insurance advice?

[private number]

I pay 1200 per year for full comprehensive car insurance at the moment with ING direct. Im in the process of picking up some new wheels and suspension for my 07 camry. So i decided i should get a new quote on the internet, it came back as 3600 per year with them mods. paying that much extra for insurance every year i cant afford, its like buying a new set of rims every year! That being said, i did a quote as if i was a new member to their car insurance service, so the price may be a little less since ive never had an accident as of yet (touchwood) with ING direct.

background info, the car is under my fathers name (never had an accident in his life) and im the 18 year old secondary driver.

i was wondering, cause i know a lot of you fellas have changed your rims and suspension, does paying an extra $2k+ each year sound right? how much do you pay after doing this mod? and is there ways i can reduce this $3600 price?

thanks in advance everyone, all your advice thus far has been very useful.

private

[httttt]

I pay 1200 per year for full comprehensive car insurance at the moment with ING direct. Im in the process of picking up some new wheels and suspension for my 07 camry. So i decided i should get a new quote on the internet, it came back as 3600 per year with them mods. paying that much extra for insurance every year i cant afford, its like buying a new set of rims every year! That being said, i did a quote as if i was a new member to their car insurance service, so the price may be a little less since ive never had an accident as of yet (touchwood) with ING direct.

background info, the car is under my fathers name (never had an accident in his life) and im the 18 year old secondary driver.

i was wondering, cause i know a lot of you fellas have changed your rims and suspension, does paying an extra $2k+ each year sound right? how much do you pay after doing this mod? and is there ways i can reduce this $3600 price?

thanks in advance everyone, all your advice thus far has been very useful.

private

Sounds wrong.

I have GIO full comp. 60% no claim bonus with my Aurion and I'm 23.

When I put rims and lowered I now have to pay an extra $120 a year. Rims were over $2000. I now pay approximately $1200 a year for a car listed as worth 26k.

You should be paying $1200 p/y with the mods for the 4cy Camry.

BTW, I was told that i'm still covered for insurance if i didnt report the mods, but they wouldn't replace the mods in the event they were stolen or damaged.

[private number]

That sounds more correct, did you have to hassle them a bit to get that price? or did it willingly say "yep you will only have to pay an extra 120 per year"?

[httttt]

That sounds more correct, did you have to hassle them a bit to get that price? or did it willingly say "yep you will only have to pay an extra 120 per year"?

yep, no haggling

[38TRY]

EXTRA $2K CAN BUY YOU ANOTHER SET OF 18" EVERY YEAR !! Big rip off.

Only worth if your wheels got stolen more than twice per year...

The quote you have got is very ridiculous.

Try another company and you can get cheaper quote for sure.

I have my car with Suncorp. Rating 1 for life under my name. 26 yo male. $8XX p/a.

I dont include wheels and audios in my policy although they worth 4k+.

Get yourself a good set of lock nugs will protect pretty well.

btw: talk to the insurance sales face by face is always a good way to insure your car. I insured 4 cars (all comprehensive policies) in 3 month time plus no claim history for last 2 years and jump from Rating 3 to Life Time Rating 1. I always find the same person to deal with my policy and she must like me so gave me pretty good deal.

Edited November 8, 2009 by 38TRY

[DJKOR]

Yeah, I'd definitely ask around with different insurance providers. You should not have to pay such a high amount when all you are adding is wheels and suspension. There would be no way I would consider paying something like $3200 a year for insurance on a car like that. That's a massive rort.

I have GIO full comp. 60% no claim bonus with my Aurion and I'm 23.

When I put rims and lowered I now have to pay an extra $120 a year. Rims were over $2000. I now pay approximately $1200 a year for a car listed as worth 26k.

The one thing I love about living where I do. I'm 22 (insurance started when I was 21 though) and I am paying $648 a year for comprehensive insurance with an agreed value of $32,500 (agreed or market value; whichever is higher), and up to $1000 worth of audio gear. This even includes rating one protection.

[D35]

The one thing I love about living where I do. I'm 22 (insurance started when I was 21 though) and I am paying $648 a year for comprehensive insurance with an agreed value of $32,500 (agreed or market value; whichever is higher), and up to $1000 worth of audio gear. This even includes rating one protection.

How did this happen ??

[123R-Prozak]

i need advice aswell

i payed 1550 full comp for my stivo, since i have lost my licence i know insurance will go up, who's the best and cheap insurance company that dont ask for licence suspensions??? when just car insurance send me my bill for nxt year in feb, will they automaticly know i have lost it???

ive done a quite, 1400 normal, 2200 with loss of licence :(

btw im 20, will be 21 next insurance...

