Insurance! Help Desperately Needed!

[Zaxx]

Hey all,

You may know me, you may not.
But i'm a big ford fan, being the proud owner of a BA XR6 myself.

I'm on my L's and have 2 months until i'm able to go for my P's.
So in the time i've been gathering hours blah blah, and i've been working on my car, so it'll be the way I want it when I'm licenced.

Right now, through my parents, my insurance is Just under 700$
Yesterday I was kindly informed that when i'm on my P's, it'll cost me $2,778 a year to insure, full comp.
The car itself is worth just under 20k so Third Party Fire and Theft isn't really an option.
To be honest, I can't afford 2.7k to insure her.
Keep in mind that the 2.7k is still through my parents, with their names still on the vehicle, but with me as another driver.
Apparantly the stupid insurance companies go by the youngest driver. Which..is.. Me?

Im in a bit of a dilemna here, as I can't afford to pay that much, but I desperately want to keep my car.

It mainly annoys me, as it's almost like a death sentence the insurance people have handed me. I can't pay that much. So its either, I sit it on the driveway and look at all i've done to it. Or Sell it.
Either way, I don't get to drive her.

Any ideas guys?
Seriously, any..
I'm at a loss here..


Cheers.

[XR8 Uterous]

Try another company?

[rag top]

what company are you with now??

[Sizey]

It is best to shop around mate. Look be it with you and your parents or just in your name, it will be at least 2k than another 1k (or there abouts) if you make a claim! I know it sucks but unfortunately they class the xr6 as a sports car!

Even so, it is still expensive for us young fellas. For example, my stock standard BA Mk1 wagon was costing me 1800 a year to be in my name plus another 900 excess if i made claim!

[global88]

What ive done for my son is put the car insurance under my and my wifes name, my son just takes it sometimes. (so they think).

Insurance is cheap, just the excess is through the roof if he smashes it, because he is young and his name is not on the policy.

Basic insurance is around $700, his excess is around the $1500-2000 if something goes wrong.

The whole idea is if you are careful, you shouldnt be making a claim and needing to pay the excess.

[CFOUR]

sell it to them for $1 put yourself on their policy and borrow it when you need to go somewhere. realistically you should be paying $1500 to insure it for yourself.

[Smoke Pursuit]

Originally Posted by global88

What ive done for my son is put the car insurance under my and my wifes name, my son just takes it sometimes. (so they think).

Insurance is cheap, just the excess is through the roof if he smashes it, because he is young and his name is not on the policy.

Basic insurance is around $700, his excess is around the $1500-2000 if something goes wrong.

The whole idea is if you are careful, you shouldnt be making a claim and needing to pay the excess.

Great advice there until something goes wrong..

You really should have the kids noted as drivers, if if not the most frequent.

[sleek7]

Sucks to be under 25 :/

If you want a $20k car on your Ps you gotta be prepared to pay nasty insurance and nasty excess; should you have a prang.

[GetToTheGone]

Hey mate, im on my P's myself and drive a 06 BF XR6.
I'm paying a little over $1200 a year for full comp and agreed value of $20000. But my excess is $1000
All I can say is get as many quotes as you can, and go with the best deal.
And DO NOT crash your car :P

[CFOUR]

there are company's like nrma that guarantee the best price or they'll beat it by 10%. if you find a couple of company's like that you can go back and forward and wind the price down by 30-40%.

[Zaxx]

NRMA I think guys,

I'll try get it in my parents name with me as a noted driver.
Hopefully occasionally.


I'll see how it goes.

I'm willing to pay 15-1900k insurance.


cheers.

[Zaxx]

Originally Posted by GetToTheGone

Hey mate, im on my P's myself and drive a 06 BF XR6.
I'm paying a little over $1200 a year for full comp and agreed value of $20000. But my excess is $1000
All I can say is get as many quotes as you can, and go with the best deal.
And DO NOT crash your car :P

You in QLD mate?
Who you with?

