Hi, my name is Dan i'm 19 and I'm a new forum member and soon to be a new n/a zed owner. However, I am no stranger to the cars as my dad owns three 2+2 TT's but back in Zimbabwe where he lives and I used to, and now visit frequently on long trips. I will start a thread once I have my very own one and will have pics of all 4 zeds! With the introduction out of the way, I have just been researching car insurance and for full comprehensive the lowest quotes I'm getting having my mum as the main driver are still around 1.5k, which is ridiculous. So i'm considering having 3rd party only untill I'm 25, which will be around 300-400 per year. In the 5 years till then that is around a 6k accumulated difference between 3rd party and comprehensive. My question is, what are the associated risks with only having 3rd party and have people had any bad experiences with only having it. Specifically with the zed, will costs associated with fixing the car from an accident even come close to that 6k difference, provided that I cause the crash and the other person doesn't have insurance, so basically the worst possible outcome. I consider myself a safe driver and have no demerit points taken off me in my 2 years of having my license. Any help will be appreciated and I hope this is the appropriate section for the thread. Thanks
Well the obvious risk with 3rd party is repairing your own car in the event of an at fault collision. Theft is covered, fire is covered, not-at-fault accidents are covered. To be honest, with the cost of insurance vs the cost of the zed 3rd party is a reasonable option. There is alot of 2nd hand and aftermarket parts out there to repair most damage arising from light collisions reletively cost effectively. The risk of loosing it all comes with serious accidents, these cars aren't worth saving with a twisted chassis or most other serious damage. I pay 1,100 a year for insurance on mine. And it galls me everytime I do. I'm realistically paying 10% of the value every year. Comparitively, I pay the same $$ for insuring my $60k SUV. Which doesn't hurt as much because it's a monsterous tax right-off.
As a young bloke, consider the option of 'self insuring'. Get a 3rd party fire theft and property insurance (covers other people's stuff, and is different to Compulsory 3rd party). This should cost around 20 bucks a month. With the remaining dollars, put into a high interest account, and let it sit there. If you drive safe, you will accumulate money for repairs, damage or mods. If you crash it in a week, you will lose out. Realistically, I don't see the point in a massive excess which approaches 20% of the cars market value. Plus I'm a safe driver an don't mind the risk.
I guess it depends on if you're a gambler or not... I also consider myself a safe driver and have had no incidents caused by myself in the 7 years I have been driving *touches wood*.. Mind you, there's no way I would ever go 3rd party insurance on my zed, but I guess it depends on how you feel..I believe the moment I decide not to go full comprehensive is when something will happen
i have a auto NA zed, im 18, and have full cover under my own name. i pay around 1300 a year i think it is...i feel so much better off with the full cover. my girlfriend also is under my policy and it doesnt effect it. the excess is still the same with her on it too Rhys
Worse comes to worse mate, do what I did. Insure the car under your mums name, without you being a listed driver. Even if your not listed, and you have an accident, you will be covered. The only downside to this is that your excess will be huge. Mine is 2.5k... That's because I'm not listed on the policy, plus I'm under 25, plus the normal excess rate. If you think your safe, and your zeds worth the 1.1k insurance, then thats what i'd be doing
I would check, very carefully, about parents cover and how you are covered under it. My son wasn't for my z31, with bad outcomes - Shannon's policy. Again with Shannons, you can nominate drivers, did that with my son, now covered. All the insurance companies have their own deal, so check the company you are dealing with very carfeully - note recent QLD flood issues -these guys are a business, not a charity. And if you ever have to play with them, they will make that very clear to you!!! I would also say that you can have a write off, no matter how careful you are. I did at 19 -guy I still think trying to suicide. And yes my insurance was expensive, and i didn't end up with as good wheels, but I did have wheels.
