Jimmy Posted 25October, 2012 Report Share Posted 25October, 2012 I did it all over the phone without any hicups, Suncorp are diferent to AAMI in that you have a choice of repairer. Link to comment Share on other sites More sharing options...
oz951 Posted 26October, 2012 Report Share Posted 26October, 2012 I did it all over the phone without any hicups, Suncorp are diferent to AAMI in that you have a choice of repairer. I think the main issue with Suncorp was that their policy didn't appear designed to cater for much in the way of modifications. Their insurance may suit those folks with mostly standard cars. Link to comment Share on other sites More sharing options...
Jimmy Posted 26October, 2012 Report Share Posted 26October, 2012 I think the main issue with Suncorp was that their policy didn't appear designed to cater for much in the way of modifications. Their insurance may suit those folks with mostly standard cars. They were happy to insure my HSV GTS which has a number of modifications. Link to comment Share on other sites More sharing options...
oz951 Posted 26October, 2012 Report Share Posted 26October, 2012 They were happy to insure my HSV GTS which has a number of modifications. That's interesting, did you tell them that your mods added up to more than $3K? Link to comment Share on other sites More sharing options...
Jimmy Posted 26October, 2012 Report Share Posted 26October, 2012 That's interesting, did you tell them that your mods added up to more than $3K? No sure on the figure as I did not run with them on this car but they said that they cover the same modifications as AAMI but with the benefit of choice of repairer. I currently have the HSV with AAMI and my mods are well over 3k. Link to comment Share on other sites More sharing options...
Harvs11 Posted 5December, 2012 Report Share Posted 5December, 2012 I got my renewal from LSV today. With a bit of trepidation I opened it up to see what crazy figure the premium had gone up to. Like some others, it had gone up about 18%. Still, it is less than Shannons and the big insurers and still not that much. I noticed that the box for car club member was "no". I rang LSV to correct that and straight away got a 9.5% discount. Lesson learned...make sure you give ALL relevant details. Link to comment Share on other sites More sharing options...
hugh Posted 5December, 2012 Report Share Posted 5December, 2012 Club permit reduces it by quite a bit as well, pleasant surprise. Link to comment Share on other sites More sharing options...
T-Man Posted 5December, 2012 Report Share Posted 5December, 2012 So if I'm a member of the Porsche Club I get a discount...........Why? Link to comment Share on other sites More sharing options...
hugh Posted 5December, 2012 Report Share Posted 5December, 2012 So if I'm a member of the Porsche Club I get a discount...........Why? The club permit scheme has a restricted use, 45 or 90 day a year depending on what you purchase. It's the minimal use that qualifies for lower premiums but is only applicable on older cars (30+ years I think?). It lowers registration to around $120 per year as well.................... Link to comment Share on other sites More sharing options...
T-Man Posted 5December, 2012 Report Share Posted 5December, 2012 So if it's full reg and member of say Porsche Club, any insurance discounts? Link to comment Share on other sites More sharing options...
hugh Posted 5December, 2012 Report Share Posted 5December, 2012 So if it's full reg and member of say Porsche Club, any insurance discounts? Nope, sorry..................The club offers no such 'perks' Link to comment Share on other sites More sharing options...
ByronBayChris Posted 6December, 2012 Report Share Posted 6December, 2012 I shopped LSV and Shannon'sbit ended up with AAMI. Similar price but no restrictions. I cannot ensure that the car is garaged each night, so AAMI was my only viable option. PS. New owner of my first 993 coupe tip and just getting used to driving as often as possible. Chris Link to comment Share on other sites More sharing options...
cyberpunky Posted 6December, 2012 Report Share Posted 6December, 2012 Nope, sorry..................The club offers no such 'perks' LSV gives me a discount based on being a PCV member, and I have normal rego Link to comment Share on other sites More sharing options...
