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murf

Insurance Time - Again

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Just got my insurance policy.

Surprised even myself how low the values on my cars were.

I'd not find one at anywhere near the values.

 

Currently at Lumleys - time to look elsewhere.

Any ideas?

 

Murf

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Just call them up and ask to increase the value of the car. They will check, and if it's within reason they should be able to do it. They usually don;t mind as it means higher premiums payments for them. I did that last time I renewed with Shannons as I knew I couldn't replace my car at that price.

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I did the same when I first insured with Lumleys. They did some research and increased the price by a few thousand.

Come renewal time, policy cost went up and the insured value went down. Moved on.

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I'm with Lumleys now, got my renewal and its gone up slightly.... The value hasn't moved but when I asked them about the value they said my car is going to keep depreciating and that they can't review values up... Ok.

Just got a quote from porsche insurance and I asked if they could sharpen their pencil, they did... Cover is better too! Might just change this year

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I just took out a policy with Ryno Insurance...

It was a cheaper price as I took out a limited mileage policy which lets me do 8000 k's per year..

They do agreed value and give me salvage rights if it is written off..

All in all, seems ok.....

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Give Shannons a go. They are very competitive and easy to deal with.

Cheers Steve

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I just reinsured with QBE. I have a very high excess, I generally do not have accidents and so I look for "disaster insurance". If something minor happens I pay to have it fixed.

 

I did include windscreen insurance, costs about $65 but a replacement screen is about $1500 the last time I had one replaced about 4 years ago.

 

The premium was $584 with a $2000 excess with an agreed value of around $50000. Shannon's quoted me $790, no windscreen cover and a $46000 agreed value. It was the best I could find that suited my needs

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My experience.

 

I queried the value of the 993 by Lumleys.  They went to do a price check on carsales and then agreed with me.  Looks like they are open to negotiation on values if the market supports your claim.  I also let them know what other quotes I had received and Lumleys sharpened their pencil (after speaking to their supervisor).

 

Porsche Insurance looks like their target market is more modern cars.  Very friendly and knowledgeable.

 

Ryno Insurance seems to be more aggressive in the marketplace at the moment.  Reasonable mileage allowance, low excess and very competitive premiums.  I can't talk from experience about their customer service/claims dealings.

 

For me, Shannons was by far the most expensive.

 

The underwriters of each insurer will have certain markets that they want to target.  To get a competitive premium you have to find the insurer that is targeting your circumstances.  Overtime the policy of an insurer can change and you may no longer be in their target market.  That's when you have to do your searching.  Or you could be one of the many that renews without looking to closely at the premium and end up paying more than you have to.

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Shannons was $480 dearer than Lumleys.

Going to give Ryno a call.

Will then photograph and document both cars and have them image assessed.

 

Love this time of year.

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You may well be right Dbanger. I found lumleys very expensive. My 99 911 cab is insured with Shannons for market value, about 50K I think, with extreme limited use,$650 excess and glass for just over $600 per year. It was by far the cheapest I found. A little off the point I recently received the renewal for my daily BMW 740. I have in my 30 years of driving never made a claim, for anything, including house and contents and years of riding bikes. I have been with RACV for everything for 25 years. This years premium was $705. I contacted Budget and have insured the BMW and my wifes Subaru Outback at market value for under $700 for both. Full comprehensive, glass, $700 excess blah blah blah. I rang RACV to cancel and they could not have cared less. I changed my house and contents to Budget over 12 months ago. I beleive you need shop around every time you renew a policy these days. It is so simple with online quote facilities. Right I'm off to check with Ryno!!

Cheers Steve

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The more you look into it the more you realise how much of a scam insurance is, no wonder even companies like Coles have got in on it.

For the record with shannons for all cars and a couple of properties, have been with them for some time and have found them quite good and competitive. No doubt I could save myself a few bucks if I shopped around but for me better the devil you know.

I'm waiting for the door to door insurance like they do for electricity "I'm here just to make sure your not paying too much for insurance" , each day followed by someone undercutting the last guy you signed with.

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Thought i'd put my two cents worth in here.

