nine93 Posted 23September, 2013 Report Share Posted 23September, 2013 I'm sure this topic has probably been covered so apologies in advance. Insurance time for me prompted the usual responses but mostly I was angry about the market/agreed value they put on my car of $54500. I wish I could replace my car for that! No chance I thought and so began the usual process of checking out insurance companies for a new policy. Like anything else, you get what you pay for so I stayed well clear of youi etc (tried comparing them last year) so wanted to be sure that by cutting the prices they weren't cutting corners. And after calling around and culling down a big list I ended with 3. Shannon's insurance, Vero, and Lumley insurance through a Broker. All 3 offered similar value, agreed repairer, windscreen protection (with no excess) and most importantly of all to me was agreed value. I also tried Porsche insurance through Porsche Cars Australia and didn't get a phone call back after leaving 3 messages over 2 weeks. There would be no way I'd find the same car 1 owner, manual etc for $54500 so I wanted to at least be covered if the worst happened. The prices I was quoted were, $890 from Vero (with a $54500 agreed value), $1300 from Shannons with a higher agreed value of $70000 and $980 from Lumleys with the agreed value of $85000. All with the low Km's under 10000kms And so just to be sure I was keeping it real I paid for a valuation on my car by a reputable valuer of cars for insurance, the courts and Estate valuations his appraisal came in at $85k so I felt vindicated and wasn't aiming way too high. The end result was $980 through James Wallace from Wallace Risk Solutions the Broker I ended up going through was helpful, a good point of contact and a pleasure to deal with. He also emailed me today offering track insurance for one off track days for the forum if we are interested. NB : I'm not affiliated with or gain anything by suggesting James but just thought in the interest of good insurance and cover I wanted I'd pass on the story. What other options are we all using? Link to comment Share on other sites More sharing options...
edgy Posted 23September, 2013 Report Share Posted 23September, 2013 I went through hell and back trying to get insurance... I ended up with Lumleys direct, insured for the agreed value and all the other bells and whistles that you'd come to expect for such insurance, they actually treated me like a human being which was nice! Porsche insurance would cover but at an excessive amount, so that was a no go... I think most will concur that there is a black art to insuring with Shannon's! I will give Shannon's another call in 12-24 months and see how I go, will also be obtaining my cams L2S license too very shortly... Which I am told helps? Lumleys gave a discount for being a PCNSW member if that helps? Link to comment Share on other sites More sharing options...
T-Man Posted 23September, 2013 Report Share Posted 23September, 2013 Kevin, I was in a similar situation after a year with Lumleys. Initially insured at about $68K and when the renewal came up the insurance went up and the value of the car dropped substantially.After recommendation from another member here, I ended up at MB Insurance. 8000km/year cap with $74,400 at about $980 with a $600 excess.Shows you need to shop around.Now did you say something about track insurance? Link to comment Share on other sites More sharing options...
ByronBayChris Posted 23September, 2013 Report Share Posted 23September, 2013 Mmmmmmm. Just got my AAMI renewal. Agreed value of $71k but premium gone from $1500 to $1900 no claims etc. Yes, that's right, agreed value of $71k...........me thinking hard :-D Link to comment Share on other sites More sharing options...
T-Man Posted 23September, 2013 Report Share Posted 23September, 2013 Mmmmmmm. Just got my AAMI renewal. Agreed value of $71k but premium gone from $1500 to $1900 no claims etc.Yes, that's right, agreed value of $71k...........me thinking hard :-DI know what you paid............that's fantastic. Link to comment Share on other sites More sharing options...
nine93 Posted 23September, 2013 Author Report Share Posted 23September, 2013 T-man, The Guy I did the insurance through does track day insurance as a one off for club track days so we can have some fun and know we are covered if our ability gets over taken by our ego. Sounds like a good idea for a fun day. Could be a good excuse for a Phillip Island SMTrack day. Link to comment Share on other sites More sharing options...
nine93 Posted 23September, 2013 Author Report Share Posted 23September, 2013 Chris, Loving the agreed value on your car nice result and makes the premium well worth the money. Link to comment Share on other sites More sharing options...
sydr Posted 23September, 2013 Report Share Posted 23September, 2013 Interesting about Lumleys; - here's what happened to me, with them I had insured with them for many years, never had a claim, and in fact was a client before Wesfarmers bought them and they became Lumleys. I have a fair few cars on my policy and one or two of them have "significant" value Last year, come renewal time, I get a letter saying sorry, but rack off we are not going to renew your policy. Nice letter, but the meaning was the same. No clear explanation was forthcoming. Remember, never a claim. Go figure I went with Shannons, got a discount for my competition licence with CAMS, and am satisfied. Link to comment Share on other sites More sharing options...
oldblade Posted 23September, 2013 Report Share Posted 23September, 2013 T-man, The Guy I did the insurance through does track day insurance as a one off for club track days so we can have some fun and know we are covered if our ability gets over taken by our ego. Sounds like a good idea for a fun day. Could be a good excuse for a Phillip Island SMTrack day. Do tell more please PM me the details if you can Link to comment Share on other sites More sharing options...
Orion03 Posted 24September, 2013 Report Share Posted 24September, 2013 during my shopping for a 997 I got RACV to offer me insurance for $1200 with $2K excess, but I must admit I didn't remember to get what value they were insuring the car for. Suncorp offers me $1500 for $2k excess Shannons $1600 for $800 excess. agreed value $85k Link to comment Share on other sites More sharing options...
hugh Posted 24September, 2013 Report Share Posted 24September, 2013 during my shopping for a 997 I got RACV to offer me insurance for $1200 with $2K excess, but I must admit I didn't remember to get what value they were insuring the car for. Suncorp offers me $1500 for $2k excess Shannons $1600 for $800 excess. agreed value $85k Be sure to check your agreed value. Generally the more mainstream insurers (RACV etc.) can be pretty lean on this. Link to comment Share on other sites More sharing options...
ByronBayChris Posted 24September, 2013 Report Share Posted 24September, 2013 I know what you paid............that's fantastic. Without mowf seeing the totals, I have spent quite a bit putting it right. Some amazing things were out of whack when I got it, but I did expect and budget for it. Still below agreed value, so if it gets written off I end up with a good ROI :-P Link to comment Share on other sites More sharing options...
T-Man Posted 24September, 2013 Report Share Posted 24September, 2013 Without mowf seeing the totals, I have spent quite a bit putting it right. Some amazing things were out of whack when I got it, but I did expect and budget for it. Still below agreed value, so if it gets written off I end up with a good ROI :-P I didn't have a great deal to put right.......but spent a heap anyway. Rule one of Porsche ownership is to never add up your receipts. Link to comment Share on other sites More sharing options...
nine93 Posted 24September, 2013 Author Report Share Posted 24September, 2013 It's sounding like the insurers are a law onto their own SYDR not sure why they wouldn't re-insure you. Am going to call my broker in the morning and see if he can shed some light on that one. Like Hugh said as long as you check the agreed value you are at least half way there. Link to comment Share on other sites More sharing options...
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