rwpnote3
Member
All good Paul, this is why many online arguments start hey. The written word is ambiguous and despite us being on the same team, we can potentially clash unnecessarily. All the best mate.
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Insurer that I can stick with?
- Thread starter ZorroTheS
- Start date
My premium dropped $260 this year to $818 keeping all the options the same as the previous year. That's with my choice repairer / windscreen / agreed value. That said, I'm obviously not under 25 and my location / risk profile is different to others... always best to shop around.
Hard to believe I have had the M3P- a year now.
Hard to believe I have had the M3P- a year now.
Model 3 LR. Seven online quotes: Two drivers over 50, 20,000km, windscreen. Good driving record. No at fault claims. Safe regional VIC address.
$3300 Allianz
$2584 budget direct
$2300 Qantas Insurance ( Looks like rebranded budget direct)
$1873 RACV
$1479 Comminsure
$1100 AAMI
$ 1000 GIO
Of course there are subtle variations in the offerings, but I was surprised at the spread.
$3300 Allianz
$2584 budget direct
$2300 Qantas Insurance ( Looks like rebranded budget direct)
$1873 RACV
$1479 Comminsure
$1100 AAMI
$ 1000 GIO
Of course there are subtle variations in the offerings, but I was surprised at the spread.
I am with GIO as they have lifetime new for old replacement. If I total my Model 3, the only car I'd ever consider buying is another Model 3 or possibly a Model Y when its released. This is actually extremely valuable as if you are with any other insurer, you will get paid out your Model 3 "agreed" value which would be significantly less than buying a brand new one (subject to change once we get the MIC SR+ Model 3)
I'm with one of those mentioned but I don't mind increasing my excess to bring the annual premium down as I'm not a frivolous claimer.
Good tip, although in checking the PDS there are two gotchas with their lifetime new for old. 1) They have to be able supply the new for old car within 90 days of deciding it is a loss. If they cannot because of the Tesla supply chain, you end one with something that is in their opinion a similar make and model. 2) You need to be the first owner of the car to be eligible. My car was owned by my employer and driven by me for the first 9 months. So that rules me out.
I have now got 9 Quotes. With GIO you can achieve the lowest premium largely because they allow you to crank up the excess way higher than the other companies, including their parent Suncorp. Like @Stratman suggested this yields very low premiums. If I max out the excess to $3200 it gives a $630 premium in my case. I will actually choose an excess more mid field I think. Thanks for the tips.
Would be interesting watching them choose a similar make and model to a tesla. I suppose you could end up with that new electric Porsche “turbo”
I called them about this. They don’t actually need to find a specific car within 90 days (like NRMA) just have the ability to order the car within 90 days. Worst case you will lose your hire car.
This why you must always read your policy wording. Two calls two different answers.
NRMA told me they require a motor vehicle purchase agreement with a VIN for the same name model and year within 90 days to replace the vehicle. You will almost never get your Tesla replaced new for old unless their happens to be matching your configuration in inventory.
The above quotes were from October last year in Victoria when I reinsured my M3 LR. I went with GIO and the exact premium I paid was just under $1000 ($993 to be precise). GIO just sent me their renewal notice yesterday.
No claims and they have increased the premium by 15% to $1142. That might be OK, except when I look a bit closer they have reduced the insured value by 28% from $89012 to $64000! They will allow me to raise the insured value back up to a max $83720 (a 6% drop from last year) and for the pleasure the will double the premium to $1974! If I set the insured range to the midpoint $73860 (a 17% depreciation in 12 months) the premium goes up by 48% to $1466.
Sneaky as hell how they send the renewal with a modest 15% premium increase in the hope you cant be stuffed shopping around. In reality it is a massive price increase if I want to insure the car at its correct value.
Time to shop around again.
You can get a new LR in Blue/Black for $80,650 drive away in Victoria, add $3k for the acceleration boost and the $73860 is more like a 12% depreciation over the new equivalent.
It looks like the clause about "supply or order within 90 days" is for pre-2018 policies, for post-2018, it's "supply within 90 days"
Additionally, the PDS now says this, so it's not terrible:
In any case, Tesla seems to be getting better at supply, so 90 days should be doable usually.
My only other concern is basically above, GIO is way cheaper than any other for Tesla Model 3. They must be getting a lot of Tesla business - if that business ends up costing them a lot on repairs/write-offs, then their premiums can only go up.
They have unlimited premium hire car too, which is useful.
Edit: and thinking about it, that "whichever is higher" clause almost makes it not worth tweaking the agreed value in future years. But I wouldn't push that.
Additionally, the PDS now says this, so it's not terrible:
In any case, Tesla seems to be getting better at supply, so 90 days should be doable usually.
My only other concern is basically above, GIO is way cheaper than any other for Tesla Model 3. They must be getting a lot of Tesla business - if that business ends up costing them a lot on repairs/write-offs, then their premiums can only go up.
They have unlimited premium hire car too, which is useful.
Edit: and thinking about it, that "whichever is higher" clause almost makes it not worth tweaking the agreed value in future years. But I wouldn't push that.
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I rang up and got GIO Platinum Insurance for a tad cheaper than fixed price. Market price was only $60 less so not worth it. The operator said they are getting plenty of Tesla business at the moment. I got it for $1216 with excess of $1245. This included unlimited hire car, glass and windscreen cover, own repairer and lifetime new car replacement. First one I tried and was really happy with that price and went with them.
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