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Insurance Time - Again

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so just received my renewal from Shannons, value of the car has reduced by $6,000 (lol) and premium increased (double lol)..

 

gave them a call, they were more than happy to put it back up by $6,000 to 50k and even increase the value by another $5,000 and even another $10,000 ontop of that with photos. So all good.. ideally I want to have around 65k cover as I just wouldn't be able to replace it for less..

 

anyway decided to give Ryno a call, 65k agreed value no problem and half the price of Shannons!! yes half the premium!

 

So for those of you with Ryno what are they like when things go wrong? I cannot fault Shannons in this department

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Just renewed mine with Shannons.

 

Well not really. I got the renewal, looked at the agreed value and the monthly premium and thought it looked ok so didn't cancel it.

 

Anyway, for the last two years they have increased the value of the car by a little over 3k and the premium by $72 in those two years. While I am under-insured (couldn't replace it for the payout figure) if something did happen I would recover my costs to date and own the wreck so not to worried. They were also the cheapest price for a Greenslip this year that I could find.

 

So, how do you value your car when so few examples come onto the market?

Do you estimate a total rebuild price given you will own the wreck and insure for that?

Or do you do as I have and cover yourself for the loss and start again should the unthinkable happen?

 

I guess its a question for the experts and am off to call Shanons having thought about it.

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What if it's stolen and never recovered?

 

You don't get the wreck  :blink:

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Just renewed mine with Shannons.

 

Well not really. I got the renewal, looked at the agreed value and the monthly premium and thought it looked ok so didn't cancel it.

 

Anyway, for the last two years they have increased the value of the car by a little over 3k and the premium by $72 in those two years. While I am under-insured (couldn't replace it for the payout figure) if something did happen I would recover my costs to date and own the wreck so not to worried. They were also the cheapest price for a Greenslip this year that I could find.

 

So, how do you value your car when so few examples come onto the market?

Do you estimate a total rebuild price given you will own the wreck and insure for that?

Or do you do as I have and cover yourself for the loss and start again should the unthinkable happen?

 

I guess its a question for the experts and am off to call Shanons having thought about it.

My thought process on the insurance thing is to insure your car for what it would cost to buy another one if things went pear shaped .... I realise this would be a bit more difficult for you with the rarity and value of your car, but it would be pretty crappy to lose your car and only be able to replace it with a LHD import from the US ( no, there's nothing wrong with them, just using as an example for value sake) .....

The fact that you get the wreck, if applicable, is a bonus as far as I'm concerned .... they offer it, I'll take it ....

I recently upped my policy by $15k and now rest easy when going out for a run .....

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A trick I pulled on my girlfriends insurance company.....

Her car was written off. They offered her $8G. I recorded all of the cars the same as hers on car sales. Added up all the prices then averaged them. Added up all the odometer readings and averaged that out.

This proved without doubt her car was less than average milage and they had under valued the car.

Suddenly the payout figure jumped $2400.

Not rocket science.

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Spoke with Shannons. They have asked for a couple of pictures and some history on my car and they will assess and contact me next week. Will let you know what they come back with.

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Getting the wreck is more about retrieving whatever parts are left...if you get the wreck it is now written off and maybe tough to re-register. So you do need to think about replacement.

As for replacing with a LHD from the US...trying to figure out right now what it actually will cost to do that in 2015. Market changes and currency devaluation moves things around a lot.

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I have my own panel shop.

I can't stress enough about reading the PDS on your insurance policy.

Wouldn't bother reading shannons PDS as they are excellent to deal with in regards to getting a car repaired back to pre accident condition.

Some of the other insurance company's are unbelievable with how they try and squirm out of paying a claim. EG: will want 5 years of driving history before they even look at repairing your car, if there is something suss in that 5 years they will pull the claim and your on your own. If there is nothing wrong with your 5 years history your car has sat around in it's damaged state for 2 weeks doing nothing while waiting.

I hear customers getting angry every day because they want their car to come into my shop, but because they are with a crap insurance company they are forced to go with their insurance company's own recommended repairer that they look over all the time that they are keeping the prices down very low.

What happens when the panel shop is forced to do cheap repairs?

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Spoke with Shannons. They have asked for a couple of pictures and some history on my car and they will assess and contact me next week. Will let you know what they come back with.

Got a call back two hours after sending the email. Agreed value increased by 10k for around $50 more a year. Feeling more comfortable now but still wouldn't be able to replace her for the payout figure as C3.0's don't come up often.

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Got a call back two hours after sending the email. Agreed value increased by 10k for around $50 more a year. Feeling more comfortable now but still wouldn't be able to replace her for the payout figure as C3.0's don't come up often.

Not having a go at Shannons, but I think you should get a quote from 1 or 2 other companies ....

I got a quote from them at a car show, and while they only took my details and called me later, the rep was hard pressed in believing it could be insured for $60k.

Ryno, on the other hand, had a high of $72k for my model, so had no problem insuring it for that. In fact, I only asked for $55k and they upped it to $60k off their own back.

Time for a shop around me thinks .....