Coastr Posted 6December, 2012 Report Share Posted 6December, 2012 Any thread on insurance always throws up a lot of theories and internet memes, shall we say. Going back to basics : how does an insurance company make money? Most people think/assume an insurance company makes money by getting more premium (policy costs) than they pay out in claims, and pocketing the difference. This is not actually the case. An insurance company is similar to a bank, their aim is to get as large amount of funds under their control as possible. An insurance company makes it's money on the funds under management. The actuaries (math geeks who work for insurance companies) constantly run numbers so that the amount of claims payable in total roughly matches the amount of premium taken in. The idea is that x,000,000 people will pay y,000,000,000 into the company as premiums, and that z,000,000 people will make claims which require about y,000,000,000 of money to be paid out. x and z aren't the same number - obviously less people make claims than pay premiums otherwise there would be no benefit. The insurance company takes that big pool of money and then invests it in all sorts of things - other companies, money markets - whatever they think will bring in a good return (but they are limited in what they can risk on by APRA, so the CEO can't take the entire years premium and put it on black at the casino). Now, if you're taking in too much premium, you'll start to lose customers, and you'll have trouble. If you take in too little premium, your claim costs will start to exceed your premium income, and you'll have trouble. The idea is to balance it up just nicely. Incidentally, this is why Warren Buffet briefly got to be the worlds richest man. His particular specialty is being a canny investor over the medium term. So all he needed to make bulk cash was bulk cash to invest. And the easiest way to get your hands on bulk cash is to buy an insurance company. Which is exactly what he did - his company Berkshire Hathaway owns several insurance companies, and he applies his investment genius to putting the pooled funds to work in the markets, which makes him and his shareholders rich. The policy holders effectively lend him the money, and he invests it, and agrees to pay it back if they run into a tree or their house burns down. Sort of like a bank, but with less short-term demand on the cash (because you can only get your policy back in the event of a claim, not when you want to go to Fiji with the family). With the medium term time horizon of the insurance funds, you can put the money in longer-term investments. Now comes the problem part. In order to smooth the claims out, you don't want lots of policies with the same risk type. Each strata of people/policies has a certain correlation of risk - 65 year old drivers with a 2 year old Mazda 6 living in North Sydney will have a surprisingly predictable amount of claims in aggregate. By this I mean that you cannot assess whether 1 single 65 year old guy driving a Mazda will have a claim worth $15,000, but if you collect 1000 people like this, you can predict with surprising accuracy just how much you'll end up paying out for claims in total. The same process underlies life insurance - it's hard to predict whether an 80 year old will die this year, but if you collect 100,000 80 year olds, you can say with some level of accuracy that, say, 5,000 of them will die this year. You just don't know which 5,000. So... onto car insurance policy pricing. Insurance companies these days have lots of sub-brands aimed at different market segments - APIA, Shannons, etc - a lot of these are owned by the same company (ie, Suncorp, IAG, etc) and so the premium, while branded individually, all ends up in the same big pool of cash. The branding is just there to find the right risk profiles (45 year old porsche drivers vs 65 year old Mazda drivers). But a company might find that after a period of 'spot-on' pricing (or mildly cheap) they end up with too many 45 year old guys in Melbourne who own 993s. And once they start to collect that many, they may find that they don't want any more. So the premium goes up to either get rid of a few, or increase the cash they are getting to compensate. This can happen across an age strata, a vehicle category, a postcode, or any number of demographic criteria. The company will continue to adjust the rate sheet (used to be a sheet a broker would look up, now a mammoth database sliced and diced to perfection) so that it attracts more of a particular type of customer, and less of another. So you can have a friend living with the same age, same driving history, same car and even the same postcode, and find that he got his insurance cheaper from the same company 6 months earlier. And that will be because the company is rebalancing risk, and they don't want you as much as they wanted your friend. It's not personal, it's just like airline seats - they get more expensive as the planes fill up. So why does being