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Insurance quotes for Australian M3?
- Thread starter strykeroz
- Start date
RACV quoted me $1,270 with:
- $1,500 excess
- windscreen and hire car options added
- agreed value of $72K (SR+)
- inclusive of silver member discount and multi policy discount
Btw, I recommend calling them for a quote rather than relying on the online quote. They’re very helpful and check on the best discounts available based on membership history.
For whatever reason, the Model 3 seems to have some kind of new model price-gouging going on. Got a quote for Model X agreed value more than double the 3 and it came to only $1,530. Wasn’t expecting it to be linear proportions but shocking that it’s only a couple of hundred more to get $90K+ more of agreed value coverage.
- $1,500 excess
- windscreen and hire car options added
- agreed value of $72K (SR+)
- inclusive of silver member discount and multi policy discount
Btw, I recommend calling them for a quote rather than relying on the online quote. They’re very helpful and check on the best discounts available based on membership history.
For whatever reason, the Model 3 seems to have some kind of new model price-gouging going on. Got a quote for Model X agreed value more than double the 3 and it came to only $1,530. Wasn’t expecting it to be linear proportions but shocking that it’s only a couple of hundred more to get $90K+ more of agreed value coverage.
Last edited:
Grenadine
Member
Good call with RACV. They have 3 years of new for old replacement too - which is a year longer than I have found anywhere else.
Probably insufficient (read as zero) driver/ accident data which widens the minimum and maximum estimates, which their pricing model would compensate for by jacking up a "just in case" monetary amount leading to high quotes.
Just got a quote from RACQ for $1019.02 for a performance+ garaged in Cairns with a $2k excess and $0 windscreen excess. It’s technically market value however they offer 2yr new for old. After that I’ll change to agreed value. Pretty happy with that!
Wol747
Active Member
NRMA
$1333 for RACV P+, $2000 excess with windscreen excess free. 2 year new replacement.
You can always start with their Comprehensive product (2 year new for old), and then switch to their complete care product after the second year. Then you are eligible for 3 years (as only the "complete care" comprehensive insurance is 3 years).
This will save you significantly over the 2 years, as the 3 years is based off initial registration date. Not if you have maintained the same insurance with them for 3 years.
Best I have found for price and conditions is AIG (has to be through a broker). CBA was the only one out of lots I checked that is a bit cheaper I've read a lot of bad reports on their service/call center, no choice of repairer, reports from talking to my crash repairer mate, etc. I won't post all the quotes I've got as they vary for different people and I have lots with lots of variations for excess, but for me this was the best option. The AIG website can direct you to a local broker.
Every policy is different so you need to read the T's & C's.
Having said that, you will probably find that the insurance company will have a clause that gives them the option to either give you a new one or if not exactly available in a reasonable time they can pay you out. The payout will be at market or agreed as per the policy.
It is the job of the insurance company to limit their loss as best they can.
Doesn’t the option to pay you out at even Agreed value completely negate the offer of “New For Old”? The agreed value decreases every year automatically so after 3 years the payout will be a lot less than them buying a “new for old”...so if that is truly correct then I don’t see the value in paying more for the higher policy.
Every policy varies. That is why when you take insurance, you need to read the wording of the PDS to ensure it matches your expectations. What you think/assume is not always the same as what you get - especially when insurance companies make their money from people paying premiums and not claiming, or thinking they are getting something when they are not entitled to it according to the PDS which forms part of their contract.
When their is no exact replacement of new for old, that clause becomes meaningless. Agreed value in my mind is best value for money as that value is set every year and you pay the premium based on that value if the car is written off. My current agreed value is north of $190k for an S approaching 4 years old. To me it's priceless, but to an insurance company it is valued at what their risk in dollars is against my premium paid and for something to happen with me as the insured.
Do you think it’s more important to have the any repairer choice for a Tesla, compared to other cars? I was looking at the Tesla site and it doesn’t seem like there are a large number of Tesla authorised / recommended body shops - given the amount of electronics and sensors I think taking it to somewhere that’s used to working on them seems like an important consideration. My premium will go up by $200 for the option though.
Check yourself, but the AIG PDS says no extra excess for learners accompanied by full licence holders.
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