Buying advice please

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Re: Buying advice please

Postby Tonic » Sun Dec 01, 2019 7:01 am

P plate son’s xr5 was going to be $1,500 to insure off the back of a $10,000 purchase cost (he made a lot of subways to save that).
Third party fire and theft was about $300. Told the 17 yr old not have and accident before 25 and he will have saved the cost of the car...
Peace of mind is one thing but insurance companies charging like every 17 will total a car in 8 years is ridiculous.
Oh and the xr5 is a nice safe bright orange one so should be less because he is highly visible...
Also he would have loved a Subbie wrx but the xr5 is the only performance turbo allowed to be registered in NSW.
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Re: Buying advice please

Postby Boognish » Sun Dec 01, 2019 8:29 am

LibertyTragic wrote:
Boognish wrote:Can I ask, would you extend that advice to having paid more than $15k for a tuned by STI because of the limited number?

Really comes down to what the total cost the premium is as a percentage of the car value and if you can afford the worst case outcome of potentially losing it all. Unfortunately enthusiast cars like the tbsti tend to sell for more, but the insurance companies often won’t value it as high as you paid. This means agreed value with increased premiums since it is less likely the insurance company can recover a good portion of the agreed value by auctioning the wreck.

For me, if the premium is approaching 5% of the car value, the insurance is not worth it. Certainly depends on your accident history and personal situation though and how much you want to pay for peace of mind.

Cheers :)

I did find that issue with two insurance companies and the covered value. I’m not handy at all, peace of mind means a lot, and I’ve not had an accident in nearly ten years - not that that doesn’t mean someone couldn’t run into me tomorrow of course.
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