[38TRY]

i need advice aswell

i payed 1550 full comp for my stivo, since i have lost my licence i know insurance will go up, who's the best and cheap insurance company that dont ask for licence suspensions??? when just car insurance send me my bill for nxt year in feb, will they automaticly know i have lost it???

ive done a quite, 1400 normal, 2200 with loss of licence :(

btw im 20, will be 21 next insurance...

dont think they would know.

1.4k is because of your age. That's pretty normal. Once you exceed 25, most of cars would do lower than 1000. I have done a quote of a 02 WRX when i was 21 and RACQ quote me 8k ...... Q#%WJ

Just car is pretty cheap already. Try GIO or some new insurance companies formed this year(like the Post office Motor Insurance). You might get something nice.

[D35]

i need advice aswell

i payed 1550 full comp for my stivo, since i have lost my licence i know insurance will go up, who's the best and cheap insurance company that dont ask for licence suspensions??? when just car insurance send me my bill for nxt year in feb, will they automaticly know i have lost it???

ive done a quite, 1400 normal, 2200 with loss of licence :(

btw im 20, will be 21 next insurance...

Try ANZ.

Their price for Thrid Party Insurance is relative cheap in the market compare to the others major ones.

However, i have not yet tried getting a quote for Comprehensive.

D35

[123R-Prozak]

i dont want 3rd party !! if i change insurance company it will be high cause i have to tell them how many licence suspensions... :( i can't win, i spose when insurance comes around ill be over 21, i may aswell change insurance to " over 21 only " to make it cheaper, my little bro drives my car now but he is only 11 minutes younger than me :P

[38TRY]

i dont want 3rd party !! if i change insurance company it will be high cause i have to tell them how many licence suspensions... :( i can't win, i spose when insurance comes around ill be over 21, i may aswell change insurance to " over 21 only " to make it cheaper, my little bro drives my car now but he is only 11 minutes younger than me :P

Twins!!!

[Andrew357]

I'm with AAMI (comprehensive). Since March 09 they have increased the amount of modifications to a vehicle, to infinite (according to the help-dudes on the phone) which is another reason why I started modding this car...

First 4 mods + Stereo to my MCV36R Camry didn't cost me any extra; despite increasing the agreed value from 12k to 15k. The mods were CAI, Exhaust Modifications + Extractors + Non-standard alloy wheels. My premium for Jun09-Jun10 was ~$1100 @ Rating 3. When I got it lowered, I had to pay $126 upfront for the remainder of the insurance period.

I recently called up to see how much extra it would cost for coverage for a supercharger and was quoted @ $57 for the remaining period, this is with an increase agreed value to $17k.

I haven't bothered with other insurers since AAMI has been good for me.

[123R-Prozak]

ok, did a quote with aami, they have this thing called ' main driver ' so does that mean i can put my brother down as main driver even tho the car is under my name????? they quoted me over $2k for 1 licence suspension... come on im a good driver :P

[DJKOR]

... come on im a good driver :P

Unfortunately; they don't see it like that.

[private number]

EXTRA $2K CAN BUY YOU ANOTHER SET OF 18" EVERY YEAR !! Big rip off.

I dont include wheels and audios in my policy although they worth 4k+.

Get yourself a good set of lock nugs will protect pretty well.

exactly what i was thinking, big rip off indeed.

if i take your approach and tell my insurance company i have the wheel and suspension mod done to my car but i dont include it in my policy would the price i pay per year still go up? even though its not covered?

All you guys have said its a big rip off and most of you are in the early 20s but because im 18, does it still justify the fact i will be paying 2 grand extra from you guys? either way i still think its a big rip off. what about when you guys were 18? did you have to pay similar prices for insurnace once you added suspension and wheels?

thanks for all the replies guys, i will contact my insurance company in the next couple of days after i been monitoring what you guys have been advising me, its been very useful. I will then let you all what my insurance company has told me

Private

Edited November 8, 2009 by private number

[38TRY]

EXTRA $2K CAN BUY YOU ANOTHER SET OF 18" EVERY YEAR !! Big rip off.

I dont include wheels and audios in my policy although they worth 4k+.

Get yourself a good set of lock nugs will protect pretty well.

exactly what i was thinking, big rip off indeed.

if i take your approach and tell my insurance company i have the wheel and suspension mod done to my car but i dont include it in my policy would the price i pay per year still go up? even though its not covered?