 

Going into my 2nd year of Porsche ownership.  Last year when i shopped around for insurance, i basically came down to two choices - shannons and lumleys.

As lumleys were very much cheaper and along with what i read on this forum, that's the way i went.

 

This year, as my insurance does not renew until next month (december), i had the opportunity to really do some shopping around.

 

I left no stone unturned and call, emailed or online formed no less that fifteen insurance companies.

 

They were all given the same information:

 

1990 C2 911 964 Porsche Carrera Coupe     3.6 litre    RHD    Tiptronic

 

Driver details - Rating 1, 51 years of age, one (kangaroo claim) accident in last three years, one (47 in a 40km zone) demerit issue within 12 months.

 

Lock up garage - rural area.

 

No exisiting damage.

 

Car driven <8000km per year.

 

Mods:   KW Coilover shockers, Lowered, Fabspeed Maxflo dual exhaust, Sports steering Wheel, Tinted Windows, Steve wong Chip.

 

Five cheapest:

 

Porsche Insurance: $697.58

Lumleys: $848:50

Shannons: $1340

AAMI:  $1480

NRMA: $1510

 

I ended up going with Porsche Insurance - not because they are the cheapest, (although that helped) - but, the had an 'agreed' value of $50K.   Lumleys would NOT insure for anymore than I paid for the Car which was $42K

 

This (for me anyway) was a very important point.   It is one thing to own a Porsche, but since the value of 964's is really going through the roof lately - i believe I would find it very difficult indeed to replace my car - in the condition it is in (even though it is an auto) for less than $50K.  If it was a manual - no chance.

 

It is also worth noting that I called back the top four from five listed above and gave them all a chance to compete with Porsche insurance - none could.  Lumleys came down $6 (yes, $6) and also gave me the option of paying monthly.   Porsche insurance WILL let you pay monthly, but slug you $29 per month for the privelged of doing so.

 

I am NOT afflicated or related to any of these companies - just putting this out there to hopefully help others.

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Thanks for the information, hepcat.....

I think there is one constant here ...... shop your insurance every renewal.

Unfortunately these days, loyalty means nothing to any of the big companies, and it would be foolish not to shop around .....

In days gone by, being with them for 5 years, 10 years, 15 years, etc, meant something .... nowadays, nada .....

When I originally insured my car, it was way underinsured, so I rang them and upped it by $10k ..... they asked for photos to see the condition and charged me a little more ...... While I still probably couldn't replace it for the insured amount, it's not so far off that I would be out of the market .

Speak to you again next year at renewal time ......

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I remember getting a valuation for a previous car once that was crazy low. I told them it wasn't right they should look at it, she went away came back 5 mins later and said no, the valuer is happy with that valuation and won't go higher. I said fine, tell the valuer I'll buy 3 at his price right now.

 

Although you don't really know what your insurer is like until you have to claim, that's when a hundred dollar saving on your premium is quickly forgotten.

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The more you look into it the more you realise how much of a scam insurance is, no wonder even companies like Coles have got in on it.

For the record with shannons for all cars and a couple of properties, have been with them for some time and have found them quite good and competitive. No doubt I could save myself a few bucks if I shopped around but for me better the devil you know.

I'm waiting for the door to door insurance like they do for electricity "I'm here just to make sure your not paying too much for insurance" , each day followed by someone undercutting the last guy you signed with.

 

Coles just packages up insurance like a broker and collects a trailing premium.  They don't actually issue it themselves.

 

Insurance companies...still going through a process of looking into different income protection insurance.  Get this - they want to know (in writing) if my home office has an external door or not.  I sent back a response to the broker telling them - stop asking me stupid questions and either get the underwriter to issue the policy or do not, but I am not wasting 1 more second of my time answering this crap.  I already have a policy and don't need a new one.  Very rarely do I let fly on email but someone just copped it.

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My 76 930 is insured with Shannons in Adelaide. The guy that normally sits at the counter is quite rude and talked my car down with every breath on 2 occasions.

