Australia EV car insurance through the roof! Tesla Model 3 RWD doubled - How to reduce premiums!
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- เผยแพร่เมื่อ 27 พ.ย. 2023
- THIS IS NOT FINANCIAL ADVICE, just some random bloke banging on about how car insurance companies do their best to screw customers. But if you're too lazy to do your homework, get better quotes and are happy to be extorted by your insurance company, more power to you.
Just received a car insurance renewal notice that was DOUBLE what I paid last year.
Spent a bit of time hunting for a better deal, and with some tweaking was able to save thousands on my car insurance.
Basically, if you're getting car insurance you HAVE to pay a premium (the yearly cost of having car insurance). The EXCESS is what you have to pay in the event of an accident that was your fault - or if the perpetrator responsible for the accident cannot be identified (and also "act of god" type things like a tree falling on your car).
This video explain why I'm happy to have a large excess (which is very unlikely I'll have to pay) in order to get a low premium (which 100% I have to pay). - ภาพยนตร์และแอนิเมชัน
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Dude the background music is way above ambient.. and please get a better microphone, a iphone headphone and mic is golden... But do turn the music down ,
Yeah my bad, the auto levelling didn't seem to work and I didn't check before the upload - will fix it for future uploads!
Insurance is a tax on the poor, those who live beyond their means, and the reckless / stupid. The insurance companies are making fat profits off your premiums, leasing building big in capital cities, and paying 100's of staff and executives huge salaries. If you take the money you would pay on insurance and put it in a separate account, and better yet put a big payment into the separate account to make it reasonable to cover any "claim" you might have while the fund builds up, then you should have more than enough to cover any claims - as long as you are a careful / safe driver. Same applies for houses. Some people are going to say "Oh but finance companies / banks require insurance" for loans, mortgages, etc. There are ways around this.
Its the new insruance trick they do for all cars regardless. YOUI doubled on my sorrento to 2000 from 1200 . All it took was a phone call to complain and they brought down to 1200 again
Youi up to their usual tricks. Crappy ads, no online quotation, they get your number and spam call you forever, talk endlessly about rubbish assuming you're some aging boomer, then give you an uncompetitive quote. Their market is elderly Aussies who don't know they're about to get ripped off.
I paid $909.56 for full comprehensive insurance for my MG4 long range with AAMI. for $58000 cover!
Actually not a bad deal!
Every insurance provider in Australia has / is going up. Home, PI, car etc. IMO the hike isnt justified.
Isn't the price of everything going up? Seen the price of a pack of chips lately? I'm not paying $7 for salt and vinegar chips (probably means I'll live longer). I do feel sorry for homeowners in risk zones (fire, flood) who get insurance quotes of $40,000+ in the last few years. My problem is I have several cars, several yearly registration fees, and several insurance premiums to pay - I may need to downsize 😥
I have the same model 3 and year as you and that $3K renewal quote you got is excessive. I was paying $1.1K with NRMA last year and renewal $1,450 with $900 excess. If I remove the any repairer extra it goes to $1300. Starting to think reasonable compared to what I've seen in forums and your video. Australia Post was only $1000 but I don't like them because if they can't even deliver mail properly then I wouldn't trust their insurance.
Auspost aren't really a brand name to admire anymore :(. Because insurance varies so much across postcodes, driver ages, car type etc it's almost impossible to compare them all. The best thing is to seek the best deal for yourself, and never pay the loyalty tax of sticking with an insurance company that jacks up your costs hoping you won't shop around.
You can expect the MG4 premium to be much higher next time around!
I just did the insurance on an Excite 51, blue like yours. 1500 excess, no accident history, etc, etc. Quotes were in the 1200+ range
Ouch! Maybe I got lucky with the first quote, as it was one of the first MG4s in Victoria at the time. By next year there'll be a lot more on the roads and more data regarding potential claims value relating to the car. I certainly don't know a single person whose insurance on cars/houses/anything has gone down this year.
3yo 2021 Model 3 AWD LR. Insured with Budget Direct, made a claim for scraped fender on a gate post ($3500) and made, but then WITHDREW a claim for a cracked roof glass (a flicking buckle on an elastic tie-down). Budget Direct then refused renewal quoting “claims history”. They refused to recognise that the roof claim had never proceeded. Hunted around - Youi quoted $5500 - then returned to my original insurer, Shannons. $2150 with a $600 excess.
Wow that's pretty nasty work from budget direct. Imagine denying future insurance to your customers who had a valid claim anyway? No surprise Youi gave some ridiculous quote, business as usual for them.