[ralphy]

or you may get lucky with your insurance company and get sent an insurance quote for a very cheap price compared to what your paying, last year while i was still on my P's, i got sent one for $1300, i was paying like $2400 at the time so i rang them up asking why it was so cheap and apparently the quote was for a rating 1 driver and i was a rating 2 driver, but they had to go through with the policy if i wanted to, so i was cheering lol, but yer it does suck with the prices they charge

[cedric]

bad advice lying about who's car it is a girl i know of had this set up going and when she crashed the insurance paid for other car and told her if she wasn't happy with that they would fight it in court and not pay for either car. she lost 20000 car that was writen off

[keepin]

Hi OneSix,

I'll speak for myself here..

I'm 21 and not long into my P's, have insurance on my BA XR6through RACV at a cost of approx $2200 per 12 months or $185 per monthly installment. While it's expensive for me, i'd rather be completely covered as getting another car of similar age/condition/luxury would not happen anytime soon.

So for me the insurance is a must, one day it will be less.. one day..

Cheers,
Mick

[Dave3911]

Originally Posted by global88

What ive done for my son is put the car insurance under my and my wifes name, my son just takes it sometimes. (so they think).

Insurance is cheap, just the excess is through the roof if he smashes it, because he is young and his name is not on the policy.

Basic insurance is around $700, his excess is around the $1500-2000 if something goes wrong.

The whole idea is if you are careful, you shouldnt be making a claim and needing to pay the excess.

Very bad advice & if I were you i'd reconsider your decision re insurance with your son.

Insurance companies aren't stupid & they will have both automatic and random checking on all claims for possible fradulent activity. The scenario you speak of is one of the oldest in the book and they are VERY wise to it. I hope you dont have all your cars insured with the same company - because that'll be the first thing that'll stand out & make them think twice when a claim comes in. One family? 3 or 4 cars? Kids only drive them "occasionally"? Yeah riiiiight.

Not only may they deny the claim, think of the possible criminal legal implications. If they are concerned, they may ask you and/or your son to sign a stat dec. re the useage of the car. Nothing to be worried about if its the truth. But then your son is followed by an investigator and they have photos of him taking it to work every day, and on a trip with his mates to go fishing. Suddenly the Police are on your door and your looking at charges for both you and your son for obtaining financial advantage by deception and making false statements......

Not only do you have the possible financial implications but Now your son has a record..... and it's a dishonesty related charge to boot. Goodbye any job that requires a police record check...... or some tourist visa's for international travel.....

Dont think it'll happen? Your wrong. It did. Last week. To a workmate of mine and his son.

[kermey]

If you can not afford the insurance you cant afford the car!

Might be a good idea to sell the car and drive something else for a few years if you can not get a price your happy about paying.

These are the sort of things people should factor in when buying a car. Not just the purchase price but rego, stamp duty, insurance, running cost, servicing etc.

Good luck with it mate, hope you manage to get a quote your happy about paying.

[seduced_xr]

im with AAMI

cars in mums name but im the holder of the insurance policy being the main driver (thats how theyre system works)

its still cheaper to leave the car in mums name, but having the policy in my name gets me a better rating each year.

i pay $1400 a year, 2003 ba xr6 and the car is insured for just over 20k. they did stuff up their quote but had to honor my quote number so i should have paid $1900 last year (hopefully i get 1400 again this year.)

good luck.

as said if you cant afford the insurance you cant afford the car

[global88]

Originally Posted by Dave3911

Very bad advice & if I were you i'd reconsider your decision re insurance with your son.

Insurance companies aren't stupid & they will have both automatic and random checking on all claims for possible fradulent activity. The scenario you speak of is one of the oldest in the book and they are VERY wise to it. I hope you dont have all your cars insured with the same company - because that'll be the first thing that'll stand out & make them think twice when a claim comes in. One family? 3 or 4 cars? Kids only drive them "occasionally"? Yeah riiiiight.

Not only may they deny the claim, think of the possible criminal legal implications. If they are concerned, they may ask you and/or your son to sign a stat dec. re the useage of the car. Nothing to be worried about if its the truth. But then your son is followed by an investigator and they have photos of him taking it to work every day, and on a trip with his mates to go fishing. Suddenly the Police are on your door and your looking at charges for both you and your son for obtaining financial advantage by deception and making false statements......

