Insurance cost

Received my renewal for the insurance yesterday. $3,500 for agreed value of $225k with 60% no claim. Thoughts?

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Wow.. Seems a little expensive! Shop around?

That's what I thought. It is with Porsche insurance.

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+1

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Without knowing all the information e.g your age,driving record/use, address,policy benifits etc. its hard to really say if the $3500 is good price or not. If it was my car (I wish ) and bill I would certainly get a few different quotes, but be careful that you don't compare just the prices you need to ensure all the products you consider all have comparative benefits I.E Agreed Value,choice of repairer etc. My thoughts for what there are worth....

I'm guessing it has increased from your previous annual premium?

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Harold, Im paying $2785 with MB Prestige give them a call.

Porsche insurance wanted an obscene amount of money to insure me... I'm with Lumleys and just renewed... Compared against Shannon's too and Shannon's were more expensive (slightly) but lesser cover. I'm still keen to see if I can save a $$ or two elsewhere... I've got mine on limited usage which brings the premium down, I know you don't drive yours a lot so this might be of value to you too Harold?

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How do they know how often you drive your car?

Hugh, Generally, limited usage allows you to drive your car 8000 klms per year. They reduce the premium as it's not a daily driver and not on the road as often. The quote for my car was $300 cheaper for limited usage....

I'm with Suncorp. My latest insurance quote was $1,056. I rang around and got varying premiums and excess levels. One, APIA (you have to be working part time to qualify) was cheaper. I rang Suncorp back and they ' found ' a better price. EOFY discount $929. Quickest $127 I've made to date.

Im paying $2785 with MB Prestige give them a call.

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APIA and Suncorp Insurance are both part of the Suncorp Group, the Apia and Suncorp sales person were probably sitting next to each other in the call centre

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Yes, both under written by AAI. They admitted that. Saved me bucks to pay for my cat back system.

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I'm keen to hear how they quote you. The moderate usage policy should suffice in that case (up to 3 times a week IIRC) I'm on limited (twice a month) and I don't even do that... Unfortunately

what an interesting exercise. I spoke to Shannons and on their limited driving policy it was cheaper so i decided to call and chat to Porsche Insurance who realised i qualified for the twice a week drivers policy and reduced the cost. So far: 1. Initial Porsche Insurance quote $3,551.88 2. Shannons limited driving quote $3,118.55 3. Porsche Insurance twice a week policy $2,741.12 I have asked Lumleys for a quote but have not yet heard back.

That's about right I'd say. I took the Porsche Insurance limited use policy for my 997 Targa in Feb. $2,300 with agreed value of $150K.

Lumleys declined to quote as the value is too high for them. So porsche insurance it is yet again.

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Bit stupid if they have value thresholds IMO.... I got some BS from Shannons too with regards to value, I'm sure they insure cars much more expensive than mine! Well.. that's not a bad outcome anyway mate, $800~ straight in the pocket.

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I agree.

I did the quotes yesterday on a 2008 C2 997 (at $98K) with Ryno Insurance, Enthusiast Insurance, Suncorp and AAMI and Lumley.  All pretty much the same and between $1,100 and $1,250

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Lumley are 2 weeks shy of being bought out by CGU/IAG possibly might be influencing their underwriting acceptance?

I'll probably go with Enthusiast.

Well I done some research on my own and Porsche insurance was competitive this year, last year I got quoted nearly $7000 basically all the same but far more comprehensive cover with Porsche insurance, I haven't officially switched it yet...

That sounds massive. I got full comprehensive with windscreen and 10,000km/year with agreed value for $1,1000. 2008 997.

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Which provider?

Suncorp and Enthusiast were almost the same price Wayne. Merv

Don't get me started on insurance!!! My Clubby and 3.2 are with RACV so I thought I'd try them for the Cayenne and 996. No multi policy discount. Having multiple cars insured doesn't qualify!!! WTF!!! Cayenne comes in at $1,800. Add my name to the policy and it goes up to $1,980. Yes there's a $180 increase just for being a man!!! 996 comes in at $2,800. Add the wife's name to the policy and it drops to $2,600. That's 3 times the cost of the 3.2 which insured for $10k more. "So you're telling me a newer car, same driver, worth less, is 3 times the cost of my rare more valuable 3.2 even though the policies are identical?" "Well sir, we have more claim data on the 996 so it costs more." Ring Ryno but they weren't interested in a daily drive Lumleys win the 996 at $1,900 which is still outrageous but what can I do? They quote the Cayenne at $2,800 so RACV get the Cayenne. When it comes down to it, there isn't a huge choice of insurers either, particularly if you want choice of repairer. Some won't insure if it's not in a lockup garage either. They normally tell you that once they've wasted 20 minutes with you getting all the details. "And the final question sir, will the car be stored over night in a lock up garage?" "No? I'm sorry we can't insure your car" Rant over...

I feel you ^^ I don't know why insurers seem reluctant to provide multi policy discounts... you'd like to think that you can bundle and save as well as keep things simple with one provider, but year in year out insurers just keep proving that it doesn't pay to be loyal.

You guys need to move. Costs me about $600 to insure cars (admittedly not 991s) It's all in the postcode and the driver history. When I bought the Family wagon in Sydney the PO said he had a good deal at 1500. I then proceeded to get cover for same vehicle for $520.

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This gets me annoyed too. Mate of mine in Elwood pays the same for his Subaru Liberty as I do for my Clubsport in Bentleigh East. Who'd have thought Elwood was more prone to car theft???

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You are right about postcodes... they are really weird I have found, where I live its a good quite little area.. but as a whole (well the council it falls under) it aint the best, actually notorious for crime Yet, where my parents live is far more prestigious, housing prices are 3 times higher however is more expensive than my address? Go figure!

It's all in the actuarial tables....those numbers don't lie. I don't think it is solely theft, some postcodes have more crashes as well- I suppose that is to do with traffic congestion and road design.

We have nrma multi policy discount on our dailies. They have been super easy to deal with for claims. Lumley's have the p-car though. Price aside... The real test is claim time. Btw...How accurate can actuarial tables be? The variation in quotes is often vast and non-sensical...

Shannons, 2007 997 S, $2600 on non limited use. I've got 2 weeks to shop around but I'm sure I can do better than that. The thing that goes against me is my postcode is HUGE and there is a small high theft area under the same postcode.

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All the actuarial tables do is tell you what the claims rate is like for a given postcode. It's up to the company then to price the risk based on the other factors (vehicle profile, driver profile, use restrictions etc). Sometimes a company will end up with too much business in one segment and so will start pricing up policies in that segment and pricing down policies in another segment to direct the flow of business in a particular direction, in order to better diversify their book. Just like the bookies at the races, when money flows into a particular starter, they'll change the odds on that one to slow down the money coming in and balance their overall book so they're aren't left holding the bag. The name of the game in insurance is balancing the amount of premium with the claims payments. If your paying out too much in claims you need to increase the premium. If you're pricing premium too high then your probably losing business. Insurance companies work by building up a pool of funds and investing it, not by trying to take in more premium than they pay out in claims.

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Genuinely: Thankyou for increasing my knowledge! I hadn't considered those aspects.