Current Insurance Landscape..

[Diamond911]

31 minutes ago, Stepo said:

Try Shannons for the A/C 911 and Ryno for the 928

Thanks. will check them out.

[KGB]

On 25/06/2020 at 20:46, Lucky Phil said:

Did you try MB Insurance?  I think they are great and also the Porsche Insurance underwriters.  I have both my cars (MB and Porsche) with them and premiums are very competitive, agreed value and choice of repairer too.

I’m with them for 3 cars and they are super competitive, you’re right they pick and choose who they cover.  If their gods smile upon you it’s amazingly inexpensive.   Now that I’ve said that the next renewal will go through the roof. 😳

[TwoHeadsTas]

Just got my Shannons renewal.  No reduction in insured values, and premium a tiny bit lower.  I think I will be increasing the value on the GT3, the 981 is about right, and I'd be really happy to get the insured value on the Toerag if I had to get a payout on it.....

[Dreamr]

When I was with Ryno, you could ring them up any time during the year and adjust the value of your car to reflect the rising market. If there was an increase to your premium, you’d just pay it and happy days.

No such thing with Shannon’s ... your value is set for the 12 month duration and you can discuss it at next renewal. So, even if the value of your car rises by $15k, you're left at the lower valuation.

I always believed that insurance valuations and possible adjustments were there so you can replace your car if needed ... seems that Shannons disagrees.

[Troubleshooter]

5 minutes ago, Dreamr said:

When I was with Ryno, you could ring them up any time during the year and adjust the value of your car to reflect the rising market. If there was an increase to your premium, you’d just pay it and happy days.

No such thing with Shannon’s ... your value is set for the 12 month duration and you can discuss it at next renewal. So, even if the value of your car rises by $15k, you're left at the lower valuation.

I always believed that insurance valuations and possible adjustments were there so you can replace your car if needed ... seems that Shannons disagrees.

Easy way to fix that just cancel, pro rata $$$ of policy cost reimbursed and start a new policy

[luzzo]

4 hours ago, Troubleshooter said:

Easy way to fix that just cancel, pro rata $$$ of policy cost reimbursed and start a new policy

This is possible, however if after the initial 21 day cooling off period, they will usually charge a cancellation fee. Generally 10% of the remaining premium. 

[LeeM]

9 hours ago, TwoHeadsTas said:

Just got my Shannons renewal.  No reduction in insured values, and premium a tiny bit lower.

 I called them the other day, and the bloke said THEY increased the value of my car without asking me by $10k with no increase in monthly payments (apparently a computer generated thing that assesses market values and adjusts accordingly). If I decide I want to up the value by another $10k, it won't increase my premium either. Bonus! 

 On another note about Shannons and the reason I called them. Apparently some have had their policies cancelled without notification or reason, so I thought I'd check I was still insured. I am, and the informative operator told me at length there is NO WAY they'd cancel any policies without contacting the insured. There might be a chance that they have tried to contact the policy holders if payments/direct debits have stopped for some reason, so if you're with Shannons, maybe check you're still insured and your emails from Shannons just incase.

 The other thing the operator told me, was that apparently Famous insurance are not renewing some policies in the first half of 2021. So again, if you're with them I'd be checking your insurance is up to date, and/or contact them direct. 

[st3ve]

6 hours ago, Dreamr said:

No such thing with Shannon’s ... your value is set for the 12 month duration and you can discuss it at next renewal. So, even if the value of your car rises by $15k, you're left at the lower valuation.

I always believed that insurance valuations and possible adjustments were there so you can replace your car if needed ... seems that Shannons disagrees.

Strange, my experience differs.  I'm with Shannons and have adjusted the sum insured for several vehicles on several occasions mid-term over the years.  That includes a bump in the value on my 996 just couple of months ago - during the first policy on that car too.  However, I have held Shannons insurance for 15 years or more - which can make a difference.  But I suspect you got "Mr/Ms Unhelpful/Clueless" on the phone and suggest you call again.

[edgy]

Here is a heads up to any current Famous Insurance policy holders, as I avoided potential disaster. 

I held a multi-car policy with them; Macan Turbo & 997 GT3 ... in September this year I cancelled the GT3 off the policy as I had sold the car, leaving the Macan as the sole vehicle to be insured... come a week or so back, I received a letter from Famous (dated November) about the policy for my 2007 997 GT3, stating that they we no longer being underwritten by RACQ so I would need to seek insurance elsewhere at policy lapse for THIS vehicle. I figured this was a system glitch, I sold that car and removed it from the policy 2 months before that letter had been created and sent to me... why the hell would they send a letter about a car they no longer insure? 

