That seemed to be about the market price.
INSURANCE
Insurance seemed to be strange,y interesting
The excess that is paid when there is an accident is made up of two components.
A standard excess that applies to any claim regardless of whos at fault or the age of the driver
An age excess that applies for drivers under 25.
One can "list" under age drivers on the policy. This increases the cost of the policy but reduces the age excess.
For example
A policy only in Frank's name (Adult) is $559 per year. If an under 25 driver has an accident the excess is the $800 standard PLUS the $1400 age excess making a total excess cost of $2200.
So if Chris has no accident we spend $559 and if he has an accident we spend $2759
Alternatively we can list Chris on the policy. Then the premium rises to $1534 and the age excesss drops to $400. making a total excess of $800 + $400 = $1200.
So if Chris has no accident we spend $1534 and if he has an accident, we spend $2734
As $2734 is almost the same as $2759, there seems no significant benefit in paying the higher premium.
If we manage two years with no accident the savings are much more striking.
Franks policy. No listed under age drivers No accident - $559 x 2 = $1118 spend
Franks policy. No listed under age divers 1 accident in 2 yrs $559 x 2 + $2200 = $3318
Frank with chris listed & no accident in 2 years $1534 x 2 = $3068
Frank with chris listed. 1 accident in 2 years $1534 x 2 + $1200 = $4268
No accidents in 2 years $1118 v $3068
One accident in 2 years $3318 v $4268
So we seem to be much better off having the policy in my name and not listing the under age drivers.
Chris talked to Ian to get a few pointers for inspection
Check redbok value - done see graph
Look for milky radiator water - done - none. Scum in radiator - done it was clean or had been cleaned.
Oil leaks - none visible but it had been steam cleaned.
Rust - there is some surface rust.
Brake fluid leak - done none visible.
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