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      07-05-2012, 05:51 PM   #1
Dabaitu
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Post The Aussie Insurance Thread

I wanted to share some of my thoughts for when it comes to choosing a car insurance policy with the forum as I've been reading a few PDS and shopping quotes around.

I guess first things first - prices are going to differ state by state, your driving history (or how often you broke the 11th commandment "thou shall not get caught"), location, garaging preference, age and vehicle price being the common ones. It also depends on whether the insurer wants your vehicle on their books as some are quite picky about the risk they take on.

So far I've had quotes of $764 pa (RACQ), a couple around $1,550 (NRMA and Shannons/ Suncorp) and one at a tad over $2k. Allianz website wouldn't work for me, but last I knew this is who underwrites the BMW Financial Services insurance policy in Australia.

I tend to look for a few key items:
  • choice of repairer
  • limits on common claims e.g. I found a policy that covered $750 for excess free windscreen replacement, and BMW told me a windscreen would cost me north of $1,300.
  • what the actual market/ agreed value is (usually relevant after year 2 given most companies have a "New for Old" replacement in that period)
  • price (of course)
Where I've found policies to be significantly cheaper than the competition has been a result of a deficit in one of the above areas.

I haven't settled on an insurer for the F30 yet, however I'm leaning toward Shannons given my history with the business and their coverage of my other cars and bikes over the years.

Good hunting and by all means share your experiences.
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      07-05-2012, 07:22 PM   #2
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So far I have had two quotes from AAMI, who I insure my existing 2 cars and house with.

Quotes have been in the $1000-1200 pa range. This is with choice of repairer and $400 excess. I have protected no claim old-man driver status.

Of course I am not sure how much use this is as it is for a 335 and I think I have only spotted one other guy on the Oz forums with a 335...

Windscreen $1400 eh? I think its becuase of the HUD - if you have it or not you get a snazzy windscreen... and then of course all the rain/light detection equipment needs to be attached etc... not like the old days $120 and 15 mins, new windscreen!
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      07-05-2012, 08:53 PM   #3
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Hmmm.... ran a few quotes including windscreen & Hire car (only on a 328 sports line cos they don't have the M-sport as an option yet) and for my circumstances have found AAMI and RACQ to be around the $1100 mark. Suncorp and NRMA $1400+

Might stick with AAMI when I do get mine cos i'm already with them, have had no issues with claims. And their hire car policy isn't amount or time limited... I get a hire car until my car is fixed. (which once took 6 weeks due to xmas break)

I'll post something closer to the day of delivery and when the insurers have the M-sport pack as an option
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      07-05-2012, 09:25 PM   #4
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Check the choice if repairer definition with AAMI, it's not quite the way you initially think last I checked .
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      07-05-2012, 09:39 PM   #5
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Quote:
Originally Posted by Dabaitu View Post
Check the choice if repairer definition with AAMI, it's not quite the way you initially think last I checked .
yea... their definition is:

you choose a repairer and give quote... they choose one and give quote... and they decide who repairs..

The last 2 times I've had to deal with repairs (both not a fault but still ) it ended up at the same place, Domroy at Moorooka (here in Bris). Can't complain about their work... but have read mixed reviews.

Might see who has a proper 'choice of repairer' then...
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      07-06-2012, 05:12 AM   #6
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Quote:
Originally Posted by Dabaitu View Post
Check the choice if repairer definition with AAMI, it's not quite the way you initially think last I checked .
Yep youre dead right. Had to make a claim on my Nissan Murano and yeah you choose one they choose one, then they choose which they go for.

Wasnt a hassle last time. In fact to be honest, for me the hassle was having to choose one - Id much rather they just did it for me.
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      07-08-2012, 03:59 PM   #7
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I investigated GIO's Platinum car insurance, which offers lifetime new car replacement, no matter how old your initial car you insure with them is at time of claim.

http://www.gio.com.au/car-insurance/...-car-insurance

Other than paying a premium rate compared to other insurers, anyone see any 'downside' to this cover?

I understand that Allianz has a very good reputation for car insurance.
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      08-13-2012, 06:10 PM   #8
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I've been reviewing insurances again the past couple of days given delivery is imminent.

A couple of things I thought to share; if you've got quite a few factory options you probably want to make sure their listed on your insurance certificate; ensure you have an Agreed value policy and check there's not a cap on coverage for options (one insurer I read the PDS for has a cap of 5% or $2,000, whichever is less!); all insurers I've quoted through didn't have the full list of factory options available.

