Insurance: What company, and how much?

[Guest]

because CTP and full comp motor insurance are 2 completely different types of insurance.

CTP covers your liability if you injure someone as a result of a motor vehicle accident (only if your rego was current at the time though)

full comp covers your liability to any property damage you cause from your vehicle and any damage to your vehicle itself.

*edit - beaten to it

 

[2000VR-4]

<<< DUH!!!!
I am just pissed cuz I got rego this week :-(

 

[Guest]

Hey, has anyone tried Ryno insurance?

http://www.rynoinsurance.com.au/

 

[Guest]

LSV are turning into a very good competitor for shannons and just cars, LSV also dont insure if its parked on the street.

 

[cyber_scriber]

You are under a "duty of disclosure" to your insurer in respect of certain accessories or modifications to your car. In plain English, this just means that you have to tell them anything that might:

a) influence their decision to insure you or not; or

b) increase the risk to them.

You do not have to tell the insurer about matters that would reduce the risk. However, by telling them of these matters, you might get a reduction in your insurance premium e.g. car alarm.

If you do not fulfill your duty of disclosure and later make a claim, the insurer is entitled to deny your claim or reduce your claim to the extent that they would have paid it had they known the relevant information that was withheld from them.

Let's look at this from a few practical perspectives:

Scenario 1

You install a foolly sik stereo system and don't tell your insurer. After doof doofing it into a car park at Bankstown, you return to find that your stereo is probably sitting at Cash Converters or has been installed in a lime green WRX. You call up your insurer to make claim. They say "tough luck, you didn't tell us about the stereo so it's not covered".

Now, had you told the insurer about your stereo, they would have noted it on your policy. Sure, they may have increased your premium, but this would mean that they will pay you out in the case of the above scenario. This is why the insurer asks you to provide an estimate of the value of the stereo when you note it on the policy.

Scenario 2

Your dodgy cousin Mohammed tells you that you can improve the handling of your Legnum by installing 20 inch chromies and cutting your springs - "yella bro. The car will handle mad because of da phat and fat tyres and da low centre of gravity". You do not tell your insurer about these mods. Much to your disappointment, whilst negotiating a corner in the wet, said chromies and cut corner springs cause you to plow into a tree and write off your pride and joy. Your insurer sends out the assessor, who notes that the mods caused the accident. Your claim is refused.

Scenario 3

You have your windows tinted at the legal limit but don't tell your insurer. Someone rear ends you and you make a claim because the other party is uninsured. The insurer will pay you out as the tinted windows did not increase the risk and would not have affected the insurer's decision to insure you or not. I imagine this to also be the case with factory standard accessories such as airbags, immobiliser etc.

If in doubt, it's generally better to over disclose to the insurer instead of under disclosing.

I hope that helps.

 

[junior]

I am with Shannon's, paying $69 per month or $830 p/a doesn't increase when you pay by the month.



Gary

 

[trounced]

i didnt mention any factory options when i insured my car, first year i had it with shannons was $1380 i think after 6 mths we moved all our house, contents and other car to them and it then droped to a yearly payment of $1155 then after 12months of being with them they could see that it wasnt something i couldnt handle it droped again to $760 odd at renewal.

first year is going to suck with insurance, second year seems to improve heaps.

 

[Guest]

^^ very true when it comes to import/performance cars as the first year/quote is always higher as thats the greatest risk for a company (having an accident/paying out on a claim in the first 12 months).

Once it gets into your 2nd or subsequent terms and you havent lodged a claim, it generally gets a little better but not always.

 

[MUNGEL]

I have no insurance (i know, i know!!)

This is the quotes i received. 21y/o female, had licence since Feb 06 and have never made a claim before.

Shannons - wont insure me as i am under 25y/o
Just car - $1600 with $750 excess plus another $400 for my age.
SGOI - $3300 with a $500 excess plus another $ 400

Third party ended up being $312 from both companies

...sux

 

[Guest]

Shannons - wont insure me as i am under 25y/o

I'm under 25 and all my cars are insured with them, never had any drama's getting a quote/taking out a policy etc.

I know some people get refused because they're under 25 and some people dont...'tis weird.

 

[MUNGEL]

Any idea why?
Is it worth trying to get a quote from them or will it be expensive?

 

[trounced]

i dont see why 1600 is clasified as harsh i tried to insure my $3000 cordia gsr turbo and it was going to be $2000 a year for a 22 yo thats harsh, most cars i was looking at were over $2000 and most werent even turbo and i was over 21 no accident record

 

[cyber_scriber]

I can do better (worse?) that that.

How's this for harsh - I was quoted $16k to insure my S15 ... ouch!

 

[TomTom]

I have no insurance (i know, i know!!)

This is the quotes i received. 21y/o female, had licence since Feb 06 and have never made a claim before.

