Jump to content

Insurance


Joz
 Share

Recommended Posts

Ok time to insure my new Porca.

A 2001 996 turbo.

Is $3500k to much for agreed value?

Having said that my license as few points deducted. Other than aftermarket 19” rims  the vehicle is stock. This is for an agreed value of $120k for a car which has just gone through  new purchase RWC , full PPI issues rectified and near mint.(well close) Also limited to just two days a week driving or up-to $12000ks/year depending on insurer.

This is with Shannon’s. Others have offered marginally cheaper cover but some only offering market cover which is as low as $35-60k depending condition. Not sure when the last one went for under $100k?

Firstly any better suggestions?

Secondly check the value of what your appreciating asset is actually insured for.

Youd hate to get 30-60% less for a total loss if the excrement hit the spinning blades .

 

Link to comment
Share on other sites

Obviously your premium is going to depend on your personal circumstances - agreed value, post code, driving history etc... But after a heap of shopping about for my car (996 C4S),  I used Enthusiast Insurance - I'm currently agreed at $90k with 3000km per year (but can adjust), sole driver policy and paying a premium of just under $800 per year.  I'm over 50, live in the country, and have so far had a 'lucky' traffic history.  The key thing to getting your price down is to reduce the risk, and best way to do that is limit the driving as part of the policy.  Obviously this can't work for everyone, but mines just a once a month weekender.  You could also try an insurance broker - especially if you have a 'stable'.

Link to comment
Share on other sites

I'm with MB.  Stock 996.2.  Insured for $65 on a daily driver policy.  Ive had at least one mild speeding ticket per year since like forever (f#@cking Cops - I blame them for makin' me speed).   Parked in a garage/ no drivers under 35.  All the usual clauses.  Choice of repairer & 1 glass per year.     $700 p/a. 

Link to comment
Share on other sites

3 hours ago, tomo said:

I think  the most important  thing  with insurers is to make sure they pay what they say, Some are just story tellers and will fob you off, It is more common than you think, 

Spot on!  The horror stories are out there.  I run a VW Amarok as a daily and follow a couple of the relevant forums - there are lots of stories of insured cars not being paid out properly.  When you read into it a lot comes down to people not understanding how insurance works - the differences in Market vs Agreed, premiums, private vs business use and associated risk.  Most of the stories are from relatively young blokes (tradies) insuring their utes for the minimum premium they can find.  Plenty of stories about the cheap insurers (Coles, Youi, Bingle etc...) fighting 'market value', alleging the vehicle is being used for business when privately insured etc... 

The other 'trap' for some players is the use of generic or 'insurance preferred' repairers - these are the production line collision repairers who are forced into a business model with the insurers that means repairs are to a bare minimum and can be really shitty, the 'bigger' insurers such as NRMA, AAMI, Alliance etc... are notorious for this.  If you use them and are particular about your car, always choose "choice of repairer" and pay the extra $70 a year.  And windscreen insurance is a no-brainer now, so many or the modern cars use sensors located in $1600 glass...

This is where the better/enthusiast insurers are worth the extra - Shannons, Enthusiast, Ryno et al.  Their business model relies on owners putting their cars on pedestals and are type of owners who will pay closer to what it actually costs to cover the risk and who want the wreck back, who want to to choose who repairs their car, and most importantly want comfort in an agreed value policy.  The battle to get "Agreement" is actually the tricky bit.  Purchase price is generally the default - but as we know, lots of our cars actually fluctuate in value a lot, often with an upward trend.  This is where working with the better insurers is easier as they generally are prepared to some homework and understand market trends, but they are nearly always well behind the curve.

Whew, can you tell I'm stuck at home? :D

Link to comment
Share on other sites

14 hours ago, Joz said:

Ok time to insure my new Porca.

A 2001 996 turbo.

Is $3500k to much for agreed value? Having said that it was agreed that my licenses as few points deducted. Other than aftermarket 19” rims  the vehicle is stock. This is for an agreed value of $120k for a car which has just gone through  new purchase RWC , full PPI issues rectified and near mint.(well close) Also limited to just two days a week driving or up-to $12000ks/year depending on insurer.

