Insurance help

[itsadam]

Hi Guys, Im a new member to the site, my names Adam, i recently purchased a 2005 ba xr8, 6 speed, i love the car but am having a bit of trouble getting the car insured, it may have something to do with the fact that im 22, so far the only company that will insure me is just car who im not to keen on, i have very little driving indiscretions only a few speeding fines but no crashes or drink driving convictions, any advice thanks alot, sorry if this is the wrong thread

[madmatty]

try shannons

[FRDGAL]

I thought Shannon's didn't insure under 25's though? Or are they just the terms when doing online estimates with them?

[itsadam]

Thanks for the quick reply guys, My age seems to be working against me, shannons will only insure 25 plus which is the case for quite a few insurers.

[FRDGAL]

Just out of curiosity, have you had a bad experience with Just Car? I personally haven't. Infact they were aswesome when I had to claim. Quick and took care of everything. You say you're not keen on them but if they're the only ones that will insure you, there's not really much other choice.

[itsadam]

Nah mate, no bad experiences ive just worked in a panel shop for a few years and have found there not the easiest to deal with, its good to know you had a good experience with them, makes me feel a little at ease, as you said theres not really anything i can do so lets hope i wont need to use it

[SLO AU XR8]

Originally Posted by itsadam

Thanks for the quick reply guys, My age seems to be working against me, shannons will only insure 25 plus which is the case for quite a few insurers.

Shannons require 5 years driving experience.

[itsadam]

Well ive been driving since the day i turned 17 and am currently 22 almost 23 so i dont know why they rejected me

[Cheese3]

Well i bought my T3 TE50 when i was 21 for a birthday gift, RACV insured me with no dramas, i just jacked up the premium to bring the cost down. It cost me $1400 and this year (22) it went down $200. I reported 1 crash and 1 fine to them. $1200 is not too bad since im only 22 and with a car that you basically cant get parts for anymore. also my 4cyl coupe cost me $900 caused they classed it as a sports car cause of 2drs

[Redrum]

Maybe try a company your parents are with, some I think such as AAMI will insure you at a younger age if your parents are covered. RACV will cover you, they will just charge like a wounded bull.

[hiper]

try CGU.
im 25 with a 2005 BF XR8 and CGU were the best price of the few that would insure me.

[brendo83]

Originally Posted by itsadam

Well ive been driving since the day i turned 17 and am currently 22 almost 23 so i dont know why they rejected me

I always though 25 was the magic age where you could insure whatever you wanted and they wouldn't kill you on premiums.
I'm 26, got my licence at 18 and have a spotless driving record, I drive a bog stock AUII XR8 and most online quotes end in "Sorry we cannot insure you"
The best premium I could get was around $1100 with market value around 10-12g.

Just out of interest I did online quotes on a bunch of different falcons with just car insurance, all exactly the same details except the car.

Car Value Premium
1992 EB GLI $2000, $718
1995 EF XR8 $6000, $1150
2000 AU Futura $6000, $822
2000 AUII XR8 $9000, $1200
2004 BA Futura $11000, $860
2004 BA XR6T $17000, $1250
2004 BA GTP $27000, $1900
2006 BF Futura $15000, $848
2008 BF XR6T $30000, $1500
2009 FG XT $24000, $903
2010 FG XR6T $43000, $1500
2010 FG G6eT $51500, $1550
2010 FG G6E $50000, $1100
2010 FG GTP $69000, $2100

I was amazed at some of the prices, the age and replacement cost of the vechicle doesn't seem to matter at all, a BF XR6T cost exactly the same amount to insure as the FG XR6T despite being covered for 13g more, yet a BA GTP is covered to 13g less but costs 400 more to insure. the FG XR6T is covered for 400% more than my XR8 but is only 20% more to insure.
So I'm thinking maybe its based on risk and third party coverage, but 240kw BA XR6T has a hell of a lot more poke than an 160kw EF XR8, yet insured for twice as much for $100 more, third party is $216 for any car I chose.
Honestly its got my stuffed how they come up with these quotes.

[Eu-GenixX]

they take into account.. age.. address.. out right cost of the car is one point.. but there is also part cost... some cars parts may be more expensive and harder to get ie.. BA GTP... there are far too many variables for you even to begin figuring out how they effect premiums..

[EVL BOS]

im 22 and i've insured my ba xr8 through RACV with no problems, and it was the first time i've ever had a car insured under my name.

[GTP-814]

Try Ryno Insurance in Bris. I have my GTP with them for $1100 & a mate with same car in Bris got his for $900

[GasoLane]

Originally Posted by itsadam

i have very little driving indiscretions only a few speeding fines but no crashes or drink driving convictions,

Did you have to disclose the speeding fines and how many is a 'few'

[uranium_death]

When my brother put an exhaust on his VY and had it lowered and put some mags on, RACV would no longer insure him.
He went to Just Car. Treated him well, and when he had the car written off after that hail storm, they took it without a fuss and he got his money fast.
He was happy with them and based on his experience, I can only say that they were good.

[Fiesta God]

Originally Posted by brendo83

I was amazed at some of the prices, the age and replacement cost of the vechicle doesn't seem to matter at all, a BF XR6T cost exactly the same amount to insure as the FG XR6T despite being covered for 13g more, yet a BA GTP is covered to 13g less but costs 400 more to insure. the FG XR6T is covered for 400% more than my XR8 but is only 20% more to insure.
So I'm thinking maybe its based on risk and third party coverage, but 240kw BA XR6T has a hell of a lot more poke than an 160kw EF XR8, yet insured for twice as much for $100 more, third party is $216 for any car I chose.
Honestly its got my stuffed how they come up with these quotes.

A big, big part of it is their claims statistics on each car.

For example, just say they have 100 EF XR8's insured and 100 BA XR6T's insured in one year. Now you'd think the BA worth twice as much ($20k) and twice as quick would be twice as expensive to insure.


100 EF XR8's insured, just say that 10 of them get written off (pay out averages $9k each) = $90,000 that EF XR8's have cost the insurance company that year.

So for every EF XR8 that is insured by the company, it's going to cost $90,000/100 = $900 bucks. So you have to charge each customer at least $900 bucks on an EF XR8 before you start making a profit (according to your write-off statistics from last year, and not counting other costs involved).

100 BA XR6T's insured, just say that only 3 of them get written off (pay out averages $20k each) = $60,000 that BA XR6T's have cost the insurance company that year.

So for every BA XR6T that is insured by the company, it's going to cost $60,000/100 = $600 bucks. So you have to charge each customer at least $600 bucks on an EF XR8 before you start making a profit (according to your write-off statistics from last year, and not counting other costs involved).


So as a business, the insurance company looks at these figures and when they are working out how much to charge for each car, they are going to charge according to how much that make and model typically costs them each year ... not just in write-offs, but also in repairs, accidents, thefts etc. etc.

That's also a reason why your premium can go down for 3 years in a row with one company and then all of a sudden increase by $200 bucks.

[itsadam]

Thanks for all the replies guys, i appreciate it, like i said im with just car at the moment and i will most likely stay, and by a few speeding fines i may mean alot haha but no i didnt have to report them to just car, but i assume they would be able to look into that, i dont know alot about insurance i just wanted to get a gauge on what others where insured with, thanks alot

[hawke]

By not declaring your speeding fines, you run the risk of having a claim denied. It is the insureds duty to declare, and most insurers will ask a question when binding cover. If the number and type of claims were declared, and they would not have accpeted you, you could have a real problem.