Not only do you have the possible financial implications but Now your son has a record..... and it's a dishonesty related charge to boot. Goodbye any job that requires a police record check...... or some tourist visa's for international travel.....

Dont think it'll happen? Your wrong. It did. Last week. To a workmate of mine and his son.

Its never been a problem, thats why they have such a high excess for under 24yo drivers who are or are not named in the policy.

Hes turning 20 in a week, so far 2 years on the road and not a problem, the car is legally insured as its registered under my name and he occasionally takes the car (every day ;) ).

Im 46 now, this has been done for decades by parents for their kids, my parents did it for me when i was 18, even my brother who is a Lawyer does it for his kids, he even said that legally there is no problem as the car is insured under the owners name, the driver can be anyone holding a license that fits the insurance companies guidelines of a accepted licensed driver.

Old story insuring under the parents names, some companies offer a discount to put the kids names on the policy to help their ratings levels improve for a few extra $.

The problem is the excess is still in the thousands and your still paying a inflated insurance cover.

[Dave3911]

Originally Posted by global88

Its never been a problem, thats why they have such a high excess for under 24yo drivers who are or are not named in the policy.

No, that's not why the excess is high for under 24's not named at all. It's high for the same reason that premiums are high for young drivers - because they are more likely to be involved in a collision.

Hes turning 20 in a week, so far 2 years on the road and not a problem, the car is legally insured as its registered under my name and he occasionally takes the car (every day ;) ).

There are no laws in Australia that require a car to be insured so I don't know what you mean by "legally insured". Registered yes? Insured, no.

Im 46 now, this has been done for decades by parents for their kids, my parents did it for me when i was 18, even my brother who is a Lawyer does it for his kids, he even said that legally there is no problem as the car is insured under the owners name, the driver can be anyone holding a license that fits the insurance companies guidelines of a accepted licensed driver.

And this is exactly my point. "the driver can be anyone that fits the insurance companies guidelines of an accepted licensed driver". Most policy's will stipulate that the drivers MUST be named prior to any claim if they drive the car more than "occasionally". So if he isn't just driving it occasionally, then your in breach of the guidelines.

You'll find a pretty clear definition of "occasionally" in your PDS for your policy & every day wont be it. This is why you keep saying that you tell the insurance company that he drive's it "occasionally".... otherwise, it wouldn't be an issue would it? You could just leave him unnamed, let him drive it as much as he wanted and pay an inflated excess in the event of a claim. Even you point out, over and over again, that you have to tell them he drive's it "occasionally" with an ever-so-neatly placed smiley face for this to work. That is untrue, and thus, fraudulent if found out.

I'm not saying it's not widespread, and I'm not saying that people dont get away with it....... Hell, my parents did when I got my first car! I'm just saying that there is an absolutely huge risk in doing so and you should consider all the consequences.... which may not just be financial and may lead to criminal charges.

As I mentioned, this exact scenario happened to a workmate of mine, with the Police turning up on his doorstep around a week or so ago. To make it worse, I work in an industry that requires 3 monthly police record checks & voluntary disclosure of any interaction with the police as a term of employment. The staff member (45, 2 kids, mortgage, disabled wife) is currently suspended and will likely loose his job. Very sad all round, and very very real.

Dave

[GetToTheGone]

Originally Posted by One Six

You in QLD mate?
Who you with?

Nah man im in Vic and with RACV.
I was not expecting them to be that cheap but hell I wasnt complaning haha

[Yellow_Festiva]

If you are with NRMA at the moment I find that their premiums are at the higher end of the market.

I remember paying $1800 for the Festiva when I was 20... big money considering what I was earning a week and what the car was worth. However, when my car got done in a hail storm the repair didn't hurt me as much as it hurt the insurance company.

Shop around. If you think you will not cause an at fault accident then go with AAMI. They have a pretty good system of upping your excess for a reduced premium. You can go up to around $2000 excess, and shave 40-50% off the premium.

But of course, should you make a claim then that saving is lost in the excess you need to pay.

If I were in your situation, call the 10 most known companies and get the best price you can. Going online will find further savings if your policy / vehicle is straight fwd.

Good luck...

[Yaw]

Originally Posted by Dave3911

Very bad advice & if I were you i'd reconsider your decision re insurance with your son.

