June 5, 2024 • 3 mins
Some Toyota owners may be regretting their purchase.
It’s a struggle to insure one Toyota car model, with annual insurance costs reaching nearly three thousand dollars.
The Toyota Aqua is the most commonly stolen car in the country, which has caused insurers to hike prices.
Consumer NZ Chief Executive Jon Duffy told Mike Hosking that while the Aqua is cheap to run, the fuel savings may not be worth it.
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Episode Transcript
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Speaker 1 (00:00):
So more insurance issues. This time is not about the weather,
but cars and cars that get nicked to the country's
most stolen car turns out to be the excuse me too,
to aqua and given that if you've got one, it'll
cost you as much as three thousand dollars a year
to insure it. Now consuming New Zealand Chief executive John
Duffy's back with it's John, very good morning to you.
Speaker 2 (00:17):
Good morning Mike.
Speaker 1 (00:17):
So it's good on the fuel allegedly, and that's why
people buy them in the first place. If you balance
it out and go, look, I'm saving a fortune on
fuel because she's so efficient, but I'm paying extra insurance
because it might get nicked. Does the balance work out
or we wouldn't have a clue.
Speaker 2 (00:30):
It's hard to say because everybody's insurance is based on
different factors, but it's clear that insurers are charging more
to ensure this topic car because of the risk of thefts.
So yeah, it could very well be that you cancel
out your fuel savings and your insurance.
Speaker 1 (00:44):
Pretty how variable is it? So if you just after
a small car with a good fuel efficiency rate and
can you go to something completely different that doesn't get
nicked as often and therefore your premium will be markedly different.
Speaker 2 (00:57):
You could, but it's not just how often or how
prevalent thefts of that type of car is. It depends
on your driving history, we live, how many people are
going to be driving the car. A whole lot of
other factors go into you know, the premium the insurance company,
whether it's on the street the precisely yet, whether you're
(01:19):
garaging your car or not, whether you install things like
an ammobilizer in the vehicle to deter theft. These are
all factors that an insurance company will take into a
can and noticeable.
Speaker 1 (01:28):
If I have a Toyota Aqua and I say I've
gotten a mobilizer, I've never done anything in my life.
I've never made a claim. I'm a good player. It's
in a garage every night. Will that's see they see
that for what that is and forget it's an aqua,
Or will they still penalize it because it's an aqua
and nick elsewhere?
Speaker 2 (01:45):
Well, you know, insurance companies are insurance companies. They base
their what they charge you on hard data and hard risk.
So the fact of the matter is you'll be taking
that Toyota aqua out onto the streets and probably parking
it at times. And if that, you know, means it's
more tempting for a criminal, it could mean that that
the premium is higher by the very nature of the
(02:08):
type of car that you've got.
Speaker 1 (02:09):
I worry about whether it's sorry, carry.
Speaker 2 (02:12):
On, I was just so they may seem unfair, but
that's that's just how works, pure hard risk assessment.
Speaker 1 (02:19):
What I worry about is whether it's an aqua or not,
is that if you ping people to harshly, they're not
going to get insured. And you don't want uninsured cars
on the road because there's already enough of them, and
we should make at least third party compulsory and we
never have. And that's a that's that's on us, I guess,
isn't it.
Speaker 2 (02:34):
Well, that's right, And you know this is one of
the the kind of hidden costs of crime, you know,
where where we're not doing enough to stop vehicle theft. Actually,
as a society, we all pay for it because all
of our premiums rise, well those of us who choose
to get insured, and you know that is problematic. So
you know, ultimately the people we should be pointing the
(02:54):
finger out here are the people who are sticking the cars.
The insurance companies are just doing what they always do
and price based on risk.
Speaker 1 (03:02):
Yeah, good on you, John, appreciate it very much, John Duffer.
We can't point the fingers at the thieves on the
show because no criminals listen to this program. That's well known.
Facts come up in a number of surveys we've done
throughout the years.
Speaker 2 (03:12):
For more from The Mic Asking Breakfast, listen live to
News Talks at B from six am weekdays, or follow
the podcast on iHeartRadio.
So more insurance issues. This time is not about the weather,
but cars and cars that get nicked to the country's
most stolen car turns out to be the excuse me too,
to aqua and given that if you've got one, it'll
cost you as much as three thousand dollars a year
to insure it. Now consuming New Zealand Chief executive John
Duffy's back with it's John, very good morning to you.
Speaker 2 (00:17):
Good morning Mike.
Speaker 1 (00:17):
So it's good on the fuel allegedly, and that's why
people buy them in the first place. If you balance
it out and go, look, I'm saving a fortune on
fuel because she's so efficient, but I'm paying extra insurance
because it might get nicked. Does the balance work out
or we wouldn't have a clue.
Speaker 2 (00:30):
It's hard to say because everybody's insurance is based on
different factors, but it's clear that insurers are charging more
to ensure this topic car because of the risk of thefts.
So yeah, it could very well be that you cancel
out your fuel savings and your insurance.
Speaker 1 (00:44):
Pretty how variable is it? So if you just after
a small car with a good fuel efficiency rate and
can you go to something completely different that doesn't get
nicked as often and therefore your premium will be markedly different.
Speaker 2 (00:57):
You could, but it's not just how often or how
prevalent thefts of that type of car is. It depends
on your driving history, we live, how many people are
going to be driving the car. A whole lot of
other factors go into you know, the premium the insurance company,
whether it's on the street the precisely yet, whether you're
(01:19):
garaging your car or not, whether you install things like
an ammobilizer in the vehicle to deter theft. These are
all factors that an insurance company will take into a
can and noticeable.
Speaker 1 (01:28):
If I have a Toyota Aqua and I say I've
gotten a mobilizer, I've never done anything in my life.
I've never made a claim. I'm a good player. It's
in a garage every night. Will that's see they see
that for what that is and forget it's an aqua,
Or will they still penalize it because it's an aqua
and nick elsewhere?
Speaker 2 (01:45):
Well, you know, insurance companies are insurance companies. They base
their what they charge you on hard data and hard risk.
So the fact of the matter is you'll be taking
that Toyota aqua out onto the streets and probably parking
it at times. And if that, you know, means it's
more tempting for a criminal, it could mean that that
the premium is higher by the very nature of the
(02:08):
type of car that you've got.
Speaker 1 (02:09):
I worry about whether it's sorry, carry.
Speaker 2 (02:12):
On, I was just so they may seem unfair, but
that's that's just how works, pure hard risk assessment.
Speaker 1 (02:19):
What I worry about is whether it's an aqua or not,
is that if you ping people to harshly, they're not
going to get insured. And you don't want uninsured cars
on the road because there's already enough of them, and
we should make at least third party compulsory and we
never have. And that's a that's that's on us, I guess,
isn't it.
Speaker 2 (02:34):
Well, that's right, And you know this is one of
the the kind of hidden costs of crime, you know,
where where we're not doing enough to stop vehicle theft. Actually,
as a society, we all pay for it because all
of our premiums rise, well those of us who choose
to get insured, and you know that is problematic. So
you know, ultimately the people we should be pointing the
(02:54):
finger out here are the people who are sticking the cars.
The insurance companies are just doing what they always do
and price based on risk.
Speaker 1 (03:02):
Yeah, good on you, John, appreciate it very much, John Duffer.
We can't point the fingers at the thieves on the
show because no criminals listen to this program. That's well known.
Facts come up in a number of surveys we've done
throughout the years.
Speaker 2 (03:12):
For more from The Mic Asking Breakfast, listen live to
News Talks at B from six am weekdays, or follow
the podcast on iHeartRadio.
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