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I have my own panel shop.I can't stress enough about reading the PDS on your insurance policy.Wouldn't bother reading shannons PDS as they are excellent to deal with in regards to getting a car repaired back to pre accident condition.Some of the other insurance company's are unbelievable with how they try and squirm out of paying a claim. EG: will want 5 years of driving history before they even look at repairing your car, if there is something suss in that 5 years they will pull the claim and your on your own. If there is nothing wrong with your 5 years history your car has sat around in it's damaged state for 2 weeks doing nothing while waiting.I hear customers getting angry every day because they want their car to come into my shop, but because they are with a crap insurance company they are forced to go with their insurance company's own recommended repairer that they look over all the time that they are keeping the prices down very low.What happens when the panel shop is forced to do cheap repairs?

What sort of insurance companies are these? Are we talking big name ones, or the little ones you find in the back of magazines? I find it amazing to think this sort of carry on happens.

Having been through two claims with Shannon's where someone else was at fault, the process was a breeze. I just go to the same panel shop, who does excellent work, and everything was taken care of with a smile. Even got the car back cleaner from when it went in.

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FWIW I called Ryno Insurance today, they told me they only do classic Porsche ie: pre 1989 and nothing later. 

 

It seems your options are really limited if you own a Porsche GT car. 

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Porsche Insurance :)

 

Just renewed both my vehicles with them, great value compared to what I was paying with Dawes and Ryno.

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have become a Shannon's customer once again today and pleased with it. Paying about 45% more in the way of the premium, but the excess is half what it was with my previous insurer, free glass covered, all modifications included and they upped the agreed value by 15K. Ill happily pay the extra premium for the piece of mind.

 

RAA also told me that since I pay monthly, they can only cancel my policy from the changeover date (which is in 20 days  <_< ) as they dont do refunds. What a load of horse shit.

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Had a Falcon ute assessed today.

This ute is late model xr6 that comes factory with 19inch rims. The owner has aftermarket 19inch rims fitted. I asked him before the car was getting assessed is the rims on his policy, if not I said you might want to change them before your car gets assessed. The owner tells me they are covered as he had to take it to there nominated place to get an inspection done.

The assessor comes out and does the assessment. Then says that he can't give the go ahead to repair the car as he wants to investigate the policy. His words were that aftermarket rims, sports roll bar in the back of the tub and wait for it a TOWBAR!!! is not listed on the policy as extras fitted. How is having a towbar fitted going to affect weather the accident in the front is related???

I seriously think they are going to reject this poor guys claim.

This is just a small example of what these insurance companies games they play. The average punter would not be aware of any of this.

I will keep you guys updated to let you know if they come through with the claim. Meanwhile this owners ute will get pushed in the corner.

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Rang my insurer a couple of days ago as the 993 is only insured for $77K and I have a strange feeling it may be a little under done!

Well today they come back saying I need to get an official valuation from an authorised valuer before they consider the possibility of increasing the value.

I'm thinking mid $90s and they are not even open to discussion. So much for a prestige insurer knowing the market.

 

 

 

 

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Had a Falcon ute assessed today.

 

This ute is late model xr6 that comes factory with 19inch rims. The owner has aftermarket 19inch rims fitted. I asked him before the car was getting assessed is the rims on his policy, if not I said you might want to change them before your car gets assessed. The owner tells me they are covered as he had to take it to there nominated place to get an inspection done.

 

The assessor comes out and does the assessment. Then says that he can't give the go ahead to repair the car as he wants to investigate the policy. His words were that aftermarket rims, sports roll bar in the back of the tub and wait for it a TOWBAR!!! is not listed on the policy as extras fitted. How is having a towbar fitted going to affect weather the accident in the front is related???

 

I seriously think they are going to reject this poor guys claim.

 

This is just a small example of what these insurance companies games they play. The average punter would not be aware of any of this.

 

I will keep you guys updated to let you know if they come through with the claim. Meanwhile this owners ute will get pushed in the corner.

any update vl gra? 

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My well known insurer were open to discussion (after I hit them with D/Bangers) pricing research and upped mine to $110,000 this week

I had a similar issue with Lumleys. They cited car sales for a similar model which they couldn't find and justify their proposed value off a lesser one, told them to find me one equivalent with the IMS bearing done and they decided to put it back up. 

It was a small win in my books. B)

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I had a similar issue with Lumleys. They cited car sales for a similar model which they couldn't find and justify their proposed value off a lesser one, told them to find me one equivalent with the IMS bearing done and they decided to put it back up. 

It was a small win in my books. B)

We know are cars very well, but the insurance folk have to deal with a huge range of cars and so they may not be aware of the intricacies of each model/variation.

If you don't get the value you want then you can educate them and provide data from similar examples for sale.

if that doesn't work then it may be time to shop around.

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Well if it makes you all feel a little better, my policy with Shannons came in at over $1,700 (after initially being $1,900 till I pleaded for compassion). That's for $70k value - which is all they will cover me for on an imported vehicle for the initial year, infrequent use (1-2 times per week), maximum no claims, $700 excess, all drivers over 40, no accidents, no points, garaged in Sydney, immobiliser and with the 18" wheels, brakes and suspension listed as modifications. After a year I can send in photos and potentially up the value from $70k.

Ouch.

I might try some others tomorrow for comparison....

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This really is an interesting topic,

 

I'd love to know what a GT3 RS 996/997/997.2 and also a 4L would be insured for at this rate...

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