Insurance companies aren't stupid & they will have both automatic and random checking on all claims for possible fradulent activity. The scenario you speak of is one of the oldest in the book and they are VERY wise to it. I hope you dont have all your cars insured with the same company - because that'll be the first thing that'll stand out & make them think twice when a claim comes in. One family? 3 or 4 cars? Kids only drive them "occasionally"? Yeah riiiiight.

Not only may they deny the claim, think of the possible criminal legal implications. If they are concerned, they may ask you and/or your son to sign a stat dec. re the useage of the car. Nothing to be worried about if its the truth. But then your son is followed by an investigator and they have photos of him taking it to work every day, and on a trip with his mates to go fishing. Suddenly the Police are on your door and your looking at charges for both you and your son for obtaining financial advantage by deception and making false statements......

Not only do you have the possible financial implications but Now your son has a record..... and it's a dishonesty related charge to boot. Goodbye any job that requires a police record check...... or some tourist visa's for international travel.....

Dont think it'll happen? Your wrong. It did. Last week. To a workmate of mine and his son.

Actually,
99% of the time it is found out at claim time. Usually the actual owner will be the one to slip up and basically admit it themselves. You see even though it is in your name, I bet your son actually pays it. (if its pay by the month, the account name gives it away) or the actual owner gets upset when you tell them that one of thier parents will have to authorise the claim to actual be lodged, as it is not the drivers policy. This is when the son or daughter starts yelling and getting upset at the insurer and says "But its my car"....that pretty much is enough to prove that the incorrect premium has been paid.

These are just a couple of ways this type of thing gets found out time and time again. There are plenty more ways, but you can see from these 2 simple things how hard it is to actually get away with lying to an insurer.

[Eb5litre]

Have you tried JUST CAR?

[StrokedXT]

Originally Posted by One Six

Hey all,

You may know me, you may not.
But i'm a big ford fan, being the proud owner of a BA XR6 myself.

I'm on my L's and have 2 months until i'm able to go for my P's.
So in the time i've been gathering hours blah blah, and i've been working on my car, so it'll be the way I want it when I'm licenced.

Right now, through my parents, my insurance is Just under 700$
Yesterday I was kindly informed that when i'm on my P's, it'll cost me $2,778 a year to insure, full comp.
The car itself is worth just under 20k so Third Party Fire and Theft isn't really an option.
To be honest, I can't afford 2.7k to insure her.
Keep in mind that the 2.7k is still through my parents, with their names still on the vehicle, but with me as another driver.
Apparantly the stupid insurance companies go by the youngest driver. Which..is.. Me?

Im in a bit of a dilemna here, as I can't afford to pay that much, but I desperately want to keep my car.

It mainly annoys me, as it's almost like a death sentence the insurance people have handed me. I can't pay that much. So its either, I sit it on the driveway and look at all i've done to it. Or Sell it.
Either way, I don't get to drive her.

Any ideas guys?
Seriously, any..
I'm at a loss here..


Cheers.

Yeah stupid insurance companies who offer a product you dont have to accept if you dont like it and have the hide to base a premium on the risk factors.

[seduced_xr]

ive got insurance coming up considering what i make a week im going without big time, that said tho once i get over this and rego in november im free until august next year with all my bills

just do what i do, do as much over time as you can to make a years worth of insurance, then cut back down again.

[Ford_The_Win]

You've got enough money to have a BA XR6 whilst on L plates, yet can't afford the insurance?

[seduced_xr]

i had a BA XR6 a week after i got my Ps.

their like $15 000. i saved since i was 14 to get one.. i keep trying to tell people.. just because i have the car doesnt mean i have money, its all in the car lol

[EVL BOS]

up until recently my past two cars have been in my mums name including insurance, but obviously i drove them everyday, i was covered under the "occasional driver" term, which meant i was covered if i had an accident, i just had to pay the higher excess of 2grand, i did have and incident were a women hit me in a car park and i was still covered. get ur parents to check their policy to see if your covered by this.

[Iggypoppin']

I had full comprehensive insurance on my BA XR6 for 794 per year, 2500$ excess. Sometimes you just can't win