This is with Shannon’s. Others have offered marginally cheaper cover but some only offering market cover which is as low as $35-60k depending condition. Not sure when the last one went for under $100k?

Firstly any better suggestions?

Secondly check the value of what your appreciating asset is actually insured for.

Youd hate to get 30-60% less for a total loss if the excrement hit the spinning blades .

 

Sounds expensive.  I've insured a number of 911s with Shannons and that's more than what my 996 ($2k) is and what my 997.2 turbo was.  

Link to comment
Share on other sites

I am up for renewal very shortly, currently with Shannon’s at agreed value of 90k for a 996.2 C4S 55,000kms on the clock. 
 

With the movement in the market over the past year what agreed value do you think it would be worth? 115k? 
 

I unfortunately had to wear a prang with one of my work cars which pushed my policy to $1700..

Link to comment
Share on other sites

This sounds very expensive in my experience, I am paying less on my RS that is insured for around triple with the same usage restrictions, believe me, I am no saint either if you read my history :lol: ... most definitely shop around!  

Link to comment
Share on other sites

2 hours ago, Naldz88 said:

I am up for renewal very shortly, currently with Shannon’s at agreed value of 90k for a 996.2 C4S 55,000kms on the clock. 
 

With the movement in the market over the past year what agreed value do you think it would be worth? 115k? 
 

I unfortunately had to wear a prang with one of my work cars which pushed my policy to $1700..

Firstly, need photos of the C4S AND Amarok :D

And we know the best C4S manual cars are moving for well into $100k, with $115k likely to be the market value right now.  But how to demonstrate that, people don't tend to share that info.

Link to comment
Share on other sites

Ok is it better to be part of a car club and attend track days or club events?

They asked me these questions as well as any modifications eg power and why did I buy it?

Link to comment
Share on other sites

2 minutes ago, Joz said:

Ok is it better to be part of a car club and attend track days or club events?

They asked me these questions as well as any modifications eg power and why did I buy it?

It matters for historic registration - you need to be a bona fide club member for the concessional registration; and those concessional rego rules restrict the use of the car.  An easy way for insurers to work out potential usage.  But if your car isn't eligible for historic rego, I think Shannons and Enthusiast have a little discount for club members as part of their commercial sponsorship regime.  I wouldn't mention 'track days' to any insurer :D

Link to comment
Share on other sites

6 hours ago, Fishcop said:

Firstly, need photos of the C4S AND Amarok :D

And we know the best C4S manual cars are moving for well into $100k, with $115k likely to be the market value right now.  But how to demonstrate that, people don't tend to share that info.

Sadly some one backed into the Rok last week and took off without saying Hi. And the C4S is on vacation while the house gets a reno. Looking forward to having it home.

Old pic from a trip to Bright 

5A5096D0-0273-4BF9-8106-F868D77E1A29.png

Link to comment
Share on other sites

9 hours ago, spiller said:

Agree, that's far too expensive for what they're offering. Should be around $1500 max IMV

I'm not surprised with that quote.   But can you  do the negotiating for me next time as your far more experienced than me and I obviously doing a piss poor job.    I couldn't get anyone near that price  of 1500 with a sum insured at circa 115k (same model as @joz).  Under 6 figures and yes the premium drop is sizeable.   I tried all those companies listed above on line ( i think the algo's bump up the quote if you go in a second time) or by phone .   One fine (no points deducted) , no claim ever, , bugger all k's a year (eg limited), had my license for 30 years   Thats even with a postcode change from east to west (west is lower like for like based on my experience).   

PS My daily m3 at circa 1/2 the sum insured of the  P car had a higher premium (piss poor negotiating again).  Got me stuffed how the Algo's  work.   Obviously a direct correlation to a N/A V8  (suspect rod bearings in the eyes of some) being viewed as a greater risk than the epoxy failing on the coolant pipes on a mezger  not withstanding the operators priors.  

Link to comment
Share on other sites

Insurance companies have lost the plot. I for one dont believe they use anything other than a finger up their arse to determine policy pricing. Had both the '19 Macan S and ''18 911 GTS with MB Insurance. The 911 at twice the value was $1000 cheaper than the Macan. Main difference was 10k km restriction (or whatever it is with them) on the 911 vs unlimited on the Macan. Moved it to Allianz for more than $1000 less over the MB policy.  Both of us have fairly clean records. Wife is a lead foot that gets caught more than me speeding. Both had not at fault accidents too. 

