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insurance and your postcode

Discussion in 'The Pub' started by burnz, Sep 11, 2009.

  1. burnz

    burnz dah dut dut da dah

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    well after moving to the gosford postcode, i decided to change both the cars to the new area.
    full comp on the commo was around $1100 PA now $320, cant complain.
    and very much the same for wife hyundia from $700 down to $290, full comp as well'

    just checked the green slip (CTP) 310~320 respectivly.

    should ppl be penalised because of their postcode??
     
  2. GetToDaChopa

    GetToDaChopa Blues Brother # 2

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    Thats like Postisism (like racism) Why should i pay more if i live there.
     
    Last edited: Sep 12, 2009
  3. nemesis_adrasteia

    nemesis_adrasteia better to reign in hell

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    If you live in an area where you are in more risk of having your car stolen/damaged, you pay more makes sense to me
     
  4. GetToDaChopa

    GetToDaChopa Blues Brother # 2

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    Ok i didn't think of that, good point ^^^
     
  5. burnz

    burnz dah dut dut da dah

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    even with car alarms they sometimes not offer a discount, but newer cars with deadlocking.
    imobilisers and sat tracking, its still cheaper on postcode then all the gadgets.
     
  6. minux

    minux Infidel Bear

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    burnz, the postcode i think is more based on social status than crime rates. If i insured my car at my brothers address it comes down by $210 a year. Now I know for a fact the crime rates for stolen/damaged cars are much higher in this part of Geelong. Yet because we live in an area with high house values, yet to hear of a car stolen/damaged we have to pay more.

    Its a joke really, they just make money by charging more to people with more money as far as im concerned.
     
  7. Grennan

    Grennan Slayer of Stupid Threads

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    Well see I kinda agree with minux, but I think nemesis's post makes sense...if you get my drift.

    Here in Victoria, Frankston is known as a pretty dodgy suburb, yet insurance prices dont reflect that. Out of interest when I was looking at cars I checked different suburbs and it wasnt all that different to where i live which is a very quiet suburb, with quite large housing prices.

    You would assume it would work on the way Nemesis described, by logic youd think a known high crime "high hoon" area would have a much larger insurance cost.
     
  8. excalibur

    excalibur New Member

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    I know in WA the worse the crime rate in the area the more u pay for insurance

    to me that makes perfect sense!!!
     
  9. 1991_Vn2nV

    1991_Vn2nV New Member

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    My auntie works for Allianz, when I queried about it she said it has nothing to do with socio-economic status or crim rates. It purely comes down to the number of insurance claims made by residents in that area. You may think that would correlate with crime rates and socio-economic status, but often it does the opposite.

    Its confusing, but high crime rates normally have a positive correlation with lower socio-economic status. Yet insurance claim rates tend to correlate positively with higher socio-economic status. Why? Fewer people have full comprehensive insurance in low socio-economic suburbs and those that do aren't going to pay a $700 excess to fix a dented panel on a VN Commodore. However more people in higher socio-economic status suburbs have full comprehensive insurance, and are more likely to pay an excess to fix damage to a premium vehicle. People only pay the excess and make the claim when the damage or repair costs to the vehicle outweigh the size of the excess.

    Hopefully that makes sense. Obviously that is just in general, it doesn't mean higher socio-economic status always leads to higher claim rates. At the end of the day, it comes down to the particular claim rates for that postcode and im sure there are many other variables that would effect that. Im also not positive thats the way every insurance company works their premiums according to postcode (some may indeed be socio-economic status or crime rates) but this is apparently how it works for Allianz.
     
  10. greenfoam

    greenfoam New Member

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    Insurance must be cheap in Mount Gambier I think 90% of VN's there have a bashed in 1/4 panel or two :)
     
  11. cewing

    cewing Member

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    my boss at work has the gripes when we talk about car insurance, he lives in north rocks, but shares the same postcode with north parramatta. Due to nth parra's much higher crime rate(whethere or not thats how insurance works it out), he pays the higher premium for a suburb he doesnt live in lol
     
  12. NORTI

    NORTI Crazy VS lady

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    I was informed by SGIC a few years ago, that it is also deterimed by how far you live from the CBD, as there is a reduction in traffic, therefore less accidents the further you get from the CBD....
     
  13. burnz

    burnz dah dut dut da dah

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    every ones got a valid point!!

    but, when i went for insurance before.
    my car is garaged, how much i save "nill" (then why ask)
    my car has an alarm, how much i save "nill" (then why ask)
    my car has an immobiliser, how much i save "nill" (then why ask)
    my car is not financed, how much i save "nill" (then why ask)

    you see my point.
     

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