Insurance for 2024 S650 Mustang

[5.0ALM]

This is from a large broker...

Thanks for your enquiry online with respect to motor insurance for your Ford Mustang.

While we can arrange a quote for you, I just want to be upfront that we apply a minimum $200 broker fee to motor policies, and our policies are not generally cheaper than direct insurers such as APIA.

Our main focus is usually business insurance and our business clients may ask us to help with their home / car or personal insurances as a matter of convenience (and because broker wordings are better, and you get personal service and help with claims etc).

We are more than happy to deal with someone who wants to use our services just for domestic insurance like a car, but people are often a bit more price sensitive on these matters and shy away from paying for something they can do online.

Which contradicts the BS on their website.

I will approach one more broker, but this path appears to be a waste of time.

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[Frostee]

I will approach one more broker, but this path appears to be a waste of time.

Worked for me.

Sounds like you’ve selected the wrong sort of broker not geared to consumer policies.

As mentioned earlier I got a better deal than I had with AAMI on my S550 on an Allianz Policy that provides choice of repairer, OEM parts, rental car when car off the road for repairs and new for old replacement for first 3 years up to 60,000 km

 

[5.0ALM]

Worked for me.

Sounds like you’ve selected the wrong sort of broker not geared to consumer policies.

As mentioned earlier I got a better deal than I had with AAMI on my S550 on an Allianz Policy that provides choice of repairer, OEM parts, rental car when car off the road for repairs and new for old replacement for first 3 years up to 60,000 km

Would you like to suggest a broker then?

 

[Frostee]

Would you like to suggest a broker then?

I’ve messaged you with broker details

 

[5.0ALM]

Whilst chasing up some brokers...

The APIA call center (Manila, Philippines) confirmed today that they use after market parts by default.
The claimant has the option to have OEM parts quoted and fitted at extra cost.


This article offers a head start as to which direct insurer to approach.

Read more: https://www.drive.com.au/news/car-insurance-companies-dont-use-genuine-parts-in-crash-repairs/


NRMA is underwritten by IAG, RACV is underwritten by Insurance Manufacturers of Australia Pty Limited

 

[5.0ALM]

NRMA

And here's a nice welcome gift from NRMA, an instant reduction on agreed value for your GT 5.0 6 SP MY24.50 !

$85k ?

It appears to be a bug because an auto can select a higher value.

Plodding on, and it's ~ $300 cheaper than Ford insurance for similar coverage.


You could be ~ $500 cheaper than Ford insurance by not taking the choice of repairer option.

Obviously, your own circumstance will affect quotes, but the above is offered as ballpark comparisons.

 

[5.0ALM]

RACV

RACV parts policy reads like NRMA

but

Significantly more expensive than Ford insurance for similar coverage.

And... to get an online quote you have to provide a Victorian address, or call them on the phone.
(I used my old family address)

Everyone else can correctly list them as 2D Fastback, but not this mob.

I can safely forget RACV as well.

 

[5.0ALM]

For sh1ts and giggles I tried Budget Direct.

This could have been triggered by the question; Have you taken delivery of the car yet. A) No.
I wasn't about to waste time and massage the data entry to see the different outcomes.

"We are not experts on car value..."

Another one to forget.

 

[Deano1978]

THat's weird cause I got a quote from them that allowed agreed value of 92k.

 

[Deano1978]

For sh1ts and giggles I tried Budget Direct.

This could have been triggered by the question; Have you taken delivery of the car yet. A) No.
I wasn't about to waste time and massage the data entry to see the different outcomes.

"We are not experts on car value..."

Another one to forget.

Now that you've picked up your GT, who did you end up going with ALM?

 

[5.0ALM]

Now that you've picked up your GT, who did you end up going with ALM?

APIA, $955 for my circumstances.

Quotes ranged from mid $800s to $2,300 with a broker.
One broker said flat out they don't normally do private car insurance and only do it to offer existing clients who have other business related polices with them.

Another broker (Mr $2,300) didn't offer any more than what NRMA could for $1500 (OEM parts)

I would have gone with NRMA, but after two phone calls to report their back-end bugs and nothing been done about it in 5 days, I went with APIA. Their VIN lookup produces erroneous results, and the max agreed value for a 6-SP is only $85k where as an auto is $97k. Appears to be a data entry error when they recently added it to their database, but it fell on deaf ears.

I'll consider NRMA in 12 months time, providing they've fixed their system bugs.

 

[Deano1978]

Thanks mate, I'll check out NRMA. I'm currently with Youi for my car and H&C so I'll see what they offer.

I'm not old enough to consider APIA - never thought I'd say that as a 46 yo

 

[Deano1978]

Something just dawned on me regarding why some insurers won't give you the purchase price as an Agreed Value, I'm sure a lot of you have figured this out but I reckon it's tied to the new for old replacement option.

I'm thinking that the insurers set the max Agreed Value as the likely value of the car the moment the new for old term expires. In their eyes this would be maximum value possible for the car at that time so why would they agree to pay anything higher than that.

Just a thought bubble I had.

 

[Deano1978]

Thanks mate, I'll check out NRMA. I'm currently with Youi for my car and H&C so I'll see what they offer.

I'm not old enough to consider APIA - never thought I'd say that as a 46 yo

NRMA are quoting $2,300 with options ticked for windscreen, choice of repairer, new for old replacement, and agree value (max $84,560 is all they could offer).

Seems high given my age, it'll be locked up, my suburb isn't a hot spot, and have a good driving history (no claims in last 7 years and no at fault claims for about 20 years).

Others have lower premiums of around $1600 but also come with a lower agreed value, don't offer OEM parts, and have a disclaimer about choice of repairer (they reserve the right to make you go somewhere else if they think your repairers quote is too high).

Guess I might be stuck with this premium if I want complete peace of mind, else I'll have to lower expectations to get a cheaper premium.

 

[OBDH]

Something just dawned on me regarding why some insurers won't give you the purchase price as an Agreed Value, I'm sure a lot of you have figured this out but I reckon it's tied to the new for old replacement option.

I'm thinking that the insurers set the max Agreed Value as the likely value of the car the moment the new for old term expires. In their eyes this would be maximum value possible for the car at that time so why would they agree to pay anything higher than that.

Just a thought bubble I had.

I was thinking the same thing but I had a light bulb moment and wondered if they considered that now its 2025 (and we are still waiting on our 24.5 car’s) they consider them to be 12 months old already and have applied depreciation to the agreed value.

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