I'm thinking I'll go with Allianz at present (my decision, don't rely on it, read a bunch of PDS like I did and make up your own mind!) - not the cheapest, had the definitions I liked the best and gave me agreed value (subrogation can be a b!tch) with all my options listed.
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      08-13-2012, 08:47 PM   #9
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yea i tried to do up some quotes for the Msports... but Msport was not listed as an available line yet (not surprised) so the 'included factory defaults' didn't list any of the M-sport defaults like 19" rims etc....

might have to wait til closer to the day or at least until bmw make the m-sport models more publicly aware i guess...
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      08-31-2012, 04:52 PM   #10
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$880 from NRMA with the windscreen cover since my car will have HUD. That's with max no claim and multiple policy and also old man slow driver discount - I use real insurance on my X5 as its $900 compared to the $1800 from NRMA. Haven't contacted others yet
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      08-31-2012, 05:20 PM   #11
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Quote:
Originally Posted by Drk280 View Post
$880 from NRMA with the windscreen cover since my car will have HUD. That's with max no claim and multiple policy and also old man slow driver discount - I use real insurance on my X5 as its $900 compared to the $1800 from NRMA. Haven't contacted others yet
Some of the benefit limits in the NRMA policy were a turn-off for me, it seems to suit more run-of-the-mill, mass-market cars.. Another one of the common policies around also made it very unattractive if you'd ticked a lot of options on your car (I think it was Suncorp/GIO).

For those who (and I suspect most) have financed, again I'd really push you to think about whether you want "market value". In the event of a write-off you could be left with a gap between your finance and your payout. I've seen this bite people when they can't replace "like for like" and they have to settle for an inferior version or have to fund a gap.

For a (admittedly depreciating) $80K+ asset, I reckon reading the insurance is worthwhile for the time it takes.

Still, everyone makes their own choices with these things. Just remember price often translates to benefits.
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      09-05-2012, 08:45 AM   #12
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I've been with AAMI for awhile purely because of convenience and price.

May I ask what prices are premiums u guys are paying?
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      09-05-2012, 04:06 PM   #13
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Quote:
Originally Posted by J1n View Post
I've been with AAMI for awhile purely because of convenience and price.

May I ask what prices are premiums u guys are paying?
Bit of a moot question mate, unless the comparison is coming from your twin who lives in the same suburb and has the same car and driving record.

In short there are too many variables to gauge what you should be paying.
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      09-06-2012, 06:48 AM   #14
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The cheapest I've got quoted was 900 with AAMI, (garaged city apartment)

Last edited by J1n; 09-06-2012 at 08:26 AM.
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      10-03-2012, 03:42 PM   #15
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Hey guys,

Just a general question to all who have their M-Sports arriving soon (damn you lucky bastards... mines still in SA )

With the insurance for our M-sports F30s, I've noticed on AAMI, NRMA, Alliance, RACQ & pretty much all the other companies, that they have the main 3 lines listed but not the M-sport listed... have you guys had to call up to get a quote/insured?

I ask because each of the lines and indeed our M-sport, all come with differing "factory inclusions". So rather than select the base model and add all the optional stuff on the quote, how have you guys managed to get quoted/insured for your M-sport?

thanks in advance
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      10-03-2012, 09:26 PM   #16
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Quote:
Originally Posted by Spikey View Post
With the insurance for our M-sports F30s, I've noticed on AAMI, NRMA, Alliance, RACQ & pretty much all the other companies, that they have the main 3 lines listed but not the M-sport listed... have you guys had to call up to get a quote/insured?

I ask because each of the lines and indeed our M-sport, all come with differing "factory inclusions". So rather than select the base model and add all the optional stuff on the quote, how have you guys managed to get quoted/insured for your M-sport?

thanks in advance
I have tried the website quotes from a number of insurance companies this week. None had the M-Sport pricing yet. The car has just come into the country, so the pricing should be available within days, I would hope.
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      10-03-2012, 10:42 PM   #17
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I spoke to the guys at AAMI as I'm currently with them I am told to call back a day before I pick up the car and if the car is not in the system, apparently they get a manager to create a new entry. It also means that it needs to be registered to vicroads for them to pick up my car details as well.

I will give u guys an update when I call them Friday night.
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      10-04-2012, 04:45 AM   #18
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Called them today.. OMG it was so difficult as they didn't have it in their system, and they weren't sure how to categorize it.

Please let your insurer know it is a package on top of the base model, it is not listed as a "LINE" . The lady over the phone was nice enough to open the brocher and corrected me there. She had to enter all the options categorized in the M Sports "package". Hopefully I've done the hard yards for anyone going with AAMI.
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      10-04-2012, 06:29 AM   #19
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Quote:
Originally Posted by J1n View Post
Called them today.. OMG it was so difficult as they didn't have it in their system, and they weren't sure how to categorize it.
That's very poor from BMW Australia's part. They need to inform the insurance companies about the M-Sport package. Hopefully next week.
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      10-04-2012, 07:26 AM   #20
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Quote:
Originally Posted by David325Australia
Quote:
Originally Posted by J1n View Post
Called them today.. OMG it was so difficult as they didn't have it in their system, and they weren't sure how to categorize it.
That's very poor from BMW Australia's part. They need to inform the insurance companies about the M-Sport package. Hopefully next week.
I'm sure BMW Australia will help you out.... by selling you their BMW insurance... I'm sure it's cheap
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      10-04-2012, 07:43 AM   #21
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Yes 2k cheap >_<
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      10-04-2012, 03:42 PM   #22
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I'm sure BMW Australia will help you out.... by selling you their BMW insurance... I'm sure it's cheap
You know it's a white-label Allianz product, yes?
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