this post was submitted on 18 Apr 2024
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Car Insurance 100% rise (lemmy.nz)
submitted 7 months ago by [email protected] to c/[email protected]
4 comments fedilink hide all child comments
 

My car insurance through Trade Me (Tower) is about to renew and the new cost is 100% higher. Any recommendations for a new insurer or are we powerless to prevent these increases?

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[–] [email protected] 3 points 7 months ago (1 children)

If you crashed your car, would you be able to buy a new one?

If yes, consider third party insurance. Through ANZ (who resell Vero) the third party cover has always been cheap for us. We recently switched to full cover but I'm not convinced it's worth it. Previously we were paying perhaps $150 per year per car (no fire/theft/windows, just cover for the other party).

[–] [email protected] 2 points 7 months ago (1 children)

I hadn’t thought about that, having always had comprehensive cover, but it’s worth investigating, thanks.

[–] [email protected] 1 points 7 months ago* (last edited 7 months ago)

It costs us maybe $700 a year to have comprehensive cover on a vehicle insured for $10k (with an excess of maybe $1500 or something). I figure if we have an accident on average every 15 years, then that's $10,500 when the payout would be $8,500 after excess.

Now I mention it, before you go for third party, see what your excess is. You can often save quite a bit by moving that up to $2k or even $5k (depending on the value if your car).