Shannons - wont insure me as i am under 25y/o
Just car - $1600 with $750 excess plus another $400 for my age.
SGOI - $3300 with a $500 excess plus another $ 400

Third party ended up being $312 from both companies

...sux

Is $1600 the online quote? Try to contact them via email. I had an online quote over $1400, couldn't believe it so I send them a message that an error occured while I filled out all the forms.

Claudia Nevzat from Just Cars came back to me with the following questions (including my answers):

We need to confirm the year, make model, body type, engine capacity and cylinders of your car

1999 MITSUBISHI LEGNUM VR4 TURBO F/IN 4D WAGON (IMPORT)


Are there any non-standard modifications or accessories fitted to your new car? IE: Things that were not standard with the car but fitted after market. e.g. Wheels, Music System, Lowered, Exhaust. (Please provide the replacement value for Wheels and Music System)


Sound system $500 and it came from Japan with a complete stainless steel exhaust system & immobiliser in accordance to the compliance

What is the purchase price of your new car and when was it bought?


$18,000.00

Is there any finance secured to your new car? If yes, who is the finance with?


No finance

Please provide the Registration number, VIN number and Engine number of your new car


Rego No: xxx, VIN xxx, Engine No. xxx

Please confirm if you will use the car for business or private use


Just private use

Please advise if there is any unrepaired damage on your new car e.g. Dents, rust, scratches?


No unrepaired damages, excellent condition

How many kilometres has your new car travelled?


42,719km

Does it have a full service history?


Full service history


Is your car fully registered, Roadworthy and Complied?


Fully registered and compliance done Oct 07

The date of birth of the youngest driver?


27/05/1982

Has the driver:

In the last three years, had any car accidents, claims or thefts?

0
If yes please advise the year of the accident, the type of accident and the total cost of each claim.
In the last three years has the driver had their car license cancelled, disqualified or suspended?

0
If yes please advise of the year and type of offence (e.g. loss of demerit points, drink driving, speeding)?
What year did the youngest driver obtain their license?

2000

Postcode where car will be kept overnight?

6153 garaged



I'm now insured with Just Cars for $1,034, 400 access!

 

[Scubasteve]

Shannons wouldn't insure me as it is a daily driver. Just Cars with what lil mods it has ie Exhaust, Pod, & TT. was $1040 prem, with $400 Excess and an agreed value of $16,000. 25yo male no defaults in the last 5 years. Rating 1. According to them they had to create the vehicle as it didn't exist on there system.

 

[cyber_scriber]

According to them they had to create the vehicle as it didn't exist on there system.

I call BS on them. I rang them up a few days ago and they knew exactly what a Galant VR-4 was. The guy even said "that's the twin turbo V6, isn't it?".

Just Cars quoted me a tad over $900 premium but with the maximum excess of around $1,700.

This is for a driver over 30 years with not a single speeding or traffic ticket in over 14 years of driving.

 

[Scubasteve]

I call BS on them. I rang them up a few days ago and they knew exactly what a Galant VR-4 was. The guy even said "that's the twin turbo V6, isn't it?".

Just Cars quoted me a tad over $900 premium but with the maximum excess of around $1,700.

This is for a driver over 30 years with not a single speeding or traffic ticket in over 14 years of driving.

Yeah i went through them, so it is now on there system,previously they only had Leggy's on there. Sounds like you got the same guy i had as i only insured it 3 weeks ago. LOL wats the odds.

 

[2000VR-4]

I had mine through Shannon's at $760p/a and Just Cars quoted about the $850 mark, so we went with Shannon's.
But of importance is that was over 12 months ago that Just Cars quoted us.

 

[Kissmyfur]

Am i getting shafted?

I have phoned for a quote to a few insurance companies and they all seem to be way over the odds. Can anyone give me any advice on where i'm going wrong or do I just have to bite the bullet and accept its going to cost me alot?

Its a 99 S with no mods,(except an exhaust, if this is a mod??)
I'm in Leichhardt Sydney, 2040,
It will be garaged at night,
It will be my daily,
I'm 28 with no convictions, points,or claims in over 5 years
I've been driving for 10 years

These companies came back with these quotes-

Shannons - $2578 with $500 excess,
Famous - $2156 with $500 excess,
Dawes - $1661 with $500 excess,
Just Cars- $1641 with $600 excess.

What do you all think, I was expecting to pay a bit for insurance but these all seem way too high?

 

[2000VR-4]

I dont know what difference the ages will make but ours was $760 and $500 excess with Shannons, BUT, we are both 35, car will be garaged at night and at work (usually) no points or accidents in 5+ yrs and it was the 5th car with Shannons we have had and at the time we had my ute, my '75 Galant and my Wifes MX5 with them, maybe her MX6 too. She has also been with Shannons for over 10years