Speculating here .. but in 5 years time to keep the "lifetime new for old" you'll need to keep insuring with them. They'll take advantage of this with the premium's skyrocketing .. but you'll feel compelled to stay with them to keep this 'feature'. May pay out for you in the long run.
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Insurance quotes for Australian M3?
- Thread starter strykeroz
- Start date
Speculating here .. but in 5 years time to keep the "lifetime new for old" you'll need to keep insuring with them. They'll take advantage of this with the premium's skyrocketing .. but you'll feel compelled to stay with them to keep this 'feature'. May pay out for you in the long run.
I think “skyrocketing premiums” has happened with every new insurance policy I have ever taken out. It’s part of the business model.
You need to get refreshed quotes on car, house, contents etc every 1-2 years to ensure you’re not being charged the lazy tax. In my experience, those which started out the cheapest for a particular asset/risk profile usually remain the cheapest but the gap closes over time.
Kiwiadventure
Member
Cheapest price is usually not the way to go. If your existing insurance company has excellent service why change.
Cheapest price can be the way to go if one has read all the relevant PDSs and compared the coverage and done a cost-benefit analysis. Some of the quotes I got for my Model 3 were over $3000, even including loyalty benefits and multi-policy discounts. Is “loyalty” to one of the insurers I currently deal with worth over $1500? No, it is not.
Different insurance companies’ actuaries assess risk profiles very differently and composition bias in the policyholder base can make big differences to the premium.
I tried to get a quote from UbiCar but the page doesn't let me get past entering details about the car, you select all the options but the "continue" button doesn't work. Tried on 3 browsers on 3 devices... just doesn't like me!
Maximum value it's allowing me to choose for Model 3 Performance is $65,100. Only around $30k below it's purchased value!
Due to the cynic I am .. I assume this and other policies like GIO Platinum raise the premiums to astronomic levels after a few years. Apples to apples, comparing what you're quoted for renewal and going and getting a new policy with the same or similar provider.
And of course you'll feel compelled to stick with them because of the "new car replacement for life".
Am I right or wrong? I'd like to be wrong.
lonewolf313
Member
Hi Petros. You will find that the Suncorp PDS for Comprehensive Advantages (Which is their top cover) states new for old replacement - the loss or damage to your car occurred less than 2 years from date of original registration.
That doesn't sound right, because then how does it become lifetime?
bought this last October for my new car. Agreed value and it comes with all the bells & whistles you hope never to use. You need to take this cover out to take advantage of lifetime new car replacement before the car is 13 months old and keep insuring with GIO continuously for as long as you own the car.
I spoke with a nice lady who gave me better than online rate because I had to include factory fitted items not listed online.
bought this last October for my new car. Agreed value and it comes with all the bells & whistles you hope never to use. You need to take this cover out to take advantage of lifetime new car replacement before the car is 13 months old and keep insuring with GIO continuously for as long as you own the car.
I spoke with a nice lady who gave me better than online rate because I had to include factory fitted items not listed online.
Yes, I had noticed that and when I took out the cover on the phone, the rep assured me it would indeed be “lifetime cover”. But I agree, that statement seems contradictory and so I need to follow up by attempting to get that reassurance in writing.
RossBrindleyAU
Member
I received an email from Motorsport Australia (CAMS) announcing a new insurance company (Famous Insurance) that would even cover motorsport events up to L2S, so I thought, why not give them a try. The result was incredibile.
They quoted $4,167.83 with a $1,250 excess. I suppose I should consider paying almost $2,000 more than I currently pay and doubling my excess. On second thoughts, maybe not.
They quoted $4,167.83 with a $1,250 excess. I suppose I should consider paying almost $2,000 more than I currently pay and doubling my excess. On second thoughts, maybe not.
RossBrindleyAU
Member
I also got a quote from UbiCar and their price was genuinely the best I have seen so far. They quote a range on the premium and you start somewhere in the middle. You are required to install an app on your phone which monitors your driving style which will then determine your premium over time.
I leave my car permanently in Insane mode as I hate being part of the pack when I get a green light. I'm not really interested in lots of speed, just getting ahead so I have space around me. This sort of driving would push my premium to the top tier, which is several hundred dollars a year more than I currently pay, so I decided to pass.
However, the lowest rate was several hundred dollars less than I currently pay, so UbiCar may very well suit someone with a more laid back driving style. If you tend to use Chill mode they will most likely be the least expensive.
I leave my car permanently in Insane mode as I hate being part of the pack when I get a green light. I'm not really interested in lots of speed, just getting ahead so I have space around me. This sort of driving would push my premium to the top tier, which is several hundred dollars a year more than I currently pay, so I decided to pass.
However, the lowest rate was several hundred dollars less than I currently pay, so UbiCar may very well suit someone with a more laid back driving style. If you tend to use Chill mode they will most likely be the least expensive.
RossBrindleyAU
Member
By the G-Forces registered by the app on your phone. Chill means gentle acceleration vs Insane (which is sooooo addictive) and huge G-Forces.
RossBrindleyAU
Member
Even normal Sport mode generates significant G-Forces so if you are prone to drive off quickly you will be seen as an aggressive driver by the app. Chill mode means that you are seen as a more gentle driver.
Sorry to double post but I felt my previous post was only showing the extremes.
Sorry to double post but I felt my previous post was only showing the extremes.
Speaking of insurance and factory-fitted extras, if you get new-for-old on a write-off and you had FSD, should you have to pay again?
If Tesla removes FSD when we sell a car second-hand, because it's bought by the driver, and the same driver now owns a new Tesla, should we have to pay for FSD again?
.......
Tesla accused of abruptly pulling self-driving from a used Model S
If Tesla removes FSD when we sell a car second-hand, because it's bought by the driver, and the same driver now owns a new Tesla, should we have to pay for FSD again?
.......
Tesla accused of abruptly pulling self-driving from a used Model S
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