On the flip side had a heavily modified Commodore with over 420rwkw and 700NM of torque for $1295.00 not in the same ball park but I dont get their mentality. I even told them I have a car in storage and will not be driven on the road and they wanted to charge me more than the car i had on the road (same car)! Suffice to say I have not insured the car on blocks. 

I now shop all my policies especially the daily driven cars and use anything that is the cheapest provided they give like for like coverage. Proof is always when needed, to date have not needed to use them.  

 

 

38 minutes ago, smit2100 said:

Obviously a direct correlation to a N/A V8  (suspect rod bearings in the eyes of some) being viewed as a greater risk than the epoxy failing on the coolant pipes on a mezger  not withstanding the operators priors.  

This shouldnt even come into play. When someone discovers the magic 8 ball they use to derive policy pricing we could try to reverse engineer it and try to make sense of their stupidity.

Link to comment
Share on other sites

I really think it comes down to who you're dealing with and whether you can develop that rapport enough for them to press some extra buttons for you...

I deal with Tim Ross at Enthusiast - I dealt with Tim years ago when he was at Ryno and I had my old 911t as well... Great guy and will press the extra buttons if he can. He's also a proper car guy with some flash Aussie muscle who does C&C etc... (he'll probably hate me for dropping his name :D ).  I feel he's telling me the truth when he says he's got my price as low as he can for the valuation/usage/location/driver history. YMMV

Link to comment
Share on other sites

20 hours ago, smit2100 said:

I'm not surprised with that quote.   But can you  do the negotiating for me next time as your far more experienced than me and I obviously doing a piss poor job.    I couldn't get anyone near that price  of 1500 with a sum insured at circa 115k (same model as @joz).  Under 6 figures and yes the premium drop is sizeable.   I tried all those companies listed above on line ( i think the algo's bump up the quote if you go in a second time) or by phone .   One fine (no points deducted) , no claim ever, , bugger all k's a year (eg limited), had my license for 30 years   Thats even with a postcode change from east to west (west is lower like for like based on my experience).   

PS My daily m3 at circa 1/2 the sum insured of the  P car had a higher premium (piss poor negotiating again).  Got me stuffed how the Algo's  work.   Obviously a direct correlation to a N/A V8  (suspect rod bearings in the eyes of some) being viewed as a greater risk than the epoxy failing on the coolant pipes on a mezger  not withstanding the operators priors.  

Don’t worry I feel as if I’m getting reamed at times also. For whatever reason this time around with Shannon’s I have three vehicles on the one policy with a combined agreed value of 375K and the premium is around $3500 p.a. That is for one daily, one race car on laid up cover (not as cheap as you’d think) and one road registered limited usage car. When I recently upped the value of the GT3 by a mere 20K, they added $800 to the premium. Their excuse was once it passes a certain threshold, the premium is out of their hands. I smelt some bullshit but figured across the board the pricing was still ok so I let it slide.

Link to comment
Share on other sites

Ok , after spending many hours getting quotes I’ve finally found one I’m happy with.

MB Prestige has won my business. Conditions were.

choice of repairer.

limited Ks of between 5-8k per annum.

Two old fart designated drivers (50+)

Agreed value.

Garaged at home overnight.

Also included were two non factory mods, aftermarket 19” rims and sports exhaust.

$1200/ annum.

Lots of disclosure questions.

About my missing points😁

 

 

 

Link to comment
Share on other sites

3 hours ago, sjm said:

Hi Joz, I have quote with MB. Did they ask for detailed pictures of the car? My missing points also an issue. 997.1 Carrera S $100k agreed value, $1900 policy. 

No they asked for an independent valuation which I got from Nineauto as they did the recent PPI. My purchase receipt/price wasn’t enough.Other than that locale may effect pricing? Also may depend on excess that your willing to pay Incase of a claim.

 

Link to comment
Share on other sites

  • 1 month later...

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

×
×
  • Create New...