My insurance research...

[GC9911]

I’ve found it almost always pays to shop around as well as find out who the underwriters are & approach the underwriters first. 

[TwoHeadsTas]

On 10/12/2022 at 07:14, Joz said:

Was in at a local Porsche approved body shop yesterday thinking they may repair my work/ family van which got rear ended on Thursday.

Anyhow according to the MB is far more better to deal with than most others when issues arise. They weren’t very complementary of Shannon’s though.

Just submitted a claim to Shannons for my Toerag to fix up a little oops when maneuvering the caravan a little while back.  Shannons did all they could to push me to their "preferred" repairer, but as I couldn't even get that repairer to answer the phone to check on available dates, I went with another local independent who could at least give me a date in January.  Shannons's didn't sound particularly happy, but I had no problems 6 months before when we got the Boxster repaired at an independent as well, perhaps their systems have changed with the new owners who are now pressing for as much in house / tied repairs as possible???

Anyway, I'll be changing to MB late this month with better overall quotes, higher agreed values and lower excesses....

[sleazius]

Youi are currently involved in a class action for using assesors to strong-arm people with 'choice of repairer' into accessing whoever will give them (Youi) the cheapest quote. 

They also will change your agreed to terms at every renewal if you don't check them. I found out the hard way when 3 of my cars were damaged in a hail storm. They changed my excess to $1800 a car at the prior renewal (from nil). I didn't notice as the premium barely changed.

[Joz]

I think Shannon’s is underwritten by Suncorp, not sure if that’s a positive or negative or means nothing?

[JB911]

Who are MB?

[Dalai]

https://www.mbinsurance.com.au/

[DJM]

On 10/12/2022 at 06:23, DJM said:

Very handy reference.  I saved this page for future reference and having just bought a 992 GTS, I’ll start with MB and Ryno and see how I go.  Thanks for posting 👌🏻

MB trumped Ryno.  Both around 1% of car value, MB about $200 cheaper for similar cover but $2k excess plays $4k.  Easy decision.

[911]

Shannon's was best for me this time round. I find that I always change insurers on renewal. Can never get the best price from the one I'm already with. 

[Tony123]

On 28/11/2022 at 17:12, TwoHeadsTas said:

Mmmmm, looks like I'll be changing to MB Insurance.....

$600 cheaper for our 3 cars, and higher agreed values on the 981 and my daily Toerag......

Tried my local RACT and some of the others listed, even higher than Shannons!!

I have a Macan GTS on order coming in May and started to hunt around for insurance. It's been quite the experience, but seems like it is for everyone! 

I'm also fellow Tasmanian and here's what I've found so far:
 

• RACT: $1176 full cover + windscreen cover, no repairer choice, $600 excess, $176k sum insured
• Shannons: $1659 full cover + free windscreen + choice of repairer, only listed drivers, $1500 excess, $149k sum insured (max online quote)
• Porsche Insurance quote (MB): $2500 full cover + free windscreen + choice of repairer + 4 years new for old replacement, up to 8000k's, $2000 excess, $176k sum insured
• MB direct: waiting ($388 premium per year to go through Porsche Insurance for same cover presumably)
  • $2112 full cover, all the MB bells and whistles $2000 excess (quoted 2k to compare to Porsche Insurance MB quote)
  • $2262 full cover with $1000 excess

Enthusiast, QBE, Dawes (through Porsche) all quoted above $3000. Worth also noting,

Based on the feedback in this forum, I'm inclined to go with MB for the extensive cover and better claims experiences. It's just that I read of others insuring $350k+ cars with them for less than I'm being quoted here. 

Also of note, Shannons don't cover unlisted drivers whereas MB cover unlisted drivers as long as the contribute to less than 2% of km driven. All signs point to MB here.

[nine11]

My 2-cents worth.  2015 991.1 GTS picked up late 2022:  Called Shannons - "you don't have enough history with a performance car for us to insure you" (so basically "go away") - apparently my Subi STI didn't count.  Anyway, next tried ANZ - "Sorry, NO".  Next tried youi - they were THE ABSOLUTE BEST.  Person I spoke to was clear, concise, gave me a number of options and was in Australia!  1 year comprehensive with choice of repairer ("market value", excess $1,500,) - premium $1,256.   Ok, so maybe they sold me the "no claim" policy (hopefully not), however their service was 1st class.

[GC9911]

50 minutes ago, nine11 said:

My 2-cents worth.  2015 991.1 GTS picked up late 2022:  Called Shannons - "you don't have enough history with a performance car for us to insure you" (so basically "go away") - apparently my Subi STI didn't count.  Anyway, next tried ANZ - "Sorry, NO".  Next tried youi - they were THE ABSOLUTE BEST.  Person I spoke to was clear, concise, gave me a number of options and was in Australia!  1 year comprehensive with choice of repairer ("market value", excess $1,500,) - premium $1,256.   Ok, so maybe they sold me the "no claim" policy (hopefully not), however their service was 1st class.

