Distance based insurance premiums

[Pinch]

So this afternoon I am sitting on the train, reading my free Sydney MX when I see an article about distance based car insurance for non-car commuters.

This really got me excited as I have 3 cars (all for different purposes) with the most appropriate small Mini doing the bulk of the work for the wife's city commute and our general running around, and I don't commute by car at all. The Fairlane by comparison only does about 3-5K per year, compared with the Mini's 20K or so, but the 'lane costs far more in annual costs.

The insurer of the 'lane gets a bloody big free kick as the thing is hardly driven, yet I pay full freight, so imagine my delight at the prospect of a fair go.

The article referenced Real Insurance, and low and behold I just did an online quote and went into all this detail about its non-commuting use, an annual k's bracket of 2499-5000 option etc etc. All was well in the world until the premium came up - about a $100 more than my current AAMI policy that doesn't give a rats about the fact that the 'lane's most important duties are keeping the pepplecrete on the driveway from fading!

So alas, it was too good to be true. It would be a great idea though if it really was properly distance based. Not only for enthusiasts with a weekend car, it could also mean that more people could have multiple vehicles with the most appropriate being used most of the time. Would save everyone driving 'cruisers etc to drop the kids at school just because they can only afford to run one car and occassionally tow a boat or go bush or something.

[The Yeti]

I found that with my boat I could insure it for summer months only with one mob and its was 30% more expencive than a std 12month policy with NRMA, and get this I went right in to the PDS and it was apples with apples right down to the under writer (expcept for the insured time frame) premium go figure

[dave289]

shannons have a similar type thing,you should give them a ring and see what they say.

[Yellow_Festiva]

I had the same issue when owning 2 cars.

Vigil had premiums that reflected lower driving per year. But still, you would hate to have 3 or 4 cars.

I hear in the UK there are companies that insure the DRIVER, not the car... so a fleet of 10 privately owned cars will only have insurance when the insured driver gets in.

Not sure if this is true?? But then again, what insurance does a workshop mechanic have, who would on any given week they take a few dozen cars out on the street on a road test / test drive etc?

[Supercharged]

I have 3 motorbikes
BMW K1200S premium is $290.00 p/y
Honda Blackbird premium is $668.00 p/y
Suzuki DRZ400E premium is $214.00 p/y
All limited usage
Joke is the BMW is faster with more H/P and similar weight to the Blackbird.
The BMW is worth twice as much and no restricted riders, the Blackbird is named riders only so my 22 y/o son has to be listed.
Here is the thing, the parts for the beemer are cheaper than the Honda parts if crashed.
We put them both on the dyno BMW 144 HP at back wheel, Blackbird 135 HP at back wheel.
Reason given the Blackbird is so much more is claim history for that vehicle model is higher, BMW is cheaper most likely because mostly old farts ride them.

That makes sense though. Try comprehensively insuring an FZR, CBR, RGV, hell any of the learner sports bikes.

The BMW doesn't need to have restricted riders because the BMW badge exists as a restriction for all riders under 60.

Parts prices don't even matter for bikes anyways. A shopping centre drop will write it off most of the time, for the fully faired sportsbikes anyway.

Driver insurance is an awesome idea, but am I the same driver in a Corolla to what I am driving a borrowed WRX? I don't think so.

[Supercharged]

Originally Posted by Shounak

The BMW doesn't need to have restricted riders because the BMW badge exists as a restriction for all riders under 60.

.

That's a bit harsh, I'm 48 and thought the same until I rode one, son thought the same thing until he had a ride on the beemer and blew off a duke 999 and son had a pillion on at the time but still wouldn't own one. His GSXR 750 can't touch her. They do get a shock when she goes past them.

Originally Posted by FG Turbo Ute

That's a bit harsh, I'm 48 and thought the same until I rode one, son thought the same thing until he had a ride on the beemer and blew off a duke 999 and son had a pillion on at the time but still wouldn't own one. His GSXR 750 can't touch her. They do get a shock when she goes past them.

I'm not doubting its abilities. I've seen those big Beema's take the twisties pretty well also. If I had any decent amount of riding to do, I'd go straight for a Beema.

Doesn't mean I'd own one for another 40 years though.

[GT0132]

Originally Posted by Yellow_Festiva

I hear in the UK there are companies that insure the DRIVER, not the car... so a fleet of 10 privately owned cars will only have insurance when the insured driver gets in.

