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NRMA v InsureMyTesla (Marsh Advantage)

Discussion in 'Australia & New Zealand' started by Homer, Mar 5, 2017.

  1. Homer

    Homer Member

    Joined:
    Jan 13, 2016
    Messages:
    234
    Location:
    Sydney, Australia
    I know there have been a few similar threads recently but, put simply, my insurance renewal is due and NRMA (current insurer) and InsureMyTesla have quoted almost exactly the same premium, with the same excess. The respective PDS documents have taken the typical insurance company "confuseopoly" approach so, if there is a material difference in there, I can't spot it. Has anyone done the DD on this and would you care to offer an opinion as to which one might be better? Otherwise it's down to a coin toss.


    Edit: InsureMyTesla does cover the Tesla HPWC so that is a difference, though it's not clear to me how often these things have issues.
     
  2. cynix

    cynix Member

    Joined:
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    Messages:
    734
    Location:
    Sydney, Australia
    For me, IMT had lower excess and was a couple of hundred dollars cheaper than NRMA, so I went with them. They also offer 3 years of new-for-old instead of 2, but both IMT and NRMA refused to give me a straight answer on what they'll do if they had to replace a P85D which has been discontinued, so no difference there.
     
  3. NovoCasGreeny

    NovoCasGreeny Member

    Joined:
    Apr 6, 2016
    Messages:
    285
    Location:
    Newcastle, NSW
    I went with IMT as I found NRMA infuriating to deal with. They firstly quoted me over $6,000 and I had to spend over an hour with them on the phone to get it to $3,500. On the website I could get it to $2,400 but their service rep wouldn't explain the difference and in the end stated that if I can afford to get a $200,000 plus car then I have no right to complain about the costs of insurance. IMT quoted $2,300 straight up, so I went with them. The main difference for me was they cover every driver and the 3 year new for old. Although it probably doesn't matter IMT have an agreement with TM that they must insure Teslas, they have no right of refusal or something similar.
     
  4. Puttit

    Puttit Member

    Joined:
    Aug 25, 2016
    Messages:
    11
    Location:
    Melbourne
    Is IMT actually backed by Tesla or is it a brocket etc? I'm currently with RACV.
     
  5. PJF000

    PJF000 TOCA Member

    Joined:
    Dec 26, 2015
    Messages:
    307
    Location:
    37.8136° S, 144.9631° E
    It is a smart broker (Marsh Advantage) that uses QBE and put the deal together.
     
  6. VOTS01

    VOTS01 Member

    Joined:
    Dec 23, 2016
    Messages:
    64
    Location:
    Melbourne
    Our MX arrives on the 30th and did some insurance shopping today.

    IMT was around $2.5k. RACV was initially around $4k but then could talk them down to ~$2.5k although not yet sure of the detail that warranted the drop in price (waiting for paperwork). AAMI was around $4k.

    Will do some more shopping tomorrow...

    An interesting observation that one of the insurers raised was that the Model X (not all of them) was a prohibited probationary vehicle (cannot be driven by a P plater) in Victoria.

    The list can be found here: VicRoads Probationary Approved Cars

    Perhaps obvious in retrospect but we occasionally use an AuPair to drop the kids off to school. Fortunately does not apply to overseas P platers but had not been factored into our purchase decision.
     
  7. raynewman

    raynewman Member

    Joined:
    Oct 11, 2014
    Messages:
    980
    Location:
    Brisbane, Australia
    Actually very useful; teenage son isn't permitted so he's relegated to the ICE.
    Can't put those magnetic P plates on it anyhow.
     
  8. MOBI63

    MOBI63 Member

    Joined:
    Oct 3, 2016
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    Location:
    Brisbane
    Were your quotes inclusive of GST and Stamp Duty?

    IMT quoted for a P100D of $3357.20 (basic $2800 +GST $280 + Stamp Duty $277.20 )
     
  9. VOTS01

    VOTS01 Member

    Joined:
    Dec 23, 2016
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    Location:
    Melbourne
    MOBI63 - you're correct I completely botched the IMT quote (my apologies).

    Here is what we got from IMT:


    Original Purchase Price $308,261.00

    Basic Premium $3,145.00

    Fire Services Levy -

    GST $ 314.50

    Stamp Duty $ 345.95

    Total Annual Premium * $3,805.45
     
  10. Homer

    Homer Member

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    Jan 13, 2016
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    Location:
    Sydney, Australia
    FWIW, that premium seems high to me. What excess did you choose? With a $1K excess, NRMA and IMT were both around $2.5K for my ~$300K MS.
     
  11. VOTS01

    VOTS01 Member

    Joined:
    Dec 23, 2016
    Messages:
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    Location:
    Melbourne
    Hi Homer

    Called IMT back and they flagged that the Model X and Model S are not comparable in terms of repair costs - hence the difference (this is with their standard $1k excess).

    IMT also quoted $2.1k for my P85D (~$200k purchase price 18 months ago). I stuck with RACV for the P85D as it is $1.6k.

    Still calling around although IMT look to be the better option.
     

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