Insurance issues.

[maca223]

Hello all.
After advice/opinion about insurance. I have a 2000 AU2 XR8 Ute that I’ve had since new. Its in excellent condition only done 105,000ks, Tickford Enhanced, leather interior, 2.5” twin exhaust with Pacemaker headers. Engine has small amount of work done, cam & heads. Paint is perfect, no scratches or stone chips. Recently was offered $18,000 and previously knocked back offers of $12k & $15k (I’m never selling it so don’t say I should take it).

My question is who are the best insurers for cars that are worth a lot more than market value. I’m currently insured with Shannon’s but they have dropped my cover to $6,300 stating that is above market value and they won’t insure it for any more than that. They also increased the annual fee claiming it’s harder to get parts for. I have called around other insurers but as soon as you tell them it’s been modified I get told ‘sorry, we don’t insure modified cars’.

Who do people use that have older cars or modified cars?

Any advice appreciated.

[PG2]

Originally Posted by maca223

Hello all.
After advice/opinion about insurance. I have a 2000 AU2 XR8 Ute that I’ve had since new. Its in excellent condition only done 105,000ks, Tickford Enhanced, leather interior, 2.5” twin exhaust with Pacemaker headers. Engine has small amount of work done, cam & heads. Paint is perfect, no scratches or stone chips. Recently was offered $18,000 and previously knocked back offers of $12k & $15k (I’m never selling it so don’t say I should take it).

My question is who are the best insurers for cars that are worth a lot more than market value. I’m currently insured with Shannon’s but they have dropped my cover to $6,300 stating that is above market value and they won’t insure it for any more than that. They also increased the annual fee claiming it’s harder to get parts for. I have called around other insurers but as soon as you tell them it’s been modified I get told ‘sorry, we don’t insure modified cars’.

Who do people use that have older cars or modified cars?

Any advice appreciated.

I just went to Shannons (about a month ago) with my AUII XR8 as they were the only insurer who would insure it for anything even close to what I would have to spend to replace it. It is insured under their extreme limited use policy.

Before that, it had been insured with AAMI and then NRMA and any of the mods were not an issue. The issue was the low agreed value.

[ford71V8]

Im a bit baffled by your post given my recent Shannons experience.

I called them to add another car to my policy and while I was talking with them queried the agreed value on 2 other cars already covered by them.

One of those cars is BA XR8 Ute, so fairly comparable to your vehicle.
The value had now dropped to $6800 which they agreed was well undervalued.
183,000 kms on this one.
I was on hold for under 2 minutes and they informed this was classed low mileage for the model and after comparing what was currently advertised online they corrected the agreed value to $27k.
I about knocked her off her chair with my reply and she wondered if I thought it was still too low.
No, thats fine, just a little shocked.

So yeah, this is very different to your story, same insurer.

[galaxy xr8]

I have a similar vehicle albeit a sedan, AUII XR8, one owner (me) 72,000 k's with exhaust, chip and lowering, I'm with Lumley's and it is insured agreed value $25k, I had to ring them and get that figure bumped up as it was $18k prior. Every year I need to ring them and do the usual though, I was happy with $18k but then all the hype and hysteria with muscle cars increasing which consequently lead to everything else rising in value and AU XR8's in such conditions were increasing incredibly quick so I rang them, they wanted more pic's which I happily sent through and they agreed with the $25k value.

[Giant Cranium]

im with enthusiast, they will want photos and specs but will then come back and agree or decline

they ended up being cheaper than shannons with a value twice as much and gave me salvage rights

[maca223]

Thanks for the reply guys, yes I was shocked when talking to Shannon’s.

I’m going to call Shannon’s again.

I also found Enthusiast Insurance and they claim they can insure it for $18k at a cost of only $480 a year! Not sure about this lot.

[XR Martin]

Last time I questioned values with Shannons they immediately looked at the same model on carsales and were happy to accept that was market value.