Interesting I am paying around $1000 annual for a Model 3 RWD 2023 in Australia and I got a second quote for around the same amount from an another company. Also I never renew, always get new new quotes each year.
Sounds like a great deal - but of course everyone's quotes will vary depending on all the factors put in. What's your postcode?
@@bozugarage Of course, but $3k plus seems very high.
I got a bit upset that my insurance on my Polestar doubled. I called the insurance company up with a 'please explain?' and managed to get the premium reduced. My premium was around $1200 and got changed to $2300. After discussing with them and changing a couple of details (excess, named drivers, etc.) I got it down to $1800.
After seeing this, I think I've done well.
good job to get the premium reduced - but geez it really shows you how scummy insurance companies are, hoping to rip $500 off you without you noticing. And it's good to hear that your tactics of adjusting excess and drivers also worked for you in reducing your insurance cost!
@@bozugarage The story I got from the insurance agent (whether the agent actually knows is debatable) is that EV's are very new and the insurance firms are only starting to work out how much the cost of repairs would be.
Sounds believable.
However, I also note that over the past few months there has been a concerted push against EV's regarding fire risk. I assume most of it is hysteria from the anti-EV brigade, but I wonder if it has flowed through into insurance premiums.
I understand all car insurance went up about 18%.
@@colossus_g Yes, I am beginning to understand the extent of anti-ev behavior. There are a number of Australian TH-camrs rrunning anti-ev stories continuously and they are more popular than EV reviews. It won't be long before they are in this thread commenting.
Did you try an new policy online with Allianz? I have found renewals go up a heap but if you do a new policy, it is a cheap price again.
ah, of course I didn't because I forgot to do so :) But I have this gut feeling it wouldn't make a whole lot of difference anyway, and I doubt it'd be anywhere as cheap as the best deal I was able to get. Back on the insurance merry-go-round in a year.
Thanks to the EV craze my normal car insurance has doubled, nothing like paying for the insurance company's bills,
Well, I'm not going to argue EVs may have a part to play, but wouldn't assign entire blame to EVs. Without boring myself too much, my understanding is that car insurance is just one category (add in houses, life, business, indemnity insurance etc etc) and as general claim volume and payouts increase, so does everything else, including reinsurance (where insurance companies get insurance to protect themselves from insurance claims - yeah it's insurance inception). Long story short, EVERYTHING right now is expensive and it sucks. Don't automatically pay ANY insurance renewal, shop around and LEAVE when there's a better deal.
My 2015 Audi A4 Quattro with Budget Direct had premium lowered
wow, that's incredible. Wonder if there was anything else that changed - you didn't move address or anything I guess? Ask your mates though - I'd bet none of them were as lucky as you to get a reduced insurance cost on anything!
@@bozugarage
Market value of Car reduced slightly but also I've been with them for 3 years now & got a Loyalty Discount
Electric vehicles cost more to purchase, more to repair, are potentially a fire hazard after an accident, and have less options available for repairs. High premiums are to be expected honestly. The joys of early adoption of a 'new' technology. 🤔
Well, when you're right you're right I guess. The stats on fire hazards and EVs are a bit cloudy as there's plenty of real vs misinformation out there. Probably all EVs are less of a fire risk than Ferraris and Lambos that like to spontaneously combust for everyone's entertainment. That said insurance for EVERYTHING (house, life, income, property) have all increased significantly lately. Joys of cost of living.
I have got to love the insurers who waste your time collecting all of your information and then tell you at the end "we do not offer insurance on this vehicle". Like, you know the vehicle right at the start - why not just stop there?
True, once you select your Tesla, MG, BYD, Polestar and whatever EV is apparently uninsurable, they could just stop right there. Think I'll do another vid compiling a list of insurers that refuse to cover EVs. That'll save everyone a lot of time.
Get used to it doubling again next year. The simple fact is that any small prang writes your electric toy off!
All the insurers are using any excuse to massively increase their premiums. I got a renewal for my old ICE mercedes for third party only, and RACV bumped it 85% higher. And that was for third party only, not even comprehensive! Left them too.
Can barely hear you.
yep I messed up and relied on autolevelling in my software. Will always do a final production check in future vids - my bad
The tax u get for trying to be a Tesla fanboy.. but its know fact Tesla cars cost more to repair
tesla fanboy? don't think so mate, there's plenty that could be improved about them. And repair costs is just one of them - a lot of the car is large one piece castings which reduces manufacturing costs but increases repair costs. If you're not keen on Teslas, maybe watch for my other content coming on my JDM cars?
Is he trying but not succeeding what would success look like in terms of actually being a fanboy.