Insurance Takes Sting Out Of Wrx
The Age
Thursday March 9, 2000
Despite better security and an apparent drop in theft rates, Subaru's cut-price rocket - the Impreza WRX - appears to be getting harder to insure. Premiums are still high, even with a good driving record, and many companies, such as GIO, QBE and CGU, will not insure the high-performance Subaru under any conditions due to its apparently high risk.
One owner was insured through a broker with a $790 premium and the renewal came in at almost $4000.
Most insurance companies set strict conditions and restrictions - and in Sydney some even insist on satellite theft tracking - for the turbocharged, four-wheel-drive WRX. When you do find insurance, it could cost more than double that of a similarly-priced family car.
The president of the WRX Club of Victoria, Peter Montgomery, puts the often exorbitant premiums - which can be close to $2000 for a rating one driver who garages the car - down to the WRX's apparently high insurance claim rate.
"We're getting about five to six calls a week from owners who can't find insurance for their cars (WRX)," said Montgomery. "And the younger they are, the harder it is."
The $40,000 WRX is capable of reaching 100kmh in a little over five seconds. Earlier models are hot property with thieves and in Sydney they proved the perfect stolen vehicle to outrun V8-powered police vehicles. The NSW and Victorian police departments both use WRXes in various pursuit duties.
In 1997, Subaru installed engine immobilisers as standard to curb the high theft rate. It's understood far fewer of the later model cars have been stolen, but thieves are finding more innovative ways to get their hands on them.
Drive has heard of at least one case where one was hot-wired after the immobilisers were fitted. Only last week, a WRX was stolen from a Sydney service centre, while in Melbourne last week one owner trying to sell his car had it stolen from under his nose.
Subaru Australia managing director, Trevor Amery, denies there's a problem with the WRX's insurance premiums.
"It's not an issue," said Amery. "We've put (engine) immobilisers in the WRX since the MY97 (model year 1997) and as far as I know that's fixed the problem of them being stolen. And I'm not aware of a higher accident rate."
The RACV, like most companies, still views the WRX as a "high risk vehicle", according to RACV manager of media relations, John Rees. "The immobilisers have not made a lot of difference to premiums, but they have come down slightly."
Subaru is not planning to upgrade security systems or offer its own brand of insurance, similar to the specialised insurance HSV began offering to its owners last September. The high-performance HSV Commodores are also difficult to insure and the company now offers its own brand of cover, called HSV SmartCare.
Some companies that do insure WRXes include RACV, AAMI and FAI. But if you're younger than 25 or have anything less than a perfect driving record, it could pay to look elsewhere. Companies such as Shannon's offer specialised insurance.
"We consider each case separately," said Shannon's national insurance manager, Craig Brown. "Our insurance depends more on the person than the car." Brown says Shannon's receives "about 20 calls per week" from owners who have struggled to get insurance for their WRX from larger companies.
Adding Up
We phoned a selection of the major insurance companies and asked for a quote on a new WRX based on a 26-year-old male driver garaging the car in Caulfield.
AAMI must be parked securely day and night, rating 1, over 25, $1363
GIO will not insure
CGU will not insure
FAI over 30s only with clean licence, $1878
QBE will not insure
RACV over 25s only, $1185
© 2000 The Age