Insurance (Australia)

BrendanC said:

I can help you out here, Just go with Allianz no one else is cheaper from my run around and most wont offer insurance against it.
Also be aware that most providers are all under sun corp and aami meaning there not worth even considering with a car at this price point.

Here is my results in case you do want to ring around:

Allianz = $135 per month with a 2500 excess OUCH !
CGU = 589 per month with a 2000 excess
Suncorp ( AAMI/GIO/bingle/Shannons= wont insure except shannons who wanted $700 per month
Youi = wont insure
RACV ( Victoria) = $289 per month
BMW/Westpac are both via Allianz yet more expensive than going direct with them so don't bother.

So yeah in short go with Allianz.

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Good grief, that's a very significant price variation across the board! Eye watering in fact.

I had a feeling Allianz would be the cheapest and at least they offer insurance. I don't mind paying a higher excess, particularly where it reduces the overall cost - all about risk sharing.

Thanks Brendan.

Coconut said:

Good grief, that's a very significant price variation across the board! Eye watering in fact.

I had a feeling Allianz would be the cheapest and at least they offer insurance. I don't mind paying a higher excess, particularly where it reduces the overall cost - all about risk sharing.

Thanks Brendan.

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No worries at all.
I assume it has to do with the repairability of the car its self, with the use of carbon reinforce plastics ect i assume its just going to be a royal pain to fix for most panel stores.
Worse still most insurance providers have been doing a dirty against the repair industry with set price points for paint, assembly , stripping ect meaning the panel shop gets the same amount regardless if the car is a cheap run about or something like the IX they only get X amount for each step. Due to this a car like this is going to wind up been rejected by most shops.

For that reason going for someone like Allianz who still offers choice of repairer and are more than happy for the car to go to a BMW authorized shop is honestly a no brainer.

Good luck and hope you enjoy the car assuming your still waiting on delivery like me (next week cross fingers)

Here in the states I formerly had utilized Nationwide insurance. They insured my 2022 Mercedes Amg Gle 53 coupe (almost identical purchase price as by IX) and they said to me it was “too expensive “ that was it!?
I went with AAA insurance instead.

I’m getting similar issues. Either won’t insure or very expensive. So far the best quote for me was budget direct at about $2000 a year.

I’ve yet to try Allianz.

Haven’t got my car yet and don’t expect it till end of November so still plenty of time.

I have to get an updated quote from Youi but they're currently quoting $1650 per year with a $2.5k excess but this is for the iXM60 ... so should be same or less than this. I'll update after I've spoken to the Human.

Browchay said:

I have to get an updated quote from Youi but they're currently quoting $1650 per year with a $2.5k excess but this is for the iXM60 ... so should be same or less than this. I'll update after I've spoken to the Human.

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Funny enough when I spoke to them they would insure the M60 but not the 40 or 50. Be interested to see if you have more success.

BrendanC said:

Funny enough when I spoke to them they would insure the M60 but not the 40 or 50. Be interested to see if you have more success.

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Yep, that makes no sense at all and more importantly too late for me to change the order to the iX60 so it can be insured with them

Got my quote sorted with Youi insurance in QLD -$1400 for fully comprehensive on the iX40 Sport. That is with a $1500 excess. - 2 drivers only both over 50.

If you do look for an online quote with them, search for model 4 and then type is 40 / 4 dr electric, or in the case of an iX50, model 5 and type 50 / 4 dr elec.

Browchay said:

Got my quote sorted with Youi insurance in QLD -$1400 for fully comprehensive on the iX40 Sport. That is with a $1500 excess. - 2 drivers only both over 50.

If you do look for an online quote with them, search for model 4 and then type is 40 / 4 dr electric, or in the case of an iX50, model 5 and type 50 / 4 dr elec.

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Thanks for the update.
I ended up going with Allianz for a similar price. Funny enough I called Youi back and the result was the same they refused insurance on the 40 but would insure the M60 ... i have no idea how that makes any sense but if you managed to get yours sorted then all good.

Browchay said:

Got my quote sorted with Youi insurance in QLD -$1400 for fully comprehensive on the iX40 Sport. That is with a $1500 excess. - 2 drivers only both over 50.

If you do look for an online quote with them, search for model 4 and then type is 40 / 4 dr electric, or in the case of an iX50, model 5 and type 50 / 4 dr elec.

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Was that for agreed value (and if so, what was the agreed value) or market value?

I had a look at quotes from Allianz and Youi for an IX50.

Allianz: $2320 per annum with excess $2650 and agreed value of $168,000 - noting they will replace with a new car if total loss within 2 years.

Youi: $1913 per annum with excess of $2500 and insured at marked value - noting they will replace with a new car if total loss within 2 years.

All up, not that expensive.

The PDS for Youi provides and specifically calls out towing for punctures with 24x7 roadside assistance - you / we will need towing if you have a significant puncture because there's no spare and the repair kit is pretty limited. I've had Allianz for quite a while and they do have (or did) have roadside assistance, but that's not explicit in the PDS - maybe they don't anymore .. I see they have separate roadside assistance now - that is an additional $99 per year for the same terms as that included with Youi insurance.

BrendanC said:

Good luck and hope you enjoy the car assuming your still waiting on delivery like me (next week cross fingers)

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I'll pick it up next Thursday, which is what has elevated my interest in insurance!

My insurance went up about $60 annually compared to my X5, but mainly because of a newer vehicle.

Coconut said:

Was that for agreed value (and if so, what was the agreed value) or market value?

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Agreed value for a brand new replacement - $165k - Interestingly enough Budget was a little cheaper with a $1400 excess and reduced windscreen excess.

For my incoming iX40Sport, i got the following online quote including coverage for windscreen, window and sunroof.
1. Budget Direct ~ $1700 p.a.
2. Allianz ~ $2275 p.a.
3. AAMI ~ $2100 p.a.

All above for market value. I suppose the premium is depended on the insurer age, mileage used per year, location of garage, garage type etc.

IX40
I’m a “lifer” with AAMI. No other association 😀👍
$135/month with $1,500 excess
Includes windscreen, rental car, 2 year vehicle replacement, nominated drivers, ad hoc drivers mean a higher excess.
We have another car and house with them as well.
They were really easy to deal with and made it easy to basically say “this same person is changing the car they drive”.
That’s really what they are insuring.

BrendanC said:

Thanks for the update.
I ended up going with Allianz for a similar price. Funny enough I called Youi back and the result was the same they refused insurance on the 40 but would insure the M60 ... i have no idea how that makes any sense but if you managed to get yours sorted then all good.

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I called all of above and none of them insure 60 even youi. The only one that I could get through was Allianz at the end. $3100/yr with choice of repairer, hire car and windscreen. Excess of $2600!