in a car club get you a discount? It's not some type of goodwill towards the club (usually) - it's because car club ownership differentiates you from that guy down the street with the Porsche who only has it to try and score chicks. Guys who buy updated Porsches with big wheels, metal flake paintwork and loud stereos are a completely different risk profile to the careful guy with a factory-spec car who is in the habit of cleaning the inner rims on his wheels. By asking specific questions about club membership or driving habits, you can jump risk profiles completely - more so than what actual car you drive. This is all increasingly driving by data-mining massive data warehouses about the claims history, demographics and habits of lots and lots and lots of people, so that the risk can be accurately identified down to the last dollar. Because when that happens, the entire insurance risk profile can be neatly controlled, and that gives the optimum amount of funds to go invest on the market. If your insurance company hikes your premium - effectively they are saying 'you can stay with us, but it will cost you more'. This might be because you jumped risk profiles (oops, a DUI last year!), or because their numbers for your risk profile proved to be wrong (what is it with all these 964 drivers oversteering into trees?) and so they are rebalancing it, or maybe they just have too many people with your risk profile on their books. Shop around, find a good broker who will help with the process, and move to a safe area with a secure garage and avoid getting booked for speeding. That's the best you can do. Personally I've always found Shannons to be good, but maybe I'm just lucky to be in an under-serviced and highly valued risk profile. The last car I bought I found out I was paying 1/3rd the amount of insurance to the person I bought it from, and he was roughly the same age. It all depends on many factors. [background : not an insurance person, but have done work with insurance companies in the past] Link to comment Share on other sites More sharing options...
hugh Posted 6December, 2012 Report Share Posted 6December, 2012 LSV gives me a discount based on being a PCV member, and I have normal rego Thats a plus! Link to comment Share on other sites More sharing options...
hugh Posted 6December, 2012 Report Share Posted 6December, 2012 Great read Coastr, its all such a game really..................you never really know the discount due to the fact you will never have a constant premium? (especially between 'brands'). Link to comment Share on other sites More sharing options...
Harvs11 Posted 6December, 2012 Report Share Posted 6December, 2012 So if I'm a member of the Porsche Club I get a discount...........Why? I'm no expert but after thinking about it here's my theory... If a supplier gives you a discount or extras because you are a club member, maybe you will tell other members ( like I just did ) and send more business their way. Word of mouth can be a powerful marketing tool. Link to comment Share on other sites More sharing options...
Harvs11 Posted 6December, 2012 Report Share Posted 6December, 2012 I just read Coastr's Insurance 101- interesting read. I couldn't help recognising a few of us PFA members amongst the driver profiles...45 year old porsche drivers, 45 year old guys in Melbourne who own 993s, Guys who buy updated Porsches with big wheels ( Niko?), that guy down the street with the Porsche who only has it to try and score chicks (Niko again?) , Guys who buy updated Porsches with big wheels, metal flake paintwork (Uncle?), the careful guy...who is in the habit of cleaning the inner rims on his wheels (we've all been there,right?) , all these 964 drivers oversteering into trees (Porsches never oversteer ) Did I miss anyone? Link to comment Share on other sites More sharing options...
Doish13 Posted 6December, 2012 Report Share Posted 6December, 2012 What's with the tree hugging 964's? Did I miss something? Link to comment Share on other sites More sharing options...
Coastr Posted 6December, 2012 Report Share Posted 6December, 2012 Harvs11- not intentionally profiling people, just working on stereotypes. Ok, I did use the inside wheel cleaning thing Hope people got something out of it - main thing is, don't take it any more personally than when qantas quotes you double what you paid last time to fly a sector. Link to comment Share on other sites More sharing options...
Harvs11 Posted 7December, 2012 Report Share Posted 7December, 2012 Harvs11- not intentionally profiling people, just working on stereotypes. Ok, I did use the inside wheel cleaning thing Hope people got something out of it - main thing is, don't take it any more personally than when qantas quotes you double what you paid last time to fly a sector. Coastr, you made a few good points there, and I got a bit of a laugh out of it. Hopefully others did too. Link to comment Share on other sites More sharing options...
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