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Hi,

I've been looking at getting a used gen 2 Porsche Cayman (MY09-11). I'm currently with NRMA and I've looked at the major options and the price of insurance is similar across the main companies (which is quite high, I'm under 40 and male).

Does anyone have any other suggestions for other companies to try and get a quote from?

Thanks!

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I was with Shannons for years, recently changed to Lumley as Shannons upped my insurance by 26% in one year for no reason, i phoned, they said insurance rates went up 15% across the board and had no answer why mine went up by even more than that.. i phoned Lumley and they were lower than what Shannons were prior to the increase.

No loyalty with insurance companies i have found, they simply dont care.. as i had cars, house, contents etc all with shannons.. they just couldnt give a rats when i said LSV were cheaper and i was leaving.

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  • 1 month later...

HMM - got my bill from LSV today - up 21.5% last year - up 19.5% not wrapped by it - Spoke to shannons they beat 1 of my car policies but my porsche was the higher even at less value then my rarer old car. I drive me cars once a month - any alternatives to shannons and lsv?

murf

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Club permit is the way to go for the 912 and anything older than 25 years. save on rego and insurance. My Shannon's policy halved. Multiple policies with Shannons or RACV also helps, 10% on each.

Cheers

Paul M

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NRMA are currently doing at "Beat it by 5%" promo. I got a low ball quote from commsure when i went into the bank to get my bank cheque for the car. As everything else is with the NRMA I gave them a call and their quote was $300 more <_< . They asked if I had any other quotes and bingo they beat it by 5%! I still thought it was a joke that with all my discounts (multi-policy, over 10 years with them, clean record) their initial quote was so high and then they had no issue at all to drop it so much without a fight. Go find the cheapest policy you can and give them a call, see how quickly they will reduce their initial quote :D

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Thats the thing with insurance - there is no real justification or basis for price AT ALL. You can call today, then call tomorrow for the same quote and it be different - the whole industry is a skam thats why everytime you watch TV there is a new "car insurance" company getting in on the act, even coles are in on it now offering car & home insurance!

They offer discounts as if there is a standard rate and then throw the "no claim bonus" tag - the $$$ difference between each company is criminal. Skammers!

Having said that I have been with Shannons for about 6 years, currently with 2 houses & 4 cars. They are pretty competitive and generally ok to deal with................Best of luck.

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I called Shannons they got close to LSV on 1 car and were miles out on the porsche.

Both cars are full registration - 1 is on private plates.

I like the ability to drive both cars when i want but to be honest I'd be lucky to drive one 5x's a year the other 30.

The industry needs to be regulated - how often can you blame natural disasters and inflation for 2 double digit rises.

$41.5% over 2 years WOW - wish my wage went up that much.

MIght look into club plates on one next year.

Sorry rant over!

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Guest Nick987

I got quotes from Budget Direct, YOUI, Just Cars, AAMI, GIO...youi was not interested, more low risk mainstream lower value insurance, same for budget direct, Just Cars was really expensive (yoof brand of AAMI, I didn't have enough watts thumping out my stereo, didn't have enough sub woofers fitted and the diameter of my zorst wasn't wide enough :lol: ), Shannons...well...as you know, AAMI not too expensive but not the cheapest but without a choice of repairer option so not suitable for me (aint having my car repaired by process of a bidding war to the bottom by panel beaters at the AAMI assessment centre with the job going to the lowest bidder...) went with GIO (another Shannons flavor - same company Suncorp/Metway) as cheaper than Shannons with choice of repairer. I left RACV a few years ago after having all my cars/house etc with them and their premiums went up every year and their coverage down every year whilst on rating 1 for life and no claims. Call 'em all, get the best price that includes choice of repairer and I personally like the free windscreen option as our OEM screens are pricey. I usually remove all excesses or get them down low if worth it, try to negotiate the biggest agreed value and opt out of accommodation and hire car wherever possible. You may feel differently.

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Worth mentioning Shannnons are the only company that insure for agreed value. In my case any other company would be lucky to payout 20k for a 35 yr old 911 - would'nt get me much at all towards a replacement...................

(Obviously more relevant to the older cars)

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When I insured the 993 I was recommended to go to Lumleys, Policy seems good and straightforward.

No km restriction though limited to about 3 days a week.

I'm late 40's with a very good insurance/driving record over the last 5 years,

In the first year they would only insure the car for what I paid for it. I doubt I'd be able to find a replacement in similar condition for that value. I haven't even covered the improvements yet!

My policy is a couple of hundred more than a freind in Sydney with a concourse 993 at a higher value. :angry:

I'm sure that on the next renewal they will find a way to increase the fee due to, but not restricted to, flood, risk of child's bike scratching the duco, insect attack, possibility of driving in the rain, new neighbour next door with a REX, no cover if parked in Woolworths' car park or Maccas!

Can't wait for my renewal.......I am so looking forward to it!

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Hi guys,

My understanding of insurance is that most insurance companies will target a certain segment of the market that that want to specialise in and that they think they can profit from depending on their business model.

At one end of the spectrum you will see some companies that go for volume sales and target everyday cars whereas at the other end of the spectrum you might find a company that targets the niche market of cars over 25 years old and that are driven less than 3000 - 5000 km per year. To gain marketshare in these target markets insurers will modify their underwriting factors to give the greatest discount/most competitive premium to those potential customers with cars that fit their target market.

So for me, the first question I ask the salesperson is "What cars/customers does you insurance company target?". I use LSV for the '89 and '73 911 as they target older cars used weekends/recreational and stored in a locked garage. For my dailies its AAMI online.

On this forum there are members with cars that range from 40+ year old cars that are rarely used to modern < 3 year old cars that are used as daily drivers.

Its 'horses for courses'. Find the insurers that targets your car/usage for the most competitive type of premium.

IMHO Doug

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Worth mentioning Shannnons are the only company that insure for agreed value. In my case any other company would be lucky to payout 20k for a 35 yr old 911 - would'nt get me much at all towards a replacement...................

(Obviously more relevant to the older cars)

not true, Lumley gave me an agreed value on my 3.2

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Guest Nick987

How does LSV account for the days on the road? Is it Kms driven over the year averaged?

How do they know that I wasn't driving every day?

I can drive 1000 Kms in a day... How is this assessed? Can they refuse a claim on breaching this stipulation?

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not true, Lumley gave me an agreed value on my 3.2

Me too. Though for the '73 911 I had to send some photos and a copy of the Bill of Sale.

Thats great to hear! It is an important consideration regarding insurance.
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How does LSV account for the days on the road? Is it Kms driven over the year averaged?

How do they know that I wasn't driving every day?

I can drive 1000 Kms in a day... How is this assessed? Can they refuse a claim on breaching this stipulation?

Lots of questions raised on this whole insurance thing. Started to worry about my understanding of the policy so I called Lumleys!

Policy I have is a recreational use type policy which is for 2-3 times a week, regardless of mileage.

It is based on "honesty" from the owner, unless a claim is made that they may investigate, and speak to neighbours for example to get an idea of how often you took the car out!

If you do a big drive of 1000km it's not a problem and considered as a single run!

They will not consider revising the insurance to agreed value until one year after I have owned the car and then I will need to send some photos and description of works done to increase value.

Can't wait!

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  • 3 weeks later...

It definitely is. LSV appear to be reducing their portfolio of insurance especially on our sort of cars. Check before you renew. Others will fill the gap, and there may be something special for Porsche owners in the wind.Stay tuned.

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