Fast forward to today; I was catching up with my dad and he happened to have a letter from Famous (also a Macan insured with them) it was a letter of similar nature to the above, however clearly stating the Macan on his policy would be needing to seek new cover at lapse in January as they no longer have an under writer (sounds familiar) ... at this point I got the sinking feeling, as we discussed that letter for the GT3, I called them immediately, I said I was awaiting a renewal that I didn't yet receive, BUT as you may (or may not) have guessed, unbeknown to me, my car had been uninsured for the last 2 weeks ~ 

I explained this prior letter to them and how ridiculous it was that they were notifying me about a car they no longer insured since September (in November no less) and NO mention of a Macan, I told him, you have not formally notified me that cover would expire on this particular car... he then goes on to say but your policy lapsed, and we did notify you... but they did not! I received a notification specifying a 997 GT3 would no longer be insured, NO mention of a Macan... 

He then goes on the whole mail delays due to Christmas covid etc excuse (for a letter that was technically incorrect mind you), to which I said it is 2020, you have text, email and phones... you would think you could take the initiative to notify your customers by other means, I mean this is a BIG deal, and fundamentally, it is gross negligence on your behalf... this f%^&er wouldn't have a bar of it, almost smug if I am honest, apparently they've had heaps of these calls? Who'd of though right? 

So based on their principles; 

• It is OK for a mail delay when they are sending out a botched letter, it will absolve them of any liability with regards to a notice period
• It is NOT ok for me to assume there was a mail delay when awaiting a policy renewal, I am 100% liable 
• When forming a policy you as the insured must specify ALL details or your insurance can be null & void, again absolving the insurer of any liability 
• When sending a notification for the end of a policy on an insured asset, the insurer does NOT have to specify the correct asset, they can simply put your neighbours car in the letter if they want, this you guessed it; absolves them of risk

I could go on and on, I am really pissed at the way they have left what was otherwise a good experience... I am told "everyone insured with them is going to deal this hand" so just a heads up folks... had I been in any incident I'd of been out not just fro my own car but anyone else's! I am confident in a court of law I'd have a case, but who wants to deal with that? 

Porsche insurance came to the rescue again and brokered a fair deal to my existing policy.... 

[LeeM]

 See the end of my post ⬆️

[DavidW•GT3•]

On 27/04/2020 at 22:19, hugh said:

Not quite following this. Shannon’s provide choice of repairer so you can pick the most expensive panel shop in the world if you like.

That doesn’t however mean they get a free ticket to charge what they want though (nor should it). 

I’ve been with Shannon’s for years and during this time have had a few claims. I haven’t been given any reason to look elsewhere. 

Interesting topic this.  I agree with Hugh.  I did some benchmarking earlier in 2020 just to see if Shannon's were still cutting it.  Turns out they are.  I've had a couple of claims too and they've always been reasonable to deal with too.  

[jordan]

Just moved to Enthusiast Insurance from RACV (I know, blasphemy). I signed up to RACV for immediate cover when I got the car, however, as stupid as I am, just realised that they wouldn’t actually insure higher than $27,000 for a car worth $70-80k.

Enthusiast offered the best insurance in terms of price and value. My payments have dropped $800 per year, and the value of the car has gone up 500%. Shannon’s (with roadside assist) was $4,000 per year, so not even comparable in terms of cost.

Does anyone have any recommendations around roadside assist? Currently with RACV, but would prefer to move car-related stuff away from them.

Thanks team - this thread was super informative for me.

 

p/s turns out that Famous are now acting as an aggregator as RACQ have abandoned them as an underwriter.

[Dalai]

Just moved my MR2 and 911 to Shannon's from Famous. The MR2 premium went up but I also increased the Agreed value. The 911 premium was within dollars of my Famous premium from last year - agreed value kept the same.

I've had roadside assist with RACV since I started driving.  I can't comment on other options as have had no issues so no reason to change. Shannon's did ask if I wanted it but as I said no don't know what they charge.

[Jason E]

1 hour ago, jordan said:

Just moved to Enthusiast Insurance from RACV (I know, blasphemy). I signed up to RACV for immediate cover when I got the car, however, as stupid as I am, just realised that they wouldn’t actually insure higher than $27,000 for a car worth $70-80k.

Enthusiast offered the best insurance in terms of price and value. My payments have dropped $800 per year, and the value of the car has gone up 500%. Shannon’s (with roadside assist) was $4,000 per year, so not even comparable in terms of cost.

Does anyone have any recommendations around roadside assist? Currently with RACV, but would prefer to move car-related stuff away from them.

Thanks team - this thread was super informative for me.

 

p/s turns out that Famous are now acting as an aggregator as RACQ have abandoned them as an underwriter.

Did you try MB insurance?  I just insrured my 996 with them.  Much cheaper than Enthusiast. 

[jordan]

2 hours ago, Jason E said:

Did you try MB insurance?  I just insrured my 996 with them.  Much cheaper than Enthusiast. 

No I didn’t - didn’t like how with MB you couldn’t do an online quote; personally feel if you can’t be transparent enough to have that as a service, then I couldn’t be bothered being sold to.

