MY RWD insurance all 2k+?

[Chris Lin]

Hi All,

I’ve got a MY RWD coming this year. No VIN yet. I’ve gotten quotes from AAMI, GIO, Rollin’, NRMA. All of them are 2.4K+ per year. I’ve heard that people have been getting there’s for sub 2k/year.

Are MY insurances all that expensive? How much do you pay for yours? Do you have any recommendations?

It’s making seriously considering not insuring my MY, is this a bad financial decision? I like to think that I don’t drive dangerously and have not gotten into any accidents thus far.

 

[bcarp]

Good luck when you’re hit by an uninsured driver!

 

[alliwantisaY]

Hi All,

I’ve got a MY RWD coming this year. No VIN yet. I’ve gotten quotes from AAMI, GIO, Rollin’, NRMA. All of them are 2.4K+ per year. I’ve heard that people have been getting there’s for sub 2k/year.

Are MY insurances all that expensive? How much do you pay for yours? Do you have any recommendations?

It’s making seriously considering not insuring my MY, is this a bad financial decision? I like to think that I don’t drive dangerously and have not gotten into any accidents thus far.

Try Shannons and Westpac Insurance (underwritten by Allianz)
Going uninsured is a terrible idea and if you have a loan on your car it's against the terms of the loan agreement

 

[dafish]

I guess you have nationalized healthcare there and nobody cares about personal liability or medical needs of those they hit. Huh. Certainly different here.

Mine is insured for everything but an Asteriod hitting it, (actually, I think that's covered), and I've got $1M of umbrella on top of it. I think I'm around $900 US a year. Got lots of insurance on lots of things, at some point the discounts really start to help. State Farm.

 

[raynewman]

I guess you have nationalized healthcare there and nobody cares about personal liability or medical needs of those they hit. Huh. Certainly different here.

Mine is insured for everything but an Asteriod hitting it, (actually, I think that's covered), and I've got $1M of umbrella on top of it. I think I'm around $900 US a year. Got lots of insurance on lots of things, at some point the discounts really start to help. State Farm.

Third party personal insurance is compulsory in Oz (part of the registration).
My insurance on the S has climbed from $700 8 years ago to near $2000 now. Am considering going third party property only ($200).

 

[dafish]

Wow, those are real conversations. Amazing.

So in the tech/FI world we often talk about Risk Dollars. Basically we build a spread sheet of:

Potential Events Occurances Liklihood Cost Cost time liklihood (risk dollars
Include ramifications.
Next event.

You sum up the risk dollars and that's the amount you should pay to remediate the risk. If insurance is cheaper, buy that. If not put what you saved in the bank. This is not a "might need it" deal, it's a "When it happens" thing.

 

[meloccom]

Hi All,

I’ve got a MY RWD coming this year. No VIN yet. I’ve gotten quotes from AAMI, GIO, Rollin’, NRMA. All of them are 2.4K+ per year. I’ve heard that people have been getting there’s for sub 2k/year.

Are MY insurances all that expensive? How much do you pay for yours? Do you have any recommendations?

It’s making seriously considering not insuring my MY, is this a bad financial decision? I like to think that I don’t drive dangerously and have not gotten into any accidents thus far.

Many insurance companies calculate premium based upon number of policies held and also length of time with the company. If you already have home and contents or other cars with an insurance company, I would approach them. If the quote appears unreasonable ask for a review and politely advise that you are willing to move to a company based on the value of all your policies.
Choosing to not insure your car is a very risky proposition. You are not just taking on your own driving behaviour but that of uninsured drives, stolen vehicle, storm damage etc. Then of course theres legal liability which can far exceed the value of your car.

 

[paulp]

Hi All,

I’ve got a MY RWD coming this year. No VIN yet. I’ve gotten quotes from AAMI, GIO, Rollin’, NRMA. All of them are 2.4K+ per year. I’ve heard that people have been getting there’s for sub 2k/year.

Are MY insurances all that expensive? How much do you pay for yours? Do you have any recommendations?

It’s making seriously considering not insuring my MY, is this a bad financial decision? I like to think that I don’t drive dangerously and have not gotten into any accidents thus far.

Every insurance claim (several cars not just tesla) I have made has been due to someone else. One was a writeoff on a 3 week old car. The largest two claims have been when the car is parked.

 

[yoyob]

No offence but if you can’t afford the insurance you really shouldn’t be buying this car.

 

[Hairyman]

My M3P is with GIO for less than $2k, although I get the benefit of multiple policies, being over 25 and where I live. Generally I have found GIO to be cheaper than the rest.

Being uninsured (other than CTP) is loading yourself up with a fair bit of risk.

Think - price of car divided by the cost of additional insurance and that is the number of years of non-insurance you would need to have to then save on the cost of a total write off. Under the write off it is the cost of whatever damage less the excess.

