. Budget direct is just over a grand BUT agreed value is 98000 odd. Would need to include extras like glass cover and car rental and NCB protection.
    Have asked Marsh advantage for a quote (Tesla insurance), so will yet see.
    What have others on here been able to achieve?
     
  2. conman

    conman Member

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    Melbourne, Australia
    I'm on $3200 with InsureMyTesla 2nd year, but on a P100D valued at more than double your agreed value. I hear a lot of people recommend Shannon's for value - and service, while others mention AAMI, CGU, Comminsure, and RACV, however, many have reported bad repairs and service. I've also heard the rumour that your premium is less if you list a female driver as well, and even less if they're listed as the primary driver (I can't confirm that rumour myself.)
     
  3. rohan3au

    rohan3au Member

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    Just renewed yesterday actually, CGU was by far the cheapest at $2250 (including windscreen cover and hire car) compared with:
    $3500 for InsureMyTesla
    $4700 for NRMA
    $3700 for QBE
    $3800 for AAMI.

    The list goes on.
     
  4. PJF000

    PJF000 Member

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    Australia
    CGU $1460, monthly pay no penalty, single driver, agreed value $198k, 2k excess, no claims 60% protected, AFL member discount included.
     
  5. mrpseudonym

    mrpseudonym Member

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    I was just about to post to say that insuring our cars is one of the most disatisfying parts of Tesla ownership... but this ^^^ is pretty good. Looks like we all take up AFL and head over to CGU!
     
  6. PJF000

    PJF000 Member

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    Specifically it is Collingwood. CGU is a major sponsor. I know it's tough to swallow but a 4 game membership may just be enough.;)
     
  7. mrpseudonym

    mrpseudonym Member

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    Hmmm...and a move to Melbourne...that might mark the price up a bit
     
  8. paulp

    paulp Member

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    Cgu through my broker was half the quote from tesla. Only thing different was tesla include damage to the wall connector, and cgu dont, although cgu cover it via my house insurance.
     
  9. EcoCloudIT

    EcoCloudIT Member

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    Melbourne, VIC
    RACV $1404, monthly pay no penalty ($117pm), 2 listed drivers, agreed value $125k, $2,000 excess, no claims 60% (protected), free yearly windscreen replacement, choice of repairer, hire car (14 days)....RAVC multi policy discount applied.
     
  10. 100KWH

    100KWH Member

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    Aug 20, 2018
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    Location:
    Sydney
    $2858 with InsureMyTesla, 2 drivers, 1.5k excess, covers all standard equipment + accessories, wall connector and the usual theft/loss clauses. No cover for tyres unless caused by another coverable incident, depreciation, or faulty design/workmanship (i.e. stuff Tesla would themselves cover under warranty). Market value, not agreed; however, the policy includes a new-for-old clause if the car is totaled within the first 3 years of ownership.

    Other titbits:
    Cover for travel & accom expenses (basically, if I'm stranded from the vehicle's theft/damage) up to $1k per event
    Personal property up to $1k per event
    Hire car for 14 days or 7 weekends
    Waived excess for windscreen-only damage

    This has only been in force since Feb this year, so will be interesting to see what the discount on premium will be when it's renewal time.
     
  11. ND100

    ND100 Member

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    NSW
    CGU seem to be vague on whether they'll do a new-for-old or not (wording implies up to them). Anyone have clarification from them on this?

    Anyone actually claimed from them? Lots of bad reviews about difficulty claiming or getting hold of them by phone.
     
  12. paulp

    paulp Member

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    I’ve been with cgu via my broker a number of years, cars, and claims. He handles the claims for me, and never had an issue. Super easy in fact, including one very expensive near write-off claim on a bmw that was on an expired policy, but they accepted that I genuinely thought it had been paid so honoured the repairs....for $60k!
    I also questioned the new for old. Their concern with tesla is the rapid changes to models, so although I have a 75D, that may no longer be a model available as new at any moment. Hence new for old may not be achievable. Best I got out of them was new (closest model) for old, if that makes sense?
     
  13. ShockOnT

    ShockOnT ⚡️⚡️⚡️⚡️⚡️

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    I went with QBE for $2169.31 last month.
    S75D agreed value $120,530.00.

    Funny thing is that QBE underwrites InsureMyTesla, but they are usually cheaper.
    I should look into CGU next year, seems you guys got some good deals.
     
  14. PJF000

    PJF000 Member

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    If you track back who is underwriting who, you will find there's a lot less "insurers" than you think. Most of it is just branding and marketing.
     
  15. Dilz

    Dilz Member

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    Nov 9, 2018
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    Location:
    Melbourne
    I ended up getting insurance with RACV. Found that having my wife as the main driver, and me as the secondary driver (to get the RACV membership discount) reduced the premium by $700.

    So make sure you try it. Got the 2015 P90DL agreed value for $200K, covered with a $1500 excess for $2400, with windscreen and hire car options.
     
  16. Dborn

    Dborn Confirmed

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    Comparing apples to apples now, NRMA (renewal with agreed value at $118100 and other policies with them) is $2214.00
    With CGU same criteria and options (XS and car hire etc) $3287.68. QBE declined to quote on a 2014 car.
    CGU, however allows a very much higher agreed value. At a value of $130000.00 cost is $3338.59.
    BIG question. Which way to go? Spend a grand to lock in the higher value or not? Major conundrum.
    Budget direct is a whole different ballgame. Their quote is $1061.10 XS is $950 and is a market value policy only with a value of $98000 odd. There are extras NOT included in this as yet ( requires one to do it in person, such as hire car windscreen no claim bonus protection etc.) I will phone tomorrow to see what it actually costs, but say add on $300. Tempting at 1300.
    Does anybody have any idea what the market value is of a signature car here is? Trade in value?
    Guess i should ask Tesla the question tomorrow. Mileage is around 56000.
    Meantime, input from the community would be appreciated.
     
  17. ShockOnT

    ShockOnT ⚡️⚡️⚡️⚡️⚡️

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    My philosophy on insurance is that it's there to save me from catastrophic expenses, but not from painful expenses.
    So if get $100,000 for my MS instead of $120,000 it will be painful, but not catastrophic.
    The odds you'll use insurance at all are quite small, so I like to pay as little as possible each year, while still being protected against a catastrophic expense.
    In the (hopefully unlikely) event I ever total my car, the $20,000 I miss out will probably still be less than the money over the years.
     
  18. meloccom

    meloccom Moderator Aus/NZ

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    Just got my NRMA renewal for my 2014 Model S 85
    $133,450 agreed value
    $2,000 basic excess
    12 month Premium $1591.80
    Have been with NRMA since the 80’s and have 8 to 10 policies.
     
    • Like x 1
  19. Dborn

    Dborn Confirmed

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    WOW!!!!!! I will go in and speak to them tomorrow!!! Would you be prepared to let me have your post code and whether your care is garaged or outside? Pm me if you like. I have 6 policies with them!! My XS is also 2000.
     
  20. mrpseudonym

    mrpseudonym Member

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    What is clear is that there is a large difference in premiums between the X and S. The X hasn’t been out as long so there is less of a claims history..or it could just be the doors
     

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