$1800 per year for me is cheap - considering I’m 31, and in a posh-suburb with a lot of targeted burglars haha.

If you don’t mind me asking, what was your total annual cost, excess and car value?

[Jason E]

4 hours ago, jordan said:

If you don’t mind me asking, what was your total annual cost, excess and car value?

Hi @jordan,

I am 49, nil claims in 5 years, I live inner Brisbane suburbs (inside the 7 k ring from GPO).

My agreed value is $60500 with scope to increase with receipts, total premium cost was $1082p/a.

and in a posh-suburb with a lot of targeted burglars haha.

Interesting re this - lots of people think that you're premium is based on criminal activity in area where you live/ crime statistics etc (I'm a cop).  I was talking to an Insurance adjuster in the recent past & (according to him) the premium has nothing at all to do with crime statistics & everything to do with the greater likelihood of people who live closer to the city being more highly educated with better employment & then being more likely to push forward with a claim in the event of an incident.  I questioned him heavily on this as I had beefed up security at my newly built house & he basically told me I'd wasted my money.  Happy I was - not. 

[jordan]

18 minutes ago, Jason E said:

Hi @jordan,

I am 49, nil claims in 5 years, I live inner Brisbane suburbs (inside the 7 k ring from GPO).

My agreed value is $60500 with scope to increase with receipts, total premium cost was $1082p/a.

and in a posh-suburb with a lot of targeted burglars haha.

Interesting re this - lots of people think that you're premium is based on criminal activity in area where you live/ crime statistics etc (I'm a cop).  I was talking to an Insurance adjuster in the recent past & (according to him) the premium has nothing at all to do with crime statistics & everything to do with the greater likelihood of people who live closer to the city being more highly educated with better employment & then being more likely to push forward with a claim in the event of an incident.  I questioned him heavily on this as I had beefed up security at my newly built house & he basically told me I'd wasted my money.  Happy I was - not. 

Ha wow - that is super interesting if true! 
 

Yeah - I guess with an extra $10k Val - I’d likely be able to drop down even further. But does seem like yours is cheaper. I am adamant that my Val is closer to $75 not $70; but took $71500 to avoid the pain of photos and interviews. 

[PorschePete]

Hi all,

just resurrecting this thread... has anyone had any positive or negative experience with Dawes insurance through Porsche Insurance? if so, have they been easy to claim in the event of an accident?

with the rising used car values i've noticed a lot of the mainstream insurers are not giving high agreed values.

so for me its currently a toss up between Dawes Insurance (through Porsche) and Shannons.

TIA

[sleazius]

Can’t comment on Dawes, but did just go back to Shannon’s after a year away. Don’t know if it was the 4 cars or what, but it wasn’t that bad in the end.

[Dalai]

2 hours ago, PorschePete said:

with the rising used car values i've noticed a lot of the mainstream insurers are not giving high agreed values.

I am just off the phone with Shannon's, as I added my motorbike to the policy plus as I'd upgraded my garaging arrangements the details for a couple of cars needed updating.

Whilst on the phone also mentioned about reviewing my Porsche agreed value... Even with prices going crazy they weren't willing to up the listed value. Nor my MR2 turbo which is odd as they have recently auctioned a couple at their online auctions and they sold for double what they are willing to offer me.

[PorschePete]

54 minutes ago, Dalai said:

I am just off the phone with Shannon's, as I added my motorbike to the policy plus as I'd upgraded my garaging arrangements the details for a couple of cars needed updating.

Whilst on the phone also mentioned about reviewing my Porsche agreed value... Even with prices going crazy they weren't willing to up the listed value. Nor my MR2 turbo which is odd as they have recently auctioned a couple at their online auctions and they sold for double what they are willing to offer me.

yes i agree - shannons were very good about reviewing the agreed value to appropriate levels. some of the others are not so good and still rely on very low Glass/redbook vals unfortunately

[luzzo]

3 hours ago, PorschePete said:

for me its currently a toss up between Dawes Insurance (through Porsche) and Shannons.

It certainly must vary between customer quotes.  I recently had quotes for some of my cars and Shannon's were way off the mark. They offered Less value for more premium $$.  

[Yeatesy]

I’ve always found Shannon's to be good, I insured my car then rang them back once I’d sorted out the club rego and asked about increasing the agreed value. They insured it for an addition $50,000 for an extra $8.75 per month and I got the impression they would insure it for more.

[Stepo]

In my experience they are pretty good for older A/C, near double the premium for W/C based on alternatives

[sleazius]

14 hours ago, Stepo said:

In my experience they are pretty good for older A/C, near double the premium for W/C based on alternatives

Depends on how many cars you have and how often you're driving. I insure a bunch of my cars for the twice a month usage and the rates are very reasonable.

I found when I previously insured my 997 for unlimited usage it was less competitive than others, but that said the run around I had on a claim where I supposedly had choice of repairer with another insurer (Youi) was despicable.