So, what do you think the chance of you having some insurable event is in the time you will own the (a) car, and how much that is likely to cost.

After that you can look at the numbers and decide if the cost of insurance is more than the cost of write off/other repairs.

I find all this stuff a bit imponderable, mainly because I don’t have access to the adjusted life tables for events for my car in my area driven by someone vaguely like me.

$2.4K seems pretty steep but we lack a lot of details. Consolidating your insurance with one company might make a fair difference. After that you are stuck with some fairly immutable demographics.

 

[Trick]

At minimum get yourself Third Party Property (not to be confused with CTP)

Third Party Property Damage

With NRMA Third Party Property Damage Car Insurance we cover damage to your car caused by an at-fault driver up to $5,000. Get an online quote for cars in NSW, QLD, TAS, ACT, WA, SA and NT.

www.nrma.com.au

 

[RareEarth]

Just got the renewal for my X, it has risen from $2,600 to $3,900 (CBA Insurance). During the last year the bank has outsourced its insurance to a mob called Hollard Insurance Partners.
The 3 claims we had with them were handled really well, can't complain about the service however this is a steep rise.
Will have to shop around although I don't hold out much hope of finding anything much cheaper.

 

[paulp]

At minimum get yourself Third Party Property (not to be confused with CTP)

Third Party Property Damage

With NRMA Third Party Property Damage Car Insurance we cover damage to your car caused by an at-fault driver up to $5,000. Get an online quote for cars in NSW, QLD, TAS, ACT, WA, SA and NT.

www.nrma.com.au

$5000 cover isnt going to fix much on a tesla. Seems really pointless.

 

[bcarp]

$5000 cover isnt going to fix much on a tesla. Seems really pointless.

No. That’s like an extra perk. The actual third party property insurance is to cover the cost of other property that you light damage. Let’s say, you smash into someone’s fence, yard and building. Or someone’s Bentley. Or someone’s Model X

 

[brend0s]

No offence but if you can’t afford the insurance you really shouldn’t be buying this car.

I think offence is warranted tbh

 

[Chris Lin]

What type of coverage do you have and with who? How much do you pay for annum?

Tossing up between comprehensive vs third party fire and theft with the latter being cheaper. I've heard that parts and repairs for Teslas often cost a pretty penny. Would a third party fire and theft be enough? Or would you recommend a comprehensive cover?

Thanks!

 

[fr@nkth3T@nk]

I guess you have nationalized healthcare there and nobody cares about personal liability or medical needs of those they hit. Huh. Certainly different here.

Mine is insured for everything but an Asteriod hitting it, (actually, I think that's covered), and I've got $1M of umbrella on top of it. I think I'm around $900 US a year. Got lots of insurance on lots of things, at some point the discounts really start to help. State Farm.

Also with State Farm, in GA. They quoted me $1560/year for 23MY-P. Also have 2 other vehicles with full coverage and home coverage. Best “non-bundled quote I’ve got from Geico at $2880/year.

Supposedly Tesla Insurance will be coming to GA in next 12 months. Will probably switch as it should be under $1200/year from what I’ve read.

 

[evbee]

Hi All,

I’ve got a MY RWD coming this year. No VIN yet. I’ve gotten quotes from AAMI, GIO, Rollin’, NRMA. All of them are 2.4K+ per year. I’ve heard that people have been getting there’s for sub 2k/year.

Are MY insurances all that expensive? How much do you pay for yours? Do you have any recommendations?

It’s making seriously considering not insuring my MY, is this a bad financial decision? I like to think that I don’t drive dangerously and have not gotten into any accidents thus far.

You did not say what excess you had selected on the quote. The higher the excess, the lower the premium.

 

[mjwojtukiewicz]

Hi All,

I’ve got a MY RWD coming this year. No VIN yet. I’ve gotten quotes from AAMI, GIO, Rollin’, NRMA. All of them are 2.4K+ per year. I’ve heard that people have been getting there’s for sub 2k/year.

Are MY insurances all that expensive? How much do you pay for yours? Do you have any recommendations?

It’s making seriously considering not insuring my MY, is this a bad financial decision? I like to think that I don’t drive dangerously and have not gotten into any accidents thus far.

I'm not 100% sure but I think I pay 400+ every six months. M3 SRP. STate Farm. Call Jake

 

[Nobody Famous]

At minimum get yourself Third Party Property (not to be confused with CTP)

Third Party Property Damage

With NRMA Third Party Property Damage Car Insurance we cover damage to your car caused by an at-fault driver up to $5,000. Get an online quote for cars in NSW, QLD, TAS, ACT, WA, SA and NT.

www.nrma.com.au

Then again spend the extra $50-$100 and get Third Party, Fire and Theft which will pay you out $10k and dispose of the ashes, just in case.