insurance: young blokes with done up cars

[DJM83]

RACV seems to be abit of a winner here i payed in the last year of ownership of my old ED $650 p/a
AUII XR6 HP $1406 thats with a high range speeding fine and suspension of license but i will b looking around to seek a cheaper option

[Yaw]

Originally Posted by JC

Do just cars do pay by the month? I reckon they are going to be your only shot.

If you had 18X8s, then you may get away with kit, mags and lowering. Most insurance companies allow 3 mods - you may be able to convince them that body kit is factory option, or at least dealer fit, so that would leave rims, suspension & exhaust.

Even if it is a factory option it is a modification. If the model does not come with it as standard equipment and it was a factory option, ie you paid extra for it IT IS A MODIFACTION OR ACCESSORIE.
When someone gives a model to the insurer and they get the correct car up in thier system it shows the list of standard accessories and mods that come with that car. any others are extras meanings Mods or accessories.

[Yaw]

It just dawned on me that most of you guys must not be aware of how pay by the month insurance works.
When you have a total loss (write Off or stolen) You are required to pay out the outstanding amount of the anual insurance. That is to say for the purpose of this example lets say you pay $100 per month. That is 12 instalments of $100. You have an accident that causes a total loss to your car (write off) in the first month of the insurance. Before you are paid out you will need to pay off the rest of the years insurance. 11 installments of $100= $1100.
Now to this figure add your standard excess, your age excess and any other special excesses.
An excess is payable when you are unable to identify the third party at fault.

[brenx]

Originally Posted by Yaw

It just dawned on me that most of you guys must not be aware of how pay by the month insurance works.
When you have a total loss (write Off or stolen) You are required to pay out the outstanding amount of the anual insurance. That is to say for the purpose of this example lets say you pay $100 per month. That is 12 instalments of $100. You have an accident that causes a total loss to your car (write off) in the first month of the insurance. Before you are paid out you will need to pay off the rest of the years insurance. 11 installments of $100= $1100.
Now to this figure add your standard excess, your age excess and any other special excesses.
An excess is payable when you are unable to identify the third party at fault.

Correct. The aim is not to have an at fault acccident though.

[Falcon_Phill]

I bought my XP, and GIO told me my insurance was $50 a year full comprehensive (for $10 000), im 20 on my red p's. They said it was because it was being done up as i drive it, its over 30 yrs old, and im in a club. Couldnt beleive it. Nobody else does either but it is.

[fritzz]

just cars is the only 1 thant would do insurance for my car.with the others soon a i said turbo they said no!! just cars are great and im only paying $1700. the main resion y myne is so cheap is because of wer i live. just read my sig for wat i have done to my car

[blutura]

Originally Posted by TTNOS8

Thats a good idea. So when you turn 21 you'll have no insurance rating and have to start from scratch again..... :ticking:

err, thats not actually true...

if he insures it in his dad's name and then gets it transferred into his own when he's 21, then provided he has not made a claim in those 3 years than he will be able to start as a rating 2 or 1 or whatever he would have been if he had it insured in his name from the start. my brother and i have both done this.

[LTDHO]

Originally Posted by Yaw

Even if it is a factory option it is a modification. If the model does not come with it as standard equipment and it was a factory option, ie you paid extra for it IT IS A MODIFACTION OR ACCESSORIE.
When someone gives a model to the insurer and they get the correct car up in thier system it shows the list of standard accessories and mods that come with that car. any others are extras meanings Mods or accessories.

This is true, so many think a car has to be lowered or have mags to be modified. Air Con, Tow bar, tint, are all mod's.

Originally Posted by Yaw

It just dawned on me that most of you guys must not be aware of how pay by the month insurance works.
When you have a total loss (write Off or stolen) You are required to pay out the outstanding amount of the anual insurance. That is to say for the purpose of this example lets say you pay $100 per month. That is 12 instalments of $100. You have an accident that causes a total loss to your car (write off) in the first month of the insurance. Before you are paid out you will need to pay off the rest of the years insurance. 11 installments of $100= $1100.
Now to this figure add your standard excess, your age excess and any other special excesses.
An excess is payable when you are unable to identify the third party at fault.

Both these are explaned in the PDS or policy booklet which you have all read and know this already.

Right?

[TTNOS8]

Originally Posted by blutura

err, thats not actually true...

if he insures it in his dad's name and then gets it transferred into his own when he's 21, then provided he has not made a claim in those 3 years than he will be able to start as a rating 2 or 1 or whatever he would have been if he had it insured in his name from the start. my brother and i have both done this.

err, with the majority of insurance companies...... yes it is.

As you have said above, having it in your parents name, and transferring it can work. CAN.

This is how I became a rating one at 21. Insurance in my families policy, but with me as the insured since I was 16 (lived on a farm). It was only third party too.

When I went to insure my own car/s, and was asked for proof of prior insurance, most wouldn't accept the above. Few did accept it.

I have also seen countless mates and relatives in the same boat. Insurance through their parents, go to get their own insurance. Start from scratch :(

Like i say though, have the policy written so that you are the only/most frequent driver, or you are the insured but through your parents, and it can save you big dollars in years to come.

Or what I've told younger mates to do since. Buy a cheapo run around/paddock bomb at 15/16, insure for bomb insurance (like $80 to $120 a year for a HJ 253 one-tonner), never claim (even if you do stack it... lol) and by the time your 18 you've got a rating 3 or 2 or higher ;)

[Mr Cube]

Originally Posted by Tiges

Im with Young & Cool for me EL XR6. Im paying $2600 for full comp a year, excess is $1000. Thats with my Neg driving and being 18

Young and Cool were ridiculous when I went to go to them to insure mine..

Was 21 at the time, 2 year old XR6 and they wanted close to $3000 with a $2500 excess.. The excess was standard excess, plus age , plus I hadn't completed a drivers ed course.. They were good in the sence that they recognise Drivers Ed, but still over priced..

NRMA insured me for $32K $1680 with 60% no claim, another perk of dating an older women..

[XLS99 Ute man]

Young and Cool
im now 21 (just turned 21), and have an AU1 XLS falcon ute
Rims, Stereo, Lowered, Exhaust
and it costs me $900 - 1000 its somewhere between there i cant remembre exactly
but when i was you age i wsa paying $1300 but without the rims or lowered
hope that helps
www.youngandcool.com.au
if you wanna have a look

[aimzes]

how much would a car have to be worth before you would concider comprehensive insurance.

basically my cars worth (being honest) about $3k and for comprehensive insurance most companies want close to $2k a year (get ИИИИИИИИИ). i insure it through just car for $800 tpp fire/theft with mods and being 21.

as i dont NEED a car cause work is 10 mins walk and i live at home i wouldnt insure a car with full comp if it was worth under $10k what do you think?

[FRDXR6]

Originally Posted by YuGoStaR

EL XR6, rims, exhaust, lowered, $2700 in melbourne. For Full comp.
Sucks to be me. So i gave it to my dad, untill im 21.

I got quoted $3.2k for my XR6 when i turned 18. What i did is insured it under mums name with my name also on the policy - $1.5k