Cutting back on comprehensive insurance

[rydogz]

I can afford the insurance, but like I said what's the point in giving money away?

If it can legally be done cheaper than I'll do it weather I'm earning $10k a year or $100k a year.

If it has to be in my name either way like you said davway then perhaps I'll take the NRMA option for $1645 and be done with it. Was just interested in the legalities of it.

If you never insured anything you'd be in front, I have been taking the risk and just driving sensibly for the last few years but I am looking to uprgade now and have all bases covered.

Coolvncommodore good luck with the vx ss hunting I originally started there and decided to save the difference between the vx and vy. Don't get tempted lol.

Thanks for the information so far.

 

[rydogz]

I just looked at the age excess for the nrma and its $1600 wow. I spose that answers my own question then because a half price premium isn't half price with a $2200 excess lol.

 

[Secki]

Put your dad on your policy as the main driver, but the policy in your name. I did this with my gfs VX S Psk. Her insureance was like $X amount but with me on her policy as a driver it brought her policy down about $40 a month, who knows why?

She was 20 at the time and i was 25.

 

[anonymousmoose]

If you can't afford the insurance then you can't afford the car, simple really.

I gotta agree with that statement. BUT if you can make the insurance work for you, and find a way to get it discounted, then by all means give it a go.

I was blessed in the fact my parents let me drive their cars for 3 years before I had to buy my own... wow, that was 11 years ago now. I'm getting old.

 

[BecStar]

I've been thinking about insurance lately as I'll be registering my SS very soon. With my BMW I'm pretty sure I've just got the basic insurance, I actually don't take much notice of it I just pay when my rego is due lol. I think I'm just going to put the car and insurance in my fiance's name (26 with no crashes) with me as another driver (22 and no crashes).

If I was to put it all in my name would it make any difference if the car is an older model?

Only a matter of weeks now and she'll be back on the road! Weee

 

[rydogz]

The only difference an older model would make would be that its generally of lesser market value which adjusts your premium.

For anyone interested I spoke to the bank and they don't care If the car is insured for an UNSECURED loan, let alone who's name its in. I am a going to have a look around but I think its difficult to get under a $1000 excess with the above mentioned methods ie 2nd driver etc.
I will keep looking and post what I find for anyone interested.

As far as insuring myself NRMA seems to be the best option I've seen. Budget direct is quite cheap but alot of people have complained about the quality of repairs etc.

I will see what happens, could go either way. More focused on finding the car atm looking for black vy ss, leather, manual, under 100k kms preferred and haven't found much yet.

Cheers.

 

[coolvxss]

The only difference an older model would make would be that its generally of lesser market value which adjusts your premium.

For anyone interested I spoke to the bank and they don't care If the car is insured for an UNSECURED loan, let alone who's name its in. I am a going to have a look around but I think its difficult to get under a $1000 excess with the above mentioned methods ie 2nd driver etc.
I will keep looking and post what I find for anyone interested.

As far as insuring myself NRMA seems to be the best option I've seen. Budget direct is quite cheap but alot of people have complained about the quality of repairs etc.

I will see what happens, could go either way. More focused on finding the car atm looking for black vy ss, leather, manual, under 100k kms preferred and haven't found much yet.

Cheers.

Here is a black vy for sale. its in canberra,(not sure where your from) http://www.allclassifieds.com.au/ac/ac0032?vcid=122232918

I just got approved for a $15000 loan with community CPS, and they said i have to have insurance. Whats the difference between a secured and un secured loan? i guess my loan that i got approved for is secured because i have to have insurance?

How do i go about getting a unsecured loan? thanks

 

[rydogz]

Thanks for the link mate but that's a few too many kms.

Basically secured just means you can offer security for the loan to the bank which in this case is the car. Because they have an interest in the well being of that car incase you become in default(cannot make your repayments or breach the loan terms in anyway), they require it be fully insured for their "plan B" if you fail to make payments.

Having this security attracts a lower interest rate most the time. You can have a variable or fixed interest rate for secured or unsecured, it does not matter.

Just ask your chosen financial institution about different loan possibilities that are appropriate to your financial situation.

Good luck with it, post some pics when you get her.

Cheers.

 

[coolvxss]

Do you think they would give me an un secured loan since i dont have anything worth that much to give them as insurance? All my assets wouldnt even be worth a quarter of $15000 haha. It seems to be a hard task to find a good vx ss manual with low Ks. They all seem to have to many Ks for my liking.

 

[rydogz]

Giving them some thing as insurance makes the loan a secured loan, because you are offering security for them against the amount your borrowing. Asset value is not important when trying for an unsecured loan. They are mainly concerned with your ability to make repayments.

Keep in mind you will be paying more interest over the the loan term and the amount you are approved for may be less.