 

I buy most my parts from a guy here in Edwardstown. He showd me some pictures of a 76 930 at The Classic Throtle Shop. It was for sale for $168K it sold in a few weeks. I asked for the pictures so I could show Shannons. He explained he is shannons go to guy for Porsche questions. He said go back there and tell them it is a $100K car.

 

I bypassed the guy at the front counter. Sight unseen they said they would do $80K.... (doubled where I was at from a picture on my phone.) The car is on a laid up policy at the moment for under $300 a year. Full tote odds are around $500. So the car is still under insured as the 3L 930 market is going through the roof. I doubt you could replace the car for under $100K?

 

I need to get the car back on the road and put forward a good case. As these cars are bought and sold internationally the Hagartys valuations are the only thing close to reality yet still lag behind the live markets.

 

I think with most insurance, you don't know what you have till you need to claim. I might shop around? though I think $500 a year is fairly good going.

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My 76 930 is insured with Shannons in Adelaide. The guy that normally sits at the counter is quite rude and talked my car down with every breath on 2 occasions.

 

I buy most my parts from a guy here in Edwardstown. He showd me some pictures of a 76 930 at The Classic Throtle Shop. It was for sale for $168K it sold in a few weeks. I asked for the pictures so I could show Shannons. He explained he is shannons go to guy for Porsche questions. He said go back there and tell them it is a $100K car.

 

I bypassed the guy at the front counter. Sight unseen they said they would do $80K.... (doubled where I was at from a picture on my phone.) The car is on a laid up policy at the moment for under $300 a year. Full tote odds are around $500. So the car is still under insured as the 3L 930 market is going through the roof. I doubt you could replace the car for under $100K?

 

I need to get the car back on the road and put forward a good case. As these cars are bought and sold internationally the Hagartys valuations are the only thing close to reality yet still lag behind the live markets.

 

I think with most insurance, you don't know what you have till you need to claim. I might shop around? though I think $500 a year is fairly good going.

 

Ha, tell them if they think it's worth $80k, buy it from you and I'll give them $85k and they'll make a quick profit.

 

You'd think they'd be quicker on the uptake.  After all, higher values means higher premiums for them.

 

Make sure you've got the wreck claim option with Shannons so you automatically get the wreck in case of write off

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I have mine insured with Youi. As I have two other cars and a property insured with them the premium was dramatically reduced ($767). This is with a windscreen excess of $700 and all drivers over 30.

 

By the sounds of things though I might have to shop around, Ryno and Lumley seem popular, I didn't even know these existed. Yes I did call Shannons, but their over the top premium doesn't even rate a mention in this post...

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That's weird about Shannons.  I insure the 911 for just over $500/yr.  I guess it depends on where you live.

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I had similar experience, but Ryno this year came good. Good cover

I'm also with Ryno .....

Came in the cheapest for me and as Chris said, good cover .... I took out a limited km policy as it's not a daily ... I get 8000 klms per year and also get the wreck if its a writeoff ....

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Some things to consider when buying insurance:

 

  1. If you buy on price alone you will only have yourself to blame if you get a nasty surprise at claim time.
  2. Shopping around is recommended as long as you compare apples with apples (Youi v Shannons cover is not apples with apples)
  3. Your age,driving/claims history,post code vehicle & value all go into calculating your premium. So just because your mate who is with Ryno/Lumley in another state with and older lower value car in a good area, will not necessarily make them the best company for you.
  4. In Australia you do not need to insure you car but we do! Why? because one day we (or someone else )might do something stupid and damage it. Or it might get stolen or being and Porsche there is good chance it may catch fire for no reason  :o

Not having a go at any of the previous comments and the above is IMO but also from experience too.

 

BTW there is generally no "Fine Print" these days when it comes to insurance policys or PDS (Product Disclosure Statement) as they are now know. So read before you buy!

 

Compare products find what suits your particular needs then compare prices, simple as that.

 

Me, I'm with Shannons because i have a multi vehicle policy and (currently) the product fits my needs and for now the price is competitive.

 

Insurance is a form of gambling and so is not doing your research when buying it  :ph34r:

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