Out of interest I just did a quote with youii, 991.2S, choice of repairer, BUT, their maximum agreed value was $154,000. Got to be the cheapest 991.2 out there, currently insured with MB for agreed value $225,000. Also youii don’t give any repair warranty if you choose your own repairer. Their premium was $826 with $5k excess, $1085 with $1.5K excess.

[Harsh]

Red Book

[GC9911]

25 minutes ago, Harsh said:

Red Book

Red book, $163-194K

[LeeM]

1 hour ago, nine11 said:

 Called Shannons - "you don't have enough history with a performance car for us to insure you" 

 Huh? Since when has that been a reason to knock back insurance? 

 What are you, 18? 

[TwoHeadsTas]

20 minutes ago, GC9911 said:

Red book, $163-194K

And we know how accurate Red Book is.....

[Dalai]

3 hours ago, nine11 said:

 Person I spoke to was clear, concise, gave me a number of options and was in Australia!  1 year comprehensive with choice of repairer ("market value", excess $1,500,) - premium $1,256.   Ok, so maybe they sold me the "no claim" policy (hopefully not), however their service was 1st class.

Always go agreed value. I'd be contacting them to find out what their market value is. Bet it's much lower than what your car is worth.

When I bought my 84 Carrera in 2017, I tried all the Insurance companies and those that quoted market value the amount was well under what I paid for the car.

 

[T-Man]

Even agreed value has its challenges. Switched from MB to RYNO atwo years ago after being with MB for a number of years and them not being prepared to take the agreed value any higher than 125K. Ridiculous even two years ago. 

Having said that even RYNO"s maximum agreed value for a manual coupe was and still is 30-40K under what I would consider market. 

Insurance companies are out of touch with current market prices. 

[DJM]

9 hours ago, T-Man said:

Insurance companies are out of touch with current market prices. 

I suspect they’re keen to avoid you being motivated to push it off a cliff or torch it 😂

[Ian718]

I’m adding my data to the collective pool, since I recently checked through a whole bunch of insurance companies prior to the renewal for my Boxster.

 

I was previously with Shannons, but then they dropped my agreed value by $20k and increased the premium for renewal which got me shopping around. Also from talking with my preferred repairer (LSR Autobody, Artarmon), Shannons has given them trouble in recent years in approving repairs. The list below is from the insurers which they have had no issues in getting repairs done with.

 

QBE $2111.48 $2000 excess $98k agreed

CGU $2145.99 $2000 excess $112,795 agreed

CommInsure $2472.52 $1700 excess $100k agreed

MB insurance - $2821.78 $2000 excess $100k agreed

Shannons $3174.6 $1000 excess $82k agreed

Ryno/Dawes $3759 $1000 excess $100k agreed

NRMA $3924.86 $2000 excess $100k agreed

Wesfarmers -

Zurich - only available through brokers

Allianz wont insure (because mods)

Coles wont insure (no reason given)

Lumley wont insure (classics and vintage only)

IAG is underwriter of CGU NRMA and WFI (Wesfarmers)

 

I prefer higher excesses and just trying not to claim. I tried to keep most of them around $2k excess and around $100k agreed to compare apples with apples. But some variations were forced upon me.

 

I went with CGU in the end.

[micknine01]

I shopped around recently and found Shannon’s to be very competitive, they even increased agreed values on two cars with no questions asked and dropped all premiums a tad when I added another vehicle. 
I had a claim with them 12 months ago and they were exceptionally good to deal with for all trades involved 

[TwoHeadsTas]

The worst thing in all this is that there's no consistency to any of it - one company's best one time, another time it's the next one.  Even though I've recently changed away from them, I've just picked up my daily from a bodyworks today where the claim was through Shannons.  Got to say, I was pretty happy and the claim process was pretty painless.  I thought they would baulk at the cost of the quote, but seems like no issues, and it wasn't their preferred repairer either.....  As I said, no consistency at all.....

[MWL]

On 18/11/2022 at 21:04, Tricky said:

I thought I would post some details from my recent insurance research, which turned into a bit of an epic quest, in case it is of use to anyone else on PFA. For a while, I didn't think I was going to find any reasonable quotes and that I might have to ask for my deposit back...

The car:

2019 Porsche 992 Carrera S MY20 PDK with $72k in options. Cost $400k when new.

Bought used from a dealer for $310k plus $17k stamp duty = $327k, so this was my target Agreed Value.

Garaged at night and in secure undercover office parking during the day, both Brisbane.

The drivers:

Myself - age 50. In past 3 years: 2 lots of 1 point for low range speeding, one insurance claim for stone chipped windscreen. Rating 1 for life.

