Insurance

[Dborn]

Just renewed my NRMA comprehensive insurance on my 2014 Model S 85, garaged in Potts Point agreed value still $153,000 what I paid for it. Premium $1,442.10 at $2000 excess.
I have 9 long term policies with the NRMA including contiguous comprehensive on my car since 1986.
I used to work for NRMA and they were just introducing multi policy and years of insurance premium factors. It seems now they can have a significant impact on the premium.
I'm often told I'm mad to not shop around but when I check I generally find the renewal to be at least competitive if not always the cheapest.

I finally went with NRMA. As you know my car is same vintage as yours. I too have 4 policies with them going back 13 years, but not car insurance. They did take those into account(15% discount). Landed up with agreed value of $128578, $2000 xs, at $2273.13. I did include choice of repairer, unlimited car hire and no claim bonus protection all of which did push the price up, but not a huge amount. I also phoned and tried to get them to let me speak an underwriter, but no dice. I guess both you and MarkE must have had actual car policies with them which made the difference. My car is kept in a lock up garage, not used for work and up to 10000km/year. Low kilometrage, really. I am in the Chatswood council area but in safe area. Difficult to know why the huge discrepancies, but I guess they may console der it a high crime area because of the proximity to Chatswood.

 

[Mark E]

I finally went with NRMA. As you know my car is same vintage as yours. I too have 4 policies with them going back 13 years, but not car insurance. They did take those into account(15% discount). Landed up with agreed value of $128578, $2000 xs, at $2273.13. I did include choice of repairer, unlimited car hire and no claim bonus protection all of which did push the price up, but not a huge amount. I also phoned and tried to get them to let me speak an underwriter, but no dice. I guess both you and MarkE must have had actual car policies with them which made the difference. My car is kept in a lock up garage, not used for work and up to 10000km/year. Low kilometrage, really. I am in the Chatswood council area but in safe area. Difficult to know why the huge discrepancies, but I guess they may console der it a high crime area because of the proximity to Chatswood.

My guess is that it's a combination of the area and history with NRMA, and had car insurance with them previously. I did move all of my other car's policies to Shannons though before the delivery of the Model S.

 

[Vostok]

I always take a big excess, because I get insurance to protect against major financial pain, not a few grand.

My (not necessarily scientific) approach is that if the annual premium is larger than the excess, the excess is not high enough, so I increase the excess until it roughly equals the premium.

In effect, I'm prepared to pay 1 year's premium out of my own pocket for an incident, but not more.

 

[mrpseudonym]

Just got my renewal from Tesla insurance (Marsh). 40% increase for my X (P90D). 2k to 2.8k for a sydney garaged car. Plus, policy has gone from agreed value to market value. Not very happy. Called them and was told that a. Now they have separated out premiums for X vs S, and b. they also have more of a claims history. Also, no ability to vary excess to lower premiums. Excess fixed at $1500 (plus an age excess). NRMA no better. Has anyone in sydney recently insured their X for a reasonable amount?

IMO this is an area which will really hurt the model 3 when it eventually gets here..

 

[ICUDoc]

Yeah, same: big increase for me, too... Not sure where to go from here.

 

[Dborn]

I did not renew my S with them. Shop around a bit, you can do better, it is just a nuisance though.

 

[raynewman]

Yeah, same: big increase for me, too... Not sure where to go from here.

Try YOUI - sometimes they come through; sometimes they krap out.

 

[mrpseudonym]

I did not renew my S with them. Shop around a bit, you can do better, it is just a nuisance though.

Can I ask who you went with, or can you PM me?

 

[meloccom]

Can I ask who you went with, or can you PM me?

No secret, he went with NRMA, see his post #21 up the page.

 

[mrpseudonym]

No secret, he went with NRMA, see his post #21 up the page.

Thanks, I should have paid more attention. Also his car is an S. It’s the Model X that is having the most insurance pain..

 

[bena]

Given that others are also encountering major premium and excess increases in their InsureMyTesla Model X renewals, I thought I'd share what I found when looking for cover similar to the InsureMyTesla renewal (ie market value, 14 day hire car, excess-free windscreen, $1500 excess).

