Insurance quotes for Australian M3?

[louco73]

My M3 LR AWD is invoiced for around $95k yet the quotes talk about a market value of $85k. Does anyone understand why that may be?

Your invoice includes luxury car tax, stamp duty, registration, etc. That's not included in the "cost of the car." E.g. My Model 3 Performance is invoiced at $95,775 plus $10,855 = $106,630. Suncorp gave me a quote with the car valued at $92,900. Still an unexplained gap. Then you see there is a delivery fee of $1375, so $95,775 - $1375 = $94,400. Then I forgot to tell them about the additional cost for the colour of $1,500 and there you have $92,900.

See if that's similar for you?

My quote from Suncorp for their full coverage (Comprehensive Advantages) with $1,200 excess is $2,130.01. I then went to RACQ and added the hire car and excess free window coverage with $1,000 excess for $1,521.26. While the Suncorp policy is lifetime new for old and unlimited hire car (RACQ is 14 days), I figure from the money saved with RACQ I'll be able to hire a car myself for a longer period in the event of a lengthy repair. I can probably knock a bit more off the RACQ quote because it included roadside assistance and I realized afterwards I don't need that with Telsa providing their own service.

 

[Candleflame]

My M3 LR AWD is invoiced for around $95k yet the quotes talk about a market value of $85k. Does anyone understand why that may be?

tax my friend. tax.

 

[Petros]

While the Suncorp policy is lifetime new for old

Yes, I’d better read the pds. I assumed that would mean on road costs included. Wasn’t that the case, years ago?
Sigh...

 

[Vostok]

I figure from the money saved with RACQ I'll be able to hire a car myself for a longer period in the event of a lengthy repair.

Last time our car got smashed into, we discovered something we never knew before. Even though we don’t have hire car cover on our policy, we were not at fault, so at the invitation of our insurer we hired a car for the duration of repairs (2 weeks) and they claimed it back from the insurer of the at-fault party. How’s that!

So if you think there is a low likelihood that you will be the at-fault party in a collision, you could drop the hire car option from your policy. But as always, check the PDS or call your current insurer.

 

[bigbones]

My quote from Suncorp for their full coverage (Comprehensive Advantages) with $1,200 excess is $2,130.01

Mine was $900 for the same, but a $1400 excess. Although I did get the 15$ discount for multiple policies (CTP counts for that) and another $50 for doing it online. Still a huge difference...

 

[HappyPEJ]

Yes, I’d better read the pds. I assumed that would mean on road costs included. Wasn’t that the case, years ago?
Sigh...

I've just checked the SunCorp PDS. New for Old includes on road costs. (Stamp duty, delivery fees, CTP)
If they can't replace it with the same or you refuse the new car they offer, then they pay you the dollar amount nominated.

RACV says they will replace the vehicle with a new one and pay the first 12 months rego and CTP. The PDS is silent on stamp duty, delivery fees etc. I haven't called to check but I don't see how they can replace it without paying these fees, so...

Haven't checked others but I'd expect them to be similar.

 

[louco73]

Mine was $900 for the same, but a $1400 excess. Although I did get the 15$ discount for multiple policies (CTP counts for that) and another $50 for doing it online. Still a huge difference...

Do you have finance on it? Also, yours is SR+ and not P+, right? I'd imagine the Performance comes with a penalty, not only for being more expensive. I couldn't even do an online quote for it on multiple sites!

 

[bigbones]

Do you have finance on it? Also, yours is SR+ and not P+, right? I'd imagine the Performance comes with a penalty, not only for being more expensive. I couldn't even do an online quote for it on multiple sites!

Yes, SR+, no finance.

Increased insurance was one of the reasons I didn't get a Performance. SR+ is probably still too powerful for most Aussie roads too, there's not many places you can have a bit of fun legally.

 

[Accentcreate]

I'm expecting delivery of my Model 3 LR/AWD this week and finding wildly varying quotes for insurance.
Allianz and NRMA are over $3k while AAMI and GIO are about $1200.
Why such a huge discrepancy for policies that are basically identical?

 

[Petros]

while AAMI and GIO are about $1200

Yes, it's pretty funny in a way. I think in an earlier post someone said they were offered $900 from GIO. Best I can get is about $1400. I'd jump at $1200 if I was offered that.
We're all different, but I have a clean record, no recent (<5 year) claims, young retiree, and garaged. Go figure!