Wife - age 50. In past 3 years: no points, one 'not at fault' written off car (all the insurers said this would have no impact as not at fault)

Contacted direct:

• RACQ – won’t cover cars above $200k. Call 1800 680 045
• Allianz – quoted $4,145 annual / $345 monthly, with hire car, windscreen. Refused to raise agreed value above $249,800 (not much good for a car bought for $327k). https://www.allianz.com.au/
• MB Insurance (underwritten by QBE) – quoted $2,914pa or $261.91 per month. $327,000 agreed value. $1,250 excess. Unlimited km. Hire car. Choice of repairer.  http://www.mbinsurance.com.au/  or speak to Gemma Fallows on 07 5530 2399 (who was excellent)
• Enthusiast – can’t cover this car for above 5,000km per year. https://www.enthusiast.com.au/
• Shannons – quoted $6,612 incl hire car, excess $3,270. Choice of repairer. Windscreen protection. Agreed value $327,000. Call134646
• QBE – can’t insure above $150k. https://www.qbe.com/au/portal/quote/vehicle?promotionalCode=SAVE75#/welcome
• Ryno – quoted $4,325 with $3,000 excess for agreed value of $327,000. https://rynoinsurance.com.au/enthusiast-car-insurance

Brokers

• Porsche Insurance – came back recommending MB Insurance. Same premium as going direct with MB Insurance, but higher excess at $3,000. Call 1300 711911.   https://www.porsche.com/australia/accessoriesandservice/porschefinancialservices/contact/porscheinsurance/
• Coverforce – best quote they had was with MB Insurance (same $ as direct). See below re Dawes and One Underwriting. www.coverforce.com.au/complete
• Arthur J Gallagher – Recommended going with MB Insurance, couldn’t beat direct quote above. https://www.ajg.com.au/
• Lewis Insurance – recommended MB Insurance, they had same price as obtained direct. www.lewisinsurance.com.au

Insurers accessible via brokers only

• Dawes Insurance – via broker only, accessed via Coverforce. Quoted $3,995 with $3,000 excess for $327 agreed value. https://www.dawes.com.au/
• One Underwriting – via broker only. Accessed via Coverforce. Didn’t get actual quote, but in line with Dawes Insurance at $3,995. https://www.oneunderwriting.com.au/Products/Motor-Solutions

Pretty easy decision in the end to go with MB Insurance. My only concern being that there is little competition out there in future years...

Now the agonizing wait for the car to be transported up to Brisbane

Thanks for a comprehensive summary.  Is there a worry that the insurance is sold via broker MB Insurance vs direct insurer like QBE? I just ran a quote with both and there is over $1200 difference. If MB Insurance is underwritten by QBE - how do they manage to have insurance quote that is less than $1200 to QBE? My renewal is coming up in 1 month and found that NRMA has pushed this years' comprehensive insurance by $550!.  Guidance and advice would be appreciated.

[Tricky]

46 minutes ago, MWL said:

Thanks for a comprehensive summary.  Is there a worry that the insurance is sold via broker MB Insurance vs direct insurer like QBE? I just ran a quote with both and there is over $1200 difference. If MB Insurance is underwritten by QBE - how do they manage to have insurance quote that is less than $1200 to QBE? My renewal is coming up in 1 month and found that NRMA has pushed this years' comprehensive insurance by $550!.  Guidance and advice would be appreciated.

Hi MWL

Well, in my case, QBE wouldn't even quote me on my 911, so the QBE via MB versus QBE direct dichotomy never arose. I was told QBE won't even insure above $150k.

How could QBE via MB be cheaper than QBE direct? Not sure, I'm not an insurance expert, but I'm going to guesstimate that QBE have made a conscious decision to go after the high value market via a specialist such as MB (who really know this segment), whilst they themselves (as a generalist) will only stick to mainstream cars (and quote big, to give themselves a buffer, if someone does ask them to insure a high value car).

In terms of deciding on MB, I took some comfort from the fact that many of the insurers and brokers that I contacted referred me back to MB, including Porsche Insurance. I've been happy with them so far, but then again I haven't tested them out with a chunky at fault claim...

[MWL]

Thanks Tricky. The quote direct from QBE had a lower agreed market value than offered by MB. I have reached out to Porsche Insurance for a quote as well.  Just wanted to make sure my options like selecting own repairer, hire car and windscreen options are appropriately priced.  NRMA is also mainstream and they have been increasing hundreds of $$ each year.  Where there any MB T & Cs that needed to be called out? Cheers.

[PhilH]

I have my current car (996.1) and had my previous car (3.2 Carrera) insured with Porsche Insurance (MB Insurance). No claims with the 3.2, however 2 claims with the 996 and MB were great to deal with.  Simple process, quick approval and choice of repairer, although they did initially push me towards the approved Porsche repairer.  They were not the cheapest quote, however there was only $100 - $200 in it.   Not much difference in premiums over the last few years with them.  I have got comparison quotes, however for the small difference in premium, I have stuck with them based on the ease of dealing with them when making a claim.