So what happens if 9 of his cars are nicked while he is out cruising in car no 10 ?

[Yellow_Festiva]

Originally Posted by ozmale42

So what happens if 9 of his cars are nicked while he is out cruising in car no 10 ?

How should I know? I don't have this kind of policy. Perhaps the building they were in would have been covered for break in and theft to $X?

[GRNKPR]

Originally Posted by Yellow_Festiva

How should I know? I don't have this kind of policy. Perhaps the building they were in would have been covered for break in and theft to $X?

they are probarly insured while at homeor stored, the only time it gets a little tricky if him and a family member want to have 2 on the road at the same time

[GT0132]

Originally Posted by Yellow_Festiva

How should I know? I don't have this kind of policy. Perhaps the building they were in would have been covered for break in and theft to $X?

Wasn't having a cheap shot at you...Just putting the question out there bud !! De- stress man

[68XTFairmont]

I just started using Shannons limited use policies on 3 of my Vehicles and I pay less per month now than I used to on just 1 of them. Add to that the fact that they all now covered for agreed value and I even get the remains of the Harley back if it is written off, Considering all the $$ tied up in the Harley is in the engine and therefore pretty hard to kill in an accident I am pretty happy.

Shannons will also give an enthusiest cover if you take out Home and contents with them which covers an extra $10k worth of memorabilia, Tools, car parts etc (how many here don't have them hard to find spares stashed away in the shed?)

[GRNKPR]

Originally Posted by 68XTFairmont

I just started using Shannons limited use policies on 3 of my Vehicles and I pay less per month now than I used to on just 1 of them. Add to that the fact that they all now covered for agreed value and I even get the remains of the Harley back if it is written off, Considering all the $$ tied up in the Harley is in the engine and therefore pretty hard to kill in an accident I am pretty happy.

Shannons will also give an enthusiest cover if you take out Home and contents with them which covers an extra $10k worth of memorabilia, Tools, car parts etc (how many here don't have them hard to find spares stashed away in the shed?)

yep got 4 cars with Shannons 2 limited k s 2 normal all wihe the free windscreen cover (1 per year ),retention of wreak and house and contents(10,000 free Enthusiast Cover) Cheapest around and to top it all off after multiple policy cover discounts they gave me another 10% off for havning a CAMS licence NOTHING ELSE COMES CLOSE !!!!!!!!!!!!! : : : :

[EDManual]

Why bother with comprehensive insurance! Just get 3rd party and risk it. Most of the time the crash wont be your fault. I've done 600,000km in 10 years 3 cars, 2 motorbikes 2 boats. crashed once. No insurance (have 3rd party though). There goes $3000(old car). Cheap. Even if I lost $10000 in one stack. Who cares!

[XA-Coupe]

Originally Posted by EDManual

Why bother with comprehensive insurance! Just get 3rd party and risk it. Most of the time the crash wont be your fault. I've done 600,000km in 10 years 3 cars, 2 motorbikes 2 boats. crashed once. No insurance (have 3rd party though). There goes $3000(old car). Cheap. Even if I lost $10000 in one stack. Who cares!

that works if you drive a POS.

Originally Posted by EDManual

Why bother with comprehensive insurance! Just get 3rd party and risk it. Most of the time the crash wont be your fault. I've done 600,000km in 10 years 3 cars, 2 motorbikes 2 boats. crashed once. No insurance (have 3rd party though). There goes $3000(old car). Cheap. Even if I lost $10000 in one stack. Who cares!

My mate got crashed into by a girl who had her brand new Lancer for 2 or 3 days. A nice little present from daddy for her 18th birthday.

She well and truly wrote the thing off when she went up the buttocks of his EA. She lost close $25-30k just like that because she didn't have comp.

Like said above, it only makes sense for certain cars.

[Pinch]

Just did a quote with Shannons. I actually only had Third Party Property Fire and Theft on the Fairlane. While Shannons don't seem to have TPPF&T, their comprehensive insurance is only $5 more a year than my old TPPF&T policy. For that $5 I get agreed value, and all of the other good Shannons comp benefits compared with no damage coverage for the 'Lane at all. Much better value, based on the weekend only use. You'd think with all their ads during Top Gear that I would have spoken to Shannons sooner hey? Later AAMI!

[68XTFairmont]

I watched all them ads for years and thought....... yeah it's ok if ya own a $50k car and earn $100k a year.

If only I rang them earlier, I would of saved a packet