Insurance: What company, and how much?

[Hotwire]

Steve - RAA & Shannons, what's their viewpoints on agreed value? Would be very pissed if I dont get agreed on either of my cars.

 

[Guest]

RAAI differs from the rest (and i think its a major selling point). RAAI pays the higher of the sum insured/agreed value or the market value. so if your car is insured for $20k but the assessor feels its actually worth $22k, then $22k is what we would start the settlement with

H2P Insurance on the other hand only has agreed value, and whatever you insure your car for is what you will get - generally higher premiums but looks after you in the event of a total loss

Shannons from memory (i dont have a shannons pds with me) pays the lower of the two - and yes that means my $20k agreed value on my sss propbably is not what i would get, a jap spec sss is generally worth around the $9-$10k mark in excellent cond with a couple of mods, maybe with my major mods it would push the value up slightly to around $15k-$18k but i cant see myself getting $20k...i could be wrong though, im not 100% sure of shannons S.O.P's

 

[Hotwire]

Good about RAA for the SP23 then
For shannons, their PDS has this statement:

Total loss
If we agree to pay your claim and we determine that your vehicle
is a total loss we will pay you the agreed value of your vehicle
minus any excess that may apply.
If we pay a claim for total loss:
• we will first pay out any finance which we have noted as
owing on your vehicle, and then pay you the balance;
• your insurance policy with us ends and because we have
carried out our part of the insurance contract, you are not
entitled to a refund of any premium.
If the salvage rights endorsement is not shown in your schedule we
will give you the first option to buy the wreck of your vehicle at its
market price.

So its covered for the agreed value then?

 

[matchtheclown]

Hugh - $1773?!?!!? How old are you?

26 I dunno maybe it's just Sydney, I'm gonna give lumey a call

 

[Mac Dog]

hmmm must be... are you in the ghetto of ghetto's???

 

[pu-11-me]

26 I dunno maybe it's just Sydney, I'm gonna give lumey a call

Thats rape.....

Mine is less than that for prob about the same value and i'm 21!

 

[matchtheclown]

I dunno hey I didnt think 2210 was ghetto, we lived next door in 2223 for ever and never even locked our doors. Riverwood the other next door is a little rough.

I told them about the mods but I can't imagine it makes much difference.

 

[Hotwire]

It depends on his value of the car, his driving record, suburb lived in, where the car is garaged etc. I've got very different quotes from Nissy, and I'm older (over 25), clean driving record and similar suburb (in our eyes) yet even though my car is valued at less, my insurance is higher. There is no clear reason for this other than insurance companies assess EVERY case different, and that Hugh should just shop around for the best quote in his circumstances

 

[Guest]

Good about RAA for the SP23 then
For shannons, their PDS has this statement:

So its covered for the agreed value then?

sure is. same guidelines as H2P then. i obviously read a very old version of shannons pds

 

[Hotwire]

^I got that off their website just now so I presume that applies to all current policies?

 

[Guest]

i would presume correct

 

[Mortz]

When I bought the Legnum I had a lot of trouble getting it comprehensively insured.I just turned 20, and I was (and still am for 3 months) on my green P's due to extra 6 months being added to all Green P licenses a while ago.
Shannons wont touch under 21's and most insurance companys don't know what a Legnum is, and didn't want to know due to my age. Eventually I got insurance through JustCars for $1300, no previous accidents or fines. The excesses are high, but as I got a loan to buy the Legnum I really think insurance was neccesary.

 

[Guest]

Far out! I was charged $1,700 by Just Cars last year for a 26 year old at the time with no claims EVER and top rating NCD. This is total BS!!!

Changing insurer for sure, especially when (no offence Luke) someone who barely has their full licence and hasn't proven themselves as a good driver can get cheaper insurance than me.

 

[Guest]

Just Car

Granted Im an old bugger, but mine is $840 full comprehensive.
The excesses are around $500 from memory. After 12 months you can pay monthly as well, which is good considering the up front cost.
Cheers

 

[Guest]

QLD is always way cheaper for car insurance vs NSW. Sometimes buy half.

 

[Mortz]

Connor: No offence taken mate. By the way you can adjust the excesses when you lodge the application on the website. I got quoted like 1800 but adjusted the excess for cheaper premium, so tehcnically im still paying out my arse. Also I live in a really tame suburban area, so that might have given me a bit lower premium too.

 

[matchtheclown]

Yeah with the excess adjustment I can get mine down to $1089 which seems reasonable.

If I write the car off or it gets stolen, paying 2500 isn't such a bad prospect.

 

[matchtheclown]

Lumey Special Vechiles quote:

$1507. Quarterly payments are standard so $376.80/quarter.

For an agreed vaule of $18000

Excess is $1000 square.

Pretty good.

I'm going to scrutinise my just cars quote again for what the excess actually would be etc. But they don't do 1/4erly or monthly so Lumey is pretty attractive off the bat.

There estimated value for a 99 vr4 is 19k btw.

 

[2000VR-4]

Why do we have to pay compulsary insurance that makes up like 30-40% of our rego when we are paying for fully comp anyway??

2000 VR4 Galant - Shannon's - $760p/a - $22,000 Agreed - $1000 Excess - Both drivers over 35 with me as secondary ;-) - Has to be garaged at primary residence.

We are pretty happy with that. Jane has been with Shannon's for like 10 years and has had 4 cars over this time with them, with no claims. And we currently have 4 insured with them ATM

 

[minik1971]

I am not sure how the insurance is set up in SA but in Tasmania the big part of Rego is insurance and it is personal injury insurance. Your Shannons insurance etc is property insurance.

So rego covers anyone hurt in an accident and Shannons repairs the car/s.