Boys In Hot Carsfire Up Insurers
Sun Herald
Sunday March 25, 2001
FAST and expensive cars are the ultimate boys' toys, but girls are more likely to get cheaper insurance to drive them.
Leading insurance companies won't even quote on some cars no matter how old the driver is and charge up to $17,000 for driving a high-performance vehicle in Sydney.
A survey of insurance companies by The Sun-Herald shows several high-profile vehicles are not covered, despite the introduction of advanced security systems and increased safety features.
The cars chosen for the survey included the Subaru Impreza WRX, Honda S2000 and HSV Clubsport Commodore. All quotes were for a man younger than 30 years and living in the inner city.
NRMA industry research manager Robert McDonald said that, based on claims, women who drove these cars would pay cheaper premiums: ``Men are more likely to have collisions."
Most insurers would quote premiums to male drivers older than 30, but their vehicle would have to be fitted with a satellite tracking device.
The device pinpoints the location of the car if it is stolen and costs about $1,500 plus an annual subscription of about $200. Of the cars selected for the survey, insurer AAMI wouldn't even offer quotes for an under-30 man, while a QBE operator said the insurance giant was not insuring any cars garaged in Sydney between postcodes 2000 and 2700 ``until further notice".
GIO said it would insure a $65,000 HSV Clubsport for $17,000, the Subaru WRX for $11,200 and the Honda S2000 for $15,000.
The NRMA quoted $7,900 to cover a WRX and $6,900 for an HSV, but these ``special risk" vehicles could attract a higher excess.
Subaru WRX Owners Club president Tony Stott said he received three or four calls a week from WRX owners wanting insurance.
``I know of at least four people who've sold their cars because they can't afford to renew their insurance," he said.
© 2001 Sun Herald