Thanks for everyones opinions, i have a few questions: Bracket: So you pay 1.1k but your'e not on the policy, with an excess of 2.5k if you need to claim? Did you find quotes with you on the policy? Because 1.1k doesnt sound great seeing as I've found quotes of 1.4k with me fully on it. But thanks for the idea, i hadnt thought of it, but ill look into it more. Rangsy: That sounds like a pretty decent price seeing as quotes for just me as the main driver have been between 2.5-3k, care to say what the insurance company is? Also a bit of extra information, I'm a full time uni student with a casual job so its not like im rolling in the money every week, the option of 3rd party opposed to full comprehensive has a bit to do with that. Plus my decision is less about risk and more about value, the $1000 difference between the two as Mitch said could rather be saved and used on repairs IF needed. I guess in the unlucky situation if the car is a write off I would just sell what i could of it. But again thats the worth possible scenario, and I intend to drive my Zed carefully not stupidly.
Try - JUST CAR INSURANCE i just redid mine and it was $170 for Third Party or if i wanted 3rd Party Fire & Theft it would have been $370. If the other driver is at fault and un-insured i get $3000. I hardly drive my Z once a month maybe so i reckon it's worth the risk. Full Comp would have been $1100.
Give Shannons a call and tell them exactly what you require they are very helpful in selling you the right insurance for your needs i did very happy with the deal.
These cars market value is plummeting. This means the chance of an accident writing the car off is greater. and for a $2500 excess, you are looking at half a Zed right there... or a 1/4 of a good one And as for unlisted drivers, I wouldt trust an insurance company as far as I could throw them... always putting the devil in the detail, and the first to cry poor when some disaster really affects their bottom line (thinking brisbane floods, bushfires and cyclones)
What if - heaven forbid - it was your fault.... and you are seriously injured or worse etc... then what do you do... ???? when it comes to insurance dont cut corners... nothing is worth the 'risk'.... On topic... ring Shannons... they look after many members in here... just tell them what you need and go from there
Completely agree with Mitch As a 22yo female this is what I have been doing for the past 2 years of zed ownership. Shannons, AAMI, NRMA would not insure me for my 2+2 TT. Just Car was my best and cheapest option. Came close to $2500 for comprehensive. I figured if I went without having an accident for 3 years I have saved myself $7500 which is the amount I would have gotten back had I have written off the car. I only 3rd party fire and theft and I put money away each week to ensure if something does go wrong I have a stash there to save me. And if after a few years you havent needed to use it...... Mods time!!! :zlove:
I'm 19 - from NSW and have been through all this - I ended up on my own policy as I didn't want to go under my parents, and started building up my no claim etc.. - My no claim is now at 55% - and im only 19.. but i still pay over 2k a year.. but down from the 3.5 my first year.. - Worth it considering I live on campus, and the chances of malicious damage is high and travelling almost 1000km return to go to my hometown twitchin at the brake for the hoppin dogs..
"I consider myself a safe driver and have no demerit points taken off me in my 2 years of having my license". I had no demerit points for 10 years, then I got a zed.:br: All changed now!
HAHA - funny that I went almost 2 years without a speeding fine untill last saturday because of the zed
Its all up to you Dan, are you a gambling man? I 'm with mitch and nasty girl on this topic and only have third party, fire and theft. And have money saved for disaster. In 20yrs Ive had one accident that wrote my car off. But due to it being someone elses fault there insurance paid me out and i kept the car. worst case senario would have been him not being insured. But even then i had already saved more than the value of the car.
Shannons wouldn't touch my car (no matter what other circumstances - they didn't even ask?) due to no locked garage. WTF? (checked again last year to see if still the case. and Yes was answer. I'm a regional QLD address too, so heaven help those in a city with higher 'Stealing risk'. Lumley insured the Z TT but I was over 30. not sure they touch under 30's, but Suncorp was $1600.00 for an NA and Lumley was $790.00 for TT(quote was for 20K -10 years ago, but now down to $14K same premium but excess from 1k to 400 now. shop around Good Luck.
Thanks for all the comments, I rang shannons and they definitely seem to be better and more knowledgable than the others, unfortunately the quote was still 1.5k with me as the main driver. After speaking to my dad I have decided to go with 3rd party fire and theft protection, the cost of comprehensive vs the market value of the car just doesnt seem reasonable to me or him. On a side note: I intend to keep all my demerit points even when i get the zed, my christmas holidays are spent in Zimbabwe where i have 3-4 months of driving a choice of many fun cars and not worrying about demerits haha. 8 months law abiding driving in australia, then 4 months of fun
