A significant portion of New Zealanders are facing considerable insurance expenses, paying close to $3,000 annually to insure their Toyota Aqua cars. The situation has prompted one insurer to refuse coverage unless the vehicle is fitted with an immobiliser.
Data obtained by RNZ from three insurance companies revealed that the Toyota Aqua holds the unfortunate distinction of being the most stolen car in the country.
Cove Insurance (Cove) underscored the increased risk associated with owning an Aqua lacking an immobiliser.
“That level of risk doesn’t work for anyone – the customer having the car stolen, us as Cove or our other customers paying higher premiums to cover it,” it said, as reported by RNZ. “We wanted a solution that would allow people to keep their cover in place at a reasonable price and an immobiliser solves the issue by dramatically reducing the risk.”
Despite the heightened risk, the appeal of these fuel-efficient vehicles remains strong for certain motorists.
For instance, Kian Jazayeri, a 22-year-old software engineer, found purchasing a Toyota Aqua as his first car to be an obvious choice.
“In Christchurch, it’s very flat, so it’s basically the best place for the car and just one of the fuel savings that comes from it,” he told RNZ. “I’m only filling up fuel like $80 per month or even like $80 per month-and-a-half really.”
When asked about his insurance premiums, he said: “I'm paying around $250 per month for comprehensive and theft [insurance]. I'm still wondering whether I should go with third-party instead, just to save that money.”
Meanwhile, Tracy and her husband from Nelson were undeterred by the theft data when they bought their second-hand Aqua. However, when they acquired a newer model with a push-start feature, they were surprised to discover a substantial increase in their insurance premiums.
“I asked [the insurer] how much will my insurance be on the older car when I renew it, and it skyrocketed as well,” Tracy told RNZ.
Beau Paparoa, head of motor claims at AA Insurance, acknowledged the impact of Aqua thefts on owners’ premiums.
While the company encourages the installation of security features like immobilisers, Paparoa clarified that they don’t directly affect premiums.
“Definitely that is one of many factors that will be built into considering what premiums we charge,” he said, as reported by RNZ. “Our premiums are calculated across a number of other factors as well. We take a really close look at what the full cost of claims are, and we want to make sure that we’re collecting enough money to be able to pay for those claims.”
AMI Insurance corroborated the data, revealing that the Toyota Aqua had topped the list of most stolen cars for two consecutive years.
A recent survey revealed that the skyrocketing car insurance premiums in New Zealand are pushing many towards less comprehensive coverage.