All you guys have said its a big rip off and most of you are in the early 20s but because im 18, does it still justify the fact i will be paying 2 grand extra from you guys? either way i still think its a big rip off. what about when you guys were 18? did you have to pay similar prices for insurnace once you added suspension and wheels?

thanks for all the replies guys, i will contact my insurance company in the next couple of days after i been monitoring what you guys have been advising me, its been very useful. I will then let you all what my insurance company has told me

Private

18-21 is a range, 21-25 is a range, above 25 is another range.

Thats what the insurance company decide their premium based on their statistic of claim/accident.

If it is me, i will ask them if i am putting extra things in the car first, dont mention that you have already put them in.

Tell them the suspention in your car is bit old and making noise, you are looking to change them soon when you have enough fund. Will that make any difference with the premium. Remember ask gently.

If you are happy with their answer, then ask about the wheels.

If not, I would hid it. Depends on you.

The insurance people receive complains all the time so if you are nice to them, they might happy to give you more space.

hope that helps.

Edited November 8, 2009 by 38TRY

[private number]

38; I havnt gotten anything for it yet, still shopping around but probably purchase them within the next two weeks. I like your approach, was considering to do that actually. Btw, sorry to ask again but by you not covering your wheels and audio stuff, did your premium go up?

[lateralus]

i work in insurance, so i have a pretty good idea how the coverage works

if you dont disclose your driving/criminal history (eg. convictions, dui, etc.) and you make a claim, you have to agree to a set of terms and conditions which includes the insurer reserving the right to obtain info about your history from the relevant state road traffic authority. if they find out about this, they can either decline your claim or impose a higher excess due to non-disclosure. you can dispute this with the financial ombudsman service, but good luck winning

same goes for modifications. although the insurer is not likely to decline your claim, they may limit what they are willing to cover, or just cash settle you for a significantly lower figure rather than repairing the damage or paying you out for a total loss.

however, if you dont tell them about it and never have to make a claim, theyre none the wiser.

and being nice to a consultant doesnt mean youll get a lower premium. every insurer has their own set of underwriting guidelines and criteria. they may have a slight tolerance to match premiums, but to maintain a profitable portfolio of gross written premium to claims loss ratio, they wont give you a better price if you have a nice smile. its all about risk

what one insurer considers a higher risk, and thus a higher charge of premium, another insurer will be able to offer a lower premium. as has been mentioned, the premium is calculated primarily on the risk you attract, but is also based on a lot of things. generally, insurers with higher premiums means that in the past they have insured someone from your risk category before and have lost more money on a claim than theyve made off of you in premium. this also means that they are more likely to pay a claim.

hope this helps!

[private number]

laterus; thanks for that, helped heaps. its good to hear from an "insiders" point of view/oppinion.

[38TRY]

Yeah, thanks for the insider..ha

I know the rep cant lower the premium but by good smile and good relationship you can jump from rating 3 (20 or 30% off) to life time rating 1 (60% off with what ever claim history) in 3 months time. In my case.

Why not, its free.

[httttt]

The one thing I love about living where I do. I'm 22 (insurance started when I was 21 though) and I am paying $648 a year for comprehensive insurance with an agreed value of $32,500 (agreed or market value; whichever is higher), and up to $1000 worth of audio gear. This even includes rating one protection.

Sydney sucks A

[King Young]

Yeah, I'd definitely ask around with different insurance providers. You should not have to pay such a high amount when all you are adding is wheels and suspension. There would be no way I would consider paying something like $3200 a year for insurance on a car like that. That's a massive rort.

I have GIO full comp. 60% no claim bonus with my Aurion and I'm 23.

When I put rims and lowered I now have to pay an extra $120 a year. Rims were over $2000. I now pay approximately $1200 a year for a car listed as worth 26k.

The one thing I love about living where I do. I'm 22 (insurance started when I was 21 though) and I am paying $648 a year for comprehensive insurance with an agreed value of $32,500 (agreed or market value; whichever is higher), and up to $1000 worth of audio gear. This even includes rating one protection.

What the hell... I'm moving to Queensland... <_< <_< <_<

[Speedz]

well we (QLD) do have the most rip off rego in aussieland... :P

[King Young]

well we (QLD) do have the most rip off rego in aussieland... :P

I pay about $1800 all up with the insurance at around $1100 and rego at $700? That's only under my mum's name though. B)