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fix69er 06-29-2012 12:14 AM

GC Insurance Options
Given the imminent arrival of my GC I am now looking at insurance options. My insurance criteria: During the first 5 years of ownership I want recover my original investment in the event of a write off.

Car value used for calculations= 50k

Option1: Go for standard comprehensive car insurance for the first two years, and then switch to 50k agreed value for next 3 years.

During the first two years of ownership, if the car is written off insurance company will replace with a new car (with their conditions). One of the conditions is that the replacement new car needs to be available in AUS at the time of write off. Given the long lead times with CRDs this maybe a big problem. There is a slight savings ($200-300) in premiums with this option for the first 2 years. I am not sure if the insurance company will allow switching to 50k agreed value after 2 years (depreciation considered).

Option2: Get agreed value 50k insurance for the 5 years from the start.

This way if the car is written off it is guaranteed that I will get cash in the bank to buy another GC alternative car. However I am not sure how long insurance company will allow me to insure at 50k value? (Surely they will not allow insuring a 5 year old car at the brand new value???)

Based on my age (31) and other factors NRMA insurance is approximately 1500 per year for options 1 and 2. Therefore the total insurance cost for 5 years = $7500, which is about 15% of the purchase price. In my opinion insurance cost is reasonable considering being able to recover the original investment.

I looked at GIO platinum (the latest adds on TV) . GIO offer replacement car for life of the car, but their insurance costs are 2500 per year. Therefore the total insurance cost for 5 years is 25% of the vehicle cost. In my opinion this is too expensive and one will have no option but to continue insurance with them after 5 years.

(Note: I did not consider the yearly insurance premium hikes. I did in include windscreen cover.)

Your thoughts?

allypally 06-29-2012 12:18 AM

Re: GC Insurance Options
Check out Allianze Insurance. They also offer a "new car replacement".

GlennR 06-29-2012 12:34 AM

Re: GC Insurance Options
$630 fully comp with windscreen cover on a $75k CRD Overland, with "market value" from Youi covering all acessories and in car valuables.......Girl called Helen was REALLY helpful. She smashed the competitions price by over $130. I have only ever been drawn to the best value (not necessary the cheapest) when buying insurance, nothing more complicated than that (Did I mention I am a simple man...that sound wrong somehow???....)......anyway, Youi ticked all the boxes this go around. The most expensive was with one of the "biggies" that came in over $1300. I think they give you a complementary moleskin hankerchief to cry into if you ever damage or write off the car and have to pay their extortionate excesses! Keep safe Mate and watch out for all the other idiots on the road. Should give you 5yrs accident free touch wood.

savvas 06-29-2012 01:59 AM

Re: GC Insurance Options
Youi refused to payout the guy that t-boned our jackaroo. Seems he was at fault therefore bad luck.

Beware those discount mobs when it comes to claim time.

ENFORCER 06-29-2012 02:56 AM

Re: GC Insurance Options
+1 for Allianz
2 year replacement car, hire car, windscreen in Sydney all for $1175. Was much less than anyone else and I have never had issues with them.
Most car companies will give you a rental and find a new car for you. I bet I could get a Overland CRD within a week or so if I called around and did not haggle on price. Do not worry about the replacement, unless you are planning to have a writeoff. I would be more concerned if you had a minor bingle and had to wait 10+ weeks for the parts.

Jasman 06-29-2012 05:29 AM

Re: GC Insurance Options
Mines with NRMA but at renewal I got a quote from RACQ who were about $300 cheaper and I got NRMA to beat it by 10%. I ended up paying just over $600pa with a $600 excess, no excess windscreen, market value with 2yr new for old.

I'm no expert but one thing I would suggest is that you review the PDS of your insurance policy and make sure that you're happy with the wording around cover when offroad. For instance I've seen policies which only cover you whilst on designated roads and I saw another one that didn't cover you below the high tide mark....who drives above the high tide mark when driving down the beach.

Tressels 06-29-2012 11:02 PM

Re: GC Insurance Options
Did any of you guys purchase extended warranty with your jeep and if so how much, and was it through the dealer or a company? Cheers

ENFORCER 06-30-2012 03:19 AM

Re: GC Insurance Options
It was not offered at the time and apparently if you do not buy it with the car at time of purchase, you cannot get it.

slatz 07-12-2012 04:32 AM

Re: GC Insurance Options
My CRD from SVM (arriving in about a week!) is coming with a 6-year warranty on the condition that I use them for serving. Yes, I will pay a bit more on servicing but I think it will be a cheap way to get extra warranty.

allypally 07-12-2012 05:16 AM

Re: GC Insurance Options

Originally Posted by slatz (Post 655401)
My CRD from SVM (arriving in about a week!) is coming with a 6-year warranty on the condition that I use them for serving. Yes, I will pay a bit more on servicing but I think it will be a cheap way to get extra warranty.

I was under the impression that most dealers were offering 10yr warranty if you used them solely for servicing.

Gribbs 07-12-2012 07:06 AM

I don't think they are allowed to place those conditions on servicing anymore. Check out the Australian consumer law... The car should last for at least 8-10 years anyway and be covered under consumer law guarantees for most of that time.

allypally 07-12-2012 05:18 PM

Re: GC Insurance Options

You are confused with what was on offer.

Jeep warranty is 3 years.
However, the dealers are offering a special warranty deal, at no additional cost. That deal is for 10 yrs warranty, providing you service exclusively with them. It is free, so breaks no laws.

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