Quote:
Originally Posted by MelbourneFinn
I think Australia needs more competition on insurance market... I’m paying appr. $3k USD per year for a 2017 M6 GC (comprehensive) - and this is the cheapest by a margin you can find. How does this compare to NZ? Fair enough, car prices are significantly higher than in the US - a really “good deal” low mileage M6 GC would be in the range of $120-130k USD (MSRP when new was appr. $240k +4% on road costs USD)... But still, I don’t think the insurance cost should be 3 times higher than what you guys are paying...
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Quote:
Originally Posted by MelbourneFinn
Yes, correct, mine is insured for “market value” - new for old replacement if full loss during the first 2 years. But the funniest thing is that the insurance cost tends to go up when despite the car depreciating... So something is wrong with the Australian insurance market... My F13 was at the end insured for comparable value to yours now, but still the insurance cost was appr. $3500 AUD, so nearly double to yours (assuming $2.2k is NZD)... Maybe there are so many !diots Driving M6s in Australia so insurance companies risk rating is miserable...
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we can't even compare country to country!
Firstly, we have to figure out the exchange rate equivalent, and even if we did, we have to assess what 1 NZD buys you vs 1 USD. (PPP or
https://en.wikipedia.org/wiki/Big_Mac_Index)
Secondly, as I described in my post, the insurance industry in the US runs on those factors for pricing. In the US they don't look at "market value". They look at estimated cost of parts replacement per accident for the car, the car's risk rating (a Lancer Evolution was rated a street legal race car) and the general accident rates of that type of car. Every company runs its own numbers differently and assesses risks differently.