How has your insurance increased this year?

[Ralfi]

This is pretty ridiculous now…

RACV were leading the way years ago, but they’ve just increased my insurance for a MY16 GTI MK7…

2022 Premium: $1278.96
2023 Premium: $1512.97

That’s an increase of $234 in one year! No performance modifications, no claims ever, very low KM, & those prices include a multi-policy & 5 year membership discounts!

Got a quote from Budget Direct: $890ish….(& will probably shift Home & Contents to them also….working on that comparison now).

How have your MK7 GTI Insurance Premiums increased this year?

[spellbound]

RAA
2022 $795
2023 $832
Excess $750 , no finance , that does bump it up if a lender has am interest , less than 5000k a year .
Nice to see another manual driver .

[Ralfi]

RAA
2022 $795
2023 $832
Excess $750 , no finance , that does bump it up if a lender has am interest , less than 5000k a year .
Nice to see another manual driver .

Thanks. That’s surprising, considering RACV is an affiliate of RAA. I wonder if I called RAA direct, would they quote me or direct me to RACV….won’t hurt to try!

Yeah I’m sticking with manual for as long as I can 😏

[Hillbilly]

21 Kamiq 110 $40,000 agreed value ,$413, XS $600 No one under 30 driver Post code 4564 always garaged, named drivers only or $2500 XS

[petemac110]

Comparing quotes without noting all of the variables that influence insurance premiums is a somewhat fruitless exercise as it lacks context. The key info missing here is the suburb/postcode the car is parked and age of the youngest driver, with a bunch of other variables thrown into the mix too.

[Ralfi]

21 Kamiq 110 $40,000 agreed $413 xs $600 No one under 30 driver

& what did you pay last year?

Comparing quotes without noting all of the variables that influence insurance premiums is a somewhat fruitless exercise as it lacks context. The key info missing here is the suburb/postcode the car is parked and age of the youngest driver, with a bunch of other variables thrown into the mix too.

No one under 40 can drive the car.

Don’t like giving location details out on public forums, & I wasn’t going to ask others to do so. But the question was to mainly get an idea of Premium cost changes from people anyway, to see if others had big rises in costs.

[Lucas_R]

Comparing quotes without noting all of the variables that influence insurance premiums is a somewhat fruitless exercise as it lacks context. The key info missing here is the suburb/postcode the car is parked and age of the youngest driver, with a bunch of other variables thrown into the mix too.

Agreed. The suburb is a big factor as well as whether the car is parked on the street vs in a garage or locked driveway etc.

Im with Shannons insurance, and my car (Mk7 GTI) is always parked either under a carport or in the garage. No accidents ever - although I did have to make a claim a few years ago as my previous car was flood damaged and written off.

$1,137 last year
$1,184 is my current cost

To the OP, if your cost has jumped by $230 odd dollars and nothing has changed, then its definitely worth shopping around to see if you can find a better deal. BUT, perhaps your suburb and or surrounding suburbs have had a rise in claims in the past 12 months and so your risk has increased?

[Hillbilly]

& what did you pay last year?

---

No one under 40 can drive the car.

Don’t like giving location details out on public forums, & I wasn’t going to ask others to do so. But the question was to mainly get an idea of Premium cost changes from people anyway, to see if others had big rises in costs.

$383 For same value and it wasnt worth changing as I checked other companies

[minke]

2020 GTi bog standard.
60yo female owner / 48 me. clean records

GIO Platnium-lifetime replacement if written off. 10,000km pa

2020 - 1278 (1100 excess)
2021 - unable to find
2022 - 1175
2023 - 1468

includes Greenslip discount and multi policy discount.

[DV52]

hmm....... I'm most definitely NOT into conspiracy theories - but my observation from reviewing the appalling increase in insurance fees over the last few years (which has been orders of magnitude greater than annual inflation rates) is that ALL insurance companies are playing the same game!!

IMHO, that game is to maximize return-to-shareholders by over charging "sticky" customers (which I suspect is a large proportion of their customer market base).

Despite marketing statements from insurance companies like "we value customer loyalty", it is these very customers that provide the highest profits. So, the pricing strategy is - let's milk "sticky" customers as much as possible. The common marketing rouse that is employed by insurance companies to fool "sticky" customers is the ubiquitous " loyalty discount" that often appears on many renewal notices.

However and as is ALWAYS the case, even with the supposed "loyalty discount", the bottom line number is invariably a huge increase over the previous year's premium.

My own personal view is that anyone who simply accepts the insurance fee in the renewal notice is paying highly for the convenience of not seeking a more competitive price (even from the same insurance company).

My suggestion is that everyone should set-up their insurance renewal decision by targeting at least 2 x Insurance companies - every year. It's important when using my approach to make sure that I am comparing apples-with-apples (it's easy to lower price by reducing the insurance cover). I've found that the easiest way to do this is to target 2 x insurance businesses that have the same parent company.

For example, both AAMI and GIO have the same parent (i.e. SUNcorp financial group) and although I can't say with absolute certainty that their policies are exactly the same (I haven't read the entire prospectus documents), the highlight items seem to be very similar (choice of repairer is a difference)

So, my practice is that when it's renewal time, I call each of my chosen companies and compare prices (I ALWAYS have my renewal notice handy to ensure that the cover terms aren't changed). My experience has been that the price from my existing insurance company is ALWAYS lowered by the telephone call. And, invariably (although not always) the price from the second insurance company is better than my existing provider.

This generally means that I end-up swapping insurance company every year - but so what? I don't mind at all - because the so-called "loyalty" discount is meaningless and the driver rating doesn't change!!

Don