Our situation is a 2017 Model X P100D garaged in Chatswood (Sydney). Two named drivers, both around 40, each driving > 5 years, no claims or traffic infringement history, < 5,000 kilometers annually, housed in a locked-up garage, no daily commute. Premiums (market value, 14 day hire car, excess-free windscreen):

NRMA w/ $2000 excess (17.5% loyalty): $3359
NRMA w/ $1500 excess (17.5% loyalty): $3824
AAMI w/ $1500 excess (P90 only, P100D was "call us"): $3605
InsureMyTesla w/ $1000 excess (June 2017): $3632
InsureMyTesla w/ $1500 excess (June 2018): $4127
QBE w/ $1500 excess ("preferred driver" saving): $4712
Youi: Declined P100D online

So, in summary, NRMA offers the lowest premiums, but you can bump the excess up to $2000 and save more. I also called NRMA in an attempt to increase the excess further, but $2000 is the maximum they allow (even over the phone).

Note InsureMyTesla offer a 3 year new-for-old versus NRMA offering a 2 year new-for-old. If you're really bothered about that I guess you can use InsureMyTesla for your third year of the policy and save money elsewhere the rest of the time....

 

[Tobz]

I got this tip on Facebook so thought I would post it here. CGU is super cheap for me.

NRMA was 2877 with 2k excess
QBE was 2243 with 3350 excess
IMT was 2964 with 1500 excess
CGU 1239 with 2500 excess

 

[Tobz]

Ooo
NRMA was agreed value 151k
QBE and IMT were market value
CGU agreed at 153k

And was to insure a 2018 Model X 75D

 

[Icey]

Thanks Tobz hand work there. - I'll look at a couple of these - Hopefully I can add unlimited car hire on them. (with most tesla's being out of action for a month or two if there is an issue)

 

[andrewrogers]

Quotes on a Model X 100D today, $1500 excess, windscreen waiver, two x 40 year old drivers, Mosman NSW address, 1 claim in the last 12 months, market value (with new car replacement).

Insure My Tesla (renewal): $3608
GIO (with three other policies): $7559 (seriously)
CGU: $2442

Oddly GIO was the best price I found for the Model S 6 months ago.

Thanks for the tip re CGU @Tobz

 

[Attica04]

What does an equivalent cost BMW or Mercedes insure for? Is it more expensive for Tesla or comparable?

 

[Icey]

MX75D 2018
This is from CGU. I nominated a high excess - could of gone for $1500 excess for $2900p/y

POLICY TYPE: Nominated Driver
Vehicle: 2018 TESLA MODEL X 75D (75XB) MY17 4D WAGON 1 SP AUTOMATIC NACYL 0CC
Options: Windscreen Protection Hire Car Extension
Excess: Basic Excess $ 4,400
Inexperienced Drivers' Excess $ 500
Limit of Liability: $ 30,000,000
Cover Sum Insured Comprehensive (Agreed Value) $153,158
Basic Premium $ 1,852.43

 

[lennier]

I ran mine through CGU and it was about the same premium but higher excess and lower agreed value than my current RACV policy.

 

[rohan_aus]

Went through and got quotes from every insurer I can think of and got some interesting results and also some expected results (all for 27yo, inner Sydney, ~$120k coverage and ~$2400 excess).

NRMA: $4,746
QBE: $3,716
AAMI: $3,393
Coles: Refused
Budget Direct: Must be over 30yo
Progressive: $3,347
Allianz: Refused
Bingle: Won't insure any Tesla for anyone.

Haven't made the call to Insure My Tesla or Shannons yet. Last time I tried to get a quote from Shannons they asked me where I got the cash to pay for a Tesla, when I told them it was none of their business, they said they wouldn't insure me.

 

[raynewman]

Went through and got quotes from every insurer I can think of and got some interesting results and also some expected results (all for 27yo, inner Sydney, ~$120k coverage and ~$2400 excess).

NRMA: $4,746
QBE: $3,716
AAMI: $3,393
Coles: Refused
Budget Direct: Must be over 30yo
Progressive: $3,347
Allianz: Refused
Bingle: Won't insure any Tesla for anyone.

Haven't made the call to Insure My Tesla or Shannons yet. Last time I tried to get a quote from Shannons they asked me where I got the cash to pay for a Tesla, when I told them it was none of their business, they said they wouldn't insure me.

You could check YOUI but they would probably have a tanty about your age.