[MFL]

Originally Posted by Giant Cranium

im with enthusiast, they will want photos and specs but will then come back and agree or decline

they ended up being cheaper than shannons with a value twice as much and gave me salvage rights

I also with enthusiast, they were 1/2 the price of Shannons, but both where prepared to give me the purchase price of the BF XR8.

[fordomatic]

Originally Posted by maca223

Thanks for the reply guys, yes I was shocked when talking to Shannon’s.

I’m going to call Shannon’s again.

I also found Enthusiast Insurance and they claim they can insure it for $18k at a cost of only $480 a year! Not sure about this lot.

Enthusiast is excellent, i've had mates claim with them and it all went smoothly. Shannons on the other hand, all i've heard is bad things.

All my cars are with enthusiast and it's cheaper by a mile than anywhere else. All my cars are insured for what it would cost me to replace them so they wanted photos of each of my cars to confirm condition. Email back within 24 hours and approved.

[prktkljokr]

Shannons come under the Suncorp banner, they own AAMI, GIO, Bingle, APIA, Terri Scheer, Vero , Essentials by AAI and CIL ( Caravan insurance ), im sure they would have their finger in other insurance business as well.

IAG consists of NRMA Insurance, CGU, SGIO, SGIC, Swann Insurance, WFI and Poncho Insurance, as above I would think there would be others that would come under the IAG banner, like RACV is 70% owned by IAG, They have their finger in RACQ, RACT, RAA etc

So when you think you are shopping around you are pretty much only choosing from a few insurers, what you get for your money depends on their PDS, which seem to be all different to catch you out on what they cover and what they dont, along with market value and agreed sum policies that vary a lot.

The premium may be cheaper from 1 to the next because of what they insure your car for, dont be fooled by the price, have a read of the PDS, its worth the time to get the right policy to suit you.

[FTE217]

Its always interesting seeing us Enthusiasts experience with these crowds and my don't they change policy at times.......
I originally was with Shannons way back when they hardly had any competition and it was a great experience - makes it even better when have more than 1 car to insure.
Once Shannons got bought out as reported above I experienced a change I didn't like at the time that was dropping my values despite being a 5yr+ customer.
That got me looking and I found Ryno, they were a breath of fresh air at the time and way better than Shannons But they sold to Dawes Underwriting and their change in policy was no more Muscle coverage, dropping FPV's/HSV's etcetc so I found Enthusiast.
They have been great and easy to deal with, provide the pics, express what mods etc everything sorted and good value obvioulsy both Fords are low k usage.
Salvage rights.
Even incl my daily 330i BM.
Agreed values are brilliant, Excess not bad to me happy to pay.

[arm79]

Originally Posted by prktkljokr

So when you think you are shopping around you are pretty much only choosing from a few insurers

The simplest way to tell these days seems to be via sheer laziness by insurance companies because their online quoting tools are all the same for the individual underwriter.

They occasionally ask different questions, but the look, feel and order is distinctive to each underwriter.

You can easily tell a Suncorp, IAG, Holland and AAI products. Which sometimes I feel means you don't get a fair competitive quote. You try one then you're remembered for the next online quote you do.

[maca223]

Thanks everyone, interesting development. Got an email from Shannon’s approving an increase of agreed value to $18,000. At $660 per annum.

I also got a online quote from Enthusiasts Insurance for all my cars. The Falcon for $18,000 only costs $439 so I’m thinking of moving to Enthusiasts Insurance. So thanks everyone for the feedback.

[Hulsty]

I still find Shannons very competitive, though I have been with them nearly 20 years. On my muscle car, more or less same cost as Enthisiasts insurance, my daily though was nearly $700 more than Shannons.

[Bossxr8]

Originally Posted by XR Martin

Last time I questioned values with Shannons they immediately looked at the same model on carsales and were happy to accept that was market value.

I've had them do that recently with my G6ET, and they were happy to bump up the insured value to 30k.

OP must have caught a trainee on a bad day.