 

[meowsers]

Why such a huge discrepancy for policies that are basically identical?

You'd have to ask the actuaries for that info. Some insurers price towards certain markets and risk groups.

 

[meloccom]

In recent years insurance companies have realised that customers who insure all their assets through the same company and stay loyal are also the best risk.
Just renewed my Model S insurance with NRMA, live near the city but have most of my insurance with them for a long time. $1,800 for the year to insure the Model S.

 

[Accentcreate]

In recent years insurance companies have realised that customers who insure all their assets through the same company and stay loyal are also the best risk.
Just renewed my Model S insurance with NRMA, live near the city but have most of my insurance with them for a long time. $1,800 for the year to insure the Model S.

Yes, that is what I thought, but I've been with NRMA for some 35 years, my wife and I both insured with them as well as house and contents insurance with them and regularly use their travel insurance. Even with their 15% discount and a high excess they are the most expensive of all insurers except Allianz which is about the same.
Is it the unknown quantity factor of the Model 3 perhaps. Mine is not even a Performance.

 

[Vostok]

Yes, that is what I thought, but I've been with NRMA for some 35 years, my wife and I both insured with them as well as house and contents insurance with them and regularly use their travel insurance. Even with their 15% discount and a high excess they are the most expensive of all insurers except Allianz which is about the same.

Yeah, similar here. Got a rubbish quote from NRMA despite all the loyalty “benefits”.

 

[meowsers]

I pay $977 a year for a P3D+ in Melbourne with a $2000 excess through RACV. I'm young. I'm not sure what other factors they take into account as I only have a homeowners policy. Then again, I prepaid for my policy in August about a month before I got the car because it was such a good rate. I'm sure they will raise it next year.

 

[Specul8]

Got the following from Shannon's. 2 drivers, both in 30s, no prior claims or demerits. Parked in urban carport.

Tesla Model 3

• Comprehensive
• Annual fee: $2364
• Excess: $750

Tesla Model 3 Performance

• Comprehensive
• Annual fee: $2597
• Excess: $900

Trying to compare with some other quotes, but can't find another insurer with the Model 3 underwritten yet (at least in Tasmania). Anyone else know another national insurer who is providing quotes for Model 3?

Suncorp, New for Old Replacement for the life of the policy, repairer of choice, replacement car when it's being repaired, Performance Model 3, insured as a professional driver, company car (i.e. "Tick all the boxes that increases the risk & premiums") - $2085.

Youi - $11000 (yes, eleven thousand - they don't want to know you if you drive Uber).

 

[Lorrenzo]

Does anyone getting a 2020 Tesla (build date on 2019) knows which year should I quote for my insurance? I tried to use 2020 but so far RACV says they don't have 2020 P3D+ in their system yet. Thanks!

 

[jason66]

$%^$%$&#&@#&@#&!!!!!

What the hell! I thought I had all my ducks in a row re insurance with Comminsure. I noticed on the quote it had a MY19. I could not select MY20 online so I phoned. In December 2019 they are unable to insure a MY20 car and could not give me a date when that would change.
Wonder if someone will insure me for a month till Comminsure get their act together!

 

[PJF000]

$%^$%$&#&@#&@#&!!!!!

What the hell! I thought I had all my ducks in a row re insurance with Comminsure. I noticed on the quote it had a MY19. I could not select MY20 online so I phoned. In December 2019 they are unable to insure a MY20 car and could not give me a date when that would change.
Wonder if someone will insure me for a month till Comminsure get their act together!

Get a cover note from whoever gives you one and don't pay when due. You should be able to string it out for a month, or maybe someone will quote you better.

 

[Vostok]

What the hell! I thought I had all my ducks in a row re insurance with Comminsure. I noticed on the quote it had a MY19. I could not select MY20 online so I phoned. In December 2019 they are unable to insure a MY20 car and could not give me a date when that would change.
Wonder if someone will insure me for a month till Comminsure get their act together!

You are overthinking this. Insure it as MY19 and then ring them up to correct it on your policy when they have MY20 in their system. That’s what I’m going to do.