How has your insurance increased this year?

[Ralfi]

I ended up going with Budget Direct. Nice $546 saving from RACV’s best offer.

(Also cut ties with RACV for home insurance & saved a total of $922 for both car/home insurance)….

[Aggland]

This is pretty ridiculous now…

RACV were leading the way years ago, but they’ve just increased my insurance for a MY16 GTI MK7…

2022 Premium: $1278.96
2023 Premium: $1512.97

That’s an increase of $234 in one year! No performance modifications, no claims ever, very low KM, & those prices include a multi-policy & 5 year membership discounts!

Got a quote from Budget Direct: $890ish….(& will probably shift Home & Contents to them also….working on that comparison now).

How have your MK7 GTI Insurance Premiums increased this year?

It's crazy how costs just keep going up, even when you've got a clean record and all the discounts possible. I've been with RACV for years, but seeing those numbers, I might need to reconsider.

[Aggland]

Totally feel you on this one. Insurance premiums seem to skyrocket for no good reason. Loyalty? Yeah, right. Been there, done that, got the higher bill. It's a messed-up game, and I'm all for shopping around for the best deal. Loyalty should count for something, but it's like they couldn't care less. Recently, I've been exploring alternatives too, and stumbled upon https://casinosanalyzer.com/bonuses-by-countries/australia-aus, and their list of no deposit bonus codes. It helped me save some extra cash. Here's to hoping for some fairness and transparency in the insurance industry soon.

[The_Hawk]

the so-called "loyalty" discount is meaningless

Yep.

My insurance is currently split between Shannons for my car on a low use deal that I just can't get anywhere else.

My wife car is on a lease and still on the lease company's insurance, which is extortion but covers me if the payout is ever not enough to cover the remaining value owing. Typically OK for the first couple of years. Funny thing is that I can't add any extra drivers at all, so it covers everyone and the young driver excesses aren't too bad. Works out cheaper than anything I've found so far when I add any of my kids to the policy!

I looked at adding the kids to my car too, apparently fully covered as Learners, but as full drivers it's something like a 300% - 400% increase to thousands. Turns out they won't be driving my car

[DV52]

hmm......... Don't get me wrong - I reckon that the hefty increase in insurance costs is utterly outrageous - but what the various posts on this thread indicate is that it's relatively easy to get lower priced insurance!!

However, most decisions where folk change insurance companies ain't based on comparing apples-with-apples! Fact is that almost always, the lower-price product costs less because the insurance cover is reduced! This invariably gives the car owner a sense of a real saving (a job well done) and in most cases it is a real saving if no claims are made for the situation that was uninsured because of the lower-price product!!

I guess the ONLY good thing about rising insurance costs is that it makes folk think about how they value the insurer's terms and conditions. The bad thing (other than the cost itself) if the necessary research is NOT done before accepting a lower price, is that it can give the car owner a false sense of coverage!!

Moral of the story = "caveat emptor" also applies to car insurance!!

Don

[dimaser]

+10% as always

[Aggland]

hmm......... Don't get me wrong - I reckon that the hefty increase in insurance costs is utterly outrageous - but what the various posts on this thread indicate is that it's relatively easy to get lower priced insurance!!

However, most decisions where folk change insurance companies ain't based on comparing apples-with-apples! Fact is that almost always, the lower-price product costs less because the insurance cover is reduced! This invariably gives the car owner a sense of a real saving (a job well done) and in most cases it is a real saving if no claims are made for the situation that was uninsured because of the lower-price product!!

I guess the ONLY good thing about rising insurance costs is that it makes folk think about how they value the insurer's terms and conditions. The bad thing (other than the cost itself) if the necessary research is NOT done before accepting a lower price, is that it can give the car owner a false sense of coverage!!

Moral of the story = "caveat emptor" also applies to car insurance!!

Don

Couldn't agree more, Don! It's crucial to carefully review the terms and conditions of insurance policies, especially when opting for more affordable options. Sometimes what seems like a good deal at first glance can turn into a nightmare when it's time to make a claim.